The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-06-04

NEw loiH, June @.-DuriDg the past
week, Notwithstanding tho Interrupt.
ton OF u holiday, there has been a dis.
linct improvement Ia tho tone Of busl.
ness In Wall street. ltI main eIprcs.
sion has appeared in the covering Of
Efforts" which has created a demand
favorable 10 pricos, while It implies that
tho bears" have discovered symptoms
that botOken q coming recovery in the
market. Tho most pessimis;ic ackuowl.
edge that the passage Of the tariff bill,
Viewed as an end OF suspense, would
have an important effect In the restora.
ton Of general confidence; and the
tho present situation OF the measure is
generally conceded to DO favorable to
It's final enactment some timu during
tho current month.
The Introduction OF tho bank note
question into the house 10 attracting
much interest in financial circles.
Though, for some time, It has been
regarded ns m impending issue, yet aa
lts Introdu ction ut this sitting OF Con-
crcss has not been expected, il mas not
beca counted US q factor affecting i'm.
mediate interests on the stock exchange.
The question, however, 10 now fairly
raitcd tor treatment, aud can hardly
fail to become At Important factor bear
Ing OH the future Of Investments. Its
discussion opens with 4 nero proposal
to restore TO the state banks their for
mer ability 10 issue notes under the
existing banking laws OF the several
states, through repeating tho exciting
tax OF 10 per cent upon any circulation
put out by them; but the bank %cIrcula-
lion question is such broad and burn
ing' one, that it cannO possibly be
troated within this narrow scope It
lies Mt the basis OF any plan OF currency
reform that pretends to deal success.
fully with the Inconsistencies, weak.
nesses and dangers that surround our
present monetary arrangements.
In view Of the great importance OF
the position which the bank note must
in future occupy it becomes 4 vital
question-what shall DO its nature,
authorization. guarantee. and to wha,
regulation shall it be subjectP These
nrequestions not TO be lightly disposed
oil, and their consideration may occupy
more time than those now raising
them in Congress seem to contemplate.
Three cardinal questions will centre
around these points-Q) How far shall
federal and state powers respectively
be recognized in the construction and
administration oil the system; (2) shall
the guarantee consist OF bond collateral,
following tho precedent OF tile national
bank act. or shall it be provided by
pledge OF the entire assets Of the bank,
with special liability OF the stockholders
adued; and ~ what arrangements shall
be provided for securing ready,
economical and efficient redemption OF
the notes, when their volume is super
huous. 60 far as this legislation affords
4 reasonable hope OF its providing o
Wholesome settlement OF the currency
question, it will prove O most valuable
contribution towards the strengthening
OF confidence in every form OF invest.
ment.
The export OF gold continues without
abatement 1t now appears that this
extraordinary outflow is chiefly due to
the preparations OF the Austrian gov
eminent for the restoration OF gold pay
ments; for although the contracts with
with bankers for supplying tho gold
have been long made, it seems that tho
sctual delivery OF the metal has been
largely deferred until it was required
for the act OF resumption.
Tho various REORGANIZATION schcmes
now in progress will ultimately have
IN important bearing on the market
for the better. Al present their progress
is GLOW, because OF opposing factions
and the depressed condition OF railroad
traffic. But these are only temporary
difficulties, which will quickly disap-
pear with any iuprovementin business.
In this connection it will be we'll TO
keep in mind the recent unanimous de-
clsion Of tho supreme court of the
United States limiting the power OF
state railroad commissions and pro-
hibitinG them from putting into effect
unfair and Improbable rates. This is
one OF the mort important decisions
affecting railroads announced in many
years; for some states had been so
severe and arbitrary in their restrictions
that they practically amounted to ION.
tiscation OF property, at least so far as
profits were concerned. These facts
should be remembered by rcorganiza-
ton committees, for the reason that
they materially affect the earning of
profits by some Of the embarrassed
roads. hESRY CLEwS.