The Republican. [volume] (Oakland, Md.) 1877-current, 1894-11-15
FINANCIAL REVIEW.
Henry CIews' Weekly Letter on the
Business Outlook.

/ in prices, which, however, was fol-
lowed bya reaction to about the
closing prices of Monday, owing to
realizings by class Of wearieG
holders who have been waiting for
an opportunity to get out. This,
however, is not to be regarded as
expressing the real and ultimate
result of the surprising change IN
political sentiments. The party
revolution so far exceeded anything
that had been expected that every
body was taken by surprise and
none were prepared to discount, on
the instant, the great practical
Importance of the change, TO give
effect to an event of such magnitude
some organization and cooperation
is needed, and the more influential
operators have therefore deferred
action until combination can be
organized.
The election prepares the way for
a new set of conditions calculated
to clarity the political situation and
to bespeak public confidence.
(1) In the first place it affords
evidence of the vast increase of the
independent element in politics;
which implies that the more intelli-
gent and conservative classes are
taking a deeper interest in govern
ment and are resolved to haye po-
litical questions treated more on
their merits and less from a parti-
san standpoint,
(2) The verdict equally expresses
public intolerance of such corrupt
! double-dealing as disgraced the
Senate in the late settlement of the
tariff question; and it similarly
shows the indignation in the nation
at large at the revelations of unpar-
.alleled fraud in the public depart
ments of this city, brought out by
the Lexow committee. These are
signs of a wholesome resolution
among the people at large that
politics shall be purged of the now
prevailing corruption-a symptom
which is immeasurably valuable as
conveying an assurance of higher
standard of morality in our future
political administration.
(3) The vote also expresses the
beginning of decline in the popu
lar sympathy with the yagaries and
unsettllng projects of populism;
which has a direct bearing upon an
important class of Investments and
bespeaks a sounder basis of fnan-
clal honor in sections that have
been exposed to serious distrust.
To the same extent, it suggests a
hope of the early elimination of
this perverting and corrupting ele-
ment from congressional legislation.
az The result also simpllfies the
future of legislation. In place of
utter uncertainty as to the DISPOSE
ton of Congress on fundamental
matters of legislation, it brings the
country back to the control of a
party whose general policy has been
indicated by long tenure of power;
and though there may be ditferen-
ces of opinion on parts of the policy,
the whitening influence of uncer-
tainty as to the future of certain
vital working arrangements is very
largely removed. This is a large
contribution towards the remedy of
the now widely unsettled state of
confidence.
(5) The election also means the
removal of the tariff question be-
yond the reach Of further agitation;
for while 1t may be taken for
granted that Congress can do moth
ing more in respect to the sugar
duties and to certain raw materials,
it seems equally certain that the
party returning to power will allow
the new tariff to remain undisturbed
until at least it has had q sufficient
trial of experience.
CO.. We take 1t also, that the
change Of government means a
serious effort to reform our currency
system. The overwhelming major
ity will make the next Congress
and administration less dependent
upon conciliating the clamor for
free coinage Of silver and for fiat
money; and as Republican leanings
toward those heresIcs have doubt
less been due much more to mo-
tives OF factIonal accommodation
than to any real disregard for sound
money, the hope for conservative
legislation on the currency question
is thus very greatly strengthened.
1t Is probable that this view will be
taken abroad, with the result Of a
material strengthening Of the for
eign confidence in our investments
which has been so rudelY shaken
by the uncertain attitude of Con-
gress upon this urgent issue.
GU In word, the chief signifi-
canoe of the political revolution lies
! boro. rbot ,ubilo +bo ,1,opt of