The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-12-30
FINANCIAL REVIEW.
Henry clews's Weekly Letter ON
the business Outlook,
THE WAR PANIC is ABOUT OVER.
How l. Affected ths stock Market hanks
Must DO An They Can TO Protect the
unitel States Treasury MIR. Clsw's sag
ssstiOn Us TO bond Hin-Thss Year
CERTIFICATES,
Special Correspondence,

Special Correspondence.
NEW YORK, December 2s.-The SO.
we're break In the Stock Market on last
Friday aud Saturday indicated real
live pRnig 1t was short, sharp and de-
eIslye Il represented an Immense
quantity Of forced selling on the vari-
GUS steep declines which took place on
those two days, OF course u good deal
Of selling came also trcm frightened
holders both In this country and In
Europe, who were badly scared by the
war talk, The panic continued untifthe
llpuidNtion selling and the war scare
selling exhausted itself. Investment
buying stepped into tho breach, as Is
usual at all panic periods, and quickly
absorbed the stocks and bonds that
were cold ut bargain prices. In that
way Wall Street was relieved Of It's bur-
den, and Is IN consequence, now on u
more Gold basis than before. People
who had Idle money on hand have now
Invested II In properties that were pre-
Viously IN speculative Hands on mar
gins Weak holders are out and strong
holders have taken their places, thus
renewing any further danger to wall
Street on eveit renewal OF the panic.
The pnnic has come and gone and the
financial situation In consequence Is not
unlike the effect OF cutting on a dogs
tahiti can't bo done over again.
The time has now arrived for the
banks 10 do all they can " protect the
United StRes Treasury from periodical
gold drains and they can easily do II
by an understanding amongst them
IA aul la
their dealers to draw grcenbacks from
them 10 get gold from the Treasury, II
the greonbacks, whom demanded. are
paid out In small bills over the counter,
requiring each bill TO be counted before
leaving the bank. and then counted
again at the Treasury, and the gold
given therefor also paid out over the
counter. requiring to be counted by the
receiver, II would not be 80 easy or
agreeable n matter to draw gold from
the Treasury. The banks OF England,
France and Germany put all the Obsta-
Giles possible in the way when gold is
required from them In large amounts
20 send out OF their countries, while in
this country we have always done ex-
actly the opposite, The banks have
furnished the facilities by giving green
backs In large quantities, when called
ury MS received from the banks, and the
Government gives gold in exchange al
most instantly In bags with the govern
ment's seal on, the amount being on
cially marked thereon These bags as
received from the Treasury are put on
shipboard and depart from our country
seriously 10 our detrlment In tlmea like
these The general feeling In Wall
Street now In that the war panic Is over
and that President Cleveland Will APP
point as members OF the Venezuelan
Commission able, dignlfied and upright
men, and that such n Commission can
then be relied upon TO be instrumental
In erecting n settlement OF the Anglo
Venezuelan boundary dispute to the
credit and honor OF both countries, a
settlement through diplomacy will GER
talnly make a better record for Presi-
dent Cleveland and Congress than can
possibly be obtained through drawing
the sword against a nation OF our own
flesh. blood and language, people with
whom united we stand, divided we fall.
The present contest OF races Is for DOM
ination. II Is. therefore, all important
for the EnElish-sp speaking people to
stand together. II means the spreading
Of civilization and Christianity 10 all
parts OF the globe. A war between Eng
land and the United StRes would be In
reality a civil war, and as both nations
are brave, bold and determined In war
fare. the disaster would be beyond con-
ceptlon. and could only result as n VIC
tory TO barbariBm: or at any rate, a tre-
mendous setback TO civilization.
The financial situation now needs
Congressional action for It's repair. II
bill were speedily passed OF the fol-
lowing character think II would meet
the case. as the government wants gold
now and not currency: The act should
provide for an issue OF certificates hnv-
Ing three years TO run. payable In gold.
bearing three per cent. interest, 10 be
sold at 100 only for gold. on such an
obligation the government could get all
the gold from time from time to time
that ~ needed without any difficulty. !
suggest a certificate in place OF bond
TO DO issued. because II Is argued in Com
gress that to pass an act TO Issue gold
bonds at the present time would be an
invidious distinction against the other
bonds now out, as they all specify pay
able in coin. HENRY oLEwS.