The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-06-29
FIRST FRUITS OF DEMOCRATIC AsOENDENCY.


The New York Press has given the
prices of railroad and similar stocks
whose par value is 81. 403, 100. 655, the
day before the presidential election and
on Friday, JuIe %, to show the general
shrinkage in all properties of that char
acter during that period. The total
shrinkage is 1892, 995. 357. A more ex-
tended list of gilt-edged bonds is given.
upon which the shrinkage has been
S1S4. 063. 800 during the period above
named. That is, upon the stocks and
bonds quoted, agRregating $4,000. 000.-
600. there has been a shrinkaRe of $751;
059. 157. From the depreciation of these
values it is assumed that the shrinkage
in the values of all bonds and securities
listed in the New York Exchange has
been $500, Zoo. 900. three fourths of which
has taken place since the Inauguration
of Mr.. Cleveland.
The friends of the administration are
making frantic efforts to persuade the
country that this shrinkage Is the result
of the Sherman silver purchase act.
They ignore the fact that until the
surprise of the election came the values
of these securities, which were the
highest they had been in six years, adj
vanced while this same silver purchase
law was in force. They ignore the fact
that when the country awoke to the
fact of Democratic President. Senate
and House, the volume of business was
at its highest figure and that confidence
was general. In that full confidence an
indianapolis bond bearing per cent
interest could have been sold at 103.
Just now Controller Woollen is very
uneasy lest the persons who agreed to
take the S621, 900 of city bonds due June
30will forfeit the S31, 900 deposited rather
than carry out their agreement. Ex-
cept in the opinion of few Wall-street
newspapers, the Sherman law was not
regarded by the country as a menace.
Leading Republicans, including Senator
Sherman, expressed the opinion that
the law should be repealed because it
had failed to do all that was
hoped of it, but not because it
was undermining popular confidence.
AS soon. however, as Mr.. Cleveland
was inaugurated, he and his organs
predicted the direst evils if the Sherman
law should not be repealed. The export
of gold was made the precursor of finan-
cial disaster. All this was done in order
TO brighten the cheap money and free
silver coinage Democrats into voting to
repeal the Sherman law. That lack of
confidence which was portrayed in such
vivid cOlOrs has come, and is now being
used as an object lesson to brighten those
Democrats who rallied for the free COIN
age of silver when Mr.. Cleveland was
silent and Secretary Carlisle was voting
for it to defeat the Sherman law.
The silver purchase law must be re-
pealed. Nine tenths of the Republicans
| in both branches of Congress are more
certain to vote for repeal than is q ma
| jority of the Democrats in that body.
But, while it may allay portion Of the
fears which the Cleveland assault upon
it have excited, repeal will not bring
general confidence. Lack of confidence
| is chiefly due 10 the attitude of the Dem
Ocratic Congress aud President toward
| the tariff; and, an hundred fold more
than the Sherman law, uncertainty re-
garding tariff legislation is the cause of
the present unfortunate and unneces-
| sary cond ition of affairs.