The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1889-12-09
MONEY ATTW ENTY PER CENT.
The Havoc the Administration L. Playing
Ia Wall street.

Ia Wall street.
New York Times: Money loaned as high
as ~ per cent ON the New York Stock Ex.
change yesterday. There were loans made
nj much lower rates, but even al the close OF
business. when most wants were presuma-
bly, supplied. 10 per cent. rate prevailed.
The stand taken by Secretary Window in
announcing scheme for Withdrawing
government funds from national banks was
one of the most prominent subjects OF dis.
cussion in banking circles, aud TO il NOR,
largely than anything else was general,
attributed the uneasiness in the money
market. with the attendant squeeze of rates
up 20 oppressive figures.
Among bear speculators-anxious 30 se,
market values disturbed-the Treasury
proclamation was hailed with much iubila.
| tion. Ii WIS wise, II WIS timely, II was
heroic even; 40 ngreed the spectators, who
saw In II chances for profits through trade
distresacs sure 10 follow the creation of ap-
prchensions that the national administra
tion's financial policy had Wall street
end.
Among bankers--when speaking for quo
usual disposition 10 gloss over the signif.
cance OF the disturbing policy. But TALKING
| among themselves informally, frankly, the
tone of these bankers WAS widely different.
There they not merely condemned it ~ u
financial blunder but went further aud at
tributed IL directly 10 politics. business in.
teresia have beou condemned that n cheap
political move may be made-such was the
the common comment. And the critics were
not all political opponents OF the admins.
trntiOn, either.
Said one man-an ardent republican.
"Ihis action 10y the treasury is convincing
proof that james q. Blaine still has the
presidential boe in his bonnet. The scheme
Of shuilling with public funds Is wholly his.
And the official sanction of IL IL intended
chiefly 20 give sort of yindicntion 10 his
bunoombe speeches in the last campaign.
II seems pity that great oountry'R fnnn-
cial and commercial interests can be toyed
with M oheap purpose. The revelation il
sickening."
The announcement that the TREASURY de-
parment would adopt the polioy-now OIL
chilly proclnimed-was first made in the
New York Times. Much ado followed in
business circles. and newspaper organs and
political friends hnstened to devise lot of
sweeping denna. The administration. il
wns declared, would do nothing 10 disturb
trade, and mo plan had even been consid-
cred looking 20 any such thing hs a with
drnwal of government funds from the
banks" II leaked out incidentally that
Secretary Window Ind been dcluged with
letters and dispatches from bankers and
business men all over the country protest
ing against his scheme. And this for a
time seemed 10 cast some doubt upon the
probability Of the scheme becoming opera
tive
But, 30 the critics now view IL, the pro-
tests of the commercial world were not 20
be counted Ms against the demands of poll
tics and the necessities Of Mr.. james G..
Blaine. Business men see 1.-THE present or
der the opening Of the door 10 other
schemes for triiling with commercial inter
ests for the sake Of politics. and that is
which creates apprehension and enables
money lenders 10 hoist loan rates up 10 op
pressing figures.