The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-10-16
FINANCIAL REVIEW.
Henry Clews's Weekly Letter on
the Business Outlook.
TIE SITUATION ON WALL STREET
Affected by the scnato's Delay in
Reaching Vote on the Silver Ques-
tion-A Serious Political Question
Raised - Plenty of Money Flow
ing IN.
.peefal coraponamoe d Ne In.,.!tqaL.e.

Abs ave
Special Correspondence Of Gc Ine'!i1aser
New YoHE, Oct. l4.-During the past
week, Wall street has continued to sui
fer from the delay OF the senate in
reaching a vote on the silver question.
Other influences Have been favorable,
almost without exception; but tho
larger operations OF finance, whose
issues extend away into the distant
future, refuse to move until some GER
tainty is reached as to what is to be tho
quality OF the money in which contracts
are to be settled. Transactions which
may be liquidated a few weeks or
months hence stand in different cate
CORY; for in such cases payments will,
in any event, be made in good money!
but even such operations sutlcr in SYM
pathy with those more lasting ones
which cannot afford to assume any
risks as TO the future money Of pay
ment.
Nor do the doubts raised by the atti-
tude OF the senate involve merely a
monetary risk. They also raise very
serious political question, one which
is fundamental to the stability OF every
national interest. 1t is impossible to
ignore the fact that We are threatened
with d possibility OF break down OF
one of the coordinate branches Of the
t,ntsa,,I Irnultr i u
demonstrated that minority OF the
senate may become so Gemoralized and
so defiant Of the preponderant public
sentiment as to prostitute the liberties
OF debate for the prevention Of legitl-
mate conclusion Of great public ques-
tion. II the minority on the silver
question fail to commit such u wicked
violence, it will be only because they
fail in physical endurance. This
amounts to virtual failure in one Of
the most vital OF our political institu-
tions-tho right OF the majority to gov
ern. 1t is demonstrated that we cannot
safely trust to the members of our
highest legislative body the rights and
liberties OF debate which every states
man is bound 20 respect with unfailing
and conscientious honor. A more
alarming failure in the exercise OF the
functions intrusted to Congress has
never occurred in the history oil the
nation: and tho distrust thus thrown
upon political institutions seriously
aggravates that which comes from the
obstruction OF the senate vote on the
silver question.
The end OF the senate's obstruction
may possibly have been gained before
these advices reach our friends; and it
is to be hoped may prove to rest with
the majority, in which this case this
harassing issue will happily to be deter
mined in tho public interest, though
through method that will be n lasting
stain upon legislative body OF which
Americans have always been Justly
proud. Ii, however, the end proves to
be failure to reach vote, it will DO Il
but q postponement OF acquiesCence
with the public will, and brief one at
that. The public Indignation Mt the in
science OF the senate minority has been
steadily rising, and it will certainly
brook no irreparaDle defeat. Public
opinion and popular organization will
know how to rebuke such n revolution
airy prostitution OF legislative powers,
and will certainly see 10 it that its de-
mands are finally obeyed. In the
event. therefore, ot the present defeat oil
repeal, there would be no justification
for the supposition that the country is
doomed to continued endurance OF the
evils connected with tho Sherman act.
Nor do we think that such u result
would produce any deep.rooted and
persistent reaction toward the depres-
sion from which the country is now re-
covering. IT would have the natural
effect OF the disappointment Of an ex-
pected immediate relief; but so resolute
would public opinion be for reversing
would be no dependency and no sur
render OF the present settled conviction
that repeal will come at somewhat
later stage. The effect on business,
therefore, would be to continue the
present check upon the reviving ten
dency, rather than new prostration
OF confidence and general return to
the demoralized conditions that prec ID
ed the silver vote in the house OF rep
resentatlves.
The process of repair from the late
crisis is progressing at rate which
affords much encouragement. The
rapid resumption OF work in the indus
tries is evidence OF the existence OF Il
good demand for products, and indi-
Gates that a good buying capacity still
exists among the people Mt large. 1t is
also evidence that however much con-
iidence may have been shaken in the
immediate repeal Of the purchase clause
OF the Sherman law, yet the feeling is
one OF entire confidence that Congress
must ultimately and at no distant day
respect the will OF the country. II is
somewhat remarkable how little the
prospect OF tho new tariff ia now in-
tluencing manufacturing operations. 1t
is generally concluded that the new
duties cannot take effect earlier than
January, 1895; and that leaves pro-
ducers free to make all needful prepare.
tons for tho next seasons business.
Contrary to all previous experience,
money is flowing in large amount to this
centre ut the middle of October-the
season at which it has always gone to
tho interior and moving the crops. All
the tendencies are towards q plethora OF
funds seeking employment in the mar.
ket; and, should the repeal bill pass the
senate, the ease in money will set cap
i;al FREQ for employment in the larger
enterprises aud promote general re-
Viyal OF business. Henry CLgws.
Tho Wool Trade.
IBrdd5irctt'S
Tho demand has fallen of to the
small proportions ruling six weeks ago,