The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-16
BANKER oLEWs, VIEWS.
The Financial Outlook as Viewed
from Wall Street.

from w all street.
New York, Oct 14.-During the past
week Wall street has continued to suffer
from the delay of the Senate in reaching
a vote on the silver question. Other in
fiuences have been favorable, almost with
out exception; but the larger operation
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 the money in which con-
tracts are to be settled. Transactions
which may be liquidated few weeks or
months hence stand in a different cate
CORY; 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 can
not afford to assume any risks as to the
future money OF payment.
Nor do the doubts raised by the atti-
tude of the Senate involve merely none
tary risk. They also raise a very serious
political question-One which is funda-
mental to the stability of every national
interest. 1t is impossible to ignore the
fact that we are threatened with the pos
sibility of break down of one of the CO.
ordinate branches of the national govern
ment. Already it is demonstrated that a
minority of the Senate may become so de-
moralized and so defiant of the prepOnder-
ant public sentiment as to prostitute the
liberties of debate for the prevention of a
legitimate conclusion of a great public
ques ion. If the minority on the silver
question fail to commit such a wicked
violence, it will be only because they
fail in physical endurance. This
amounts to a virtual failure in one of the
most vital of our political institutions
the right of the majority to govern. IL is
| demonstration that we cannot safely
| trust to the members of our highest leg
islative body the rights and liberties of
| debate which every statesman is bound
| to respect with unfailing and cOnscien-
tious honor. A more alarming failure in
! the exercise of the functions intrusted to
congress has never occurred in the histo-
ry of the nation; and the distrust thus
thrown upon our political institutions Sc
riously aggravateS that which comes
from the obstruction of the Senate vote
on the silver question.
The end of the Senate's obstruction
may possibly have been gained before
these advices reach our friends and it is
to be hoped may prove to rest with the
majority; in which case this harassing
issue will happily be determined in the
public interest, though through a method
that will be lasting stain upon a legis-
latiVe body of which Americans have
always been justly proud. If, however,
the end proves to be a failure to reach
vote, it will be but a pOstponement of
acquiescence with the public will, and a
brief one at that. The public Indignation
at the insoleuce of the Senate minority
has been steadily rising, and it will GER
tainly brook no irreparable defeat. Public
opinion and popular organization will
know how TO rebuke such q revolutionary
prostitution of legislative powers, and
will certainly see to it that its demands
are finally obeyed. In the event,
therefore of the present defeat of
repeal, there would be nc lustifica-
tion for'the suppOsitiOn that the country
is doomed to continued endurance of the
evils connected with the Sherman act.
Nor do we think that such a result would
produce any deep-rooted and persistent
reaction towards the depression from
which the country is now recovering. 1t
would have the natural effect of the dis
appointment of an expected immediate
relief; but so resolute would public opin-
ion be for reversing the action of the Sen
ate that there would be no dependency
and no surrender of the present settled
conviction that repeal will come at a
somewhat later stage. The effect upon
business, therefore, would be to continue
the present check upon The reviving ten
dencY, rather Than new proStra ion of
confidence and a general return to the
demoralized conditions chat preceded the
silver vote in the House of Representa-
tives.
The process of repair from the late
crisis is progressing at a rate which
affords much encouragement. The rapid
resumption of work in the industries is
evidence of the existence ola good demand
for products and indicates that good
buying opacity sill exists among the
people at large. It's also evidence that
however much confidence may have been
shaken in the immediate repeal of the
purchase clause of the Sherman law, yet
the feeling is one of entire confidence
that congress must ultimately and at no
distant day respect the viii Of the
country. Ii is somewhat remarkable how
little the prospect of the new tariff is now
influencing manufacturing operations. 1t
is generally concluded that the new
duties cannot take effect earlier than
January, 1885 ana THAI leaves producers
free to make all needful preparations for
the next seasons business.
Contrary to all previous experience,
money is flowing in large amount to this
centre at the middle of OctOber-the
season at which il has always gone 20 the
interior for moving the crops. All the
tendencies are towards a plethora Of funds
seeking employment in this market; and,
should the repeal bill pass the Sena O.
this ease in money will set capital free
for employment in the larger enterprises
and promote general revival OF business.
--.-------------------
A University Building Burned.
Minneapolis, MINI, Oct. IA Trib-
une special from VermilliOn, $. d.. says:
THE main building Of the state universe
o., burned this morning eutafliug a lOss ~