The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-06-03
Wall Street Threatens Panic

Clews, in his weekly financial review,
says
"Wall street continues to lack any
fixed basis of confidence for transient
operations Material conditions are
satisfactory, such as The prospects Of
the crops, the earnings of the rail
roads and the movement in the larger
departments of merchandise, and the
exports of gold are viewed as but a
natural movement. Virtually the sole
obstacle in the way Of an active and
rising market is the condition of
politics
"With such an issue as now pro.
foundly agitates the country from
end to end. an unsettled and waiting
feeling in speculative circles is per-
haps all that may be expected Wall
street is the point at which the great
est sensitiveness of the silver ag;ta-
ton centers The mere fact that
large portion Of our people should be
intent upon forcing the acceptance of
debased and ductuating metal as
standard money is a discouraging
symptom, for it shows to what dan
gerous ends an ignorant free suffrage
may be prostituted. That alone IS
enough to produce deep unsettle-
ment Of feeling among responsible
property-owning citizens !; for the
same incapacity for Judging upon
complex money questions may east
ly, at any time, imperil the country
under the settlement Of other large
questions affecting the welfare Of the
nation.
The danger from popular preiu-
dice md ignorance in connection
with this silver agitation is, howev-
er, something more than conceiva-
bic evil possibly. 1t is up for i'm.
mediate decision +; and, at this mo-
ment, 70 one can feel absolutely cer-
tain that this worst curse of nation
may rot be brought to conclusion
within a comparatively few months.
"Wall street is not in any degree
insenslble to this crisis. 1t can un-
derstaDd that the dander may reach
an acuter stage that it now presents
it is quite prepared for the possibl,
ity that managing politicians may 60
further than they have yet dared in
the way of sacrificing sound money
policy in order to secure votes for
their candidates it is aware that
startling results may come out of
either of the party conventions !; it
would hardly be surprised should
the silverites be able to block sound
money legislation in the next con-
gress all these things may be classed
among the possibilities of the next
few months But Wall street has
learned to believe that there are
greater potencies than party plat
forms, than legislative subserviency
to popular ignorance, than the mad
ness Of a partisan lnfatuatIon. There
are situations and events which can
instantly coerce and convert the most
reckless legislators into the willing
servants of a conservative sentiment
that represents the real interests and
safety of the nation 1t will not be
necessary to wait for any after effects
of silver legislation to remedy it's
mischiefs, although that would be
perfectly safe course The near pros
poets of the authorization of free
coinage counting of heads show
ing certainty cf two.thirds vote
in the house and senate for 16 to /
would evoke in Wall street the kind
of condition that no congress mas
ever yet dared to deisregard, and the
cause Of free coinage would be over
thrown at the moment when its sue
cess semed most certain 1t is this
reserve power on which Wall street
is now reposing."