The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-12-18
4 WALL STREET VIEW.

The Financial Review issued each
week from the banking house of Henry
Clews 6 Co. nearly always presents
some new ideas or some old old ones
clothed in new gsrb, all intended alike
however to aid in the further Empower
ishment of the people and the enrich
ment of the clientage of Henry CIews s.
Co. In the one issued under date of the
14th inst it ia lanented that conditions
at the national capital are such as to
preclude the possibility of legislation on
certain vital questions. The country is
in condition to appreciate the situa-
ton fully. In connection with this sub
ject the Review says:
1t would seem, however, that if there
were majority at Washington of men
of both parties Loyalty willing to make
some moderate concessions of political
preference TO the urgent necessities of
public confidence, there should be no
difficulty in providing reasonable COM
promises on financial questions that
would materially help to mend the situa-
ton and to encourage better feeling in
business circles.
What in the opinion of Mr.. Clews
should be done is embraced in the fol.
lowing suggestions:
For instance; what objection need
either of the two parties present to the
retirement of the 140 millions of Sher-
man notes, at the moderate rate of say
five millions per month, thereby 80 far
reducing the exposure of the treasury to
drain on its gold reserve and increasing
confidence in the remaining $40 millions
of greenbacks?
This will perhaps be the first intima-
ton the public has had that there exists
any lack of confidence in the 345 millions
of greenbacks. Whence comes this lack
of confidence if it really exists? Are not
they redeemed in precious gold as rapid
ly as they are presented, and has not the
president declared his intention of con-
tinuing such a policy and of issuing
bonds for that purpose as fast as they are
required, and do not our bonds command
a high premium in the marketF And
further:
Such a reduction of the large volume
of treasury paper would impart conf
deuce to the conservative sentiment
among our people, and would be an i'm
portant evidence to the foreign holders of
100000, 600 of our securities that we
may be trusted to put our currency sys
tenn upon sounder basis; and, in that
sense, it would be an invaluable contri-
button towards the restoration of conf
dence.
Since we are already on gold basis it
will be difficult to understand, viewing
the matter from the CIews standpoint
how We can attain any sounder bas is
T. =
been telling the country that there is no
basis 80 sound as a gold basis, how, there
fore can it be improved upon? Such a
withdrawal of paper Mr.. Ciews continues,
would call for its substitution by some
other kind of notes. The question nat
urally arises, what other kind of notes is
it possible to issue which would be safer
or would inspire more confidence than
the notes of the United States, declared
by the administration to be payable in
gold on demand and backed as they are
by the wealth and honor of 10000, 900
people? But the most remarkable sug-
gestion in the circular is contained in
the following:
At the same time, it would add m ateri-
ally to the credit of the greenbacks if the
silver set free by the retirement of the
| Sherman notes were held as an asset for
| guaranteeing the final redemption OF
those legal tenders, whenever such re-
| demption might be determined upon.
So we are confronted with a PROPOSE
ton here, and from a quarter least ex-
pected, to redeem the greenbacks in sill
| ver-dishonest, deprecated silver. Now,
here is the key to the whole situation
here is whore Henry Clews and the PEG.
pie get together, except that the people
favor beginning the redemption of the
! greenbacks in silver at once as fast as
they are presented. If it is right and
honest and lawful to redeem greenbacks
in silver at any time it is certainly right
| honest and lawful to do it nov.
These great fnanciers get wofuIly
mixed up in their efforts to rid the coun-
| try of every kind of money except gold
| and national bank notes.
THE presidents message on the Vene