The herald., 1896-05-28
HENRY CLEWS' LETTER

NEW YORK, May 90 - Wall street
continues to lack any fixed basis of con-
fidence for transient operations. Mate
rial conditions are satisfactory; such as
the prospects of the crops. the earnings
of the railroads and the movement in
the larger departments of merchan-
disc, and the exports of gold are viewed
as but natural movement. Virtually
the sole obstacle in the way of an active
and rising market is the condition of
politics. That element of suspense is,
however, strong enough to obstruct
operations, and it exposes the market
to attacks under which prices easily
yield. 1t is factor which nobody ven
lures to resist. and its natural effect Is
to induce realizing among small holders
and a steady fall in prices. while the
larger and stronger holders generally
hold on to their stocks.
With such an issue as now profoundly
agitates the country from end to end. an
unsettled and waiting feeling in specu-
latiVe circles is perhaps all that may be
expected. Wall street is the point at
which the greatest sensitiveness' of'the
silver agitation centers. The question
about which our millions of people are
so excitedly occupying themselves is
neither more nor less than-what shall
be the kind and value of the money in
which our thousands of millions of ma
tionai corporate and private long obli
cations shall be settled. and what the
currency i'll which the commerce of this
great and rapidly growing nation shall
be transacted-the money of the most
stable and prosperous countries? or
that of mi-civilized, distrusted. ami
bankrupt nations? The crisis of decid-
ing such question is one of the most
important that can befall a country The
mere fact that large portion of our
people should be intent upon forcing the
acceptance OF debased and fiuctuating
metal as standard money is discourag-
ing symptom, for it shows to what dan
gerous ends an ignorant free suffrage
may be prostituted. That alone is
enough to produce a deep unsettlement
or feeling among responsible property
owning citizens, for the same incapacity
lor judging upon complex money Qles-
lions may easily, at any time. imperil
the country under the settlement of
other large questions affecting the well
fare OF the nation.
Inc danger from popular prejudice and
ignorance in connection with this silver
agitation is, however. something more
than a conceivable evil possibility. tits
threatened actuality. II is up for i'm
mediate decision: and at this moment.
10 one can feel absolutely certain that
TINS worst curse of a nation may not be
brought to a conclusion within a COM
paratively few months.
wall street is not in any degree in
sensible to this crisis. 1t sees and meas
ures it in all its length and breadth:
but it is calm and self possessed. 1t
refuses to believe that, when the strug-
gle comes to a tinality. The American
people will be found capab BILE of delib-
crate act of national suicide 1t can I'M
derstand that the danger may reach
an acuter stage than it now presents:
1t is quite prepared for the possibility
that managing politicians may go fur
Their than they have yet dared in the
way of sacrificing sound money policy
in order to secure votes for their candi-
dates; 1T is aware that startling results
may come out of either of the party con-
ventons; it would hardly be surprised
should the silverites be able to block
sound money Legislation in the next con-
Sress: all these things may be classed
among the possibilities of the next few
months. But Wall street is not graVely
dismayed at this outlook. 1t has learned
to believe that there are greater poten-
cies than party platforms. than legisla-
tive subserviency TO popular ignorance,
than the madness of partisan ihfatu-
alton. They know that there are stu-
atoms and events which can instantly
coerce and convert the most reckless
legislators into the willing servants of a