The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-09-07
HAVE AN IMPORTANT BEARING ON
THE CONDITIONS IN WALL
STREET.
FINANcIERS ARE HOPEFUL.
THE TWENTY MILLIONS BROUGHT
IN Do MUCH TO EASE THE
MONEY MARKET.
OBJECT LESSON TO sILvERITEs
OF the Value of Remaining on "a
Sound Money Basis-Henry
CIeNvs' Review.

Special Correspondence of the Globe.
Henry Clews in his weekly review Of
the financial conditions in Wall street
says:
Financial affairs at this center 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 possibilities as to matters Of
the very graVest nature than by any
decided probability that the things
feared would be actually accomplished
1t is true that this distinction does not
warrant the supposition hat the appre-
hension has been groundless; for the
financial and political revolution en-
bodied in the Chicago platform is so
completely and to the last degree ruin
Gus that if the chances of the adoption
of such programme were only as one
in ten, even that measure OF poSSib1l-
ity was sufficient to warrant extra
ordinary precautions by every man
who has any interest to project. New
ertheleSs, there is this to be noted In
this distinction between the possibil-
tiles and probabilities, that in proper
ton as the chances of these evils hap
pening diminished, the less force would
the mere possibility of the catastro-
Plies possess as an element of disturb
ence.
We have now reached a point at
which the impossibility Of the Ameri-
can people ever sanctioning such sui
cidal policies as are Incorporated in the
Bryan platform is becoming each day
more emphatically evident The enor-
nifty of the proposals has so deeply
aroused the self-respect and the patri-
otiSm of our intelligent citizens that
an overwhelming defeat of the revolu-
tionary party has become self-evi-
dent certainty to every one who can
read the signs of the times or can dis
Germ the temper of the American peo-
pie. This it is which is now working
a marked change for the better in the
tone of affairs in business circles. The
results of the Vermont election are
construed as foreShadowing the sure
reputation of free coinage by the peo-
pie at the November election. Equally,
the organization of the National De-
mocracy at the Indianapolis conven-
ton, is viewed as booming the Populo-
Democratic element to inevitable de-
feat Beyond these indications of the
November outcome, the general drift
of infOrma ton from private and polit-
ical sources is that the silver cause is
waning-a drift which will become
much more evident when the National
Democracy gets it's forces marshaled
and in the field
1t may be proper to here call atten-
ton to most unfair perversion, by
silver agitators, of language used by
me in my letter circular of May %
last in speaking of the attitude of the
financial interests towards the silver
agitation. F-7s'se al7''e~ aH
The part Of that circular has been
used by the silverites as representing
Wall street as prepared for a usurpa-
ton of power to coerce congress IN
the event of passing such law as is
referred to. The following letter, reply
ing to California gentleman who asks
for an explanation in a spirit of friend
.ly candor, may put these misrepre-
sensations in their true light:
=! New York, Aug. 81 1S96.-E. L. Conger
ESQ, President Throop Polytechnic Institute
Pasadena, Cal--near Sir: The construction
put upon the language which l used some
time ago in my weekly letter. regarding the
action of Wall street in the event of free
silver victory, does me serious injustice and
totally misconstrues the spirit of my asser-
tion. 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 / it would evoke conditions in Wall
street that would defeat or prevent it's exc
Guuon. by the term Wall street we of the
East think not alone of the brokers dealing
If shares on the exchange but the vast
concentrated interest of the country the ex-
tensive banking capital, the multitude of in
Vestors, the poor 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 ru-
lnouS to Wall street business, as well as to
other kinds of business connected Herewith
such as railroad enterprise for instance Wall
street being the great barometer Of general
business would naturally feel the hostile in
huence first and keenest and would naturally
sound & note Of warning that would be re-
Verberated throughout the nation. 1t was SO
when congress ATTEMPTED to Ieaislate against
sDecuating in gold The consequence was
that gold advanced 100 per cent at once. and
threatened to prove disastrous to business
congress Immediately perceiving the evil re-
suits to which such legislation would ineyi-
tably lead rescinded its action forthwith and
permitted business to &C In its natural
course. subject to the influence of SUNNY
ana demand. Thus it is that wherever legis-
Iat1on has unduly interfered with business
interests the result has been mischieyous
This has been illustrated in every ATTEMPT at
such legislation since the sumptuary laws
We're proved to be such a signal failure in
Rome, and since then centuries ago in Eng
land All such legislation is opposed to public
policy and in restraint Of trade and it tram
pies. on principle uDon the right of every
BODY in trade, small or great If the law
couIa ny TIE market prize of every COM
modify it could lust as edutablv dictate what
we should eat. drink and wear Attemnts
have been made several times in CONGRESS- To
enact laws like the Washburn OPTION meas
uIe, asalhSt dealsag In FUTURES. but without
success Germany has now enacted law
RESTRICTING dealings in stocks but that will
soon go the way of all of its kind. though
unhe'd nv tvrannical power in the meantime.
1t was against such legislation that nv re-
perks were directed, and I still adhere to
them in that sense. never intimated that
wall street was potent enough to unset or
defv national law. nor would it be 50
inclined under any circumstances; but do
saw that the opinion of security holders and
that of other financial interests is strong
enough influential oh -
movement to repeal a law that would be yery
INJURIOUS to the business interests of the
country. my
This is an answer to your letter of Aup
"a, in which you ask for an explanation re-
garding the points above stated Yours very
truly. Henry Claws
In addition to the large recovery of
confidence due to the hopeful political