New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-30
THE OUTLOOK.

At last the business world has something
definite. The House which was elected to
enact free coinage of silver has voted to stop
silver purchases This is very satisfactory
change. The business world rightly considers
it altogether encouraging While there is no
assurance as vet that something bad may not
follow, while there is the strongest reason to
believe that the passage of the repeal bill was
secured in part by promises in regard to other
measures which cannot be regarded with salts
faction, yet there is the possibility that no
other mschievous bill may pass, while the dis
continuance of silver purchases Is in itself
definite gain.
1t is probable the effect of this measure will
be much exaggerated in public estimation
Already it is deemed by many sufficient rea-
son for buying stocks and products. and by
others an encouragement for making loans
Though it has not yet passed the Senate. the
great majority in the House is commonly ac-
cepted as assurance that the bill will go
through the Senate quickly. 1t is pos
sible that this is mistake, but the impression
has its effect. The damage done by silver
purchases has been largely sentimental, the
result of the apprehension Of business men here
and abroad rather than Of the law itself. So
it is likely that the effects of the repeal Will
be largely sentimental If the influence of that
measure on capitalists of this and other coun-
tries is what may be reasonably expected, ma
terial benefits will be realized from the vote
of the House, perhaps before the measure has
been acted upon in the Senate at all.
The magnificent victory IN the House is
peculiarly calculated to impress the minds OF
financiers at home and abroad. The House -
heavily Democratic, but the closest Of all the
votes taken on Tuesday. the one on the sub
stitution of the Bland bill. showed only small
majority of the Democratic members in favor
of that course, while the Republicans voted
40 against the renewal Of silver coinage. and
only Is in favor of it. The change in the
opinion Of different sections is also significant.
Out of 90 Eastern members OF the House SO
voted against the Bland bill and only > voted
for it, Out of 1916 Western members present
and voting 50 voted against the Bland bill
and only Al voted for it. The only section
which gave the motion a majority was tho
South, and from that section only 81 votes
were cast against the Bland bill and 90 in it's
favor, and although that section rules the
Democratic patty it has not yet secured con-
troll of Congress.
1t is not safe 10 count too largely on the
sentimental influence OF any measure. In bust
ness matters popular impression shifts with al
most incredible rapidty. and the very men
who think it wise to buy to-day, because silver
purchases arc about to be stopped by act Fl
Congress. are liable t. sell tomorrow be-
cause the issue Of new Treasury notes i
about to be stopped by act OF Congress. At
first blush the effect of the repeal bill is alto
gether favorable. In the business world ii
will 90 far to strengthen confidence. may To-
lease a considerable part of the funds locked
up and may encourage not a little buying by
foreign investors. On the other hand, II is 10
be expected that the very magnitude Of the
majority for the bill in the House will strength
en- the impression that some other measure,
not by any means wise or safe, is to follow
part of the Democratic plan. 1t must also
be remembered that an unknown and Yet
large part of the existing disturbance springs
from uncertainty in regard to the tariff and
that uncertainty Congress has done nothing t.
remove, but only brings nearer by putting the
silver question out of the way