The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-02-19

tp,cidl Correspondence Of he hl.s,ii,sn,.r.
NEw York, Feb. l7.-WaIl street re-
mains in its late quiet mood, with no
great expectations aud no uneasy appro-
tensions, but prepHrCd to take tho
present untractablo conditions patient
ly and wait until some now impulse
comes from somo unforeseen quarter.
Values arc anchored to two hxnd ideas
that prices arc low and safe at cur
rent quotations, and that tho country
has lost none OF its native vigor and re-
cupcrativc power. On these points
there arc no misgivings; and tho only
open questions are as to when these
forces tending to recovery will assert
themselves, and in what direction their
effects may be expected to appear.
In all such deprcssions aa tho coun.
try is now experiencing, there comes n
stage at which mon OF capital find
tempting opportunities for buying
something or other Mt prices which will
yield handsome profit when tho phase
OF recovery comes. There arc certain
conditions which always indicate tho
arrival OF such opportunities. One OF
tho indications is exceptionally low
prices; another low condition OF sup
plies another, Il general reduction III
wages and raw materials and costs Of
transportation another, the beginning
OF Il better demand from consumers; an
other, q condition oil the foreign OK.
changes in which there Is no prospect
Of an outward drain of gold; another,
q state OF tho money market in which
it is easy to borrow on ordinary Collay.
eral Tor long periods and at favorable
rates; and another, Il disposition all
around 10 take more hopeful view OF
prospects. When these conditions are
found all existing together, it is pretty
safe 10 conclude that tho depression has
touched Its lowest point, and that thu
rccuperatlve forces arc beginning to
act. The recovering tendency may
seem feeble at first and may DO sousl-
tive TO check from slight causes; but
the force grows steadily and without re-
lapse until normal conditions arc again
established. This is tho stage at which
men oil reserved means come into the
markets; and wisely, for there is hardly
4 thing they can buy which is not real
sonably calculated to yield them pro.
tit There are symptoms that this turn
ing stage III the now prevailing depress-
ions oil business has been reached.
The impression is pretty general that
the senate will not raise serious OBJ
stacles to the final passage OF 4 modified
tariff measure; but it isless certain that
considerable opposition may not arise
TO Incorporating with it the income tax :;
and that is contingency that throws
doubt upon important matters con-
nccted with the tariff bill proper. No
doubt these uncertainties put i check
upon tho disposition to buy on specula-
lion to which reference has lust beCn
made. This particular source OF sus-
pense, however, is likely to be cleared
away within the next thirty days by the
final action OF Congress upon these mat
tiers. When this disturbing element is
disposed OF 4 great relief will be felt in
every branch OF trade and enterprise !;
aud that, whatever may be the final set
Element. Ii the Wilson bill, or some
thing like 1t, becomes law, tho condi-
tons oil the future will be distinctly
known, and business can proceed ac-
cordingly. II the bill is defeated, con-
tidcnce will be restored bv business COLI
linuing on its old basis. In any case,
therefore, it has become only n matter
Of days before great source OF nationa!
suspense becomes an affair OF the past.
IT IS matter OF lar more than nero
regret that Congress is again seriously
entertaining the question OF initiating
our silver currency. The Bland bill
proposes not only to coin the scignioraGr
silver, amounting 10 So millions. but
also TO transform the issue oil Sherman
notes, now payable in other silver or
gold, into silver certificates. This would
increase our silver currency by about
SlSG,GUO,OOO, or forty per cent. II We
have Congress capable OF such reck-
less departure from the spirit and prIn-
ciple OF the repeal net, what is that act
worth TO the country as basis OF con-
lidenco on the most important question?
Plainly, very little. And yet'l: is cou-
coded among congressman that this bill
will be passed not only by the house
but the senate also Ills true that, ac-
cordinC to al! accounts, the President
may be depended upon to veto tho bill
but nevertheless it will DO reckless
blow to confidence il Congress tlrIs de.
liberated y declares its sympathy with
tho fatal doctrines OF tho silver faction.
The con sentative element in Congress
has made great blunder OF manage.
mcnt in ncglecting to concentrate all its
turcc on passing bank currency bill,
OF such a nature as, while insuriug the
most absolute safety to noteholders,
would also remove the existing veXu.
tious prohibition OF issues by state
banks. That could be SO done rs to
provide Tor both national and state
banks as good currency as is to DO
found in the world. Had this been
done, the reaction in favor OF silver
could never have appeared; Tor large
portion OF those who are now ready TO
vote for silver, plead i'll defense that
they arc driven to that means OF getting
moro currency elasticity by the TACT
that the banks OF their states arc pre-
vented from issuing notes. II this elc-
mont were concIliated, there would be
no possibility OF getting majority for
moro silver money in either house OF
Congress. HENRY CLEws.