The Republican. [volume] (Oakland, Md.) 1877-current, 1893-10-05
BUSINESS BAROMETER.
a Fabian Policy Being Pursued in
Wall Street Financial Circles

street SHOWS iIttIe cnangc from the
reactiona!y tendency that has held
the securities market in check for
the past month Its attitude is
simply waiting one, not bv any
means one of dependency. The
overwhelming vote of the house OF
representatives for silver repeal
produced a large advance i'll prices,
but buyers did not sufficiently take
into account the possibilities of
obstruction in the Senate. The
obstruction, however. came with a
force and a persistency that has
taken the whole country by surprise
and put check upon all the reviv-
ing tendencies which the House
vote has brought into play. The
Senate's delay has been like the
return of winter in the middle of
spring. 1t has nipped in the bud
reviving confidence and put a fresh
check upon the industries that
were beginning to venture upon a
renewal of operations 1t has also
had the effect of reawakening DIS
trust among our foreign creditors,
with the result not only of stopping
their buying of our securities, but
also of causing some return of them
to this centre. Such an interrupt
ton to an unqualiiedly hopeful
drift of affairs could scarcely have
less injurious effect upon the
stock market 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 evident that Wall street at least
is far from hopeless as to the Senate
ultimately adopting 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 OBJ
server who understands little about
the methods and tricks Of parlla-
mentary warfare, or the comphca-
tons of party interests and of
legislative policies. These people
are led by the external appearances
of the moment and easily mistake
weak parliamentary feints for real
strength. and they are consequently
deeply impressed by the daring
hostility of the minority IN the
Senate. Yet it is this very class
that mainly make the body of SEN
timent we call public opinion. 1t
is therefore not surprising that the
attitude of the trained political
warriors, known as "the silver lead
ers," should Eave created some
dismay and much disappointment
among this preponderant part of
the public. And it is not to sup
pose that the opinions of this class
are unlmportant because they are
based upon imperfect observation;
for opinions influence action in
practical affairs, and in this case
they carry chill of apprehension
through every branch of business.
The other point of view is that
occupied by men conversant with
the ms and outs of politics; famil-
lar with the tricks, the limitations
and the licenses of debate; versed
in the mysteries of log-rolling, and
acquainted with the party jealousics
and the conflicting policies involved
in tie present political situation.
To those observers there is nothing
in the present attitude of the SEN
ate that is really inconsistent with
a confident expectation that the
upper house will finally adopt un-
conditional repeal, They cannot
concede the possibility that the
United States Senate will finally
dare to carry affront to the almost
universal public will to the extent
of absolute disobedience. They
know that, while it may be good
parliamentary tactlcS TO give the
minority rope enough to hang
themselves, yet the majority is
made up of men who are conscious
Of their power and will not fail to
use it to a purpose when ripe
opportunity occurs. They under
stand how it may be prudent to
give each minority Senator a chance
to set himself right with his con-
stituents or on his record; but they
know that to the party now in
power success in their issue is a
matter of life or death, and that
having prudently done all they can
to avoid offense to their opponents,
they will then unite with the Re-
publican repealers in carrying the
measure by 4 majority that will
surprise the country by Its magni-
tude.
This latter point of view is the
one that now prevails IN the best
informed quarters in Wall street.
There are bankers, well situated to
know whereof they sneak. who inti-