The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-02-18
Says Horny olqws, II Adopted by
tho Government, Would Prove
4 MAGlC TALISMnN TO RESURRECT
Prosperity From tho Gloom OF Finnn.
ciai scpulturc - Tho Principles
which WIN Guido tho Foreign Syn.
dieato ia Their Effort to I,ostoro
Our Impaired Crodlt-rhc Action OF
Congress CharactcrIznd as Disgrace.
m'-A bond Scheme Suggested.
'pt.ial Correspondence Of he Mltlii,tnc,r

mas witnessed little change In tho spccu.
lalivo aspects Of Wall atreet business.
There has boon. however, a good deal Of
earnest thinking, and on somewhat
moro cheering lines. Tho financial class
havo ceased to wait on Congress and
contrc their hope, upon tho consum ma.
ton OF tho syndicate loan. Tho effect
Of tho negotiation upon prices was
merely fractional, simply because
spectators have become 80 dishcartened
@ to be almost insensiblc 10 any sort OF
exciting incident. Nevertheless, tho
ions.hcadod leaders arc beginning to
ioel that something OF real importance
has como over investment and spccu.
laiive interests, when tho Rothschilds
and other great foreign bankers have
come to the rescue.
lilo loan contract bears an air OF seri.
Gus purpose. 1t includes dimly defined
provisions which suggest somethin:
more than transient ncsotiators
operation for tho reward OF u round pro-
fit and then leaving tho lucklcSs Dor.
rover TO whatever fate be,ides. The
work undertaken by these kinca OF
finance involves some very broad com.
m!tments and some tasks which beiit
only tho boldest and most resourcelul
commanders OF capital. Such tinanciers
understand the Significance OF an under.
taking to repair the badly impaired
finances OF n great and vigorous nation.
They appreciate the prestige OF saying
n nations credit. aud are not likely to
administer momentary palliative and
then leave the patlentto perish. They
work for high prestige as well us for
high profit. They comprehend tha.
there is such thing us patriotic graft.
tude, and are hware that nation saved
from the verge OF monetary degradation
is not likely to forget its beneiac,ors.
In the present case, there arc other
considerations which very directly con-
Germ the Interests Of these great negotia.
tors. The United States is now IN
condition that materially. affects vast
European interests. Tho process OF re-
covery from the grcat foreign reaction
that set in with the Baring's failure
moves slowly and hcsitatinIly. There
is still conspicuous absence OF com.
ple,e confidence; commerce is held in
restraint; important enterprises are
kept IN suspense; money accumulates
in huge idle masses; capital aud invest
ment are suffering from stagnancy.
Nothing contributes more than the on
feeblcd condition OF the United States
TO the perpetuatlon OF these conditions
in Europe. We rank as the second
trade power in the family OF nations.
Our demand for merchandise is broadly
felt III every great market OF the world.
Our Investments ure more largely held
in Europe than those OF any other coun.
try. Above all. We are an important
silver using country; and the signiti-
cameo OF that factor lies not wholly, il
even principally. in the question
whether this may impair the value OF
our securities held so largely abroad,
but equally in the fact that, if we como
out OF our silver struggle with fixed
and permanent commitment to tho gold
standard. that precedent will go far to.
wards settling the same question for all
Europe.
1t is easy to perceive how. under such
circumstances, tho worlds leading
bankers may see, in the restoration OF
our finances and our salvation from the
silver peril. much more than mere
profit on large negotiation. 1t is easily
conceivable how they may regard tho
restoration OF American finances rs a
great stcp towards the revival OF con.
fidcnce and enterprise lthroushou. the
world at large.-a fulcrum for lifting
universal confidence to higher olcva.
ton. Upon this assumption. We may
regard the purposes OF the syndicate as
probably extending much beyond the
mere terms OF their contract, as mean
ing. IN short, purpose to stand BY this
government until its finances are placed
upon sure and permanent foundation.
Wall street is scentins this sort OF sig
nifcance in the bond transaction, and
may soon draw very encouraging con-
illusions thereirom, calculated to develop
much healthier tone in the financial
markets.
The failure OF the house OF rcprcs-
entativcs to adopt tho gold loan bill is n
most disg.acetul miscarriage of legl,-
lation, humiliating alike to Congress
and tho nation. AS the question turned
upon tho bubble rs between the terms
Sin coin" and "in gold coin" and it may
be Just possible that the house will at.
tempt to redeem its discredit by some
other form Of bill, / would suggest that
Congress pass an act authorizing tho
issue OF $l,20O,000.000 bonds, the rate
OF interest not to exceed 8 per cent, pay
able in "coin." tho holders OF said
bonds to have the option when tho gov
ornment makes payment OF principal or
interest to demand gold or silver coin
or legal tender notes therefor, $685., 000,-
900 OF said bonds to be hold in reserve
to provide for that amount OF outstand.
ing bonds. tho holders OF such bonds
to have the option Mt or before their
maturity to convert them into tho bonds
authorized by this act bearing q per
cont intcrest-the $500, 900 remain
ing to BIO issued at the discretion OF tho
secretary OF tho treasury with tho con-
aent OF tho President Of tho United
States for tho purposes namod in tho
funding net OF 1870 and tho resumption
net OF 1875. all other provisions in said
nets to BIO repealed on tho enactment Of
this measure.
The first half OF President Clovoland's
administration certainly proved very
disastrous to tho business aud labor in.
forests OF tho country. rs it was full Of
object lessons OF n drastic character.
Tho President has now commenced on
tho last half OF his term Of Office, aud
thoro arc not wanting indications that
his policy will DO 10 restore confidence 10
rs to bring back return OF prosperity.
His object loasons hereafter will BIO di.
raclnl IN TIM rnnn hnra of Cnnnrnua nnI