The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-12-05
FINANCIAL REVIEW.
Henry clews' Weekly Letter on
the Money Situation.
EFFECT OF The Sill YERCONFERENCE
On vnIucs.-The Agitation Should
Tend to Restore Conadence.-Do
RothschiId's Proposition may be
Taken as Test OF what Europe is
Willing to Do--spcculatIon Active.

RotnSchtIu'B proposition may DC
Taken us a Test OF what Europe is
Willing to Misrepresentation Active.
Special Correspondence ofthe Iaieligtncer.
New YoRx, Dec. 3.-During the week,
we have had the first clear indications
Of what tho Brussels conference is like
ly to prove willing to do towards set.
fling the silver problem. Mr.. Alfred
de RothsGhiid's proposals that, for each
OF tho next five years, the European
Governments shall collectively buy
E5, 900, 900 worth of silver at amaximum
price of 4S cents per ounce and that tho
United States shall for the same period
continue to buy 100000 ounces, may
perhaps bo taken as test, but proba-
blynot the full measurcot what Europe
is at present disposed to do. take it
that the United States willnot be found
willing to bestow any serious proposal
without material amendments. On its
face, tho scheme is an attempt to saddle
the United States with the responsible
ity of taking, fo- the next Eve years,
twice rs much silver for mon
etary use as all Europe COM
bined; and not only this; it also
means that after having thus added
270,OO0,000 ounces to our stock of sill
yer and in a much larger measure in
creased the amount OF legal tender
notes payable IN gold or silver, there
will be the same absence OF any con-
Certed protection for silver rs there is
ut this moment, whilo its depreciation
will then be subject TO new impetus.
If Mr.. do RothsChild insists upon
standing on his very limited PROPOSE
ton, he could not have undertaken to
devise for this country method OF de-
liberate financial suicide, which would
at the same time afford Europe an op-
portunity OF becoming the successors to
our large stock OF gold, he could not
have suggested plan more certain OF
such reiusals. All such petty expedi.
ents are but mockory OF the large and
serious demands arising out OF the pres
ent position OF silver. The foreign pow
ers cannot be too soon given TO under
stand that the United States sue Tor no
favors in this matter. They regard
themselves rs being in common with all
the great nations, exposed to serious
dangers from the depreciation OF silver;
and they are willing to take their just
quota of responsibility in any common
feasible effort to restore the metal to a
stable status; but beyond that limit oil
commitment they will decline to go;
and if, for fifteen years, they have ven
ture to fight the decline OF silver single
handed, they regard that rather as n
reason why they should in future be
expected to do less TO arrest the depre-
citation than as aHording q ground Tor
making increased demands upon them.
1t looks very much as though the result
OF the conference might be to leave US
no alternative but to Immediately sus-
pend all government purchases OF silver
and put in force such means as lie with
in our power to accumulate gold in order
the better to maintain the value OF silver
money we already have. That being
done, We shall be safe; and Europe may
then be disposed to undertake the radi-
cal and only sure method OF dealing
with the question which they now are
manGuvering to evade.
The effect OF the silver conference
upon values is somewhat unsettlinG,
because it arouses public attention to
dangers which have long been realized
by only comparatively few. In reality,
agitation should tend to restore conf
dence; for once the dangers 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 outlook in this direction is
the more encouraging. At the moment
Wall street is moro disturbed over the
prospect CT gold exports.than any other
single influence. Foreign exchange re-
mains firm, owing to the relative scar
city 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 occasion
for immediate alarm over gold exports,
exceptional as they arc ut this
season, still 1t is impossible to
restore confidence under such condt-
tons. Another factorof uncertainty is
the early opening OF Congress with all
its attendant agitations. Business men
have an unusually unsettled period in
prospect, and with all sorts of tariff
changes and discussions to be met, they
are likely to remain in very conserva-
tive mood. Then, too, railroad earn
ings are not so satisfactory as few
months ago, and this deprIves tho mar
ket of tho support it has had from that
means. The only supporting features
arc the generally sound condition Of
mercantile, industrial and railroad
affairs, and the fact that unusually
large amounts for dividends will be dis
tributed next month, which ought to
develop good investment demand for
desirable stocks and bonds. Specula-
ton in the industrials has been active,
but operations in these have been
largely OF an artificial character, and
railroad securities were influenced but
slightly by their movements. Con-
cerning the future We can only renew
our advice OF caution; buying on tho
breaks and selling upon all good raiIics,
HESRY CLEws.
Tho Wool Markets.