The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-07-27
Henry Clcws's Weekly Letter on
the Financial Outlook. IA
TIE SITUATION Now SERIOUS.
Effect OF tho Sentiment Exprc,.cd In III,
Chicago PlHtform-c onnIent that Good
indcm'nt will Prevail In Noy.,nber.
Row FREQ silver won,d Work On, III,
own Destruction Hanks Aga,n. III.
spss"lators-NNni Not Permit Gold TO DO
Foietd TO n Premium, @
Special Correspondence.

HHN ipiNN, July 20,-UnQucstlOn-
aoly, the situation Is, at the moment,
regarded here as serious. The Chicago
convention has produced deep i'm.
preston as TO the carncstncss OF tho
south and west In respect to free COIN
age Tho country has been taken by
surprise also by the revolutionary sem
'ment expressed In the platform.
The first feeling suggested by such n
concurrence Of circumstances Is one OF
dlstrust None OF these things had been
anticipated or prepared for: mud, MS
with all lll-omened surprises. tho worst
features and possibilities OF the case
are chiefly or alone considered, and
consequently there Is q general surren-
aer TO u degree OF alarm exceeding any
real occasion. The intensity OF the
declarations OF the platform strikes the
people OF this section az the first note of
revolutionary pronuncIamento:
and thrown OF their guard. the hasty
ana the timld rcsortlto defensive meas
urcS which only Increase the public
uistrust. This, however. Is not the worst
form or artificial aggravation OF the sit
uation: There are professional specula-
Tors who do not hesitate to turn appre-
hension Into danger and thereby pre-
clpitate a great fall In prices. Others
are attacking the position OF the treas
ury by exchanging legal tenders for
gold, Tor the purpose OF increasing the
public distrust.
Thes" are the kind of clements that
have been brought into play by reck-
lLSs SPECTATORS during tn. past walk.
Inc case was made mere serious by an
unexpected increase N The exports OF
gold. under which the treasury gold
balance fell below ninety millions. That
fact, together with increasing demon
alization on the stock exchange, brought
the banks to the rescue. On Monday,
informal consultation among the mana
gers brought about an agreement to
repsenish the declining gold reserve OF
the treasury. and during the week 49,
$4,000 OF gold coin was pledged for eX-
chanSc at the .sub-treasury for legal
leaders. to be paid In as needed. This
courageous defensive action was an un-
mlstakablc expression OF the confidence
OF the banks in the situation and In the
ability OF the government to maintain
gold payments. 1t Is also evidence that
the banks are satisfied that the outcome
or the elections viii be to establish the
cold standard upon permanent basis.
Some such action by men best SITUATED
TO judge Of the situation was the one
thing needed to help tImid and peSst-
misuc holders OF Investments to hold
their own against their fears; and the
course taken by the banks has mater
tally contributed TO the restoration Of
public confidence. II Is much to be
hoped that there Will hcnceforth be
cessation OF boarding OF gold 1t Is that
most unworthy form OF cupidity which
seeks to enrich self at expense Of coun-
try.
II there are spectators deliberately
bent upon forcing gold to premium.
they must count upon bucklng against
the banks OF New York. Boston, PhIla-
delphia. Chicago, and other large cit
les: who know good many ways In
which such gambling against the ma
TONS credit may be made very unprofit-
able.
The true attitude for the moment Is TO
wait for fuller information upon the
factors that are to determine the flu
ture. At present all isGchaotIc In the
field or politics. The young Goliath from
the far west occupies such a large place
In the public Imagination that all peo-
pie OF the timid sort are beginning to
tremble for the cause of sound money.
The best thing that timorous class can
do. both for themselves and the coun-
try, Is to The themselves up and keep
their tongues still, until sufficient Is
known about thu strength OF the OPP
posing forces to form the basis OF an
Intelligent Judgment on the outcome.
The present estimates Of the probable
results OF the election are based large
~ upon political blur, deliberately got
ten up by party managers. Upon the
one essential ques,ion-how far the spIr-
II and letter Of the Chicago platform
represent the majority of,the west and
the south. VIC have as yet no trust
worthy information. BEFORE We can
credit the claims OF the Bryanitc poll
t!cians we must be prepared to aban-
don all we have ever known or believed
rs TO the loyalty and common sense Of
this particular forty millions of our cit
liens. That Is factor Of which We
know something: we haze reason for
putting some confidence In Il. But when
a set OF sensational politicians come for
ward with prctensons which call upon
us 10 abandon all we have ever known
abou: the people of the west and the
south, It Is simply contrary to all prin-
c!plcs OF Judgment to accept testimony
50 full OF improbability.
The enactment of II free, independent
l6 TO l silver law would work out It's
own destruction by the following
means. even independent OF others:
At tho present time the Mexican sill
yer dollar brings in this country only
about fifty-four cents In exchange for
our silver dollar, although it contains
n larger quantity Of silver thnn ours
docs 1t Is simply taken here at its COM
mercial value whereas the United States
silver dollar goes into Mexico In It's pur-
chasing power for two OF their dollars.
1t Is quite evident. therefore, II the
United States government should pass
n free and independent 16 to l silver
coinage law. the Mexican government
would, II they were smart. Immediately
pass a law to adopt the United States
dollar rs the money of their country
In substitution Of their present stand
ard, and make It mandatory for all
Mexican silver dollars to be forwarded
to the United States mint to be con-
vcrtcd Into United States dollars. The
Mexican dollar, now only worth Nifty
four cents. after being melted down by
the United States mint and coined into
Il United States dollar. world be worth
double It's present value, hnvc twice the
purchasing power and would carry ms
well credit OF two cents, that being
the bullion value Of the Mexican dollar
above the United StatoS dollar
II this be possible for the Mexican
government, the European nations VIII
be apt scholars, and follow the example
of Mexico in the conversion OF their sill
Ever money, OF which they hold 81 800
900, 900 In amount. They will want back
In exchange. however, Ohr- gold. of