The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-10-03
WAL STREET AND REPEAL.

NEW YORK, Oct. 2.-Henry Clews, IN
bis weekly financial circular. says:
ssWall street shows little change from
The reactionary tendency that has held the
securities market in check for the past
month It's attitude is simply waiting
one: not by any means one OF despond-
apcy. The overwhelming vote of the
house of representatives for silver repeal
produced large advance In prIcesi but
buyers did not sufficiently take into ac-
count the possibilities of obstruction IN
the senate. That obstruction, however.
game with force and a persistency that
has taken the whole country by surprise
and put a check upon all the reviying
Tenderness which the house vote had
brought into play. The senate's delay has
been like the return OF winter in the mid
I!le of spring. 1t has nipped In the Dud
reviving confidence, and put fresh check
upon the industries that were beginning
to venture upon renewal of operations.
IT has also had the effect of reawakening
Gistrust among our foreign creditors, with
the result not only of stopping their BUY
ing of our securities but also OF causing
some return OF them to this center. such
an interruption to an unquallf1eciy nope
full drift of affairs could scarcely have
less injurious eUeCb-upOu bne SloIh hIni-
Iet than has actually happened. The
wonder is that the relapse has not been
much more severe; and the fact that prices
now stand comparatively steady Is evil
dence that Wall street at least Is far from
hopeless as to the senate ultimately adopt
ny the repeal bill.
There are two points of view from
which the disappointing attitude OF the
senate may be considered. There Is that
of the ordinary observer, who understands
little about the methods and .ricks Of par
Gamentary welfare, or the complications
OF party interests and Of legislative poi
lcies. These people are led by the exter-
nal Appearances of the moment and easily
mistake weak parliamentary feints for
real strength, and they are consequently
deeply impressed by the daring hostility
'uf tue minority in the senate. Yet it is
this very class that mainly make the body
of sentiment we call public opinion. 1t is
therefore not surprising that the attitude
OF the trained political warriors, known as
''tbe silver leaders," should have created
some dismay and much disappointment
among this preponderant part of the
public. Aud it is not to be supposed that
the opinions of this class are unimportant
because they are based upon imperfect OBJ
servation; for opinions influence action in
practical affairs, and iu this case they
carry a chill of apprehension through
every branch OF business.
''Tbe other point OF view is that occupied
by men convers.nt with the ins-and-outs
of politics; familiar with the tricks, the
limitations and the licenses of debate;
'rersed in the mysteries of log-rolling; and
acquainted with the party leaiousies and
the conflicting policies Involved in the
present political situation. 10 these OBJ
servers, there is nothing in the present at
ritude of the senate that is really lncon-
,ftl, 1aa+
that the upper house will finally
adopt unconditional repeal. They
cannot concede the possibility that
.be United States senate will finally
siare TO carry affront to the almost uni
rersal public will to the extent of absolute
aiisobedience. They know that, while It
may be good parliamentary tactics 10 give
the minority rope enough TO hang them
selves, yet the majority is made up of
men who are conscious OF their power and
will not fail to Use il TO a purpose when a
ripe opportunity occurs. They understand
how it may be prudent TO give each
minority senator IA chance to set himself
iight with his constituents or on his
record; but they know that to the party
9ow in power success in their issue is a
matter of life or death. aud that having
prudently done all they can TO avoid
uffeuse of their opponents, they will then
ante with the Republican repealers in
carrying the measure by majority that
viii surprise the country by lis magni-
tude.
This latter point of view is the one that
now prevails i'll the best informed quarters
in Wall street. There are bankers, well
situated TO know whereof they speak,
who intimate That some of the Influential
1ire-eaters of the minority have received
warnings from constituents whom they
are not likley to disregard that their OBJ
struction must go no further; and the case
of these senators is likely to become that
of Others also at an early date. The game
of bluff and bUster has about exhausted
Itself, and that point being reached the
lhance OF the minority showing its power
will have come. Those nearest to the heart
of the contest incline TO the opinion that the
time is not distant for the registering of a
vote that Will finally set this disturbing
question at rest. among bankers apt TO
give the cue TO opinion on such matters |
there is evidently a more cor fident feeling,
and IL finds expression In Il freer dlspo-
sition to extend their operations. The
steady retirement or clearing house cerSlii-
Gates is Il hopeful symptom in this connec
lion. Until recently, there had been a
marked disposition among the banks to
sling To that support until all doubt was
removed as to the action OF the senate.
out OF the total issue Of IS, coz, 900, how
ever. only SO, ,000000 is now outslsndingA
which is a significant expression of the esV
innate of the banks on the prospect. To
the same effect is the welcome fact that
fhe banks are lending and discounteng
much more freely, ana withouE 0lScriml-
uaiiou as to long loans.
The firmness of foreign exchange, so
lar as it may seem TO foreshadow an export
Of gold, is not seriously viewed. AS part
sf the gold lately imported came as the
result OF various expedientS for temporary