Birmingham state herald., 1896-07-22

l that has ever been known in this or any l other civilized country. The difference l alone in a good or bad crop makes a diff ference of several thousand millions in the prosperity and income of our ra- l tion. Taking this into consideration, l why should the people show such un- l necessary alarm a t what can be at most only temporary change in our national currency, which at the worst would only cause loss of $f000000 GOO or more before the same law could be repealed, provided such became necessary?
 "One of the chief advantages of our form of government consists in the fact that we as a people are at all times in a position to try by experiment any ques- tion that may be raised and which becomes of national import ance. We are also in position to repeal at any time any law that may, under such circumstances, be found to be inexpedient With such a gov ernment, and with such resources of great national wealth, where is the cause for such unnecessary alarm as we are at the present time eXperlencing?. It would be well for the American citizen to real i2e that no matter what man may say on the stump, or what sentiments he may express as a politician, that when that man finds himself the president of 75,000,- 900 of the most intelligent people the world has ever known surrounded by
 
 as a cabinet he will naturally look at things and consider seriously their own propositions before they dare to put them into effect.
 As regards the present condition of affairs in Wall street, as pertaining to stocks and their prices, I find myself in a position to say positively that at present the public are so entirely free from the market and have withdrawn so entirely from specula tion that their dealings have Ia a4. inc a H Hn XVf the present prices. Few If any stocks are at present held by the public, and with one or two exceptions l can state positively that every stock on the list to- day is being bought and held at present prices by the officers and directors Of the various companies This is occasoned from positive knowledge on the part of those best able to know the facts that these stocks are selling for less than they are worth. In some instances stocks are selling at half of their actual value, as known by the officers of the various com panies. Never was there a time in the history of the street" when stocks were so well protected by the. inside interests, and all from the knowledge that they are selling, as previously stated, far less than their intrinsic value.
 Under such circumstances, what bet ter evidence does the public ask as a se- curity of their investments? The history of Wall street has shown that when
 
 were generally listed for the purpose of selling out or unloading on the general public Under such circumstances the public have bought, and have generally been feeced in the end to the enrichment of the managers of the general proper ties. At the present time, for the first time in the history of the street. we find the situa tioif reversed. Why then I ask again, is this not the very best evidence that stocks are purchase, and that there is a security on any investments the purchaser may care to make?
 Should Mir, Mckinley be elected con- rapid risttake place in the general mar ket Those who have bought stocks at present prices will not care to sell them, and those who would buy will be obliged to pay the actual value fer what he gets, which will, in some instances, be double what it is at the present time.
 Should Mir Bryan be elected we will, in all probability, have what might prac- tically be termed an imitation, which will of itself create a temporary fictitious though it may be, period of high prices, wild extravaganza and expenditure and apparent wonderful unheard of prosperi- ty. IN OTHER WORDS, WE WILL SEE RE- E-ENACTED THE TIMES THAT EXISTED FROM 1865 TO 1872.
 "In either case, therefore, we will eventually see grand upward move ment from present prices, and the wise men will wonder why it was they could for the time being be so blinded by a foolish sentiment. The prosperity of our country was never greater than at the present time. Properties, especially rail road stocks, were never better protected or taken care of by the official interests, and never was there a better cause or reason for expecting these properties to maintain themselves and to make their present, if not an increased, dividends.
 Another point 1 would call attention to is the fact that for the past several years Europe has been constantly sell ing our stocks. These stocks have been taken up by our people at home, whereas formerly we paid interest and dividends upon several thousand millions of secur- ities semi-annually or quarterly to Flu rope We have proven that we ourselves are able to take care of our own proper ties, and these dividends instead of go- ing constantly abroad, are being kept at home, being a constant course of income to our nation instead of source of sup port to foreigners. This alone amounts to several hundred millions per annum, and, like the constant flow of a river, is bound in time to have its effect, despite the efforts of few jealous politicians to dam up the stream.
 with the above mentioned facts to the thinking man, 1t seems to me that the inevitable conclusion is that any de- pression can only be temporary and is based on sentiment and lack of conf1- dence which cannot last, and which in | no way can affect our inevitable prosper | ity and the actual value of our proper | ties. Very respectfully,
 "E. B. CUTHBERT New York, July 16, 1S96."
 
 HAD AS WE'LL TAKE NOTICE.