The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-07-30
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sSatGi Co7opondsnsI Of " Ialelit7an1.
NEw YoRx, July 2s.-Wo have 10 re.
port another week of unbroken dul!ness
in Wall streot affairs. Tho market Is
entirely in the banda Of few PROBES.
sionals, who sock nothing beyond trac.
tiouul turns" enough to pay for tho
days salt.
Naturally, the strange conflict at
Washington over tho duty on sugar
creates some interest In sugar trust
stock; but, even in that, tho transac'
lions arc comparatively nominal. The
attitude OF tho sugar trust interest has
subjected the whole tariff reform"
question to uncertainty; and to that OK
tent hopes based on tho prospect Of
tho passage Of the tarlh bill have been
thrown into confusion. In some meas.
ure, this Is disappointment Of bull
expectations. 1t seems inevitable,
however, that como solution OF The
present legislature deadlock will bo
found within a few days, 1t 10 In
credible that tho conflict Oh this
singlo Item should DO allowed to in
volve the defeat Of the whole tariff.
There might DO great deal Of political
virtue Ia such an upShot, but there
would be no craftsmanship; and w1
have not soon tho evidence that, IN
Congress, morality carries more torco
than politics.
Each day will help to cool of tho
hoated teOling At tho capitol; the i'm
peratlve pressure Of public opinion for
putting an end 10 tho taril suspense
and for freeing trade from It's paralysis
will compel respect in both houses; the
sugar trust may deem 1t prudent to
show some consideration tor the couu'
try, and may instruct ita supporteFp to
grant concessions; and, In tho worst
eYOut, tho house would DO likely to
yield, leaving remedy to DO sought in o
euhsequent effort to modify tho terms
temporarily conceded. With all these
possibilities within easy reach, the last
thing to be expected is tho complete do
feat OF tho tariil BIN, and the result
most probable Is IN early settlement
which will act tho new duties in opera
ton not later than September J, while
possibly leaving tho sugar duty subject
to future change. This, course Is go
mani:estly tho most eligible on grounds
of party policy, and 80 clearly tho best
way out OF the extraordinary compli'
cations that il seems entirely probable
that. q few moro days will bring this
struggle within sight OF it's end. It,
therefore, seems safe to regard this
hitch in tariff legislation as only tom.
porary, and to calculate upon the tariff
taking oGoct at q comparatively early
day, with the effects TINT have hereto'
fore been expected as likely to attend
tho now state OF things.
Tho ono thing the country now i'm
patiently waits for, as condition pre-
cedent to a moro complete restoration
OF confidence, 10 tho adjournment OF
Congress. The continued pcrsistence OF
tho outward flow Of gold, however. sug-
rests one measure OF protection TO tho
nublic finances which should by all
means receive attention before adjourn
ment Tho treasury gold reserve is nov
close upon $50,000,0 900, which is but IL
per cont OF its note obligations How
much farther tho drain may be carried
Il 10 impossible TO any; nor is there any
assurance how far the banks may DO
disposed TO holp the government under
those circumstances. Tho really seri.
Gus fact 10 that the government has vlr'
tually ceased to receive any gold
through Its customs revenue. All outgo
and no income is tho present condition,
and such O situation should not BIO
tolerated one day longer than is abso-
lutoly inevitable. Neglect OF taking
proper action is all the moro crlpable
because tho danger is easy OF remedy.
Congress has the power to decree that
fixed portion OF tho customs duties
shall be paid in gold. leaving tho re-
mainder to DO paid In that metal or In
the paper money now legally available
for that purpose. Should a law DO
pasted requiring Is per cent Of the
dut.os to be liquidated in gold, tho
treasury would receive 100 millions per
anrum moro gpld revenue than 1t Is
now getting; which would at once build
up the gold reserve aud enable tho
government to meet the export demand
without difficulty. 1t does acem that
a remedy 80 simple and so entirely I'M
objectionable should be brought to tho
attention Of Congress- by the secretary
Of the treasury. and urged for imme-
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