The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-07-11
Discussed,

1 S"tS+ss4S''s'T'
New York, July 9.-The unexpected
action of tho senate on free coinage
came at moment whom set of new
and legitimate factors were beginning
to infuse q more confident tone into the
market. Tho crop reports were daily
aHordtng more definite promise of an
abundant harvest, and the doubt about
Indian corn were diminishing; the
traffic returns of the western roads
were showing gratifying gains; the
semi-annual reports Of railroad con-
struction were exhibiting commenda-
BILE conservatism in that branch OF en-
terprisc; aud Bradstreas returns OF
failures, for the first half Of the year,
showed a falling off OF SO per cent in
liabilities, compared with 1891, which
indicated an important Improvement IN
theintrinsic condition OF trade through.
out the country; whilst the results OF
the party conventions were regarded Us
unusually free from unsettling sugges-
tions, whichever OF tho candidates may
ultimately receive the choice OF the peo-
pie. ~.
came the revelation that the free
coinage mania had gained the ascend.
ancy In the senate. The shock was all
the greater from its bong so little ex-
pected, and its effects wore the mora
marked because there was no assurance
that the senate bill, would not be ac-
cepted by the house OF representatives.
The first effect appeared in Tuesdays
market, when large sales were made on
London account US well as on orders
from both local and interior holders,
causing decline OF 9 to 8 points.
This break OF confidence is to be at
tributed rather TO the indirect bearings
OF the senate's action than to its real in.
trinsic importance. It will be viewed
by surface observers as revealing new
accessions OF strength to the free coin
age movement, and therefore may dis
turb foreign confidence in our securities
cause them to DO returned home and
correspondingly derange our financial
relations with Europe and augment the
current exports OF gold-about which
the market is becoming increasingly
sensitive. The danger OF arrangement
in this direction is the greater from the
fact that Europe so little understands
the political aspects OF tho silver move
ment in this country, that IT falls.to APP.
precate the force OF our eastern hostili:.
ty to free coinage and the certainty OF
It's ultimately converting national opin-
ion to sound policy, and also that
there is section OF the London press
,blindly committed to disseminating the
worst possible constructions OF the va
carries of our silver faction. More ia-
telligent or more candid consideration
OF the erratic doings OF our silver fan
atics would save great deal OF need:
less disturbance OF investments and
equally unnecessary arrangement OF the
European banking interests to have
matters take this course when they are
so inordinary anxious to pile up gold
from whatever source, and when thoy
are apprehensive that the forthcoming
monetary conference may commit the
crime OF being the means OF restoring
to silver somewhat OF Its lost status as
one of the essential money metals Of
mankind. 1t might, however, be pru-'
dent for this same banking power to re-
fleet upon the fact that, no matter what
political influences may be brought into
play, President Harrison may be ex-
pected to veto any and every form OF
free coinage which is not international
in Its scope, and that thenext President,
be he Mr.. Harrison or Mr.. Cleveland,
will equally protect the country against
any merely national free coinage. For
five years. therefore, the country is sale
against this danger; and, at the expira-
ton of that time, the heresy will have
found its destiny in the limbo of ex-
ptoded popular failacies. After the cur-
rent phase Of loud talk and
political manipulation OF the ques-
ton public opinion will quiet
" acquiesco In this inevitable
solution; when there will be an undoing
OF the effects produced by the agitation
since the passage Of the 1890 silver act;
which will include the re-export OF the
securities sent homo from Europe and
the return to Us OF tho gold we have
shipped in payment for them. II, as is
quite possible, We are destined to meet
revival OF the return of our securities
under this new temporary outbreak Of
the silver craze, we have the satisfaction
OF knowing that this year, rs last, We
we shall have OVERLOOKING supplies Of
exportable products which We can send
in exchange for our evidences OF debt
Itsurely cannot be very great mistor-
tune to be thus able to get our obliga-
tions within our direct control. Such
process might tend to put o check upon
purely speculative investments, but it
would conduce to a conservative con-
solidation OF our finances and would
promote an independence OF external
capital which Is devoutly to be desired.
As to tho immediate future Of prices
there is considerable uncertainty.
Speculation in stocks has bean par
alyzed by the silver bill, and in grain
and cotton by tho anti.option bill.
When Congress adjourns, which 1t is to
be hoped will be soon, business inter-
ests will be greatly relieved. The mon
etary situation Is also somewhat threat
ened by the silver agitation, lenders al
ready showed a firmer tendency through
fear OF possibilities. The situation,
therefore, is one that calls for prudence,
no matter how roseate the market may
seem in certain directions; and until
tho horizon is cleared OF these two
drawbacks, purchases on tho long side
will have to be conducted with increas-
cd caution. HENRY CLEws.