St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-09-17
CURRENCY QUESTION.
Wall Street Getting Its Optics
Turned on Congress
Again.
WHAT WILL 1T DO ON MONEY
Henry CleWs Takes a Shot al
the Growing Lunaey Of
Populism.
WHAT WILL 1T DO ON MONEY
THE FIAT MONEY CRAZES,
Mr.. CleWs Thinks Men of FL
nance Can Steer Clear
Of Them.
Special to the Globe,

Special to the Globe.
NEW YORK, Sept. 16.-There has been
some reaction from the activity on the
stock exchange Immediately following
the ending of tariff legislation, but
nevertheless The improved tone of the
market and the increased strength of
values are fully maintained. 1t seems
too early indeed to expect any really
large and continuous speculative move
ment at the present stage Of recovery.
Confidence has been sufficiently
strengthened to prevent selling at the
present range Of prices. but we must
walt for fuller development of the
general effects OF the revival, and espe-
cialiy for more continuous increase in
the earnings of the railroads before
there is an inf uX of buyers sufficient to
produce really acti We speculative con-
dition. Naturally enough, after such a
period OF depression and unsettlement,
there Is more or less of cautious tenn
per in every direction, and this shows
itself in disposition to make moderate
profits. There is, however. none of that
absence of means for speculative trans
action that usually proves to be one OF
the most stubborn after-effects of panic,
On the contrary, the extraordinary ease
in money has brought into the market
an unusually large amount of funds for
employment in stocks so soon as the
conditions become ripe for a general
and
Material Rise in Values;
and, at later stage, the purchases of
this class of operators are likely to de-
velop very active campaign. In the
meantime, however, there is a good
basis for purchases on the breaks of
prices. and the policy of quick turns for
moderate profits is likely 10 bring satis-
factory results. The market has the
disadvantage of being much narrowed
through the large amount of securities
held in suspense by the reconstruction
of SO many large railroad companies.
Some of these readjusiments are now
nearing settlement; and there is natur-
ally a disposition among practical
operators to defer transactions until the
market is stimulated by these securities
returning to their usual activity. The
government crop report on corn had at
first an unfavorable effect upon the
market. On second thought, however,
the estimates are discrediled as far too
low. The recent unfavorable weather
has no doubt put the former highest
estimates beyond all hope of realization:
but nobody, except handful of bears"
is prepared to accept an estimate Of
1,100 00,000.0O0 bushels. which is about
what the bureaus statement amounts
to. 1t is very unfortunate that de-
partment backed by all the prestige of
the United States government should
Systematically pu: forth
Estimates Upon Crops
amounting to close upon $1,000, ,0O0, 200
in value. which are generally found to
be under the truth and misleading. The
most charitable supposition is that the
bureau of agriculture is unavoldably
exposed to errors and misrepresenta-
tions on the part of its agents, which
makes it impossible to insure accuracy:
but if that be the fact, and it probably
is. there is all the more reason why that
should dispense with the
of Statistician. Wall
street is already beginning to occupy
itself with the prospects of the coming
elections. The main
matter around which interest cepterS is
the currency question. 1t is taken for
granted that that Issue must come up
for settlement. even though the session
of congress be the short one: and much
interest turns on the question-how far
the disposition of the next congress
may be changed on the currency ques.
ton? The possibility that both parties,
owing to party competition. may bid for
the votes of the Populists is the mair
cause Of any uneaSineSs on this account
1t is, however, very possible that the
influence of any
Mere POpulist Theories
may be thwarted by congress taking uE
the question next December aud putting
it through before the 4th OF March.
There has been no congressional action
~ SuOW very Citdlly HUW COISIeSSIOlldl
opinion stands upon the currency issue;
but among members of the house who
have been best situated TO form judg
menI there is strong hope that it ma,
be found possible to carry through, be
fore next March, measure that viii
set at rest the silver and the fla
money crazes through putting oui
bank currency system upon broader
and more liberal and yet .absolutel!
secure basis, and by substituting it fol
the five hundred millions of government
notes which now constitute the weak
feature Of our monetary system. If
this can be done, the monetary COM
pleXon of the new congress will be
matter of secondary Importance. 1t
rests very much with the men of finance
whose experience affords the best
qualifications for guiding opinion on
this question-to show the way towards
an early and wise settlement of this
veXed question. There are ways in
which they can make their guidance
and in proportion as they
discreetiy use their power will be the
chances of final placing of the cur.
rency settlement beyond the reach of
both silver mauiaes and Populists.
HENRY CLEws,