The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-03

Western Union. ............ 1914 DA Ia 7S4
robacco 49,. - %
L. s. Fours. reg.......". -. 49,. -. lo6l7
I. $. Fours. eoup....".... =. -. =. lM
L. ;. Fours. new. COUP. -. 49, -. 13
VIEWS OF HENRY CLEWS.
In his review of the financial conditions,
Henry Clews. the New York banker. says:
During the past week affairs in Wall
street have shown a steadier tone. The
action of the banks in strengthening the
treasury reserve. and of the foreign bank
ers in combining to prevent the export of
gold. nave at last had the effect of reas-
surfing timid people who feared some i'm
mediate catastrophe. This Intervention
has broken up the demoralizing apprehen-
sion that was assuming more or less Sc
rious dimensions. People are growing
calmer. and are, therefore. disposed to
weigh the facts of the situation more dis
p~assionately. AS the influence of fear
abates the conviction gains that the public
apprehension has exceeded what the facts
or the political situation really justify, and
to that extent there is a recovery of conf
dence and an i~ndisposition to part with Sc
curities hastily. The stock market, how
ever, has now got down to a safe trading
basis; the fluctuations will be more mod
crate than of late. but. nevertheless, quite
frequent for the next three months. There
is still some difference or opinion as to the
outcome of the election. and political con-
ditions vary from day TO day with the ia
cility of a kaleidoscope. There will remain
sufficient uncertainty up to the day OF elec-
ton. in all probability. so as TO cause a
break is likely to occur below present very
low prices. There is no denying the fact,
however, that d large number OF people
are COMPOUNDED by the perplexities that
have been precipitated by the party plat
forms and the party dissensions. Old
methods Of estimating the comparative
strength of the cOnteQOinR PARTIES are I'M
under the present conditions.
The best skill OF political managers Is de-
feated by the prevailing confusion, and
everything relating TO parties is in a state
Of seeming transition. Under such uncer-
tainties the stock market can only be I'M
certain and vacillating. The normal fac
tors affecting values. such as the crops,
the weather. the earnings of the railroads
and the condition of trade-no matter how
favorable-produce virtually no impression;
everything is at the mercy of the political
sensations Of the hour.
THE financial situation is complicated by
the fact that the pr~eliminaries to the cleo
ton have developed political surprises
which are profoundly unsettling. Previous
to the conventions public interest centered
entirely in the silver question. The Demo-
cratic convention, however, contrary to all
expectation, has sprung upon the country
threatening nature. This Chicago platform
has exhibited a condition of widespread
discomfort seeking remedy in measures
threatening TO our institutions and hostile
TO the federal Constitution. With some
modification OF. expression. the socialistic
and anarchical tendencies which have
taken such deep hold across the Atlantic
have found bold utterance by our party
leaders. So pointedly and so violently have
these tendencies found expression in the
Chicago and Populist platforms as to pro-
duce wide party ruptures and introduce
into politics a new set OF issues of the
gravest character. 1t would not be pru-
dent or safe 10 treat this Eruption OF revo-
lutionary ideas as a mere transient out
break of ignorant discomfort. 1t is that;
but 1t is also something more. Lying be-
meath it is the great industrial revolution
arising from the introduction of steam and
OF machine instrumentalities of production.
That change has been attended with a
large and universal reduction i'm prices.
which has fallen with some inequality
upon the different classes, and has been
planting interests. The complicated op-
Grafton of these causes has not been per-
ceived or understood, and their effects
have been blindly attributed to the cessa-
ton of the coinage of silver and to mere
party policies. Instead of waiting until
this great industrial development has
all interests have found their true rela-
tons in the new conditions. the millions
of the West and the South. who know little
of economic conditions or questions, have
been misled by a false diagnosis and find in
the Industrial revolution nothing better
than an occasion for political revolution.
Thus. the first effect of a great economic
change is 10 arouse an ignorant resistance
to ITS progress: and TO defeat a higher or
"a viii Tit INDUSTRIAL NOTl0 nV
introducing DISCRIMINATION into the politi-
cal world.
"This is the significance OF the revolu-
tionary tendencies IN politics which have
found expression at the Democratic and
Populistic conventions. Few comprehend
these aspects of the situation. and therefore
there is a general alarm at the signs of the
times. and most men are a~nxiously asking,
What neXt?'
Thoughtful men. while feeling earnestly
that these new political drifts must be
promptly met by discussion and by the diff
fusion of Information. are yet beginning to
ask whether the situation really warrants
the extent of alarm to which the public is
yielding. So far as respects the silver ques-
ton, competent Judges have found no rea-
conceded Immediately after the conclusion
of the st. Louis convention-namely. that
the maintenance of the gold standard will
be assured by the election OF Mr.. Mckinley.
AS for the other issues sprung upon the
country by the Chicago platform and nom-
inees. il should hardly be a matter for sur
prlsea alarm II the Evolutionary poLtlcs
which have made such extensive Roadway
in Europe should find sympathiZers in this
country also. What the Chicago utterances
really mean is that sociaiistic ana anar-
ment among 4 certain class OF our profess
sionai politicians. and that those men
deemed the discomfort tostcred by the aCri-
cultural depression favorable 10 the launch
ing of thct- theories. We. lave 10 thank
these people for this revelation of the low
est depths OF their destructive policies. The
worst is known. and sound patriots will be
all the better able TO protect the best. But
is the discovery of these demoralizing Gle
ments In our national politics sufficient rea-
son for tho state OF fright into which our
men of finance and men OF m have
yielded themselves Does the situation of
the hour really mean anything more than
that we are going To occupy ourselves with
n now set OF political issues? When IL
takes long years of discussion 20 bring a
sober-minded nation 10 revolutioniZe it's
political institutions. Is il not rather
premature TO instantly fall into panicky
alarm az the crazy utterances in the Chica-
go convention? Europe Is permeated with
various forms of organized hostility to its
existing political institutions. but have the
plottings and gatherings of these malcon-
4 tsnts ever caused a fau of ] oer cent In
Y the price Of consols or rentes? a little