The Superior times. [volume] (Superior, Wis.) 1870-1912, 1895-07-06
What Henry CIews Says.

Wall street is not in a mood to borrow
trouble from the drift of the silver agi-
tatiou. Above all interests, II Is mort
disposed to put faith in the safey of the
common sense conclusion Of the popu
lar Judgment. 1t has too often seen the
country brought to the verge Of seeing
catastrophe only to be rescued by the
eleventh hour conservatism Of the peo-
pie, to have any fear that the craze for
national free coinage will ever be con-
summed. Our people are not given to
Violent revolutions; they dislike great
changes which are purely theoretical
and experimental; and although they
rather enjoy the excitement Of an agl-
principle yet, when the stage Of decls-
ion arrives, they know how to say No,
to the scheme of mere agitation and To
the abbettors of the mere alterations
! of factionists. 1t may surely be taken
Tor granted that the great mass Of our
people are fully capable Of understand
ing that free coinage at IL to | means
a sweeping revolution in every interest,
financial, commercial and INDUSTRIAL
a CONFUSION that would leave behind
no stable basis OF prices, no fixed stand
ard of money value.
1t needs no more common sense than
/ our citizens exercise at every election
+ 10 discern that such a change would
4 end in business DISCRIMINATION, nation
4 al discredit and widespread ruin; and
+ Wall street repOses confidence in the
: final protection of this "a Teguard against
an insane monetary revolution. Nor
/ do the men of the Stock Exchange take
1 the politicians at their seeming worst
/ in this matter. 1t belongs to the willy
! tactics Of politics to humor even the
/ widest vagaries that crop up from pop
ular ignorance and prejudice. So far
as such vagaries may be likely to inliu
/ ence votes, their deyotees are tlattered
/ by promises Of representation in plat
/ forms and legislation in Congress; and
hence any sort OF folly receives a meas
ure Of liberation.
| But, at the same time, the leaders
/ who finally control the drift of politics
have to maintain more respect for the
| reputation of their party than for the
/ humOring of monetary yagarists; and it
may lie regarded an impOssibility in
practical politics that majority of
either party would finally perpetrate
/ the suicide Of sanctioning unlimited
/ coinage OF silver at IS to l, or any other
/ policy that would eGdanger the per
/ manence Of the supremacy of the gold
| standard in the United States 1t is
! confidence in these general conclusions
! based on the working of our political
/ institutions that keeps Wall street calm
| and unapprehensive in the midst of the
prevailing excitement on the silver
! question. In a word, its estimate of
the preponderant judgment and con-
/ seryatism of the American people is
one that excludes the possibility of
| silyerism ever becoming the law of the
/ land.
This conclusion might be less trust
worthy were there any possibility of
aiiiillChidkC az AIclA u iolI 'iutSliOIl nc
ing taken. But politicians most famil-
lar with tie complexion of Congress
ional sentiment on this question agree
that the new House of Representatives
stand two to one against free coinage
| And where the attitude Of Congress less
certain, there still remains the TACT that,
| so long as Mr.. Cleveland retains author
ity, no law favoring silver could escape
his veto; so that, until the assembling
of Congress in the Winter OF 1897, there
is no possibility of any change being
made in the legal status of silver. For
the interval, there is opportunity
enough for the common sense of the
nation to do its saving work.
Operations on the Stock Exchange
have been on a limited scale There
were good reasons for this; due to the
inevitable waiting for the organization
scheme winch are shortly expected to
be announced. Large operators
naturally hold aloof until the nature of
these settlements is better known.
Another reason was the apathy of the
London market in spite of the fact that
foreigners are ready buyers Of all first
class issues. Still another cause Of hes
itancy is the inclination to discrmi-
nate more closely IN speculative pur-
chases, a disposition which is likely to
become more marked as the advance
continues. Thus far the market has
not had any severe test; so that pru-
dent operators, even when believing
III better prices, are more particular as
to the financial condition of properties
as well a their business prospects.
The industrials have been subject to
several bear attacks; but thus far the
railroads have successfully resisted all
attempts at depression; the steady in
crease of earnings and the improved
commercial and crop outlook discourage
ing any general selling of railroad
stocks. The decentralization of rates
checked buying it is true, but failed TO
induce any decline Of consequence;
showing that confidence in the future
IS undl>turbCd.
Pennsylvania last monthly report
attracted much attention for Its salts
factory results; and from the wide ter
ritory covered and large variety of pro-
duce carried was regarded an excellent
proof Of business Improvement The
break in the Industrials, which began
on Thursday, was not a very great sur
+ prise. These securities have long been
: an element of weakness in the situa-
ton. and the disturbance there must
naturally have an effect upon other
securities. The bears have made one
: successful stroke and are not likely to
give IN until having done their utmost.
Stop ordcts caused very heavy selling.
TIE decline, however, will in the end
benefit the marked by creating fresh