The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-13

~ 4N>( sOp.
from this class form a back ground OF
support, on which bear" attacks make
little or no impression. Their sales are
so far taken up by investment buying
that. when they want to borrow shares
or 10 recover their sales. they find them
selves more or less "cornered" Their
operations are. therefore, confined to a
few OF the least supported stocks. out Of
which they seem satisfied to earn their
daily salt. II is nc small gain TO lcgiti-
mate business that the reckless hlibus-
tering OF the raiders has been thus
brought under check; for 1t is the first
step towards a rise 20 be assured that
decline has touched it's Lowest deep"
The stock market has TO n considerable
extent broken loose from influences that
are stin repressing general business.
The extreme scarcity md continued
boarding OF money has little direct effect
upon stock exchange operations. That
kind Of business Is done without the
direct intervention OF cash; and as the
banks can lend on stock loans without
parting with currency, they give a GER
tain preference to stock brokers, espe-
cially as their colaterals, at the present
low prices, form good security. Mem
bers OF the exchange, therefore. find no
difficulty in borrowing at bank at hVe
10 six per cent. on call, while other I'M
portant borrowers have TO pay ten TO
twelve per cent. for the insufficient ac-
commodation that can be afforded them.
This returning ability TO get loans ena-
blcs holders TO protect themselves, ana
makes Wall street less sensitive than
other interests 20 the adverse course in
which events are still running.
The week has on the whole contributed
some important reiiefs 10 the general
situation. 1t is true that there Is no
abatement Of the common dearth OF
| money and none i'm the large demands
Of the interior banks for help from the
metropolis; the banks, indeed, are ns
much pressed as they have ever been,
so much So that they are compelled
10 refuse currency TO outside appilca-
tions. and have advanced rates 10 almost
prohibitory figures; which simply means
that a point has been reached at whlch
they can no longer afford 10 be generous
but must stand for their own protectlon'
But, at the same time, the fact that' py
the end Of next week. nearly twenty mil
lions Of gold will have been received
from Europe. while some twelve millions
of new hank ejaculation viii be In the
course OF issue cannot but have an
important effect in relieving the scarcity
Of money and thereby restoring conn.,
dence
Some relief Is also felt from the TACT
that Congress Is at last brought race 10
face with the great silver danger. the
message Of President Cleveland was such
a strong, yet simple presentation OF the
case as to carry 20 all classes deep
conviction Of the danger in which the
Sherman at has placed the country
and the consequent necessity for lmrne-
diately repeating the obnoxious clanses
OF that law. The President having thus
broadened and intensified the pubic nos
tuitv 10 silver purchases, II seems red
soooble TO assume the impossibility or
Congress falling TO satisfy TINS uhlVel-
sal demand. From such symptoms AT the
capita1 as can be traced amid the con-
fusion Of party manoeuYering' II appears
ouite safe 10 assume that Congress VIII
ultimately adopt an unconditional Wltn-
drawal Of the authorization 10 purchase
silver. That is the sole sine qua non
10 Tho restoration Of confidence and pros
peritv: and the country would IKE 10
know it-and the sooner the better-I
II IS possible that a Congress or the
Tinted States could be capable OF re-
fusins, a measure so fundamentally vital
and demanded by such an overwhelming
majority OF the people
IL is much 10 be hoped that this CON
clusion may be reached with the least
Of tho question may not be hindered by
mixing with II non-essential issues. After
tbe main question has been decided, there
are other financial problems that would
naturally arise out OF the suspension OF
silver purchases. which Congress might
well consider. Lest the sudden cessa-
ton Of a large supply OF silver money
should result in the evils or contraction
n IS necessary that some provision be
Af
some other source. In order to provide
arainst that inconvenience. means should
lac devised for an increase in the national
hank circulation; and, 10 meet the emer-
gencv. n might suffice for az least the
present. that the national banks De au-
tborized TO issue notes up TO the full
face value of the bonds deposited as
guaranty. This would allow or a large
Increase in the circulation; ana II further
expansion should be found necessary IL
could he provided later by other means.
Experience has shown the necessity OF
proyiding some resource by which the
Treasury could protect itself and the
nullic from such emergencies as have
recently occurred and stu exist. For
that purpose It seems adVlsaple that
Congress should authorize the issue OF
three per cent bonds by the secretary
of the Treasury and with the consent OF
the President. pdNdDle At ii'"'"'
ton vears. and TO be used 10 provide Tor
onv OBLIGATIONS Of the Government In
,,oTiode Of financial difficulty. These
measures seem a necessary supplement
"a INC suspcnsion Of silver purchases;
hut other financial legislation may Wen
lac left for later and maturer considera-
lion. This being done, the situation VIII
be cured. 81. l.,
At the close Of the week, there IS
In
among banks They have made n con-
siderable gain IA currency during the
week. and the arrivals Of gold from eng
land have relieved the tension IN eFeIy
a,rectton The general opinion among
managers is that the danger point is
now passed. and that, with the further
sunplies Of coin 10 come from Europe
affairs will gradually work into an easier
position.
B4RRETT IN COURT
Al ftr.ffYafnary Hearing Before