The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-12-23
the state;-if the people have not al
ready abolished it.
THAT OLD LIAR CLEWS.


VERGE OF BANKRUPTCY.
| One of the worst enemies of the peo-
pie of the United States is banker in
New York, named Henry Clews. He
did lying enough, during the recent
conflict, to lift the lid off the neither
regions. He even threatened civil
war if the people dared to elect Bryan!
On the other hand he assured us, in
the most positive terms, that the cleo
tion Of Mckinley meant immediate
and universal pros perity. No such
liar has been known in the history Of
the universe since the devil was kick
ed over the battlements of heaven.
And now the old scamp is laboring
to explain why his false prophecies
have not come true. Listen to him:
| The feeling in trade circles contin-
ues buoyant and hopeful. Here and
there, however, the question is asked
where is the great improvement in
/ business that was promised as the
consequence of Mr.. McKinley's cleo
ton? The answer is that it is on its
tcoy, and will put in it's appearance as
soon as the march of the seasons per-
mits. Some critics Of the situation
seem to have imagined that the
promise of better times meant that
merchants and traders who had al.
ready bought their winter supplies,
and were busy clearing them out,
would proceed to re-stock themselves
for the seasons trade. and so dupli-
cate their business at the end OF the
years business. This, of course,
would not be a revival of trade, but
commercial madness or a trade mir
acle. No Intelligent merchants have
| cherished hopes OF any such impossi-
| bility, and yet they have generally ex-
| pected great business recovery, and
have no doubt that it did really arrive
a few days after the election. and fur
ther feel ass ured that it has come to
stay.
A month and half after McKin-
ley's election prosperity has not ar
| rived, but-"it is on its aray." "The Ad-
vance Agent of Prosperity" is still
soaking his corns and soaping his
boots at Canton, and getting "a good
will see the fur fly
And then the champion liar of Wall
| Street continues:
There are also bilious persons and
papers who express great deal of dis
| appointment because Europe has not
been led by the election results to
| buy large amount Of our securities,
| but has on the contrary sent home a
| large amount OF our stocks and bonds.
| This is another case of disappoint-
ment at the non-aDpearance OF a mir
| acle. The election came just after
| we had imported some $7O,000,O0O of
gold from London and the continent.
| Between the beginning Of August
| and the end of October, the Bank of
| England had lost $50, $780, 900 of gold,
| the Bank Of France $2S, $40, 600 and the
German Reichs bank $l3,O0o.0OO, max
| ing a total loss in the three great
banks of $97,O0O,O00 The Bank of
| England had consequently put up it's
rate of discount from to per cent
and the Reichs bank from to per
| cent, while consols had fallen 81
! points and German imperial bonds
| had declined q. The London stock
! market and the continental bourses
were in condition closely bordering
| on crisis and all kinds Of stocks fell
heavily except Americans. The con-
trolling foreign banks were using all
| their power to check the adverse
course of the exchanges, including es-
| pecially Encouragement to the impor-
tation of foreign Investments. 1t was
| in this condition Of foreign finances
that Europe received the news of our
political victory. The intelligence
was received with flattering recogni-
| tions OF its bearing upon our credit,
and was followed by a rise of 5 to u
| per cent in stocks at New York. In
| the impecuniOus condition of London
and Berlin this temptation to make a
handsome profit on our stocks and at
| the same time stop the shipments
| of gold to New York was too strong
not to be turned to account, and some
$2O 900, 900 OF our securities were sent
home within few days. This retuX
of stocks was taken here without
vince and with no very visible result
upon prices. 1t had, however, the
gratifying effect of liquidating $780,
O00,0UO OF our indebtedness to Europe,
in lieu Uf increasing it by sending out
fresh large amount Of our obliga-
tions, which had been anticipated.
Thus if, owing to exceptional condi-
tions, the effect of the eletion upon
| foreign investors did not turn out in
the way anticipated, we had instead
| res lt quite as beneficial to ourselves
and better calculated to bcs peak con
tidence in American finance. Nor is
this the only evidence of the revival
of home finance. Our capitalists are
to day holding some $4,000, 900 to $25,-
QUO, 900 Of export bills, which, had they
gone forward after the usual course,
would have created virtual panic in
Europe by bringing hither an equal
amount of gold. BY thus virtually
lending large amount Of gold to the
European banks we are saving them
from threatened serious difficulties.
Contrast this condition of financial
resource with the condition Of affairs
in Wall Street up to the election and
some estimate may be formed Of the
extent of the recovery OF financial
confidence since Nov. 3. A little rea-
sonable patience will later bring still
further evidences Of the great revival
consequent upon the defeat of free
coinage.
Here we perceive the great, secret
struggle, that has been going on
among the bankers, to maintain the
gold standard and keep down the
price Of the productions Of the people.
The gold that has been sent over here
to secure the appearance Of good
times, necessary for McKinley's cleo
tion, and stop the issue Of more
bonds, which would have been fatal,
h,C drainad AQ- uOO O0O NJ UolI ont nj