The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-09-07

Henry CleWS' weekly circular issued
from his Office, IS Wall street, New
York:
New York, Sept. 5, 1896
Financial affairs at this centre have
shown, during the past week, the evil
dences of recovery which were fore
Swallowed in my last advices. 1t has
been more than once intimated in these
letters that the great alarm of late
months has been produced rather by
impending posi- bilities as to matters of
the very gravest nature than by any
decided pro liability that the things
feared would be actually accomplished.
1t is true that this distinction does not
warrant the supposition that the APP
prehens1on has been groundless; for
the financial and political revolution
embodied in the Chicago platform is SO
completely and to the last degree ruin
Gus that, if the chances of the adoption
or Such programme were only as one
in ten, even that measure of possibility
was sufficient to warrant extraordinary
precautions by every man who has any
interests to protect. Nevertheless. there
is this to be noted in this distinction be-
tween the possibilities and probabili-
ties, that in proportion as the chances
of these evils happening diminished, the
less force would the mere possibility Of
the catastrophes possess as an element
of disturbance.
We have now reached a point at
which the irnpossibiIity of the American
people ever SanctiOning such suicidal
policies as are incorporated in the Bry-
an platform is becoming each day more
emphatically evident. The enormity of
the proposals has so deeply aroused the
self-respect and the patriotism of our
intelligent citizens that an overwhelm-
ing defeat of the revolutionary party
has become a seIf-evident certainty to
every one who can read the signs of
the times, or can discern the temper of
the American people. This it is which
is now working a marked change for
the better in the tone of affairs in bust
ness circles. The results of the Yer
mont election are construed as fore
ShadOwing the sure reputation Of free
coinage by the people at the November
election. Equally, the organization of
the National Democracy at the Indian
apolis convention, is viewed as doom
ing the POpulO-Democrati element to
inevitable defeat and making more GER
tain the election of the Republican
ticket. Beyond these indications of the
November outcome, the general drift of
information from private and political
sources is that the silver cause is wan
ing-a drift which will become much
more evident when the National De-
mocracy gets its forces marshaled and
in the field.
1t may be proper to here call atten-
ton to a most unfair perversion by sill
Yer agitatOrs, of language used by me
in my letter circular of May 23d last
in speaking of the attitude of the finan-
ciaI interests towards the silver agita-
ton.
The part of that circular has been
Wall street as prepared for a usurpa-
ton of power to coerce congress in the
event of passing such a law as is re-
ferred to. The following letter, reply
ing to a California gentleman who asks
for an explanation in a spirit of friend
ly candor, may put these misrepresen-
tations in their true light:
New York, Aug. 81, 1896
E. L. Conger, Esq, President Throop
Polytechnic Institute, Pasadena, Cal:
Dear Sir:-The construction put upon
the language which 1 used some time
ago in my weekly letter, regarding the
action of Wall street in the event of 8
free silver victory, does me serious in
justice, and totally misconstrues the
spirit of my assertion. The language was
that'if congress should by tWo-thirds
vote of both houses pass a bill fixing
free coinage of silver at 16 to 1 it would
evoke conditions in Wall street that
would defeat OF prevent its execution"
By the term Wall street we of the east
think not alone of the brokers dealing
in shares on the exchange but the vast
concentrated interest of the country,
the extensive banking capital the null
titude of investors, the poor as well as
the wealthy. The conditions here
implied are a supposed popular feeling
that would be hostile to a measure that
in my opinion might prove ruinOus to
Wall street business, as well to 9TH
es kinds Of business connected there
with, such as railroad enterprise, for
instance. Wall street being the great
barometer of general business would
naturally feel the hostile influence first
and keenest, and would naturally sound
d note of warning that would be re-
verberated throughout the nation. It
was so when congress attempted to
legislate against speculating in gold.
The consequence was that gold ad-
Vanced 100 per cent at once, and threat
ened to prove disastrous to business
Congress immedia tely perceiving the
evil results to which such legisla ton
would lead, rescinded its action forth
with and permitted business to go on
in its natural course, subject to the in
huence OF supply and demand Thus
it is that wherever legislation has IN
duly interfered with business interests
the result has been mischievous- This
has been illustrated in every attempt
at such legislation since the sumptuary
laws were proven to be signal failure
in Rome and since then centuries ago
in England. All such legislation is OPP
posed to public policy and in restraint
of trade, and il tramples upon princi-
pie, upon the right of everybody in
trade, small or great. If the law could
fix the market price of every commodi-
ty it could just as equitably dictate
what we should eat, drink and wear.
Attempts have been made several times
in congress to enact laws, like the
Washburn option measure, against
dealing in futures, but without success.
Germany has now enacted a law re-
strfcting dealings in stocks, but that
will soon go the way of all of its kind,
though upheld by tyrannical power in
the meantime.
It was against such legislation that
my remarks were directed, and still
adhere to them in this sense. I never
intimated that Wall street was potent
enough to upset or defy a national law,
nor would it be so inclined under any
circumstances; but I do say that the
opinion of security holders and that of
other financial interests is strong