The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-07

and this Is certainly a gratifying feature
after the hand-to-lnouth policy which has
and the security market are like a great
flexible mirror Under ordinary circum-
stances it reflects. as near as possible the
exact condition of affairs throughout the
country. Under. the genial atmosphere OF
prosperity. the bulls sometimes get under
meath and bulge it. whereupon it becomes
convex and exaggerates the re1exion, i. e..
overinf1ation in values. The reverse is the
case at present, and the mirror has as
Sumed a concave form under bear pressure,
a size somewhat smaller than is
days the bears have been forcing liquida-
ton on the part of weak holders. giving to
would naturally indicate a situation which
is growing worse all the time. This how
ever, is not the case. On the contrary,
pect. We have already written at length in
a previous letter regarding the true inward
ness of the pooling bin now pending before
become a law and why it probably will,
1t is now quite likely that the Senate will
body as it has the House. This measure
together with the currency question should
dangerous, as was proven last year in the
case of the tariff. The revolution at the
polls last November was Enthusiastically
largely due to the prolonged tariff agita-
ton in Congress. 1t should therefore, be
warning against currency tinkering in the
present expiring session of the same Con-
gress. All that is really desirable for the
present short session to do is to pass. the
railroad pooling bill and to pass a bill to
amend the law which authorizes the issue
of fve-per-cent. United States bonds by re-
ducing the rate of interest to 8 per cent
and, in consideration for making that low
rate, the bonds to be payable, both prin-
cipfe and interest, in gold coin. If this is
done 1t would meet the present emergency,
and would beyond doubt stop the export of
gold and the present drain upon the treas
ury In consequence. Europe would take an
unlimited number of such bonds and pay
a handsome premium for Them and would
prefer them to gold. This / do not
hesitate to assert, as / know whereof L
speak. With this legislation. together with
the appointment of a commission by Pres
ident Cleveland, to be comprised of the
newly-elected members of Congress- half
Republicans and half Democrats, to formu-
late currency plan to report to the next
Congress, the business situation would ma
terfally change for the better, and conf
dence and courage would revive and there
: by immensely stimulate business enterprise
now so much needed in all sections of the
country. The Governor of New York State
in his message just issued to the Assembly
says: L congratulate you and the people
whom you represent that we commence the
new year under favorlng auspices The
business outlook is much improved, as com
pared with it's condition a year ago. The
worst of the hard times has apparently
passed away. and we may reasonably hope
that during the ensuing year we will be
blessed with a fair degree of prosperity
These are encouraging words and without
question voice the sentiment of the masses
The cry should now be onward and upward;
slow but sure.