Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-03-22
CLENVS on SHOCKS

New York, March 1S.-Wall street
still remains principally dependent upon
the arrangement of the treasury finances,
the uncertainty as 10 what may be done
or not done for their remedy ana the
stringcncy in the money market. Some
features In this situation show Il degree
of improyement-espC especially the abate-
ment Of the gold exports, the willingness
OF Europe TO employ balances temporarily
here at the current high rates of inter
est the sales OF securities 10 London,
ana the Willingness Of country banks TO
exchange with the treasury a portion of
their gold tor ErccnbIcks. These symp-
toms of elasticity in the situation are
encOurnging as they afford an uppOrtu-
NIFTY for making temporary establishments
until affairs can Ice subjected To "A radical
treatment Still, there is no concealng the
fact that the position Is far from being
q cheerful one. Ii admits OF some hone
from palhnuyo5; but the question. at
the mOmcnt, Is whether transient rpliefs
win hold affairs together until il is found
possible 10 get congress to apply the
needful treatment Wall street Is will
ing 10 concede really neadfu time for
the new administration TO deliberate upon
The unusual difficulties and complexities
Of the situation; but IL will certainly
become FESTIVE and alarmed il some steps
looking TO financial tnality are not
taken after the lapse OF "A reasonable
period for such survey IL Is due to The
public, under the circumstances that they
should know whether the country viii
De expected 20 wait until next December
for the treatment of the silver question
and whether the condition of the treasury
gold balance Is TO bc left h. the mercy on
chance until that period President
Cleveland may find il very desirable to
have Abundant time FOR preparing Lis
plans and biEing the disposition OF cnn-
ID 90
these questions; but lac would cou,rnit n
fatal mistake were be 60 suppose that mn
acute financial crisis will aWnir fhp cnn-
lenieucea OF political eNpendiency. iTbo
uiliiculles are OF The most dplicnte ANA
lhlractnDle KIND They are not Of the
sott tnat Afise from tie ordinary work
lngs OF credit and finance or IL yyoulJ
be easily seen how they were 10 be- MOI
ana when they might be eNpectpd In
disappear They grow out Of 6xpd sfotr-
Tory enHctmeuts, and therefore uotbino
shlrt OF legislative treatment can lppoye
ulyHl b"9k ~ Who are Omnipotont In
ordinary tnNucial CRISES are virtaliv
powerless In this case: and the whole ~
Sponsibihty for the continuance OF lilo
arrangements rests with the chief ma gis
trate. This is naturally the feellnr ~
wan streets and II looks eagerly 10 XVn sb.
nglon Tor indications rs 10 what mny ba
tne moves or Fears proceeding from that
The disposition shown bv some ~ Tho
interior banks 70 give their gold to M
treasury h exchange for lis notes ~
satisfactory ~ more ways than one II
opens To the treasury fresh source far
settlhg gods IL shows that the serions-
ness OF the situation Is making itself IN
IA sections where the silver crnze bos
been most rampant, and II affords a very
pointed hint 20 the banks of tls anI
othet seaboard cities as TO what tbev
hhsht 40 10 keep tho trea sury resery.
SAFE against eucrOachment Wien n n
considered how completely the banks of
tlis ciN alone even could shield tbat G,,1
aeMLst all possible impairment. ana Gat
Win the certainty Of strengthening rather
thah weakening their own reserves h
| seems ineNpicQble how they shopld M.
st"n from 0horling the neelfnI belr
! ~ they Imagine there Is anything AZ tbegr
own which they can conserve ~ leftin,
we government credit 20 by the boSrT
| there are some things which n hebo|,.Nt,
| them 20 learn. There can be no Io,,bt
thut the associated banks have n essn..
Hlhih tAelr power 20 very largely reileea
ne situation and restore eonfi1encn \,
she money market, If they can be in1,,,.'i
! " put their whole power l,ehind
treasury. Il Is all very well IN ,.,og,
ieasiohs 90 intractahle politicians I.t
some kinds OF teaching may ross wv
setheE TOO much N''o-
HENRY cLEws