The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-10-02
a Fabian Policy Being Pursued in
Wall Street Financial Circles,
THE OBSTRUCTION IN THE SENATE
Against tho Repeal of the sherman
SILVER Law Somewhat OF n Surprise.
Two Points of View as 10 the Uld.
mate Action of the senater-somo
Hopeful symptoms-The Wool Mar
ket and General Trade Matters.


Its attitude 10 simply waiting one, NOV
by any means one of dependency. The
overwhelming vote Of the house Of rep
reseutatives for silver repeal produced
large advance in prices, but buyers
did not sufficiently take into account
the possibilities OF obstruction in the
senate. That obstruction, however,
came with force and persistency that
has taken the whole country by sur
prise and put check upon all the re-
viving tendencies which the house vote
had brought into play. The senate's
delay has been like the return OF winter
in the middle OF spring. 1t has nipped
in the bud reviving confidence and put
fresh check upon the industries that
we're beginning TO venture upon re-
newa OF operations. IL has also had
the effect OF reawakening distrust
among our foreign creditors, with the
result not only OF stopping their buying
OF our securities, but also OF causing
some return OF them TO this centre.
Such an interruption to an unQuali-
fediy hopeful drift OF affairs could
scarcely nave a less injurious effect
upon the stock market than has actu.
ally happened. The wonder is that the
relapse has not been much more Sc
we're, and the TACT that prices now stand
conn aratively steady is evidence that
Wall street at least ID far from hopeless
as to the senate ultimately adopting
the repeal bill.
There are two points OF view from
which the disappointing attitude OF
the senate may be considered. There is
that OF the ordinary observer. who
understands little about the methods
and tricks OF parliamentary warfare, or
the complications OF party interests and
of legislative policies. These peopIea are
led by the external appearances OF the
moment and easily mistake weak parli.
mentary feints for real strength, and
they are consequently deeply impressed
by the daring hostility OF the minority
in the senate. Yet it is this very class
that mainly make the body OF senti-
ment we call public opinion. 1t is
therefore not surprising that the at
tiude OF the trained political warriors,
known as "the silver leaders" should
have created some dismay and much
disappointment among this preponder-
ana part OF the public. And it is not TO
supposed that the opinions OF this class
are unimportant because they are based
upon imperfect observation; for opin-
ions influence action in practical affairs,
and in this case they carry chill Of
apprehension through every branch OF
business.
The other point OF view is that occu-
pied by men conversant with the ms
and outs OF politics; familiar with the
tricks, the limitations and the licenses
OF debate; versed in the mysteries Of
g-rolling, and acquainted with the
party jealouses and the conflicting pol
icies involved in the present political
situation. To these observers there is
nothing in the present attitude OF the
Senate that is really inconsistent with a
confident expectation that the upper
house will finally adopt unconditional
repeal. They cannot concede the posi-.
bility that the United States Senate will
finally dare to carry aifront to the al
most universal public will to the extent
OF absolute disohedience. They know
that, while it may be good parliament
tary tactics to give the minority rope
enough to hang themselves, yet the ma.
ority is made up OF men who are con-
scious OF their power and will not fail
to use it to a purpose when ripe OPP
portunity occurs. They understand
how it may be prudent to give each
minority Senator chance to set him
self right with his constituents or on
his record; but they know that to the
party now in power success in their is.
sue is a matter OF life or death, and that
having prudently done all they can to
avoid ofense to their opponents, they
will then unite with the Republican
repealers in carrying the measure by a
majority that will surprise the country
by its magnitude.
This latter point OF view is the one
that now prevails in the best informed
quarters in Wall street. There are
bankers, well situated TO know where
OF they speak, who intimate that some
of the influential fire-eaters OF the mi
noritv have received warnings from con-
stituents whom they are not likely to
disregard that their obstruction must
90 no further; and the case of these
senators ia likely to become that of 9TH
ers also at an early day. The game OF
bluff and buster has about exhausted it.
self, and that point being reached the
chance for the minority showing its
power viii have come. Those nearest
to the heart OF the contest incline to
the opinion that the time is not distant
for.the registering OF vote that will
finally set this disturbing question at
rest. Among bankers apt to give the
cue to opinion on such matters, there is
evidently moro confident feeling, and
1t finds expression in u freer disposition
to extend their operations. The steady
retirement OF clearing house certificates
is n hopeful symptom in this connection,
Until recently, there has been marked
disposition among the banks to cling TO
cling TO that support until all doubt was
removed as to the action OF the senate.
Out Of the total tissue OF S3S,000,0 900,
however, only S26,00o,000 is now out.
standing-which is significant express
sion Of the estimate OF the banks on the
prospect. To the same effect is the
welcome fact that the banks are lend.
ing aud discounting much more freely,
and without discrimination as to long
loans.
The iirmness OF foreign exchange, go
| far as it may seem TO ioreshRdow an ex.
port OF gold, is not seriously viewed.
As part OF the gold lately imported
came as the result OF various expedients
Tor temporary use, it is taken for grant
ed that some OF it must go back TO
Europe again. In the event OF repeal,
however, that cannot bs serious mat.
ter, for the improvement in our foreign
| credit would in that case create freah