The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-05-25
CONFIDENCE ON WALL STREET
That Our Currency System viii he ia SAFE
IIunds--Not msensIblr, However, to tho
Danger from Popular Prejudice and
IEnOranOe-GcnSral Review orthe stu.
ntinn.
Special Correspondence,

but natural movement. Virtually,
the sole obstacle In the way OF an ac-
tive and rising market is the condI-
ton OF politics. That element OF sus-
peuse is, however, strong enough to
market TO attacks under which prices
easily yield, 1t is a factor which no.
body ventures TO resist, and fits natural
effect is to induce realizing among small
holders and a steady fall in prices;whlle
the larger and stronger holders general
ly hold 10 to their stocks.
With such an issue as now Profound
~ agitates the country from end TO end.
an unsettled and waiting feeling in
speculative circles Is perhaps all that
may be expected. Wal street Is the
point at which the greatest sensitive
ness of the silver agitation centres.
The question about which our millions
of people are so eNcltcdly occupying
themselves Is neither more nor less than
what shall be the kind and value Of
the money In which our thousands Of
millions OF national, corporate and pri-
Vatc long oblgatians shall be settled,
and what the currency In which the
commerce OF this great and rapidly
growing nation shall be transacted
the money OF the most stable and pros
porous countries? or that OF scmi-clvi-
llzed, distrusted, and bankrupt nations?
The crisis OF deciding such a question IL
one OF the most important that can be-
fall country. The mere fact rat
large portion of our people sEould be
intent upon forcing the acceptance Of
a dcbased and tluctuatlng metal As,
standard money Is a disconraEtng
symptom; for ii shows 10 what danger
Gus ends an ignorant free suffrage
may be prostituted, That alone is
enough to produce deep unsettlcment
of feeling among responsible property
owning citizens; for the same incapac-
lily for judging upon complex money
questions may easily, AZ any time, Inn
peril the country 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 "A conceivable evil possibility.
II is a threatened actually. II Is up
for immediate decision: and, at this
moment, no one can feel absolutely
| certain that this worst curse OF nation
mag not be brought to conclusion
within q comparatively few months.
Wall street Is not in any degree In
sensible to this crisis. 1t sees and meas
ures Il in all lts length and breadth;
but IL Is calm and self-pOSSesed, II
refuses to believe that.~when the strug-
gle comes to iinality. the American
people will be .nund capable of de-
libcrate act n rational suicide. II can
| understand that the danger may reach
an ncuIer stage thai 1t now presents;
1t !s gale prepared TOR the possibility
fI,Fu ~ FL
Their than they have yet dared In the
| way of sacrificing sound money policy
| in order to secure votes for their can
| didntes; ii Is aware that startling re-
| suits may come ouS OF either OF the
party conventions: H. would hardly be
| surprising 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 Is
| not graVeiy disma$ed at this outlook.
| II has learned to believe that there arc
| greater potencles than party platforms
| than legislative subservlency TO popular
| Ignorance, than the madness OF a par
| tisan infatuatlon They know that
there are situations and events which
| can Instantly Coerce and convert the
most reckless legislators into the will
| ing servants OF q conservative senu-
ment that represents the real interests
and safety Of the nation. Il VIII not be
necessary to walt for any after-efects
of silver legislation 10 remedy Its mis-
chiefs. although ttSlt would be per-
/ fectIy safe course. The near prospect
az The authorization OF free coinage--a
counting Of heads showing certainty
| oF 4 two-thirdg vote in the house and
| senate for lG 10 l.-would evoke in
wall street the kind OF conditions that
no Congress has ever yet dared TO dis
| regard. and the cause Of free coinage
would be- overthrown at the moment
when It's success seemed most certain. II
Is This reserved power on which Wall
street Is now reposIng. II is therefore.
moi likely to be seriously surprised by
any outcomes between now and the
| November elections. It's confidence
In the final safety OF our money system
lg unshaken. II can az little believe
| that the nation would finally consent
In the destruction OF It's money system
ag that Il would burn up It's crops or
despon its accumulated wealth, It Is
not nj MI impossible. however, that
wan street may witness some exciting
scenes between now aud next NOvcm-
bcr poiItIcIans are not usually averse
! .f-.. a aaN al =