The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1896-06-03
Henry Clews Declares that It Can Nullify
the VIII OF tho People.

henry Cl0W6 D6CtATob CnAI IL Shh NuiAhy
the VIII OF tho People.
NEW YORK, May 24.-Henry Clews,
in his weekly financial review, says
"Wall street continues to lack any
fixed basis of confidence for trs nsient
operations. Material conditions are
satisfactory, such as the prospects Of
the crops, the earnings of the railroads
and the movement in the larger de-
partments of merchandise, and the ex.
ports Of gold are viewed as but natu.
raj movement. Virtually the sole OBJ
stacle in the way of an active and ris-
ing 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 feel
ing in speculative circles is perhaps
all that may be expected. Wall street
is the point at which the greatest sen.
sitiveness of the silver agitation CEN
ters. The mere fact that large por.
ton of our people should be intent
upon forcing the acceptance of q de-
based and fuctuating metal as standard
money is a discouraging symptom, for
it shows to what dangerous ends an ig.
norant free suffrage may he prostitut'
ed. That alone is enough to produce
a deep unsettlement of feeling among
responsible property-owning citizens
for the same incapacity for Judging
upon complex money questions may
easily, at any time, imperil the coun.
try under the settlement of other large
questions affecting the welfare of the
nation.
"The danger from popular prejudice
and ignorance in connection with this
silver agitation is, however, something
more than conceivable evil possibili.
ty. It is threatened actuaity. It
is up for immediate decision; and, at
this moment, no one can feel absolute.
ly certain that this worst curse Of a na-
ton may not be brought to conclu
sion within a comparatively few
months.
"Wall street is not in any degree
insensible to this crisis. It can under
stand that the danger may reach an
acuter stage than it now presents; it is
quite prepared for the possibility that
managing politicians may 60 further
than they have yet dared in the way
of sacrificing sound-money policy in
orderito secure votes for their candi-
dates; it is aware that startling results
may come out of either of the party
conventions; it would hardly be sur
prised should the silverites be able to
block sound.money legislation in the
next congress; 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 platforms,
than legislative subserviency to popu-
lar ignorance, than the madness of
partisan infatuation. There are situa-
tions and events which can in
stantly coerce and convert the most
reckless legislators into the willing
servants of 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
its mischiefs. although that would
be a perfectly safe course. The
near prospects of the authorization of
free coinage-a counting of heads
showing a certainty of a two thirds
vote in the house and senate for 16 to
1-would evoke in Wall street the
kind of condition that no congress has
ever yet dared to disregard, and the
cause of free coinage would be over
thrown at the moment when its sue.
cess seemed most certain. It is this re-
serve power on which Wall street is
now repOsing,"