The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-08

NEw Yoax, August 7.--August Bel
mont was asked yesterday by reporter
to make an expression of his views, for
publication, upon the present financial
conditions,
With his habitual rOticeuce, Mr.. Bel
mont begged to DO excused from talking
to the public through a newspaper, but
it was represented to him that u state
ment of personal opinion from tho
senior partner OF the firm bearing his
name and the only accredited repre-
sentative in America OF the Rothachilds,
the greatest bankers in the world,
would carry great weight and would DO
read with keen interest not only by
bankers, but by men in every different
kind Of commercial business throughout
the country.
AT u time when all tinanciers agreed
that Lhe present panicky conditions
arose LARGELY from lack OF general conti'
dence in the stability OF existing insti'
tutions in America, il was urged to
Mr., Belmont that ii he, with his
knowledge OF affairs, could say an on,
couraglng word, he ought to say 1t, and
to a large audience,
MIR. Belmont was asked: what is
your opinion of the chance for recovery
from the present contraction OF creditH
Do you believe that the repeal OF tho
Sherman bill will restore ,contdenceT'
Eyes, l do" said Mr.. Belmont
"Have you any doubt that the sher'
man law will be repealed" \
None whatever. ! believe the pros
sure upon Congress will DO so great
from all parts OF the country-and, real
", very much more from points outside
Of Now York than from here-that the
repeal will be effected very promptly.
Not, however, rs some persons believe,
BY rushing il through 1t is my opin-
ion that the house will organize in q
dignifed and thorough manner in about
o fortnight, with dispatch, but without
undue haste, and that the repeal will
pass both houses.
"But between now and that time the
people can and must do much more for
themselves than it is in the power Of
Congress or any government to do Tor
them, and that is to cease mtstrusttng
each other, and 10 have confidence in
the stability and future OF their country
and their great business and common
cial interests from u end OF the United
States to the other.
1.-THE country is not In an unsound
condition. There has been no great
public calamity, or failure OF crops, in
America. Business and commerce
have been conducted on conservative
line, and although a few local specula-
tive concerns have collapsed, there
have been no large investments-as
compared with the total business Of the
country-in uuproductive properties.
1.-THE currency system, II persisted in,
promised 10 lead the country into an
unsound condition, but in demanding
the repeal OF the Sherman law, and
calling a halt as it is doing, for careful
consideration Of q now departure, the
country stands far away from any
danger and upon perfectly safe ground.
II the boarding Of money, and the
blocking Of the channels Of credit con-
tinue, those who are responsible for
this ~work-and practically everybody
appears to be doing this-will simply
wreck their property, aud without
reasonable or proper cause.
at is the duty Of every man, high
and low, to do all he can to allay fear
and to increase rs much as possible the
methods Of adjusting transactions by
credit. Merchants should endeavor to
clear their receivables among them
selves as much as they can, and the
banks should accept new receivables
for maturities when they can instead OF
simply extending paper or forcing pay.
ment.
1.-THE present boarding and draining
out OF deposits, especially Of currency,
from the banks aud from all deposi.
tories, by which o premium upon cur
rency OF all kinds is now created, has
much to do with the closing down OF q
great many factories. Sound concerns,
with plenty Of raw material on hand, in
Wow Of the difficulties OF obtaining
the money for their pay rolls, are clos
ing down, and the laborers are for ced
10 draw from the savings banks for
their needs. This, in my opinion, need
really not be.
II observe that in some localities
they are adopting a system of credit
for paying of their hands, paying them
( in small demand checks, which are cir
culating through the stores in the
towns in which their holders live. In
fact, this system is in vogue among
some largo concerns even in good
times. But / believe that the present
juncturo requires much moro than that.
Many factories could be kept open II
the employees were paid by q system OF
pay warrants.
ITO give you an illustration, q large
concern could actually assist in easing
up this feature OF the present situation
by putting in circulation d very fair To-
cal circulating medium for lie own 10.
cality. Az you know, statutes give
the employe q first lien, In case OF an
assignment OF the establishment for
which he Is working for his wages or
salary. A note could be issued in o
form, roughly sketched as followsa
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NEW YoNK, Augusta 1893,
On demand, at any time after sixty 100