New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-23
RICE TRACE FINANCES.

To professional gamblers. and 10 nobody cls"
the business conditions which now exist may
be beneficial and gratifying. The delightful nm
certainty Of the dice box and roulette wheel is
transferred To the industries and commerce
upon which the livelihood Of many millions
must depend As nobody can tell what Dem
ocratic Congress may do. not even men VIII"
have the largest share Of control over its ac-
tion the opportunity 10 ga:.,blc on the oufcom"
is incomparaby more fair than the hors" races
which the Democratic State Of Ncw-Jcrs"y
maintains Yet business men are required 10
guess. as hes, they can. what Democratic
majority may do which has formally signed
and pledged itself to support three an,agonsfic
measures within three days. and what III"
effect Of It's action may be- in the money mar
kct and in the industries.
Wild imitation usually. but not always. causes
Il temporary advance in prices. Within the
past few years proofs have been given several
times of III" fact that IN expansion OF cur
rcncy when Of such II nature as 10 cause dis
trust fails to hclD prices at all. Their" was an
increase Of Sos. 5000 in the volume Of cir
cuation between July and October I. but 1t
did not nplift prices in the least. 1t does no
each wccl, by buying silver when Sl0O.O0 1000
in money is Withdrawn within two months
from the banks. and boarded by III. people for
their individual protection.
The socallcd compromise which Democrats
propose would initiate the currency fast enough
and far enough to satisfy even Senator PETER.
il might be supposed. and yet there is reason
to doubt whether it would help prices in the
least. or make money any easier for imp",Ini-
Gus debtors 10 borrow. Money Is so plentiful
now that il chokes all the channels Of business,
and yet it is not as readily obtained by Dor
rowcrs Of less than the highest class as II was
when the volume Of circulation was SlOOOW
OW less. The character Of the Increase now
proposed. moreover. is peculiarly calculated to
create disri.St at home and abroad. The cx
panson during the past year has been mainly
in notes redccmablc in gold. But an increase
Of more than $lOO,OOO,OOO in the notes redeem
able in silver only would be extremely likely to
prompt sales Of securities and Withdrawals of
capital by foreigners. stOppagc of Investments
Withdrawals Of deposits and increased hoard
Ing by Americans and a repetition Of the worst
features Of the disturbance in July. The spec
ulators in stocks and products who are rcck
Oning that a crazy imitation bill. however dan
gerous To the country in the end. would ut
least give them q chance 10 sell ont at higher
figures, are taking greater risks than they are
aware Of.
There are row in circulation about y''000OO
00n silver certificates. but they are already re-
gardcd with such dstrlist that comparatively
few Of them are held by the banks. II would
take very little TO make these notes so dis
trusted by the worklng.ncn and retail traders
| that they would be offered AZ discount. The
consequence. in that event. would not be IN
increase but real curtailmcnt Of the actual
circulation. and 1t Is one OF the most offensive
! features Of the measure proposed that the risks