The Wichita daily eagle., 1893-07-11
WALL STREET VIEWS.

NEW YORK, July III. Henry CIeWS, IN
his weekly financial circular. SAYS:
"Wall street remains unsettled and de-
pressed. 1t has plainly passed the crucial
point Of the crisis; apd the process of re
covery has set in; but it proceeds SO grad
ually as to make no conspicuous impress
sion upon the value of securities. The
special Intervention OF a group or infiuen-
tial banks last week, by taking out a large
amount of clearing house certificates, had
the effect Of breaking up the dangerous
stringency in money; but the seriousness
of the circumstances which led To that
saving effect causes get to remain a GER
tain degree OF cautionary effect. Several
capitalists of high standing and large corr
poratlons with which they were associated
had apparently become temporarily en-
barrassed by the difficulty of borrowing
Indeed, the distrust has been more perva-
sive probably at than eDy previouslperiod
since the memorable days or 1873; and the
whole difficulty arose from Ipisgiviugs
lest the Sherman act should drive us into
suspension OF gold payments. This dis
trust became SO positive that nothing
short OF immediate steps towards the sus-
pension of purchases of silver could stay
It's force, and deferment of those steps pro-
duced quick and threatening inteusiiica
1.-The presidents call for special session
of congress was therefore the only kind of
treatment that could produce any relief.
That effect II has certainly had; but there
Is limit to what Mr.. Cleyeland's inter
vention can accomplish. 1t is known that
month hence congress- will proceed to the
consideration of this question: and, from
such Investigations as have been made into
the views of members of congress, there
seems to be more than q mere probability
That the country may be saved from any
further silver alarm. But in a matter of
such supreme Importance anything short
OF absolute certainty is insufficient to es-
tablish full return of confidence The
question is very broad one and ramifies
itself through our entire currency system,
nnd 1t VIII require Judicious handling to
insure the quick conclusion which is above
MI required and which it may be hoped
congress will reach. 1t is possible that the |
discussions may verge upon sensitive
topics; but that is foreseen, and there is
consequently no disposition to take every |
thing for granted, but to keep business |
within conservative limits until it is fore |
sbadowed what are likely to be the none |
tary conditions of the future.
w hist il is highly desirable that con- |
Sress should pass without delay bill re- |
peailng so much of the Sherman act as |
provides for the purchase of silver, vet |
the senate and the probability that the |
more money men may be found to insist |
on Ssme compensation or substitute for |
The suspension of the present issues of |
silver money, 1t is not improbable that |
contentious may arise from that sort of |
bargaining. 1t is possible, however, that !
such a turn in debate, should it he wisely |
led, might be productive of much good |
and help towards a better settlement of !
the general question. For it is not to be
supposed that stoppage of silver issues
Is the only amendment the currency situa-
ton requires. We must have AN elas-
tlclty III our currency that will permit its
volume to increase with the growing busi-
ness OF the country; and if the new Silver
1ssues are stopped without provision be-
ing made for "A natural additional supply
OF money, the change will be simply one
from unsound imitation to thsopposite ex-
treme OF violent contraction. 1t would be
neither an unreasonable nor an unwhole-
some demand If, concurrently with the
consideration of repeal bill, the sense of
congress should be consulted as to the
procurement of the needful elasticity
through amendments of the laws relating
to bank note circulation. Were Il salts
factory understanding reached on that
question, 1t would no doubt materially
contribute towards the cooperation of
that large section of the silver party who
mainly care for the way being kept open
for increasing the circulation, whether
through silver or paper being compapa-
lively lmmaterial 80 them. Ample delib-
eratlon, If controlled by wise heads and
directed towards prudent plans may af-
lord broader aud more permanently salts
lying results than Il partial conclusion
limited 10 one of the many points inyoI-
we'd. 1t Is TO be hoped that some such
prospect may temper the public patience
IN waiting TOR the completed action OF
congress; that, however. need not and
should not prevent the early suspension
of silver purchases through the prompt
and simple method of IA Joint resolution.
which would avoid mnch dllatory parlia
meutary wrangling.
The money market is steadily working
Into a condition OF greater ease The de.
mand Tor currency from the interior has
almost ceased. and a few days NAV quite
possibly see currency returning from the
west. Besides which there is a reserve
resource oil Il great many millions which
mas been Withdrawn most seitisbly and
dangerously from the banks and trust |
companies by savings banks Beyond
fhls, there Is an amount, considerable in |
the aggregate, withdrawn from deposit by
private individuals and ultra-couservatiye
country bank presidents, which may be
expected to hnd its way back into circula-
.ion so soon as the stringency has abated !
his movement Is likely to soon place the
oanhS III an easy position, when we may
run INTO the opposite extreme of gut of