New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-26
(BY CABLE TO THE rRIBUNE.l


attention here. but have served to deepen the
impression that anomalous political revolu-
ton is In progress in America, with all the
moral forces Of public opinion on the Republican
side. The demoraized Democracy with Its Pop
ulist allies has succeeded in temporarily dscrec.
iting the Nation and clouding Its future. Wher.
ever American affairs are discussed grave ap-
prehension is expressed Of the secession OF the
West and South from the East, the repudiation
Of the National debt and a possible catastrophe
by which republican institutions all over tho
world will be shaken to their foundations Fore
casts Of the election of Mckinley and the restor-
alton OF American prosperity are accepted sus-
picously as premature and oversangune. The
grotesQue performances OF the Populist Con-
vention. following the nomination Of stump
orator on the strength Of chance metaphor
rather than a career Of public service, have con-
vnced cautious observers that America is seeth-
ing with social unrest and that nobody can fore
tell what will happen in November The moral
that is generally pointed is that merchants cam
not be too cautious In business dealings with
American houses and that American securities
should not be purchased under any circum-
stances.
/ asked prominent and well-informed banker
yesterday whether the gold shipments would
continue from the United States, and the gold
reserve again be depleted so heavily as to force
the Government to issue a loan. He re-
piled that the American banks would undoubt-
edly come to the rescue Of the Government and
make good the losses of gold. They could pro-
tect the Government until November II they
wished to do so. and they could be de-
pended upon to stave off q new fnan.
cial crisis He did not apprehend THAI
fhora ha
gold reserve in the next three months. II
Bryan elected, gold would leave the coun-
try and nothing could step It, Gold payments
would be suspended as 1t would be impossible
to float new loan after the triumph OF the party
which Is committed to repudiation. The situa-
tion would be greatly improved II Mckinley were
elected, and new issue Of bonds could then b
negotiated If necessary, IN order to maintain
gold payments. American credit abroad had
been greatly damaged. however, by the recent
proceedings Of the Democratic and Populist con-
ventions, and the faith of Europeans in the per-
petuity Of Republican institutions had been
seriously impaired. The assurance which was
anxiously awaited in Europe was an explicit
declaration by the new Administration. sup
ported by Congress. that the Nation meant to
pay its debts in gold and not repudiate them.
Any issue Of gold bonds would be salable In
Europe after McKinley's election, and II would
suffice to keep up the Treasury gold reserve;
but what was Indispensable was the conver-
sion of the Treasury deficit into a surplus.
coupled with thorough scheme Of currency
reform which should include the cancellation
Of grcenbacks when redeemed.
This opinion Is generally held In Lombard
Street and is reflected by all financial Journals
The effect OF Bryan's nomination In causing so
cial unrest and political decentralization has
been shown by the heavy fall in American rail-
way securities. If the lists Of stocks Of fort
night ago and to-day be compared, the decline
will be found to run from ii to 20 per cent.
McKnley's nomination was followed by rise
in all classes Of American securities. but this
movement was checked by shrewd spectators
In New-York, who sold heavily In anticipation
Of the adoption of silver platform by the
Democracy and the consequent depression " the
market. Any permanent recovery in prices can
not be looked for while the political situation IL
clouded with uncertainty There no buyers
abroad for anything American; investors ere
waiting to find out whether Americans have
dropped the Eighth Commandment from the
Decaogue.
Another Venezuela book has been published
but the weather Is hot and nobody ventures to
explore the diplomatic maze. The fact that the
Venezuela affair ic not a political issue In tho
American election convinces English journals
that they can safely make only sparing use Of
this kind Of literature There Is an increasing
disposition, however, on the part Of the Opposi-
ton leaders TO bring on a debate before the ses-
sion ends. and to force the Government to ex-
pedte negotiations with Washington. They
have refrained from drawing Lord Salisbury
ters. but now that the road seems blocked by the
question Of the settled districts which he re.
CARDS as a serious If not an insuperable obstacle
raising a sharp debate. Sir William Harcourt
has taken from the outset deep interest In the
Venezuela question. and studied 1t more thor
oughy than any body else in the Commons. An
American who recently attempted to coach him
on this question soon discovered that the Lib
eral leader had little to learn, and was master
Of the subject A debate raised by him would
impart new impulse to the movement in favor
Of international arbitration. Lord salisbury's
appeal to English opinion on this question was
not successful In respect He asked for
popular guidance and the oracles. II not dumb.
are Dephc and enigmatic
Mr.. Balfour. after receiving handsome tributes
from his colleagues, Mr. Chamberlain and Sir
Michael Hicks Beach, has taken matters into
his own hands and proved that he lead the
House when he tries. The Government have
been exposed on the Irish Land bill to a double
fire from landlords and tenants. and have been
In a. delicate position. 1t was the old story OF
the landlords being bent upon reservins for
themselves the full resources OF the SOIL and the
tenants insisting that they had an absolute prop
erty right in all improvements.
Mr.. Balfour. after witnessing the defeat OF
the Government night on an amendment
through the detection OF the Unionists and the
light attendance on the Ministerial benchea
thrilled the House on Thursday night by turning
upon the landlords and rebuking them for the
madness of their course In obstructing the passage
,f the bill The Natonalists not only cheered his