Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-01-29

Henry Clcws & Co.'s Circular.
New YORK, Jan. 26-Business in Wall
street remains dull In the investment
department, the transactions fan CON
siderably below what is usual at this
season, though prices for frst-class
mortgages, yielding about per cent
are quite steady. Speculative transact
lions are almost entirely confined to
room" operators. and all efforts TO
stimulate buying are spasmodlc and
ran nat. At the moment. the bears
seem 20 have the upper hand. perhaps
mainly because holders choose to give
them rope in order to entangle them In
a squeeze. The strong feature OF the
market lies in the fact that there are
so few weak holders, and that the own
ers OF stock regard securities as in
tfinsieally cheap at current quotations
and therefore will not sell except at an
advance upon present prices.
The market Is In mood TO seek an
occasion Tor postponement OF opera
tons; and 1t finds one ready to hand
In the treasury situation, the currency
question, and the Hardness OF congress
In doing something toward settling
these Issues. II Is generally conceded
that In the way Of legislation on the
currency question, rothlng is likely to
be done at present nor Indeed can be
properly done within the brief time re-
manning for the present congress. The
feeling In favor of the appointment OF
a national commission on the question
Is quite general. and the recommends
ton TO that effect by the chamber OF
commerce is likely TO strengthen that
sentiment. With respect to providing
| authority for borrowing 10 strengthen
the treasury, the feeling Is one Of grow
ing impatience, expressed In strong de-
! nunciatlon of the neglect Of congress
This postponement is the more mex
cusable because the Inevitable necessity
for the thing being done leaves so little
room for delay arising from differences
of opinion. The unelsness on this ar-
count Is increased by the suspicion
that the inactiOn Of congress Is due to
fears that action in this matter may
bring up again the eternal silver cues
ton. with all its disturbing influences
The question of the kind OF money In
which the treasury bonds shall be
made payable applies the match 10 a
great deal Of explosive congressional
material, and the Washington leaders
hesitate as to what Is the best way Of
getting around that difficulty, the more
! so as the silvcriteg are evidently await
! ing the occasion for Wrestling from the
! sound money men some sort Of conces-
sion to silver As usual. Senator Sher-
] man steps 70 inc 'front.' AN a ready COM
! promiser, and, instead OF strengthening
| public confidence by proposing that
! the bonds shall be payable In gold, in
/ PRODUCES a bill providing for an issue
OF per cents payable I'm coin" which
| means silver as well as gold The sem
! ator insist that as the word coin has
| always been used in government bonds.
| II should continue to he In taking
this stand, he seems to lose sight of
| the fact that when the word was orig
| inally inserted In the bond, silver
(Which is as much coin as gold) was at
| a premium over gold, and when the
| present bond act was passed-which Is
| now the only authority for the issue
| OF bonds-silver money was not In cir
| culatlou IN this country Senator Shor-
/ man must know that since TINT time
silver has deprecated from a premium
/ over gold TO less than Coo on the dollar,
] hence the word coin has not now the
| ring tliat Il once had Senator Sher-
! man would make a good "heathen Chi
| nese" II In China. because in that coun-
! try they still continue TO use the old
/ fashioned war weapons which they
| commenced with, and do not even now
| deem II necessary to change them TO
meet the conditions called for by mod
crn warfare. 1t Is for that reason the
] little laps have driven them to the
wall. The United States treasury. I
fear win he equally as badly crippled
as the Chinese are at the present time,
] If Senator sherman and congress do
not infuse the word gold into their
bonds, which modernized conditions
call for with hrst-class nations The
| nation that keeps abreast OF the times
] whether in Its money or weapons, win
conquer in the end, Teudnllsm has
| passed forever. The enlightenment OF
this generation IS not likely 70 give
way to another dark age. If Senator
Sherman will allow his mind to wan
der back over the past forty years, he
will realize that the progress in every
/ thing connected with the human race
has been greater than for all previous
! time. which calls for revolutionary
changes In methods, This country
therefore, must recognize gold as does
England, France, Germany, Austria
and Russia, as the money standard
and should put the word gold In future
bond contracts by legislative enact
ment. This country will then be on a
secure basis for the people OF all other
nations to deal with us.
There is very clear evidence Of prog
ress in public comprehension of the ma
ture of our financial difficulties, II is
seen that the bank currency question
Is only indirectly connected with the
treasury question; and that the treas
ury has two distinct branches. one re-
lating to deficiencies OF revenue, and
the other to the retention of gold In the
treasury. each Of which requires dis
tlnct methods Of adjustment. The gold
reserve is the most acute disease and
will perhaps prove the latest to yield
to treatment It can not be finally
remedled until the banks feel at liberty
to resume their former methods OF pay
ing out gold, and there are reasons t.
hone that some means may be ultl
mately devised by which the obsiaciei
at this point can be overcome L'sh
Is dawning; and the way out Of oul
emb; rrfgsment Is becoming daily NOR
Visible. HENRY CLEWS.
New York Cienrings.
~, u, ae-Rnnk Clearinge