The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-12-10

abnormal monetary condition OF the treas
ury without any visible effect upon the
spirit OF either investment or speculation.
has been somewhat hrmer, in spite OF
London having unloaded upon us. during
the week, some fifty thousand shares OF
railroad stocks. and the prospect OF i'm
mediate exports of gold.
The truth is that the man OF Wall street
regard the currency question as a chronic
AFFAIR rather than an acute factor In the
market. They acknowledge its Importance
and view It's bearing upon investment in
terssts as 9nfayorabie; but; at the same
ready been discounted In the general range
OF values. Little Importance is attached to
any fmmediate aspects OF this money prob
lem; for nothing is in sight that assures
any early settlement or that indicates
what may be the final form OF the currency
readjustrnents. II is taken for granted, in
view OF the predominant currents OF fnan-
clal opinion, that the main feature or the
ultimate settlement Will be some measure
OF bank legislation that will materially In
crease the prominence of bank notes in our
circulation and possibly more or less in the
way OF a substitute FOR the existing IN
elastic legal tender notes. But these pros
poets promise no early relief from the pres
ent uncertain status or the treasury gold
reserve. At the moment, the latter is the
really acute factor; yet. unsatisfactory as
the present position or the treasury may be,
Wall street is far from being p~essiEnistic
over ii. 1t is regarded as after all but a
temporary arrangement of a part OF our
h@a~Ac
cult to repair, IL may be, but still involving
nothing fundamental or vital. so long as
credit Of our government, with its seventy
millions of people, stand behind the situa-
ton. The cnly thing that seriously con-
Germs Wall street Is the possibility that
foreign holders of our securities, not under
standing our situation and failing 10 APP
preciate the certainty OF its ultimate re-
pair. may. send home an inconvenlent
bility is not overlooked. but II is not re-
garded as anything to be seriously alarmed
anee Of idle FUNDS ready TO take securi-
ties at a price; and, in the next place,
the price would have to be one at winch
we could well afford to take them, with a
view to re-export when the timld foreign
investor had recovered from his incontlnent
fright
Treasury has attracted much attention. In
its main features 1T is regarded as provid-
ing a clear and sensible scheme for recon-
structing our currency SYSTEM; but some
of the details of the plan, especially the ~
per cent. deposit of legal tenders against
notes, and the general abandonment or
compulsory reserves against deposits, are
regarded as open to serious objection. Not
withstanding, IL seems TO be the majority
opinion that reconstruction will ultimately
Mr.. Carlisle. At the same time, there is
little expectation that any legislation on
this question will be contaminated within
the life of the present Congress. Members
are discouraged by their past failures to
satisfy the country, and will be cautious
about taking any new legislative risks for
their party. The bitterness of fractional
feeling makes it very uncertain whether
an administration measure (such as Mr..
vote in both houses of Congress. In the
Senate and the House alike there Is great
division of opinion on currency matters,
and 1t Is argued that a set OF legislators
who could give a majority for BANDS bill
of last session are not likely TO support
Mr.. Carlisle in his strong plea for bank
r.nnoV ha sod lnnn on1H 70 GOV nnfhfnp of
the strong predictions of Western MEM
bers for government paper money. This
isiation has much che forces c'' Pephaps. how
ever, Ii does not take sufficient note OF
one possibility. That large portion of the
money, without caring much whether 1t is
of silver or of any other form, may prove
to be a somewhat uncertain quantity. If
it should appear to them that there is slim
chance for their getting more silver, and
that their vote can secure for them ample
of their own localities, there is no saying
how readily the more-money Representa-
tives of the West and South might whip
money side. Indeed. already surprise is felt
among observers in the House of Repre-
sentatives at the marked inclination among
But. however hat may be, the adoption
within three months of a large measure
like Mr.. Carlisle's would be a very hurried
achievement; and, should obstructive tactics
arise in the course of its discussion the
thing would be impossible. 1t is to the
advantage of a measure involving such
that its discussion should have a larger mar
gin of time than is afforded by the re-
naming eleven weeks of the present Con-
gress. The reconstruction of banking meth
DDS involved in Secretary Carlisle's plan
Is so radical that, to make 1t complete
forded for submitting working details 70
the advice of intelligent practical bankers.
1t is therefore to be hoped that. instead
of pushing this legislation TO a hurried
conclusion from mere party motives. it may
be permitted the advantage of maturer de-
liberation by allowing it to stand over for
consummation by the new Congress.
"The new fifty millions loan has in
creased the treasury gold reserve to about
s1lo.OoO.oOo. Some important early reduc-
the banks have depleted their stock of gold
50 largely through their subscriptions to
bonds that they may find it necessary to
the metal, and these operations may reduce
the reserve to below $lO5 1000. 600 in a few
days. The steady drift of the foreign ex-
changes towards the specie-shipping point
has brought us to a stage at which, In view
of the usual December interest payments
TO Europe, some considerable immediate
shipments OF specie must be expected. At
the moment or writing the exports by to-
days steamers are estimated at from $500
OV TO SkUO,Oo. and among the exchange
houses. next weeks exports are expected
to be still larger"
Saturday, Bank CIeariugs.
AT ChicagoCClearings. s14.sss, 900: total
for week, s105. 054. 600: corresponding week
last year, s97. O27, 900. Money, iQ4lk per cent.
on call; 5@6 on time. New York exchange,
35c premium. Sterling commercial, "a. $50
Q4.S6A.
At MISUNDERSTANDING. s2,277,4 s1; bal
ances. $685.. 761.
At ST. Louis-Clearings, 1885, Ss5; ball
ances, $455, S91.
At MISUNDERSTANDING so, OS4. 52S; bal
ances, 81. 174.522.
At Cincinnati-Money 214qS per cent.
Clearings, 500. 500.