The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-03-21
WALL STREETS QUICK EYE
II Will Be Kept Upon the International
Silver Conference
What the Adoption Of a Worldwide Policy
Of Blmetaliism Means - The
Business Outlook


nancial Review of Henry Clews & Co.,
bankers, New York, published under date
OF March 18TH have been received. from
which the following extracts are taken:
"Wall street keeps quick eye upon the
prospects of the suggested international
silver conference. 1t sees in the adoption
of worldwide policy of bimetallism the
certainty of material increase in the
metallic money of the commercial ma
tions, and assumes that, in such case,
there would be general rise in values
and a consequent speculative boom of
wide dimensions. At present there is no
real certainty about the calling OF such
conference, but the probabilities seem to
preponderate largely in it's favor. At such
a gathering, one OF the gravest points OF
discussion must be the adoption of re-
duced valuation of silver. What ratio be-
tween the two metals would satisfy the
conservative European nations it is not
worth while to speculate upon; but no
doubt they would insist upon a material
departure from the present standard of
15% to 1. At this point it becomes ma
ter of much regret that, of the delegates
Professionally selected by Congress to rep
resent this country in such a gathering,
SO large proportion are strongly COM
mitted to the ratio of 16 to /. Judging
point, it is not impossible that they might
60 to the length of presenting that as
their ultimatum; though it is to be pre-
sumed that the President would put in
his inst. uctions' some limitations
upon their discretion. 1t is therefore de-
sirable that public opinion favoring an
international method of settling this
question should make its influence felt as
agains. any insistence upon proposals
which the European powers might be
counted upon to reject.
st needs some explanation why the
silver leaders of the mining states so per-
sistently insist upon free coinage at the
than Indifferent about International
action; and yet, unquestionably the inter-
national basis would afford much more
promise of stability than would isolated
national action. This must be, clear to
any man not blind from prejudice. In
deed it is so clear that large proportion
of the friends of silver would probably re-
ject free coinage upon any basis short of
an international compact. Why, in the
face of these facts, do the mining lead ers
insist upon national rather than inter-
national action? Their principal reason
is that they are well aware that Euro
pean cooperation would be impossible
without the adoption of a re-valuation of
silver more or less approximating. the
reduced market value OF silver bullion.
That, say the miners, would make i'm
possible the complete recovery in the
price of silver, which is the supreme object
they, as producers, have in view. They
are concerned solely with the value OF
their output, and considerations affect
ing the quality of money, which may ap-
pear important to many of their follow
ers, have nothing to do with the solely in
dustrial purpose which controls the
industry. They: consequently insist
upon settlement that would enable
them to get a dollar for 371.25 grains of
silver while other nations might insist
upon valuing the metal at possibly $50 to
500 grains to the dollar. Here comes out
the utter selfishness of the silver miners
in opposing international free coinage.
It is the old story of blind selfishness-
sacrificing good bargain by demanding
a one-sided contract.
The general conditions OF the country
since the adjournment of Congress have
materially improved and have now
reached a stage where the judgment of
business men will hereafter be the guide,
instead of business affairs being dominated
by what Congress was or wa not going
to do, as heretofore. This means great
Confidence may, therefore, be expected
to gradually increase, and business cour-
age will come back with it. This means
a new departure and, instead of the bust
ness of the country being restricted to a
retail basis, it will gradually broaden and
develop into wholesale transactions on an
important scale, which increased conf
dence and courage will bring about by
trade purchases being made ahead of
wants and not confined, as for long
time past to a hand to mouth policy
Buyers of late are very numerous in the
city from all parts of the country and
have shown an inclination to pick up
supplies that are cheap in very much in
creased quantities. An enlarged merchan-
disc business will go far to help the rail-
roads between now and the harvesting of
the next crop. The settlement of the BIZ
luminous coal dIssensions shows where
there's will there's a way" and the
same treatment could extend to the anthra-
cite properties. A settlement, therefore,
may be arrived at soon, which will be an
other cloud lifted. The quick action by
the committee in the reorganization of
the whisky trust gives encouragement
and is an evidence of what can be accom-
plished through energetic action on the
part of reorganization committees. 1t is
to be hoped that similar enterprise will
be infused into the Atchison. Northern
Pacific, Union Pacific and Reading COM
mittees so that the country can derive the
advantages that will come from these
properties being reconstructed and again
put on their feet.