The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-08-19
FINANCIAL REVIEW.
Henry olews's Weekly LottOr on
tho Business Outlook,
UNCERTAINTIES THAT FagE US.
Tho Danger Of Tonowal o, tho
Drain on Gold Anor tho With.
drawal of tho Bond syndloato-rhu
Probabilities OF Another I.oau-rho
GoneraI Situation.
SOD c0n.nsadn.. oLM. h.nlltnr.,

Special c0rfsspJadsa,e " he hkllJsaesr.
NGw HoRE, August 1.-THE general
course Of affairs in Wall slroot continues
to drift In tho direction which has been,
from time to time, foreshadowOd in theso
adylcOs. While concaliug fully all the
advantages arising from tho healthy
natural tendency OF the material into.
rests Of tho country, Wo have urged the
necessity Of making some considerable
allowance for tho countsracling intluen.
ces connected with the state OF the treas.
ury and the unsatisfactory condition Of
our currency system, Tho surprising
recovery that has attended tho efforts Of
the Loan Syndicate, in shielding US for
elk months from those baneiul financial
aud monetary influences, shows in the
most gratifying way tho real vlgor that
underlies our industrial resources and
demonstrates how great might DO the
national progress, weru our money ar.
r.ugemenls Us sound as our material
wealth Is great, Tho picture oil auch
possibilities exhibited to Us by the
magic aohieyepeE;s OF the syndicate
has inspired an enthusiasm not entirely
consistent with prudent Circumspec.
ton, Many have forgotten that the
country has been only artiticlaliy and
temporarily shielded from tho unsafe
monetary and lscal conditions, aud
thai, when the supporting hand OF the
great bankers is withdrawn, we shall
stand exposed to tho identical Condi.
items from which the nOgotlators have
90 completely protected us.
II is useless TO expect that the mere
recovery OF business aud OF confidence
would fully protect US after the with.
drawRl Of the syndicate; for the troas.
ury, the real centre OF these troubles,
would DO az much as over without any
gold income and therefore as exposed
as before TO inability to meet its ordi.
nary gold payments and to provide gold
for ths usual exports OF speciei aud con.
seuuently there would bo renewal Of
the drain on the gold reserve. OF
Course, the government would have full
authority to mako another loan OF fifty
millions, and there Is little doubt that
Mr.. Cleveland would take that resort
But the REPETITION OF borrowing has not
been expected, and its occurrence would
have unfortunate and possibly serious
consequences; how serious, would largo,
ly depend upon the view taken by our
foreign creditors; OF whom It can only
be said that they arc more sensitive
about ~ oN1nra n UaNtirt, nuH Ia REQ isaUO.
OF legal tender paper than any other
conditions.
These are tho uncertainties that now
face US. and although the mass Of our
people do not seem TO have yet appro.
ciated their Importance, yet they can
only be expected to realize their deli.
cacy more aud more aI Affairs drift on.
It is truo that these untavorable con-
tingencies arc susceptible OF being
averted by return to tho old rela.
tons, as to the use OF gold, between the
banks and the treasury-she suspension
OF which has been the chief contribu-
ton to the past financial arrangements.
But the return to gold payments by the
treasury at the clearing house. to gold
payments by tho banks at the custom
house, and to paying out gold bv the
banks for export, 10 not an ea'y achieve.
mont. Possibly, further pressure may
be- needed 10 bring the banks back to
this normal readjuument to old condI-
tons. The treasury. however, appears
to stand ready to resume those past rs.
lations, and there seems to DO good
reason for believing that any obstacle to
the full resumption OF gold payments
will not come from Washington. Bu!
whilst there is room for hoping that
such settlement may not be in the far
future, vet the fac. TO the point is that
nothing Of the kind Is yet in sight, and
so long az that continues to bo the case
the policy IhRvo recommended Of mod
Grafton In respect to stock operations
appears to DO the most prudent course.
HESRY CLEws.