The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1890-12-15
SAVED FROM WRECK
BY the Prompt Action Of the
Administration.
DANGER OF PANIC is PAST
And Democrats and Republicans
Alike Uni,e In Commenting the
Administrations COursc..ThG
Financial FURRY Is Over. .t


WASHINGTON, D. O., Dec. l4.-Secre.
tary Windows presence in New York Is
having very pCrceptib!e anu favorable
influence upon the money market. A
number OF letters were received here
this evening from Gotham bankers who
say the feeling is firm iu Wall street;
that the Federal government is standing
behind tho commercial interests OF the
country, willing to hold them ZIP and
that confidence is rapidly returning.
They declare all danger OF panic over
and report the largest banks as being
willing to makr loans from tho extra re.
serve they have been boarding for a
fancied "run." Thu statement OF the
condition OF the New York banks Just
Issued reveals the real cause OF the pres.
ent closeress Of the money market, or,
at least, one Of the principal causes. The
reserves aggregate more than S5,000,OO0
over the usual amounts, the loans are a
quarter OF q million lees than usual,
while the aggregate deposits are but
100000 below what they ordinarily are.
This elbows that the bauk has been
more frightened than the people and
have been and are prepared to shut out
borrowers and meet the demands OF de.
positors. The contraction has been
among the bankers Themselves. Now
that they are proclaiming return Of
confidence and willingness to make
loans, it Is believed times will ease up at
once and there will be an immediate
cessation OF business failures.
THE ADMINISTRATION PRoMpTNEss.
Attention is called to the fact that
there have not been more failures dur
ing the past three months than have oc.
CURED in past years for the same period.
The action of Secretary Window in
standing by tho banks, and through
them The people, is bringing about much
favorable comment upon the administta.
ton. III is now conceded even by the
most bitter partisan Democrat that had
not the Treasury Department come 10
the front SO promptly and practically,
placing itself in rapport with the comi-
mon business channels there would
have been serious panic.
The regular period for commercial
smashup had arrived when President
Harrison took charge Of the executive
branch OF the Government, but the con-
fidence of the country in his capacity
and integrity STAYED it oil. The short
crops OF The season Just past, TO.
gether with the great financial failures
in London, ana the CONSEQUENT nurries
in all OF Europe, would surely have pre-.
cipitated q disaster, had not there been
the most liberal, wise and prompt &C.
ton on the part OF the Federal Govern
ment. The action was unusual, but is
now endorsed by all of Congress and the
country at large.
UNIVERSALLY ENDORSED.
Strange 10 say, not word OF criticism
has been heard upon the course OF the
administration in this trying ordeal, but
it is safe to predict that words OF praise
will be heard before the session is over.
Now that the threatened panic is virlu.
ally behind us, the people from this point
of view at least can readily see the trsils
OF the administrative hands that guided
the ship across the threatening shoals,
over rough rapids, through dangerous
and narrow channels to harbor OF
safety. Above all is the gladstone FIN.
uOnnrpmpnt from New T0rk tn.niubt