The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-15
CHARLES SMITHS VIEW.
The President of the New York
Chamber Of Commerce.
CAUSE OF THE MONEY SIRNGENCY
Tho Silver Iaw-ThO Democratic
Tariff Policy Has q Direct Eject
on tho Wage Earners-It Produces
Uncertainty Among tho Manufac'
Observation-Disclosures for the Com
ing Winter,

New YoBK, August 1.-THE Pres
has the following interview with
Charles s. Smith, president Of the Now
York chamber Of commerce. on the
financial aituatlon: fy
" left London on the 1st Of August,
where had discussed thoroughly with
England's leading financial men tho
situation in America, as It seemed from
the best information obtainable there,
1arriVed at the conclusion that the
word distrust' explained in very
large degree she whole situations
~ talked with great many men In
London, leading capitalists, who were
anxious then to invest In American 80.
curities at the low prices, aud they all
said II they were sure that the Sherman
act would be repealed shortly after
Congress convened, they would GER
tainly give large orders and take back
good deal OF their American holdings
which they had sold within the past
six months because they feared that
they would have TO take their principal
or interest in silver. found come In.
fuential Scotch bankers, few French
men and large number OF Germans
who entertained the same opinion.
ABANDONED HIS AMERICAN INVESTMENTS.
~ met with German, an important
manufacturer, who was il the habit Of
consigning goods 10 this country, and
inatructing his agents to invest about
twenty-five per cent OF the amount OF
his annual sales in this country in any
first class first mortgage railroad bonds
that his friends in this country Thought
were good aud that would pay him five
p0r cent interest He told me that
within year past he had sold every
American security that he owned, and
told his agents iu New York TO remit
everything due him as rapidly as pos
eible. lie had also been In tho habit
OF leaving considerable amounts OF
money in this country in the hands Of
agents, on interest and without secur-
ity, and felt very secure in doing so.
But he said that within year past he
had felt SO muchd doubt Of our maintain
ing the parity between gold and silver
that no had been obliged, in order to
protect his own interests, to give up his
American investments and cover every
thing with gold as fast as possible.
He BLAMEs THE SILVER BILL.
"This attitude Of foreign investors
and the cause that justified 1t, ! believe
to BIO the primary reason for our trouble.
All floating capital OF people who deal
in gold was Withdrawn. II will take
some time to restore confidence after
such shock as We have had, but ! BIO.
lieye that ii the Sherman law Is repeal.
ed, without compromise, we shall see
better state OF things almost at once;
that gold will flow freely to this coun.
try and that we shall get back very
large part of what has already been
taken from us. Indeed, the gold that is
coming hero now is sent because the
other side believes that the Sherman
law will be certainly repealed.
INTENDING TARIFF CHANGES.
an addition to the dlstrust to which
have referred, which has now taken
hold of the wage earners and depositors
in the savings banks, it Is very evident
that the manufacturers OF the country
are greatly disturbed by the uncertainty
regarding the action OF the present ma.
jority in Congress on the tariff ques.
ton. The manufacturers want to know
what the present Congress is going to
do about 1t.
awhile believe myself that no very
radical change can or will be made at
present in the tariff, yet manufacturers
will necessarily be very cautious until
they know beyond doubt exactly what
is to be done. OF course, no prudent
manufacturer will accumulate large
stock OF goods with tho uncertainty
that Ia before, us. This, Of course, is a
very disturbing element and has already
thrown and is continuing to throw
great many operatives out OF work.
REASON FOR SERIOUS APPREHENSION.
"No patriotic man can look forward
to the prospect for the laboring classes
during the coming winter without seri-
GUS apprehension.
''In regard to the state Of trade there
has been no speculation among ner-
chants, there has been no overtrading;
tho staple articles Of tho country are
low, and have been lower than ever be-
fore; iron metal and all the great sta
pies have been extraordinarily low.
Every ono was getting good wages aud
tho country was generally prosperous
up to the time OF the last election, and
when this panic struck US there was
nothing outside Of tho currency ques-
ton TO lead any thinking man to sup.
pose that bad times wore upon rs. OF
course, VIC have all soon for some time
back that wo woro drifting toward
gold premium with the continued pur.
chase Of 4,5OO,0O0 ounces Of silver per