The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-11-11
Social Correspondents ofAe I,leli1.na.r.

NEW YORK, Now u-Tho influences
mostadyerse to tho stock market this
week have been the unsettled stato Of
European politics; the fears Of a collapse
inthe "HNtli" speculation, and tho APP
proach Of sterling exchange to the gold
shipping point, The latter factor had
probably more influence than all tho
others combined, London was a steady
seller OF our stocks, and as wheat and
cotton do not 80 outwRrds with sutll'
Client freedom to pay for our large i'm
ports, tho supply Of BILLS was exhausted
and We find ourselves on the verge OF
gold exports instead Of the imports
usual at this season, The situation was
taken full advantage OF by professional
traders, who had little difficulty in
forcing liquidation by weak or tired
holders, particularly as the big opera
tors seemed willing for q decliue. 10.
wards the close OF the week there was u
rally based upon short covering, and n
more hopeful feeling developed. II
would soem as II oil tho unlaYorable
conditions had been fairly discounted by
tho decline OF tho last fOw
weeks, but enough uncertainty still
remains TO demand caution.
Tho outcome OF the election can hard
ly be said to have had much Immediate
eject upon the Investment markets, but
1t Is not therefore to be regarded as de-
void OF importance. II means much as
to the future Of parties, ltatrsngthens
,.nn,, Ia,fAn1Iy fhn NHnannnk ~ N naw
prOlongntton Of Republican ascendancy
in national affairs; and with that goes
probability that financial aud currency
questions will DO dealt with on different
lines from those laid down by the OPP
posito party. There Is no reason to
suppose that the Republicans are any
less desirOus to romoYo the dangers
connected with our currency system
than the Democrats have shown them
selves to be. But their methods Of
treatment are likely to follow ideals
which so far have been limited at rather
than openly considered. a party so
long in power may be expected TO have
some respect for the Institutions which
It has established; and Tor that reason
there il prima iacie probability
that the new Congress will hesitate to
hastily sacrifice the Rrsenback United
States notesl aud will DO in no hurry to
extend privileges to tho state banks In
conflicts with the interests and prestige
OF tho national banks. Indications are
not lacking tina: these two preposseS'
slons may 70 far towards shaping Re-
publican policy on financial and none.
tary measures. On tho question Of re.
firing the legal tender notes, n second
thought is beginning TO appear. The
argument is put forth in quarters which
will command attention that tho
troubles OF the treasury are not so
much due to the Rreenback itself and
what 1t intrinsically 10, as TO the fact
that there has been superadded TO that
note l50,0OO,000 Sherman notes aud
340,0O0000 silver certificate', all OF
which are, In the final issue, payable IN
gold. II is reasoned that the official
gold reserve Of Sl00,O00.000 is thus
made to bear burden OF SSSj. 900. 900 Of
obligations instead OF the SS45, 100000
originally contemplated; which, II is
claimed, is quite sufficient TO
throw discredit upon our whole
paper currency. To remedy this
vast excess OF paper over tho gold re.
serve, It is proposed that arSt tho entire
issue OF sherman notes shall be retired
through an issue Of low interest bonds,
which shall afford q basis for increased
issues OF national bank notes upon con.
liiiona moro liberal than those now OK
isting;and that, at a later stage, at least
good portion Of the silver certificates
Aha all be Withdrawn, and tho silver hold
against them, as we'll as that held
against the ShermRns, Shall DO disposed
Of. TO provide against the contraction
that would result from these Withdraw.
sis Of currency, it is suggested that tho
conditions OF issuing bank notOS shall
be 90 far eaaed as to admit Of a CORE.
spending increase In tho volume Of that
currency. In this way, the greenbacks
would bu retained In use, aud the priv.
logo OF Issuing bank paper would be
reserved to tho national banks.
At present II seems likely that q
policy OF this character may be favored
BY tho party into whoIe hands political
control 10 falling. 1t 10 not to BIO ques'
toned that such course would present
practicali,ioI and attractions that would
win for II considerable support Undor
such conditions tho groonbacks would
DO greatly strengthened, and would be
readily accepted for an important class
Of uses for which gold would othorWiao
DO required. Certain II Is that they
have fallen into discredit only since tho
other forma OF circulating notes have
been put out In such immense volume,
and tho withdrawal Of tue latter could
ouly giyo confidence TO the retained
original legal tondor A change oil this
character would be loss revolutionary
than tho ono favored by tho present ad.
minIstration, which would not only
withdraw all tho proJont forms o. paper
legal tondor, but would substitute a
now basis Of guarantee for bank notes,
and mako those notes issuablO by state
banks as well rs national.
The Significance 10 the market oil
those foroShadowings IL that thoy soem
10 suggest q working way out Of tho
treasury ADVERTISEMENTS, which may
10 preached for public consideration Ia
tho new Congress.
Tho position Of tho "kaiIir" troubles
In Paris Alcma to have boon somewhat
casod, ind thOrc IL loss apprehension Of
violent crash oil that speculation than
thoro hns boon. Tho European politt.
cal situation now ptosOnig tho most
gloomy aspect Of tho two. Wall sltOut
a beginning 10 breathe more freely IN
consequence; and rs thor1 has boon a
continuous letting down OF prlcas hero
for some wOoks past, tho tonU may soon
be expected to bOcomo mora hopeinl,
with moro disposition to buy. More
courageous buying than anlling ia what
/, really nodded before tho market Ia