San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1892-12-08
WEEKLY FINANCIAL REVIEW
Reported for the LIGHT by the banking
house Of Henry Clews & Co.

New YORK, Dec. z, 1899.
During the week we have had th
hrst clear indication of what tn
Brussels conference is likely to prov
willing to do toward settling the sill
Yer problem. Mr.. Alfred de Roths
child's proposals that, for each OF tn
next five years, the European govern
ments shall collectively buy e., 000, 00O
worth of silver at a maximum price o
AZ pence per ounce and that the Uni
ted States shall for the same perioC
continue to buy 81 600. 900 ounces, m ~
perhaps be taken as q test, but proba
bly, not the full measure of what Eu.
rope lie at present disposed to do.
take it that the United States will
not be found willing to bestow
any serious consideration on this
simple proposal without mate
pal amendments. On its face,
the scheme is ga attempt to saddle
the United States with the response
bility of taking, for the next five
years. twice as much silver for none
raty use as all Europe combined; and
not only this: 1t also means that, after
having thus added 270, O00, 900 ounces
TO our stock of silver and in q much
larger measure increased the amount
of legal tender notes payable in gold
or silver, there will be the same alb
sencs of any concerted protection for
sill yer as there is at this moment,
whilst its depreciation will then be
subject to q new impetus. If Mr.. de
Rothschild insists upon standing Oh
his very limited proposition, he could
not have undertaken to devise for
this country q method of deliberate
financial suicide, which would at the
same time afford Europe an opportu-
nifty of becoming the successor to our
large stock of gold, he could not have
suggested plan more certain of such
refusals. All such p,tty expedients
are but q mockery of the large and
serious demands arising out of the
present position of silver. The for
eign powers cannot be too soon given
to understand that the United States
sue for no favors in this matter. They
regard themselves as being, in conn
mon with all the great na-
tions, exposed to serious dam
geIs from the depreciation Of
silver; and they are willing to take
their just quota of responsibility in
any common feasible effort to res tore
the metal to q stable status; but be-
yond that limit of commitment they
will decline to go; and If, for fifteen
years, they have ventured to fight
the decline of silver singlehanded.
they regard that rather as a reason
why they should in future be eXpec-
ted to do less to arrest the deprecia
ton than as affording q ground for
making increased demands upon
them 1t looks very much'as though
the result of the conference might be
to leave as no alternative but to-
Immediately suspend all government
purchases OIL silver and put in force
such means as lie within our power
to accumulate gold in order the better
to maintain the value of the silver
money we already have. That being
done, we shall be safe; and Europe
, may then be disposed to undertake
the radical and only sure method
of dealing with the question which
they now are maneuvering to evade
Toe effect of the silver conference
upon values is somewhat unsettllng.
because it arouses public attention to
dangers which have long been re.
allied by only comparatively few. IL
reality, this agitation should tend to
restore condolences; for once the dan.
gers are fairly realized, the remedy
will be the sooner applied. AS the
movement for stoppage OF government
purchases of silver is likely to be led
by Senator Sherman himself, the Oub
look IN this direction is the more en-
coursging. At the moment Wall
street is more disturbed over the
prospect of gold exports than any
other single influence. Foreign ex-
change remains firm. owing to the
relative scarcity Of grain and cotton
bills; and, as Europe still refuses to
buy our stocks and bonds, there is
also an absence OF security bills.
Meanwhile money rules easy, owing
to the enormous expansion of our
silver currency; consequently Europe
finds it easier to draw upon us for
gold. While there Is no Occas ion tor
immediate alarm over gold exports
exceptional as they are at this
season, still it is impossible to re
store confidence under such cOndi
tiOns. Another factor of uncertainty is
the early Opening of congress witt
all ITS attendant Agitations. Business
mel have an unusually unsettled
p5riOd in prospect, and with all sorts
of tariff changes ana discussions to
be met, they are likely TO remain in 9
very conservative mood. Then, too
railroad earnings are not 50 sstisfac.
tory as 3 few month ago, and this de
prives the market of the support i
has had from that means. The only
supporting features are the generally
sound condition of mercantile, indus
trial and railroad affairs, and the fac
that unusually large amounts for divi
dends will be distributed mex
month, which ought to develop
good investment demand for desira
able stocks and bonds. Speculation
in the industrials has been active