The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-12-12
FINANCIAL REVIEW.
Henry clews' Weekly Letter on
the Money Situation.
CONDITION OF The STOCK MARKET.
It's Stability and Underlying Firm
ness Remarkable Feature of the
week.-The Estimate of Wall Street
On the Silver Problem.
speetal pt,palfh % he lnteIligeneer.

markable feature OF the stock market is
its stability and underlying frmneas.
For months past the market has been
exposed to a succession OF disturbing
influences and disappointments, calcu-
lated to unsettle confidence and induce
realizing. Among these influences may
be mentioned an unexpected outflow OF
gold; an exhaustive drain upon the re.
serves of tho clearing house banks;
shrinkage OF our foreign trade; excep-
tionally low prices for several leading
staple products; the decision of the
presidential election, in favor Of tariff
changes calculated to produce at least
temporary serious disturbance OF our
industries and home trade, and espe-
cially threatening to the trusts and
combines whose issues arc so largely
dealt in at the exchange; the growing
seriousness OF the silver question, not
only to this country, but still more SO
to the financial arrangements OF Europe
and Asia, and the apparently increas-
ing probability that the Brussels con-
ference may fail to provide for any set
Element OF that question, whether i'm
mediate or prospective.
These factors constitute combi-
nation OF complications OF such an i'm
portant character that nothing short OF
u serious disturbance OF confidence and
~ - al ~ N
but the most stable securities might
have been expected to result therefrom
That, however, has not been the effect.
The successive blows have produced
momentary depressions, followed, how
ever, by prompt recoveries; and to-day,
while there is a generally conservative
feeling and certain degree OF caution,
there is no really discouraging lack OF
confidence, and the "bears" are circum-
spect while the bulls" show steady
firmness in holding on.
This feeling is not the result OF any
short-sighted indifference to the grave
features of the situation. 1t is rather
the consequence Of a serious and intel
ligent estimate OF the significance OF
these special influences, the result OF
which seems to have been to assure
Wall street that there are no dangers in
tho situation which, with due prudence
and steadiness OF nerve, We may not
hope to surmount. The dangers are
not ignored nor lightly watched, but
they are regarded as so possible OF be-
ing avoided that it would be weakly pre-
mature to treat them as certain occur
rences.
The silver question is viewed as
possessing an Importance perhaps equal
to that OF all the above mentioned fac
tors combined. But it has SO long been
the subject of consideration, that iinan-
cial leaders can hardly be taken by sur
prise at whatever may come out OF it.
Few Wall street men, perhaps, have ex-
pected that anything really important
would result from the international
conference, except demonstration that
no sound international settlement OF
the problem could be hoped for out OF
such conflict OF interested opinion.
Such failure would OF course be mis-
fortune OF the deepest importance; but
there is no disposition to regard the
United States as likely to be the most
seriously suffering party in that event.
To us, the final abandonment OF tho
hope, for prolonged time at least, of
establishing international bi-metallism
would mean that We must but stop the
addition Of silver coin or silver notes to
our currency system, If not that We
must also get rid of portion OF our
silver money-that, in short, We must
commence to take steps in the direction
OF becoming a gold standard nation.
That does not strike anybody, except a
few ultra silver men, as a very serious
misfortune. 1t might do SO il there
were any serious doubt about our being
able 10 conform our currency arrange
ments to such n necessity with compar-
alive ease. But, rightly or wrongly,
not one financier in ten has any doubt
about our stock of gold sutlic-
ing to keep our present holdings
OF silver money from depreciation in its
home use. We are larger and rich
or nation than France, but our stock oil
silver is far from equaling the French
stock. France, however, has expert
enced no change in the current value of
her silver and is not likely TO do so
even il silver should fall still lower;
why should the United States be less
secure in this matter than France?
Nor is there anything to be apprehend-
ed from the popular bugaboo OF Scar
city of money" in case OF our abandon
ing silver; for any required substitute
for the gradual increase in the volume
of the currency that is now provided
through silver could be, with entire
safety. provided byrelaxing some Of the
restraints upon the issue OF national
bank notes. The assuring feature in
this problem Is that within late months
opinion, both public and legislative,
has undergone such thorough change
that there would be little difficulty in
securing the enactment OF these protec-
tive measures. Within the first week
OF the sitting OF Congress, one bill has
been introduced in tho senate and an
Their in the house providing for the
early and complete abandonment OF
our past silver policy, and the silver
faction now finds fewer influential eS-
ponents at Washington.
The foregoing considerations have n
strong influence in fortifyiug confidence
against any adverse outcome OF the
Brussels conference. Indeed, there are
not few capitalists who see distinct
~ "bulp side to the silver situation.
They argue that, as our credit in Eu-
rope has suffered serious damage from
our silver policy, so our change favor
ing the position OF gold standard
country would be followed by a great
and permanent accession OF foreign con-
fidence in our investments and quick
retransfer to Europe OF the securities
which have been returned home under
the apprehensions excited by the Sher-
man silver act of 1890.
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