The Republican. [volume] (Oakland, Md.) 1877-current, 1893-10-19
FINANCIAL REVIEW.
Henry Clews' Weekly Letter on the
business Outlook.

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silver question. Other influences
have been favorable almost without
exception; but the larger operations
of finance, whose issues extend
away into the distant future. refuse
to move until some certainty is
reached as to what is to be the
quality of money in which contracts
are to be settled. Transactions
which are to be liquidated a few
weeks or months hence stand IN a
different category; for in such cases
payments will, in any event, be
made IN good money; but even
such operations suffer in sympathy
with those more lasting ones which
cannot afford to assume any risks
as to the future money of payment
Nor do the doubts raised bv the
attitude of the Senate involve
merely momentary risk. They
also raise very serious politica!
question-one which is fundamen
tai to the stability of every national
interest. 1t is impossible to ignore
the fact that We are threatened with
possibility of "a breakdown of one
of the cooperative branches of the
national government. Already, it
is demonstrated that minority of
the Senate may become so demon
allied and so defiant of the prepon-
derant public sentiment as to pros.
titute the liberties of debate for the
prevention of a legitimate conclu-
sion of great public question. If
the minority on the silver question
fail to commit such wicked vio-
lence, it will be only because they
fail in physical endurance. This
amounts to u virtual failure in one
of the most vital of our political
institutions-the right of the ma
| jority to govern. 1t is demonstra-
ted that we cannot safely trust to
the members of our highest legisla-
tive body the rights and liberties of
debate which every statesman is
bound to respect with unfailing and
contentious honor. A more alarm
! ing failure IN the exercise of the
functions intrusted to Congress has
never occurred III the history of the
nation; and the distrust thus
thrown upon our political lnstitu-
tons seriously aggravates that
which comes from the obstruction
of the senate vote on the silver
question.
The end of the Senate's obstruc-
ton may possibly have been gained
before these advices reached our
friends; and it is to be hoped may
prove to rest with the majority, III
which this case this narrowing Issue
will happily to be determined IN the
pubic interest, though through a
method that will be lasting stain
upon legislative body of which
Americans have always been justly
proud. If, however, the end proves
to be failure to reach a vote. ii
will be but postponement Of ac-
quiescence with the public will, and
a brief one at that. The public IN.
dignation at the insolence of the
Senate minority has been steadily
rising, and it will certainly brook
no lrreparable defeat. Public
opinion and popular organization
will know how to rebuke such a
revolutionary prostitution of legis-
lative powers, and will certainly sec
TO 1t that its demands are finally
0beved. In the event, therefore, OF
the present defeat of repeal, there
would be no justification fol the
supposition that the country is
doomed to continued endurance of
the evils connected with the Sher-
man act. Nor do we think that
such a resuk would produce any
deep-rooted and persistent reaction
toward the depression from which
the country is now recovering. 1t
! would have the natural effect of the
disappointment Of an expected i'm
mediate relief; but so rcsoute
would public opinion bc for yeyers-
( ing the action Of the Senate that
tacre would b. no dependency and
40 surrender Of the present set
tied conviction that repeal will