The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-02-20
FINANCIAL REVIEW, Z
Henry Clews Weekly Letter on
tho Money Situation.
OUTLOOK OF THE SILVER QUESTION
And the Forthcoming Second Session
of tho BRUSSELS Conference-our
Menus of Sell Protection Ample in
tho Struggle-Tho Imperative Need
ofthc Moment.
l.tlaI cornrona.nee d he Mle!lianset

NGw YoGE, Feb, lS,-The Importance
wo have attached in our weekly adj
vices, Tor some months past, to the in
luencea connected with the silver
problem is at last more than justified
by the gradual depletion meanwhile OF
the treasury gold surplus, reserve due
to the current large exports OF tho
precious metal. Our silver act OF 1890
was virtually Q pledge that we would
take Off the market our current produC-
ton Of that metal, The promise suf-
feed, for time, to check somewhat the
growing apprehension OF all inevitable
monetary disturbance, The pledge,
however, was serious one. Tho main
tenapce OF it was n question OF but u
very few years ut most; and, nolwlth-
standing tho momentGry hesitation OF
congressman whose eyes are not yet
fully open to the situation, it may be
reasonably hoped that tho total sus'
pension oil our silver purchases has now
but II lew weeks or months to wait Tor
its enactment The nations that have
a considerable proportion OF SILVER in
their monetary system arc ~ actively as
they arc respectively able angmenting
their stocks Of gold; partly with view
10 being the better enabled their baser
coin, aud perhaps not less in contem-
plation OF eliminating it from crcula-
ton as soon as possible. We are thus
already in the beginnings OF great in
ternational struggle for gold; with what
resulting arrangements to monetary
systems and to international financial
arrangements it is impossible to ioresee.
As matters at present appear, 1t
seems almost out oil the question that
this rush OF tendencies should prove to
be comfortable by any mere conven-
tional arrangements. The Brussels
conference and its forthcoming second
session seem to be almost too puerlle n
factor to base any hopes upon in the
heat and selfish competition OF such a
struggle for gold. The question with
each OF the great commercial nations
has already become-how best to re-
tain its gold and how and where to get
more and it is not likely that much
regard will be shown for either scruplc
or cost in the ways OF getting it.
So far as respects our own chances in
this struggle, our means OF self pro-
lection are ample; the only question
being whether we can depend upon
ourselves to use them wisely. Our OK.
posed point lies in our large indebted
ncss-lloating and fixed-to foreign
countries. II our credit should be
weakened by further dallying with sill
yer, or by the adoption OF new none.
tary arrangements lacking in guarantee
that our currency will be kept at par
in gold, then We should be subject to
the continued return OF foreign held
securities, and in volume that might
permanently weaken the gold basis in
this country and correspondingly
strengthen it in Europe. For twelve
months following the enactment OF the
silver law, we had sample OF this sort
OF cause and effect, when not less than
one hundred millions Of our securities
were sent home; and already we see
symptoms OF like consequences melted
by tho lndisposiuon shown by both
houses oil Congress to repeal or sus-
pend the Sherman act.
One great decisive act by the Ameri
can people. showing that above all they
are resolved upon maintaining the ma
TONS money at par in gold is the i'm
perative need OF tho moment. That act
should be neither more nor less than
tho prompt, unqualified aud final sus'
pension Of purchases OF silver. II that
assurance cannot be Immediately form
ally given to our creditors, there should
| be no abatement OF resolute demand
from the press and from the commercial
and financial communities that this
halt in our Sherman policy shall he
made without a moments needless leg.
islative delay. Such resoute attitude
OF the controlling opinion oil the country
would undoubtedly help to produce q
deierment OF reall2ations on our foreign
held securities. This really constitutes
tho chief means OF protection available
to us ut tho moment; and 1t should
therefore be attended to with the Ut.
most diligence.
Ii the present Congress cannot be
driven out OF its debaslng devotion tc
petty party considerations; it will re-
main to be seen how much better Mr.
Cleveland and his new Congress under
stand the imperative necessities oil the
situation. Once we have suspended sill
vor purchases, we shall then Be in a
least rs safe position as the othoI
countries concerned; for our foreign in
debtedness will then be safe against
disturbance: and that being secured il
is not easy TO SEQ how Europe will b,
able to get from us gold with which il
is not to our interest to part But un
Til this kind OF assurance is given, VI
shall stand exposed to n return OF in
vestments that may cost ns the loss o
a considerable further amount Of our
stool, Of gold. Tho one thing above Oli
others desirable rs n means OF staying
the prevailing disturbance OF confidence
is,--t0 afford assurance to The word Mai, a
an cdrly DAY. Mf United States vW cease al
additions 10 Mc giiucr element in il currency
There is nothing to fear from tn
Amountnow in circulation, but there /
from its increase. HENRY CLEws.
-.
in Grippe.
During the prevalence OF tho Grim