The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1892-04-08
AN IMPORTANT GAIN.
me Defeat of Free Silver Legislation Does
Much to Restore Confidence

New YORK. April2-The action of Con-
Sress on the question of free coinage of
SILVER is al important gain in the direc-
ton OF confidence. The silver faction in
Congress had summoned It's whole forces
to the last man, and It's defeat puts a quie-
tus on the agitation, not only iorthe pres
ent session, but in al probability for a
pcrmanancy 1t is likely to be followed
by a falling Oft in the adherence of the
class Of politicians who have mistakenly
regarded it as a winning political issue,
and who will have no use for it, now that
neither political party can be expected to
commit themselves to il in the coming
Federal elections.
The silver vote has other advantages.
the value of which ii would he difficult to
overestimate. 1t means beyond all ques-
ton that there is Il point beyond which
the people of the United States arc resolv-
ed not to go in committing the conury TO
the silver basis. 1t means that there is
no longer amy real danger Of our being
landed upon an exclusive silver basis
which was the logical and inevitable
issue of the Bland bill. And The signiG-
canoe of these aspects Of the vote
amounts to a very important gain toward
The ultimate contamination of an intcrna-
tional agreement for the maintenance Of
the double standard Now that ii is made
plain to the world that the United States
is not to be caught in any such folly, an
important factor of uncertainty in the
European branch Of the question is re-
moved, and the chances for an early inter
national conference are 50 far improved
This new stage Sn the silver agitation
is not without its Importance to the stock
market. In my previous weekly advces !
have shown that there is good reason to
suppose that from $l25, ,O0O to
81 % 000, 000 Of our securities have been
returned from Europe since the Govern
ment purchases of silver bullion were in
creased To n 600, zoe ounces per year: the
inference being hat foreigners regarded
Fiat drift Of our legislation as calculated
to result in or investments becoming
largely PAYABLE in silver Of uncertain yal=
ue.
With these two drawhacks-thc Silver
bill and the BchrnS Sea Question-tem-
porariv out of the way at least, The mar
ket is left more free TO respond 10 natural
Influences The low prices OF wheat, iron
and silver discourage important interests,
and offset the advantages Of abundance to
many producers; hut it should not lie
overlooked that many other interests are
likely to be stimulated by cheap iron, and
the great body of consumers benefit by
cbeap wheat and cotton. In truth, the
masses are prosperous. being well paid
and .having cheap living. This be-
ing so, business must be accepted
as sound in spite OF the complaints of
small profits. II is quite certain that
no legitimate cause for serious decline
in railroad stocks can be found, particu-
larlv while earnings continue so SatlSiac-
tory There is sound reason tor confidence
in the values Of many railroad shares, and
either manipulation or outside buylhg VIII
sooner or lattesassert itself. The Difficult
ty now is in dgestng the heavy amounts
Of securities returned from Europe. II
this movement continues we NAV he
called upon to again :. export gold as
the tendency Of the merchandise move,
ment is now toward increased imports and
diminished exports. The foreign demand
for Americans will. therefore, be closely
watched for some weeks to come. AT the
moment, the market is in dull, but SEN
sitive. condition. The chances appear TO
favor Improvement after the April settle
ments are fully completed.
HENRY CLEwS.