The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-01-21
spttlal coroponaenee d Me ln,tnLa.n,.,

some impression on prices; but, with
tho present limited holdings, tho
clears" cannot soil any important limos
Of stock without encountering difficulty
in borrowing shares to make their do.
liveries and exposing themselves to be-
ing squeezed. On Wednesday better
feeling was developed by Illinois Con.
trail declaring its usual rate of dividend,
In place OF making q reduction as was
generally expected. There arc also
other considerations calculated to bring
tho better class OF dividend.paying
stocks into demand. 1t seems to be
generally conceded that they have now
seen their worst experience, and that
the fall in prices has more than dis.
counted the recent adverse influences
affecting them, so that, at current
prices, they should DO n good purchase.
During the latter half OF the week, this
feeling was distinctly apparent. and tho
transactions in expectation Of better
prices for good properties produced n
more hopeful tone than has been appar.
ent for some time.
The treasury report on foreign com.
mercc for tho calendar year 1894 fur.
nlshed matter for some transient pessi.
mistic comment. The record shows
the effect oil the foreign distrus. excited
by our silver legislation OF 1890 more
strikiucly than the returns OF any OF
the three preceding years during which
the Sherman act had been in operation.
For the two fiscal years 1901 and
lS9l-2 combined, tho foreign CONNER.
cial movement, including that oil gold
and silver. showed an excess OF exports
over imports amounting to 800 millions.
or an average per year OF lO5 millions.
Taking the amount needed for pay
ments oil interest and dividends at the
usually estimated sum OF 100 millions
per year, It follows that the balance OF
Is millions went TO pay for returned
securities or 10 settle Withdrawn credits.
For the past year, We had net trade
balance oil Isl millions in our favor and
yet made net export OF gold amount
ing to 81 millions. leaving 90 millions
to be accounted for. Assuming 100
millions OF that Gum to have gone 10
the payment OF dividends and interest,
the remaining l62 millions will repro.
sent our liquidations OF various forms
OF foreign financial Indebtedness, such
Us securities sent home. real estate
mortgages. banking and other running
balances, the owners OF which pre-.
ferred 10 withdraw from use here.
With the foregoing figures covering
three and half years, it is easy to zee
how, during the four and half years
for which the silver act OF 1890 has
been in operation We may have been
driven into the liquidation OF fully $50
millions OF the principal OF our various
forms OF debt to foreign countries.
There can be little question about the
cause OF these immense Withdrawals OF
capital to Europe. In the main. it sig
niiics that our foreign creditors have
become distrustlul OF our ability to save
ourselves from drifting upon tho silver
basis. Their fear IL not so much about
the possibility OF gu. taking care OF
such silver money as We ut present
have. 1t is that the silver faction,
which has shown its ability to force on
the country already 500 millions OF what
are virtually fifty cent dollars. and that
il may still retain force enough TO yet
further increase those issues indefinite
~; and they aay that We have no satis-
factory assurances to the contrary to adj.
vance-but hopes only, which, il is
claimed, find little backing in the pres.
ent phases OF federal politics. In all this
there is q great deal OF exaggcration oil
the worst features OF our case, and por-
haps little disposition TO give due credit
for the certainty with which We always
ultimately correct our blunders but the
TACT nevertheless is that our critics
choose 10 take their own view OF the
matter, and their opinions can be
changed only by some sort OF conclusive
demonstration that no further issues OF
silver money in the United States arc
possible.
The prospects oil currency legislation
by the present Congress arc fast vanish
ing. if they have not wholly disappeared.
ANY general scheme for dealing with
bank circulation becomes more impos.
siblc OF hurried realization as diversi.
ties Of opinion develop. limo must be
allowed for tho comparison and matur-
ing OF views; and sentiment seems 10 be
drifting in favor OF tho appointment OF
n national commission OF eminent OK
perts. who shall hear witnesses and re-
port conclusions ut the noEt sesslon OF
Congress. There is much 10 DO said in
favor OF that course, especially as con-
gressmen arc impericctly informed on
tho question. and rs this method oil
treatment might develop tho mature
judgment OF those best qualified TO coun-
FOl better than any other. But tho do.
ranged condition OF the treasury iinan.
COS md OF tho gold reserve is u separate
matter, which will not admit OF any
such postponoment- A measure pro-
viding in tho first place for deficiencies
Of revenue. and in tho next for gold
income, imperativcly needs TO be enacted
at tho pending session Of Congress, aud
it is hardly conceivable that tho admin
istration will iail to urge the adoption
Of Il law to that effect ut an early day.
That being accomplished, tho moro
acute and urgent difficulties will DO
overcome, and tho question OF retiring
tho legal tenders and filling their places
with bank notes can DO well allowed to
stand over for year without any i'm
mediate sorioua inconvenience. That is
In tho nature OF general currency
measure; whilst tho troasury problem
10 tho much narrower one OF rc-ostab-
liahing recent dcparturcs from tho Gus
tomary usngos Of making payments to
tho government in gold or gold ccrtiil-
Gates. HESRf CLEws.
Tim Mimi Ir.ilr.