The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-03-20
sr.eIaI corrsp0nanla q Ne Mlslignal.

Special Correspondents OF he IRtstgsactr,
New YoRK, March lS.--Wall street
still remains principally dependent
upon the arrangement of the treasury
finances, the uncertainty as to what
may be done or not done for their rem
edy and the stringenCy in tho money
market. Some features in this situation
show a degree OF improvemenl,-espe-
cialIy the abatement OF the gold OK
ports, the willingness of Europe to em-
ploy balances temporarily here at the
current high rates OF interest, the sales
OF securities to London, and the willing
ness OF country banks to exchange with
tho treasury q portion OF their gold for
g%reenbacks, These symptoms OF elias
ITCHY in the situation are encouraging,
as they afford an opportunity for max.
ing temporary readjustments until
affairs can be subjected to u radical
treatment. Still, there is no ~concealing
the fact that the position is far from
being a cheerful one. 1t admits Of
some hope from palliatives; but the
question, at the moment, ia whether
transient reliefs will hold together until
it is found possible to get Congress to
apply the neediuI treatment, Wall
street is willing 10 concede really need.
ful time for the new administration to
deliberate upon the unusual difficulties
and complexities of the situa.
ton; but it will certainly become
FESTIVE and alarmed il some steps
looking ito a financial fnality are
not taken after the lapse OF a
reasonable period for such survey. 1t
is due to the public, under the circum.
stances, that they should know whether
the country will be expected to walt
until the next December for Treatment
OF the silver question, and whether the
condition OF the treasury gold balance
is to be left to tho mercy OF chance until
that period. President Cleveland may
find it very desirable to have abundant
time for preparing his plans and bring.
ing the disposition OF congressman into
a proper attitude towards these ques.
tons; but he would commit a fatal mis-
take were he to suppose that an acute
financial crisis will await the conven-
fences of political expediency. The
difficulties are OF the most delicate and
~intraclablc kind. They are not OF the
sort that arise from the ordinary work
ings Of credit and finance, or it could be
easily seen how they were to be met
and when they might be expected to
disappear, They grow out Of fixed
statutory enactneDts, and therefore
nothing short OF legislative treatment
can remoye them. Bankers, who are
omnipotent in ordinary financial crises,
are virtually powerl".s in this case;
and the whole responsibility for the
continuance of the arrangements rests
with the Chief Magistrate. This is
naturally tho feeling OF Wall street;
and it looks eagerly 10 Washington for
indications rs to what may be the hopes
or fears proceeding from that quarter.
The disposition shown by some OF the
interior banks to give their gold to tho
treasury in exchange for its notes is sat
isfactory in more ways than one. 1t
opens to the treasury q fresh source fer
getting gold it shows that the serious
ness OF the situation Is making itself
felt in sections where the silver craze
has been most rampant; and it affords a
very pointed hint to the banks OF this
and other seaboard cities rs 10 what
hey might do to keep the Treasury re.
servo saie against encroarhment. When
it is considered how completely the
banks OF this city alone even could
shield that fund against all possible i'm.
pairment, and that with the certainty
OF strengthening rather than weaken
ing their own reserves, it seems mex.
plicable how they should abstain from
atEording the needful help. II they i'm.
agine there is anything of their own
which they can conserve by letting the
government credit 90 by the board,
there are some things which it be-
hooves them to learn. There can be no
doubt that the associated banks have it
easily within their power to very
largely relieve the situation and re-
store confidence in the money market,
if they can be induced to put their
whole power behind the treasury. It's
all very well to "tearh Lessons to in
trNctable politicians; but somc kinds OF
teaching may cost altogether too much.