The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-14
speelal coraponaenee q De InleI!lpeneer.

working oil the stock market has al
iorded clear evidence that the point Of
lowest depression has been reached
Under tho worst conditions Of demon
alizstion there is always a level Of
prices at which lnyestors-either do
nestle or foreign, or both-will be-
come buyers, and 1t is q matter OF oCu'
lar demonstration that that force has
now come in to sustain the market,
The orders to buy from this Class form
background OF support upon which
the bear" attacks make little or no
impression. Their sales are SO far
taken up by investment buying that,
when they want to borrow shares or
ecover their sales, they find themselves
! more or less ''cornered." Their opera
tons are therefore confined to a few Of
the least supported stocks, out OF
which they seem satisfied to earn their
daily salt. 1t is no small gain to legiti.
mate business that the flibustering OF
tho raiders has been thus brought un-
der check; for it is tho first step toward
touched its "lowest deep"
The stock market has to a considera-
bic extent broken loose from influences
that arc still depressing general BUSH
ness. Tho extreme scarcity and contin.
ued boarding OF money has little direct
effect upon stock exchange operations.
That kind oil business is done without
the direct intervention OF cash and as
tho banks can lend on stock loans with
out parting with currency they give u
certain preference to stock brokers,
especially as their collateral, at the
present low prices, form good security.
Members OF tho exchange therefore find
no difficulty in borrowing at bank at
sos per cent on call, while other i'm.
portant borrowers have to pay l00l2
per cent for tho insufficient accommoda.
ton that can DO afforded them. This
returning ability to get loans enables
holdersto protect themselves and makes
Wall street less sensitive than other in
terests to the adverse course in which
events are still running
The week has on the whole contrib
uted some important reliefs to the gen
cral situation. 1t is true that there is
no abatement OF the common dearth OF
money, and none in tho large demands
OF the interior banks for help from the
metropolis; tho banks, indeed, are as
much pressed IS they have ever been,
so much 30 that they are compelled to
refuse currency to outside applications,
md hive advanced rates to almost pro-
hibitory figures; which simply means
that point has been reached at which
they can no longer afford to be gener.
Gus but must stand for their own pro.
lection. But, at the same time, the fact
that, by tho end of next week, nearly
twenty millions OF gold will have been
received from Europe, while some
twelve millions OF new bank circulation
will be in the course Of issue cannot
but have an important effect in reiiev-
ing the scarcity OF money aud thereby
restoring confidence.
Some relief is also felt from tho fact
that Congress is at last brought face to
face with the great silver danger. The
message OF President Cleveland was
such u strong yet simple presentation
OF the case as to carry to all classes a
deep conviction OF the danger in which
the Sherman act has placed the Coun-
try, and the consequent necessity for
Immediately repeating the obnoxious
clauses OF that law. The President
having thus broadenod and intensified
tho public hostility TO silver purchases,
it seems reasonable to assume the i'm
possibility OF Congress falling to satisfy
this universal demand. From such
symptoms at the capital rs can be
traced amid the confusion OF party
maneuvering, it appears quite safe to
assume that Congress will ultimately
adopt an unconditional withdrawal oil
tho authorization to purchase silver.
Tint is tho sole sine qua non to tho re-
storation OF confidence and prosperity
aud the country would like to know it
and the sooner tho better-it it ia pos.
sible that Congress OF the United
States could DO capable OF refusing a
measure 30 Fundamentally vital and
demanded by such an overwhelming
majority OF tho people.
Ii is much to DO hoped that this con.
Cusion may bo reached with the least
possible delay, and that the discussion
OF the question may not be hindered by
mixing with non.essential issues. After
the main question has been decided,
there are other financial problems, that
would naturally arise out OF the suspen-
sion OF silver purchases, which congress
might we'll consider. Lost the sudden
cessation OF Il large supply OF silver
money should result in the OWLS OF con.
traction, it is necessary that some pro-
vision be made for now issues Of cur.
rency from some other source. In order
TO provide against that inconvenience,
means should DO devised for an ihcrease
In tho national bank circulation; and,
to meet the emergency, II might suffice,
for At least the present, that the nation.
al banks DO authorized 10 issue notes
up 10 tho full face value Of the bonds
dcposited ~ guaranty. This would al.
low OF ia large increase in tho circula.
ton; and II further expansion should
be found necessary 1t could DO provided
later by other means.
Experience las shown the necessity
OF providing some resource by which
the treasury could protect itself and
the public from such emergencies us
have recently occurred and still exist.
For that purpose 1t seems advisable
thnt Congress should authorize tho issue
Of three ppr cont. bonds, By tho sccro-
lnry OF tho treasury aud with the con-
sont of tho President, payable At pleas.
uro nftcr ton years, and to DO used TO
proyidu for aud obligations Of tho gov.
eminent In periods Of financial din.
Guilty, These measures soOin necessary
supplement 10 tho SUSPENSION Of silver
purchases; but other financial legisla'
ton may we'll DO left for later and ma.
Juror consideration. This botng done,