Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-28
WALL STREET AFFAIRS.
Deacon White Tells Why He l. . Bull
The Country l. Safe.

Deacon White Tells Why He u Bull
The Country l. Safe.
WRITTEN FOR THE DIsPArcH.1
The conditions in Wall street recently
have shown one Of The principal speculations
among traders to have been the speculation
as to how far somebody else might be shaken
in his nervous system about something
which each individual knew amounted to
nothing.
Thus whom, few weeks ago, poor old Aus
trfa was buying q little gold here and ship
ping 1t to Vienna, every person knew for
himself that with a surplu, reserve Of from
s11 900 900 to $40 000 900 in the New York banks
alone, with q new issue monthly of 81 900 900
legal tenders for silver bullion, and above
all, with balance OF trade in our favor of
$40 0O0, 900 monthly, that there was no trouble
to arise In money, and that If Austria, gold
consuming country, needed the yellow
metal, that we, gold producing country,
naturally had It to spare. And yet we ran
about from one to another, and said, with
solemn gravity, where and when is this
thing going to stop.
So, also, everybody knew that free coin.
age bill could not pass the Presidents veto
If it ever got through the two Houses Of
Congress. And we also had abundant reason
to know that Europeans understood that as
well as we. and yet when the Committee on
Rules assigned a special day for Its consid-
GRAFTON in the House of Representatives we
fairly gasped, all out of breath, as it were, to
inquire what we each thought of silver.
And just now we all know that England,
with her great commerce and her great pos
sessions all exposed, and with no principle
involved, is not going to war about $500, 900
worth of Canadian poaching property, which
will have to take its chance, war or no war.
t,t1t f1olxy fC.r
will put out, oftener than twice in a while,
some report of naval vessels ordered here
and secret councils held there, and every
time We will rush of to our neighbor to ask
him If he thinks there is going to be war.
Here let me say, that we have yet to learn
in this country to live up to our own great
ness, which in the order Of events we are to
achieve.
We produce gold and silver and grain and
cotton and manufactures which we dis
tribute to all the world. The clearing house
for the worlds wealth belongs where the
worlds wealth is produced and the CONNER
cial center of the world is yet to be New
York and not London.
But before that time comes we have got to
have body of fnanciers who can look with
complacency upon $5,0oO,OO0 gold sent to
Argentine, and $40 coo, 900 sent to London and
as much more sent to Paris or Berlin, be-
cause as the bankers Of the world, we are to
pay money where it is due, and to lend
money where it Is needed and the security is
good, resting securely in the consciousness
that when our gold has fulfilled it's mission
where it is most needed, it will come back to
us, with shexels added for its use.
Am a Dullr Yes; upon things OF merit.
There are rotten eggs in our basket, and q
rotten egg will smell badly If you put it in
jewelry case, and may even prevent a per-
son from looking for a diamond by its side.
But upon tried things of value. such as the
dividend paying grangers and the dividend
paying trunk lines and upon the dividend
paying coalers, and upon telegraph and
above all on the immensely prosperous in
dustriaIs, am believer in whom there is
no variableness. S.V. WHITE.
WALL STREET, NEW YORK, March o.