Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-01-22

Inere Is no peeu 10 seek any foreign
syndicate to take the bonds, for they
,san be sold right here at home. IL IL
Is true that the Secretary of the Treas
ury has decided TO issue per cent.
bonds under the law of 1875. they can
no doubt dispose OF large amount at
premium that will bring the bonds
down TO per cent.
Relative TO the large surplus OF the
New York banks, and the low discount
rate now prevailing, the money which
II locked up here will seek other chan
nels II the now rate continues much
longer. There is no demand for IL
here, and IL will commence to flow TO
Europe as the better place of invest
ment."
The Government is about to fortify
its gold reserve by an issue of bonds,
which is very wise measure, and, as a
further step toward relieving the pres
ent distressed condition OF the public it
Is likely that conservative tariff laws
will be passed This would afford re-
lief to the commercial markets, and
business will drift back TO its normal
and general channels.
with the knowledge OF the large de-
ticit in the treasury, the proper officials
OF the government should take immedi-
ate steps To issue bonds, so that a sufii-
its outstanding obligations until bust
ness gets back To normal conditions
As TO the power OF the Secretary OF the
treasury TO issue bonds under existing
laws, / cannot say, but as eminent law
yers have decided that he has the au-
thority he VIII, no doubt, act upon their
advice. The bonds Of this city are dis
posed to take the bonds when issued.
provided they can be purchased at a
fair price.
ut is true that we have very large
amount of idle money now lying In our
vaults, but as soon as business starts
up, which it certainly will do when the
people know exactly where they stand
regarding the tariff, a demand for
money will take place, and money will
How from the money centres TO the sec
tions OF the country where IL is needed
The piliEg up OF the large surplus here
indicates stagnation in trade all over
the country"
HON. a. b. HEPBURN.
Hon. A. B. Hepburn, president Third
National Bank and ex-Comptrolle OF
the Currency, said:
'1n my Judgment, the recent panic
was largely the legitimate and logical
result OF a long period OF fast living
and over-speculation which seems TO
have characterized the whole world
The bubble first bursting in Europe
with the Barings' failure, which
marked the collapse of reckless specu-
lation in South American and South
African securities. Severe aud con-
tinued liquidation Immediately set in
throughout Europe. This was post
poned in America on account of
crop failures abroad and phenomenal
crops at home which found ready and
profitable market in Europe. The liq-
uidation here, which was inevitable aud
healthful was aggravated by purely ar
tticial conditions, unwiss legislation as
to the currency, and prospective radical
| change in the tariff. Fear OF the gold
value in our currency Induced the for
| eign investor not only 10 withhold,
| but TO withdraw investments, lest be be
compelled TO accept payment In a depre-
ciated currency. The same fear at
home Induced liquidation OF invest
ments and the boarding of gold. The
currency famine followed with all dis
| astrous results.
One extreme always follows another
in business, and in New York the money
which five months ago commanded a
premium OF 3 per cent, to-day cannot
be loaned upon call with collateral at
any rate. A moderate amount Of money
may be loaned at l per cent AT the
same time many OF our best and most
| approved railroad bonds sell at prices
| which net an investor over six per cent.
| This shows that the fear induced by the
panic still exists. II shows also that
! this accumulation Of money (s92, 900, 600
IN excess Of the legal reserve in New
York; is purely commercial money
| which cannot seek time investment. but
hQt HaHA d
| purposes whenever called for.
"I believe we are at the bottom OF
our financial and business troubles.
Subjected 70 the very severe strain Of
the last six month, no other conclusion
can be reached than that prices and
/ business must have gotten down TO a
solid basis. Empty shelves will lndude
purchasers OF goods; purchases necessi-
tate orders from the Manufacturer: the
wheels OF Industry must move.
1--WE are great, growing community
and business cannot stop, nor. for
long period, staRnate. Consumption
will overtake prod uction. Business
must 90 on.
THE first step towards restoring gen
| ers credit is 10 restore the Govern
ment's credit. The Secretary has wisely
| taken the necessary action to accom-
/ plish that result.
$50 long as legislation IS pending.
materially changing the tariff. business
| cannot be in other conditions than un-
settled. Our people are prone 10 dis
| CONT the future, and ] am inclined 20
| think that manufacturers and i'm Dorters
will assume that the Wilson bill is the
worst that can befall US, and when that
| shall finally have passed the lower
/ house Of Congress-, they Will accept IL as
/ n criterion Of the future, and predica-
/ ting their business upon that basis,
there will be q general revival OF the
| industries Of the country. Fixed con-
/ dltions. stable business conditions, are
what we require, and IL is to be hoped
| that whatever action Congress NAV
take, it will be taken speedily"
/ r.. o. IEECH.
L. O. Leech. Vice President National
/ Union Bank, and late Director Of the
l Mint, said:
There Is no pressing domand for