Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-15
.s,ctal rsi.oraa 70 "a. R.oss.-.

Are Not Good in the Senate
Special Tsisor1fa 20 "a Rsolsss-.
WASHINGTON, August l4.-There are
few men In the Senate who have had a
larger or more extensive aud successful
business career than Senator Johnson
y. Camden, OF West Virginia. For
generation he has been az the head OF
large financial, mining, numbering and
industrial enterprises, and he has been
keen and deeply interested observer
Of all the memorable events OF our
financial and commercial history during
that time he has passed through many
periods Of panic and business depress.
ent condition Of affairs In our business
world was the most extraordinary ho
had ever witnessed.
"For over thirty-two years." Senator
Camden said, II have been bank
President. but in all my experience
remember nothing 60 be compared 10 thS
situation which actually exists. Instliu.
tions aud enterprises which are on
perfectly sound basis and entirely sol
vent, hnd themselves brought To-
standstill, because OF the impossibiity
OF obtaining currency aud discounts on
business paper, on which % transact
their ordinary business. Mon and In
dustrial enterprises, with ample cap
ita aud OF unQuestioned ability,
find IL impossible To obtain tho
ready money with which 10
continue operations which they
have been engaged In FOR years past
with uninterrupted success Especially
is this true 10 business where large num-
bers OF workmen are employed whose
monthly WAGES can only be paid IN cash.
Here the difficulties seem TO be growing
steadily greater, so that II relief does
not promptly come from some quarter,
fear that within the next month, per-
haps by the frst OF September, there
will be big increase In the number OF
idle workmen through forced suspon-
sion Of operations by concerns who can
not obtain money with which to meet
their payrolls.
"There Is no section,of the conntry,"
the Senator continued, WHOSE banking
Institutions and commercial and indus-
trial enterprises are
souuder DLsls l{-ss- 80 W6st .ata.
The business men OF our state have so
far felt the stringencY probably less than
those OF any other state, for tho reason
| that they have as rule ample working
capital and their methods .ro safe and
| conservative. Yet they nov are finding
themselves confronted by tho same con-
| ditions which have bronght business TO
a standstill In other sections, and ~ u
| TO be feared that In mRnS cases they
will be obliged TO suspend operations
until confidence is restored aud nlOusy
again comes out Of lts hiding place, auo +.
banks feel warranted ia eItondlng The
usual accommodations 10 those who
have good security 10 offer"
''Senator, do you think that the oper-
atlons CT the Sherman law are respOnsi-
bic for this extraordinary condition OF
afialrs?" the correspondent asked.
81 have no doubt az all, Senator Cam
den answered, "that the operatoni OF
that law had much 10 do with bringing
on the present crisis. 10 isa very sim
ple matter. In the times when banking
| business was done on specie basis tho
rsle was that the bank should hold ono
dollar 10 gold for every three dollars Ia
circulation II had outstanding. Now
the government OF tho United
States has outstanding something Ike
twelve hundred millions OF paper against
about 500, 900, 900 In gold In its vaults
with which 70 redeem II. IL u became
known that any financial Institution
was In this position, confidence would
az once be shaken In that Institution,
those doing business with 10 would
grow alarmed and the holders OF iis
stock and bonds would seek 10 get T'e
Of them. This IL part what has
| Cured ln the case OF the United State
| The fear has sprung up not onl
| abroad but among hDanclers
this country, that the W
| States will not be able 10 redef
obligations 10 gold. for 10 matt
may be said. gold Ia the sta
| yalae and those who held
stoc Is and bonds bought th
confidence that they would
gold. Probably there is
| danger that the government
! able 10 maintain itself on 60.
] The fear II that II the present hna'
! nollev Il continued with yearly
! lion 70 the currency oi S5O,OO0.Oy1 . ,
| paper Issued sgalnst purchases 9i sil'
YER OF unstable value, q time must come
| when We will be forced 70 silver Desh
and the ability OF the goyernmcnt
redeem its notes 10 gold Destroyed,
That Il the cause OF the distrast II
| the purchase OF silver ard the issue oi
paper against IL could be stopped now,
| think confidence would be restored,
"a n vould be felt that the goyernmspt
could take care Of rs paper Hithog
,sWhat are the prospects, senate
| v.s asked. III the passage by
senate Of bill repesllng the she
81 fear they are not very good. 80
,,or c.mdeu answered, 'ubless the re-
neal n accompanied bya free eoinage
40 The silver men 10 the oenals are
varv d.terminsd. aud even " tbefs vas
. ,o.iority against them they have u 10
,heIr mower 20 postpone action incehn.
,,alv because under the rule OK
the Senate We canhos
vote. But do not think tns sp.sf ~
| viii refuse 70 allow the qHesIios 70 eoI.
10 vote. As some compFonise iaFofsos
"a silver will probably be aEresd % lI'sl sl
arhiIe. Free coinage, tnink. roola
~ better than the present lsw' ous us'
io.. the sh snan law 10 fepsaiea uneon'
Ss,Ic.sily government will have y
Iii rors order % Increase its hold
.nf. land restore c0D6denee 10
Us mslntsIn gold pagmsnts'
as wEArHEE-
| -
c. Asssss A-Ke