The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-11-12
A WALL STREET VIEW.
Here we Have What new York Business
Men Think.
Henry CIews' weekly circular SAYS:

Henry GiDWs- weekly circular SdFS-
New YORK, Novem ber 10, 1894
The chief matter Of interest in Wall
street, during the past week, has been
the result Of the elections. The first
effect was sharp squirt Of activity and
an advance Of about one point IN prices,
which however was followed BY a reac-
tion to about the closing prices OF Mon
day, owing TO realizings by a class of
wearied holders who have been waiting
for an opportunity to get out This how
ever is not to be regarded as expressing
the real and ultimate result OF the sur
prising change in political sentiment
The party revolution So far exceeded
anything that had been expected that
every body was taken by surprise and
none were pre- pared to discount, the
instant, the great practical Importance
of the change. To give effect to an
event of such magnitude some organiza-
tiOn and cooperation is needed, and the
more Influential operators have there
fore deferred action until combinations
can be organized
The election prepares the way for a
new set Of conditions calculated 10 clari-
fy the political situation and to bespeak
public confidence (l) In the first place.
it affords evidence of a vast increase of
the Independent element in politics;
which implies that the more intelligent
and conservative classes are taking
deeper interest in government and are
resolved to have political questions
treated more on their merits and less
from partisan standpoint 81 The YER
dict equally expresses public Intolerance
of such corrupt dOuble-dealIng as dis
graced the senate IN the late settlement
of the tariff questions and it similarly
shows the dIgnatiOn in the nation at
large at the revelations of unparalleled
fraud in the public departments of this
city, brought out by the Lexow commit
tee. These are signs Of a Wholesome
resolution among the people at large
that politics shall be purged of the now
prevailing corrurtion;-a symptom
which is immeasurably valuable as con-
veying an assurance of a higher stand
ard OF morality in our future political
administration. (3) The vote also ex-
presses the beginning Of de-
cline in popular sympathy with
the vagaries and unsettling projects of
populism; which has a direct bearing
upon important class of Investments
and bespeaks sounder basis of tnan-
cial honor in sections which have been
exposed to serious distrust. o the same
extent it suggests nope Of the early
elimination Of this perverting and cor
rupting element from congressional leg
islation. a. The result also sim mpllties
the future of LEGISLATION. In place of
utter uncertainty as to the disposition of
congress on certain fu I'd dUental matters
of legislation, It brings the country back
to the control Of a party whose general
ure Of power; and though there may still
be differences of opinion on parts Of that
policy, the whitening influence of uncer-
tainty as to the future Of certain vital
working arrang gem5nts Is very largely
removed. This is a large contribution
townads the remedy of the now widely
unsettled state Of confidence % The
election also means the removal Of the
tariff question beyond the reach of fur
ther agitation; for while it may be taken
~
more in respect to the sugar duties and
to certain raw materials, it seems
equally certain that the party return
ing to power Will allow the new tariff to
remain undisturbed until at least it
has had a sufficient trial Of experience.
(6) We take il also, that the change of
government means serious effort to re-
form our currency system The over
Whelming majority Will make the next
congress and administration less depend
ent upon conciliating the clam0r for free
coinage of silver and for fiat money; and
as Republican Ieanings towards those
heresies have doubtless been due much
more to motives of factiOnal accOmmO-
dation than to any real disregard for
sound money. the hope for conservative
legislation on the currency question Is
thus very greatly strengthened. Lit Is
probable that this view Will be taken
abroad with a result Of a material
strengthening of the foreign confidence
in our investments VIII oh has been SO
rudely shaken by the uncertain attitude
of con gress upon this urgent issue %
In a word, the chief significance Of the
political revolution lies here;-that,
while the advent Of the Democracy to
power suggested long series of radical
changes IN matters affecting the nature
or the laws and the regulation Of our
trade aud finances. yet the truth Is
that whatever may have been urged in
favor of such a policy. the people do
not take kindly to the prospect of
so much change and uncertainty as all
this reforming involves; they are more
concerned with the present than the fu-
ture; they want the shortest cut to a re-
newal of prosperity; they prefer putting
up with some Things OF which they may
not theoretically approve to so much re-
constructing as the party now in power
proposes: and they therefore say TO the
discarded party.-~take the reins again;
we have given you q few lessons; and if
you viii take them to heart; we are pre-
pared to trust TO your future control
rather than throw everything into con-
fusion BY too much experimenting.
This we take it, is about the meaning Of
the business mans vote. The motive viii
commend itself to the sound common
sense of the country; and, when support
ed by such an immense majority Of the
people, It becomes a very powerful con-
tribution to future stability and conf
dence- HENRY CLEws-