The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-01-16

of discount to per cent. The pending
arrangements for controlling rates of rail
freight in the West and Southwest also
constitute an important "bull' factor.
The rise in prices of the last few days
must be in part attributed to that infiu-
ence. But the full effect has by no means
been realized A certain amount of dis
trust about the final consummntIon OF the
scheme has vet to be overcome. The
working details of the plan, its binding
force and the fixed term of its duration
arc matters undetermined, as we'll as the
extent of the advance in.rates that may be
decrced These uncertainties leave very
little that is yet positively known about
the agreement. If, therefore, the coW-
plction Of the plan should impress public
opinion favorably rs to its ultimate
workings, this factor would he found to
have a more important bearing on values
than is at present credited to it. This is
hope to which many operators are likely
to cling until the plans Of the managers
are fully revealed. Atpresent there is no
evidence that any roads in the section
concerned will stand aloof from the conf
bination-certainly none of Importance.
The next step in the arrangements is the
drafting of bylaws for the government of
the Association, for which committee has
been appointed. This stage of progress
having been reached, there is little doubt
THE GREAT EXPERIMENT WILL BE TRIED,
and that fact will give to the railroads of
the Southwest a special speculative in
tcrcst
One great unsettling doubt overhangs
I'll. G.,
gress, unsatisficd with the large concess-
ions to its demands made last summer,
now ask for everything that could by pos
siblity be granted-the free coinage Of
silver up to the full limit of the United
States production; and it is by no means
certain that majority in Congress will
not be procured for the proposal. Such a
law, if allowed to run for few years,
could hardly fail to drive gold out of the
country and put it at premium, leaving
our entire paper currency Excepting gold
certificates convertible into a deprccia-
ted silver legal tender. Opinions can
differ only as to when that result might
come; the ultimate consequence is lnev-
liable. The adoption of the bill, there
fore, would be likely to have an immedi-
ate effect upon all longdatcd obligations
not made payable specifically in gold, and
thus might make gold itself a subject Of
speculation much sooner than is now an
ticipatcd. The pendency in Congress of a
measure involving such momentous pos
sihilities cannot but act as very inn
portant factor in both investment and
speculative operations: and, if it has not
already become such, it is only because
Wall street is not yet quite prepared to
credit Congress with being capable of
committing itself to such Il fatal folly.
The currency movement with the inter-
ior has taken very marked turn in favor
of this city. Money is flowing hither
from the East, West and even the South,
and the past weeks net receipts of the
banks from those sections have amounted
to about 1--WE millions. The exchanges OF
the banks with the Sub-Treasury show Il
small balance in favor of the latter. This is
conclusive that we have reached the be-
ginning of cheap money.
HENRY CLEWs