The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-12-10
Henry clews' Weekly Letter on
the Business Situation.
CURRENCY QUESTION on WALL ST.,
Much Attention Attracted by the Re.
port of the Secretary of tho Treas.
ury-uncertatnty of ANY Financial
Legislation by the Present Congress.
The New Flna nclal Scheme Should
Only BIO Adopted After Thorough
DelIberatlon.
Of be MseHtqeneen

NEW YoRK, Dec. S.-Wall street has
passed through another week Of the ex.
elements incident to the abnormal
monetary condition OF the treasury.
without any visible effect upon the
spirit OF either investment or specula-
ton. Upon the whole, the market tor
stocks has been somewhat firmer, in
spite of London having uuloaded upon
US during the week some $4,000 shares
Of railroad stocks, and the prospect Of
immediate exports Of gold.
The truth is that the men OF Wall
street regard the currency question as
chronic affair, rather than acute fac
tor in the market. They acknowledge
its importance and view its bearing
upon investment interests as unfavora.
Bile, but, at the same time, consider that
its effects have already been discounted
in the general range of values. Little
importance is attached to any immedi-
ate aspects OF this money problem, for
nothing is in sight thaC assures an early
settlement or that indicates what may
be the final form OF the currency read
iustments. 1t is taken for granted, in
view of the predominant currents OF
financial opinion, that the main feature
| OF the ultimate settlement will be some
measure OF bank legislation that will
materially increase the prominence OF
bank notes in our circulation, as possl'
bly more or less in the way Of substl.
tute for tho existing inelastic legal ten.
der notes. But these prospects promise
no early relief from the present uncer.
tain status OF the treasury gold reserve.
At the moment the latter Is the really
acute factor; yet, unsatisfactory as tho
present position OF the treasury may be,
Wall street is far from being pessi.
mistic over it.
1t ia regarded rs after all but TEN.
porary deranEement OF part Of our
financial machinery; perplexing and
difficult of ready repair, it may be; but
still involving nothing fundamental or
vital, so long as the vast resources and
the unauestioned credit OF our govern
ment, with its seventy millions OF poo.
pie, stand behind the situation. The
only thing that seriously concerns Wall
street is the possibility that foreign
holders OF our securities, not under.
standing our situation and failing to ap.
preciate the certainty OF its ultimate re.
pair, may send home an inconvenient
amount OF stocks and bonds. That pos
sibility is not overlooked; but it la not
regarded as anything TO be seriously
alarmed at; for. in the first place. we
have abundance OF idle funds ready to
take securities "at price," aud, in the
next place, the price would have to be
one at which we could well afford to
take them. with view to re-export
when the timid foreign investor had re.
covered from his incontinent fright.
The report OF the secretary OF the
treasury has attracted much attention.
In its main features it is regarded as
providing q clear and sensible scheme
for reconstructing our currency system;
but some OF the details OF the plan, cs.
pecially the 80 per cent deposit of legal
tender against notes, and the general
abandonment OF compulsory reserves
against deposits, are regarded as open
to serious objection. Notwithstanding,
it seems to be the majority opinion that
reconstruction will ultimately be found
to run on the lines sketched by MIR.
Carlisle. At the same time, there is lit
tie expectation that any legislation on
this question will DO contaminated
within the life Of tho present Congress.
Members are discouraged by their past
failures to satisfy the country, and will
be cautious about taking any new leCis'
atiye risks for their party. The bitter.
ness of fractional feeling makes it very
uncertain whether an administration
measure (such as Mr.. CaslisIe's is} could
command a majority vote in both
houses Of Congress. In the senate and
the house alike, there is great division
Of opinion on currency matters. and II
is argued that set OF legislators who
could give a majority for BANDS bill OF
last session are not likely TO support
Mr.. Carlisle in his strong plea for bank
money based upon gold, to say nothing
OF the strong predictions OF western
members for government paper money.
The reasoning as to the prospects OF
early legislation has much force. Per
haps, however, it does not take sutfi'
Gent note OF one possibility.
That large portion Of the silver faction
which simply wants "more money"
without caring much whether 1t is OF
silver or OF any other form, may prove
to be somewhat uncertain quantity.
II it should appear to them that there
10 a slim chance for their getting more
siver and that their vote eau secure Tor
them ample issue OF bank notes direct
from the banks OF their own localities,
there 10 no saying how readily the
more money" representatives OF the
vest and aouth might whip round from
the silver side 10 the bank money side.
Indeed, already surprise is felt among
observers in the house OF representa-
tives at the marked inclination among
southern members to turn in that direc'
ton. But, however that may be, the
adoption within three months OF large
measure like Mr.. Carlisle's would be a
very hurried achievement; and. should
Obstructive tactics arise in tho course oil
it's discussion, tho thing would DO i'm.
possible, II ia to tho advantage oil q
measure involving such large interests
and such intricate details, that its dis.
cussion should have larger margin oil
than ia afforded by the remaining
eleven weeks OF tho present Congress
Tho reconstruction OF banking methods
involved in Secretary CarlisIe's plan is
40 radical that, to make it complete and
thorough, large facility should be al
forded for submitting working details
TO the advice Of intelligent practical
bankers. 1t is therefore to be hoped
that, instead OF pushing this legislation
IN n hurried conclusion from mere party
motives, it may be permitted tho I'D