Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-02-20

What the veteran FinRncier Thinks
OF Matters Monetary,

CLEws ON STOCKS.
/
What the Veteran Einnncier Thinks
OF Matters Monetary.
New York, Feb. 19.LThe past week
| has Witnessed little change In the spec
ulative aspects of Wall street business.
! There has been, however, u good deal
OF earnest thinking, and on somewhat
more cheering lines. The financial
class have ceased 70 walt ON congress
! ana center their hopes upon the con-
summation Of the syndicate loan. The
erect or the negotiation upon prices
was merely fractional, simply because
! spectators have become so disheart.
ened as TO be almost lnsensible TO any
| sort of exciting incident. Nevertheless
the long-headed leaders are beginning
to feel that something Of real Import
| ance has come over Investment and
speculative interests, when the Roths-
! childs and other great foreign bankers
have come to the rescue.
! Ihe loan contract bears an air OF
serious purpose. 1t includes dimly de-
J hned provisions which suggest some
thing more than a transient negotia-
| tors operation for the reward OF a
| round profit and then leaving the luck
| less borrower to whatever fate betides.
/ The work undertaken by these kings OF
| finance involves some very broad COM
/ mltmcnts and some tasks which beft
| only the boldost and most resourccful
| commanders OF capital. Such flnan-
/ ciers understand the Significance OF an
| undertaking to repair the badly inn
| paired finances of great and vigorous
nation, They appreciate the prestige
! of saving a nations credit. ana are not
| likely to administer a momentary pal
/ lialvc and then leave the patient to
! perish They work Cor high prestige
| as well as for high profit. They COM
| prehend that there Is such thing as
| patriotic gratitude, and are aware that
a nation saved from the verge of mo-
| notary degradation Is not likely 10 for
| get Its bcnefactors.
| In the present case there are other
| considerations which very directly con-
| Germ the interests or these great ncgo-
tiators. The United States is now in a
! condition that materially affects vast
| European interests,l The process of re-
recovery from thee great foreign re-
/ action that set I'm with the Raring's
failure moves slowly and hesitatingly.
There is stlll conspicuous absence OF
complete confidence; commerce is held
In restraint; important enterprises are
kept In suspense; money acclmulutes
In huge idle masses capital and in
vestment are suffering from stagnancy.
! Nothing contributes more than the en-
| feebled condition OF the United states
| to the perpctuation OF these conditions
| In Europe. We rank as the second
| trade power In the family Of nations
] Our demand for merchandise Is broad
| ly felt In every great market Of the
| world. our Investments are more
I largely held IN Europe than those of
! any other country. Above all. we are
l an important silver using country. and
I the Significance of that factor lies not
0 slr,s.l a..
| tion whether this may impair the value
Of our securities held so largely abroad,
/ but equally In the fact that, II we come
! out Of our silver struggle with a fixed
and permanent commitment TO the gold
standard, that precedent win go far
towards settling the same question FOR
all Europe.
1t is easy to perceive how, under such
! circumstances, the worlds leading
bankers may see. I'm the restoration OF
! our finances and our salvation from
the silver peril, much more than a
mere profit ON a large negotiation. Ii
rs easily conceivable how they may re-
gard the restoration of American
/ finances as u great step towards the
revival OF confidence and enterprise
! throughout the world at large-.a ful.
| crum for lifting universal confidence to
1 a higher elevation, Upon this assump-
! tion we may regard the purposes of the
! syndicate as probably extending much
beyond the mere terms OF their con-
tract. as meaning, in short, a pntpose 20
stand by this government until It's
finances are placed upon sure and
permanent foundation. Wall street Is
seeming this sort Of Significance in the
bond transaction, and may draw very
encouraging conclusions therefrom, cal
culated to develop a much healthier
tone In the financial mark It's.
The failure OF the house OF represent
utiyes TO adopt a gold loan bill is
most disgraeeful miscarriage of legis-
lation, humiliatlng alike to congress
and the nation. As the question turned
upon the bubble as between the terms
''in coin" and ''in gold coin," and 1t
may be lust possible that the house
will attempt TO redeem its discrcdit by
some other form OF bill, would sug-
gest that congress PASS an act author
iging the issue OF si,20O,o00,0O0 bonds.
the rate Of Interest not TO exceed per
cent. payable in coin" the holders Of
said bonds to have the option when
The government makes payment Of
principal or interest to demand gold
or silver coin or legal tender notes
therefor. s6s5, 900. 900 OF said bonds to be
heid in reserve 10 provide for that
amount OF outstanding bonds. the hold
ers Of such bonds TO have the option
al or DNIOFe tUtlI lidAhtf'' W NpHNfAN
! iron, into the. bonds authorized by this
act, bearing 1-2 per cent interest, the
$500 OO0, 900 remaining to be issued al
The discretion OF the secretary OF the
treasury, with the consent OF the presi-
dent Of the United States. for the pur-
poses named In the funding act or
1870 and the resumption act OF 1875, all
other provisions In said acts 10 be re-
peaIed on the enactment Of this meas
/ ure
The first half Of President Cieve-
lands administration certainly proved
very disastrous to the business and
labor interests OF the country. as II
was fun " object lessons OF a drastic
character. The president has now
commenced on the last half OF his
term OF Office and there are not want
ing Indications that his policy viii be
10 restore confidence. 50 as to bring
back a return OF prosperity. His object
lessons hereafter will be directed to
the members OF congress-, and not to
their cons.isr,snts Tits IL ono good