The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-05-11
THE UvEAs1NEss IN WALL srnrrr

pressing prices. nb hepTcshlOu nus NOT, so Tar,
led TO any excessive Increase OF sales, but has
merely confirmed the dulness which has pre-
vailed on the Stock Exchange for several weeks
past. Operators on both sides are waiting.
first, to see how extensive the gold export move
ment will become. and, next what Will prob
ably be the result OF the approaching Preslden-
tlal election. AT the best, Presidential years
are VIGOROUSLY bad for business, and this ono
promises to be unusually so. both from the
perilous nature of the issues involved and from
the doubt of q favorable decision OF them.
II is moro than likely that the present outflow
Of gold will continue until our total loss of tho
metal considerably exceeds that OF last summer.
The causes producing IL are no less powerful
now than they we're then. while the artificial
distractions then placed In It's way By the Nor
gan-Belmont syndicate are now wanting. It
in our favor, indeed. that the Treasury holds,
locke up. $40, 600, 900 more gold, 100000 900
more legal tender and Treasury notes, and Sl5.-
900. 900 more silver dollars and silver certiti-
Gates than It held at this time last year, and, to
that extent. the currency in tho hands OF the
public has been diminished. The deficiency In
the revenue, also. which compels the reissue of
the redeemed legal tenders, is considerably
smaller this year. Nevertheless, the volume OF
our currency Is still much too great for the
needs OF the country, and the surplus must flow
away in gold, as the only form In which our for
eign creditors will accept payment.
The additional charge. equivalent to about
W ,"o W -
80 ...o.",., -"nn.""S -
euiy 70 ae'oiu eAp.neo' :, preSen ''s,
.em ae,u9,,uk u la"'o ~ enHNpn
ueo's. '"" N '"0 i"o.e "hen 'ie 'ou
TINS CITY years "Eooi e''''"t Jul. oel"een
banks by the laborious process Of sending
around, by each bank to each bank, messengers
bearing cneoSn II ura'ts, anu o'ihs'ns no"o
.neir proceeds u casn, lh's pruetice nas iouS
oeeh superseueu " u useoi u e'inp'o n"-
'hine'S ~ '"' o"''" 1''O % ~"
ectons IN gram nour, eol'on' VT metals are
coHp'eteo oy 'he e'ehanse u warehouse .
ceipts "hioh servo az REPRESENTATIVES, u U
co""oui.es u we o"'inu y ,a",po'' M"
llonso Oh ooii"re eoiu anu Ro.u ouiiio" U u
roacross tne ocean "hen' '. iheerh"t'ohai
suspicion anu o'strus'' we might Just Ae VOL
use cer''ncttes OF oeposit III INC hi'eu 9la'es
Treasury. the Bank OF England. the BANK OF
France or any similar institution.
onfortunateiS sucn an Improvement ike tne
universal o'sarmameht anu universal peace "o-
'ocateo oy eome oehe'oie"' ehtnusias's'' 10 u
present impossible anu the clumsy system oi
weighing. packing cartihe, shippihR' anu 'hsur-
Ing OF gold BACK ana torth Will prooaois con-
tinue TO prevail TOT years 10 come. In iact, iiN
could DO abolished the use OF gold generally as
money couid also De aoshdohed' ana the paper
obligations or governments and Government
banks could be made to take It's place. inc
actual goid Is needed only because OF a "ahto Oh
faith In promises to pay gold. ana so long as
nations are hostle 10 ono ahotner. ana war %
tween them is possible any gay TINS iaith must
necessarily DO wanting me substitution OF
credit for cash IN mercantile transactions De-
tween citizens OF the same country "hichi
every year becoming more anu more general ID
PROOF OF what might be done between cit'zehs OF
diuereht nations, proVlueu only 'ho uahEer ot
hostilities couid De ehtirei! removed.
just at this moment too' the monetary eA-
changes between tho united states ana the
countries OF Europe are aonorma'iS hanpereu
by the oouots OF our integrity geherateu ny the
enorts OF the free silver coinage party 10 oe-
craze the standard OF Vaiue' ana thus 10 make
deots contracted upon the golo OASIS payaoie
upon q silver pas's' "n'eh "ouiu vir'u@iy roo
our creditore OF one.haiL tneir uues' FROM
present Indications, inc Democrato party Is
bent upon committing itseil' IN the approach-
ing fres'oehtiai campaign 10 the free eii'or
poilcy' ana IL Is oy no means certain altnough
IL ID probable, that the iepuolcahs WIZ pro-
hounce sauareiy aga'nsti IL. me iaVor'te fres'-
oeht'ai canoiuate OF the Hepuoi'cahs . u man
"ho nus no hAeu eoh'io''ohs VI u suu!eo''
ana MS eiec'ioh' exceptlhe upon u piatior"
hosthe TO SILVER, "ou'o DC iar shor. " positive
VICTORY tr eoio ana u aeieat Oh silver inc
contest wouid oe ieit 10 DO uecioeo oS the elec-
ton OF representatives IN congress- ana the
oest "hich mat oocy can uo until II com
piexioh OF the e"hate ID chaheeu' VIII oe 10 keep
thlhgs IN a state OIL oouot.
Ataii events the contest VIII certainly extend
through inc coming summer ana 'nere Is no
assurance tha. i result VIII pos'ti'e's DO ue-
termined IN november. mat uitinateiy' the
country VIII pronounce ior the maintenance OF
the Roid standard respect tor the honesty OF the
mass OF our Fellow ciizens compeis us 10 oeiieVe'
put as YET the siiVerites are so NOISY anu so con-
ndent In the'F assertions OF their s'reheth $50
cause sreS. "hH'o'y .eres "ou'u
ne imperiiieo oy the'r success Inc situation
here IN TINS respect ID similar 10 thatih "hich
treat BRITAIN lounu lthelI JUST Oe1Ore the last