The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-03-21
WALL STREET AND THE TREASURY.

WALL > KEEL ANU ne iR6AOORf. {.
NEW YORK, March 20.-Henry Clews, in
his weekly financial circular. says:
"Wail street still remains principally
dependent upon the arrangement of the
treasury finances, the uncertainty as to
what may be done or not done for the ir
remedy and the stringency in the money
market. Some features in this situation
show degree of Improvement especially
the abatement of the gold exports, the
willingness Of Europe to employ balances
temporarily here at the current high rates
Of interest, the sales of securities to Lon
don, and the willingness of country banks
to exchange with the treasury a portion
Of their gold for green backs. These symp-
toms of elasticity in the situation are en-
couraging, as they afford an opportunity
for making temporary readjustments un-
til affairs can be subjected to radical
treatment. STILL there is no cOnceallng
the fact that the position is far from be-
ing cheerful one. 1t admits of some
hope from palliatives: but the question, at
the moment is whether transient reliefs
will hold affairs together until it is found
possible to get congress to apply the need
full treatment. Wall street is willing to
concede really needful time for the new
unusual difficulties and complexities of
the situation: but it will certainly become
restive ard alarmed it some steps looking
to financial finallty are not taken after a
lapse of a reasonable period for such sur
vey.
sit is due to the public, under the cir
cumstances that they should know
whether the country will be expected to
wait until next December for the treat
ment of the silver question, and whether
the condition of the treasury gold balance
is to be left to the mercy Of chance until
that period. President Cleveland may
find it very desirable to have abundant
time for preparing his plans and bringing
the disposition OF cong neresSmen into a
proper attitude towards these questions;
but he would commit a fatal mistake were
he TO suppose that an acute financial crisis
will await the conveniences of political
expediency. The difficulties are of the
most delicate and intractable kind. They
are not of the sort that arise from the or
dinary workings of credit and finance, or
il could be easily seen how they were to be
met and when they might be expected to
disappear. They grow out OF fixed stat
utory enactments, ana therefore nothing
short of Legislative treatment can remove
them. Bankers, who are omuipotent in
ordinary financial crises, are virtually
p0werless ia this case; aud the whole re-
lOC bIe ol Tue
arrangements rests with the chief magis-
trate. This is naturally the feeling of
Wall street; and it looks eagerly to Wash
ington for indications as to what may be
the hopes or fears proceeding from that
quarter.
"The disposition shown by some of the
interior banks to give their gold to the
treasury in exchange for its notes is salts
factory in more ways than one. 1t opens
to the treasury a fresh source for getting
gold; it shows that the seriousness of the
situation is making itself felt in sections
where the silver craze has been most Fam
pant; and it affords very pointed hint to
the banks Of this and other seaboard cities
as so what they might do to keep the treas
ury reserve safe against encrOachment.
When it is considered how completely the
banks Of this city alone even coald shield
that fund against all possible i'm psirment,
and that with the certs inty OF strengthen
ing rather than weakening their own re-
serves, 1t seems 1neXplcabie how they
should abstain from sfforling the needful
help. If they imagine there is anything
of their own which they can conserve by
letting the government credit go by the
board, there are some things which it be-
hooves them to learn. There can be no
doubt that the associated banks have it
easily within their power to very largely
relieve the situation and restore confidence
in the money market. If they eau be iu-
duced to put their whole power behind the
treasury. IL is all vsry well to teach les
sons to intractable politicians; but some
kinds of teaching may cost altogether too
much.'