The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-07-10
FINANCIAL REVIEW.
Henry Clewa's Weekly Letter on
the Money Situation.
THE STREET REMAINS UNSETTLED

Extra Session of Cougress-What is
Expected Of That Body-Dcmand
for Currency Almost Ceased.
| Special Correspondence Of me IRtal'Jmesr
New YoRK, July S.-Wall street re-
mains unsettled and depressed 1t has
plainly passed tho crucial point OF the
crisis and the process OF recovery has
set INF but it proceeds 80 gradually as
to make no conspicuous impression
upon the value ei securities. The spo-
cial intervention OF group OF inhueR'
tial banks last week, by taking out =
large amount Of clearing house Certih-
cates, had the elect Of breaking up tho
dangerous striRgency in money! but
the seriousness OF the circumstances
which led 10 that saving effort causes
yet to remain certain degree OF eau
tionary effect. Several capitalists OF
high standing and large corporations
with which they We're associated had
apparently become temporarily ombar-
raised by the difficulty OF borrowing,
Indeed the distrust has been more per
yGsyo probably thun at any previous
period since the memorable days OF
1873; and tho whole difficulty arose
from misgiviugs lest the Sherman act
should drive Us into 4 suspension OF
gold payments. The distrust became
60 positive that nothing short OF imme-
diato steps towards the suspension OF
purchases Of silver could stay it's force,
aud the dcicrmcdt OF those steps pro-
ducod a quick and threatening intensl-
ilcatiOn OF the apprehension
Tho Presidents call for special scs-
sion OF congress vas therefore tho only
kind OF treatment that could produce
any relief. That effect it has certainly
had; but there is 4 limit to what Mr.
ClGveland's intervention can accom-
piish. 1t is known that month hence
congress will proceed to tho conaidora'
ton OF this question; and, from such
investigations as have been made into
the views oil mcmbort OF congress, there
seems to be more than nero probable.
lty that the country may be saved from
any further silver alarm. But in mat
ter Of such supreme importance any
thing short OF absolute certainty is in
sufficient to establish iull return OF
confidence. Tho question Is very
broad one aud Families itscli through
our entire currency system, and it will
require judcious handling to insure tho
quick conclusion which is above all re.
Quircd and which it may be hoped con-
grcs8 will reach. 1t is possible that the
discussions may verge upon sensitive
topics; but that is ioFeseen, and there
is consequently no disposition to taI;o
everything for granted, but to keep
business within conservative limits I'M
til it is fOreshadowcd what are Likely to
be the monetary conditions OF the
future.
While it is highly desirable that Con
greGs should pass without delay bill
repeating so much OF the Sherman act
rs provides ior the purchase oil silver,
yot considering the uncertain compost.
ton OF tho senate aud the probability
that the more money" men may be
found to insist on some compensation
or substitute Tor tho suspension OF tho
present issues OF silver money, it is not
improblc that contentious may arise
from that sort OF bargaining. 1t is pos
sible, however, that such turn in de. |
bate, should it be wisely led, might be
productive OF much good and help
towards a better settlement OF the gen
cral question. For it is not to be sup
posed that stoppagu OF silver issues is
the only amendment tho currency |
situation requires. Nc must have an
elasticity in our currency that will per.
NIT its volume 10 increase with the |
growing business OF the country; and ii |
the new silver issues are stopped with |
out provision being made for a natural
additional supply oil money, the change |
will be simply one from unsound rnila'
ton to the opposite extreme OF violent |
contraction. 1t would Mother be an |
unreasonable nor an unwholcsOmo |
demand, ii COnCurrontly with the |
consideration OF 4 repeal bill, the sense |
oil Congress should be consulted rs to |
the procurement OF this nccdlul elastic |
ity through amendments OF tho laws re.
lating to bank note circulation. Were |
u satisfactory understanding reached on |
that question, 1t would no doubt mater
laIly contribute towards insurng the |
corporation OF that large section OF tho
silver party who mainly care for the |
way being Kept opon for increasing the !
circulation, whether through silver or !
paper being comparatively immatcriaI |
to them. Ample dulibcratiOn, ii con.
troled by wise heads and directed |
towards prudent plans, may afford |
broader and moro permanently satisfy.
ing results than q partial conclusion
limited to ono Of the many points in
volvod. 1t is to DO hoped that somc
such such prospect may temper the
public patience in waiting for the com.
plctcd action OF Congress; that, how |
over, need not and should not prevent |
the early suspension OF silver purchases
through the prompt andsimplc method |
Of Joint resolution, which would avoid
much dilatory parliamentary wrans.
ling.
Tho money market is steadily work.
ing into condition Of greater case.
Tho demand for currency from the in.
terror has almost ceased, and few
days may quite possibly sec currency
returning from tho west. besides this
there IL reserve resource Of great
many millions which has boon with
drawn most solGshly and dangerously
from the banks and trust companies By
savings banks. Beyond this there il an
amount considerable in the aggregate,
withdrawn from deposit by private in.
diviluNla and ultra.consCryativc coun.
try bank presidents, which may DO TX.
pcctod to find its way back into Circu.