New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-10

clamor against capital 1. restraining flow Of
capital into undeveoped enterprises In the South
ana west, and confidence has been under
mined by these attacks upon capital. that capt.
tai VIII not 60 that way until the people stop
crying against abuses which exist only In their
own warped Ina ginatons The cry in the South
and West for more none should he changed into
cry Tor more capital. They don't need more
money but more capital When they have
money. and they need capital to develop that
which they can get money for. And they need
TO remember that the value of money lies in it's
purchasing power; also that the money in which
they pay their bills or receive for services rem
dered. or for products sold must he based on an
honest standard Of value. for the market price
OF their commodities depends upon the standard
OF value. as well as upon the supply Of the COM
modify. and the demand for ~ If the South
and West believe that free silver will advance
the price OF their commodities they will find
upon trial that the advance will be fictitious,
for IT will not be based upon gold, but upon n
deprecated and diminished purchasing power
currency.
The promoters Of the revolution against the
existing monetary standard are directly respon-
sible for the tremendous shrinkage in security
values Depreciation in the price OF securities
entails "A loss to the holder and especially
heavy is this loss at n time when. from losses
In business. holders ind It necessary to sell their
security possessions In order to have available
funds. A good deal of this is now being done,
and the losres made from the low price at which
the securities sell Is enormous. Yet some IN IN
of supposed sense and learning say they would
welcome a panic In Wall Street. A civil justice
In this cty-Mr. Wauhope Lynn-in speech
made In the week, said that he hoped
Wall Street would be swept from Its founda-
lions and that financial panic would follow in
some quarters Does he realize that when ne
says that he hopes Wall Street will be swept
from its foundations that il would carry rum
10 millions Of security holders throughout the
country; that trust holdings Of widows and or-
phans and others would be entirely lost; That
corporate enterprise would suffer untold and al.
most irremediable harm, and lastly tnat, as wall
Street is nothing more than the barometer or
the Country's trade. before Wall Street would
be swept from its foundations hopeless rum ana
Ianic would first nave to come uTon the reSt
Of the country? Such anarchistic remarks from
a man holding judicial place only serve 10
help clique Of raving and riotous operators
on the Stock Exchange to lower security values
and to brighten tmd people into selling tneir
holdings at panic prices No good words can De
sroken for a certain set of men on the Stock
Exchange who deliberately work upon the sensi-
tive stock mechanism in order to Ill their own
rockets at ruinOus loss to others. On friuay
they operated to perfection In TINS Hne. ann
lowered values 1@IA per cent. General Irls IN,
and gen, raj liquidation was the order OF me
dav Prices were hammered unmorcifullY ana
showed no signs Of resistance, the market pc
ing without support and wholly IN the nahus Vi
urscrupulous professional traders oaturudy
the decline continued. Railway and Government
bends suffered with stocks, all hl%h-ciaSs ISSUE
declining and the Government bonds OF 40
,a,cb;ne nrices the lowest on record. The break
In Drces has been severe. and the shrlhhaBe III
Ialues tremendous. II would seem as thouSh
the worst had been discounted ana that Iaily
ciscounting the probable election OF MI MCNin-
ley should take place ne iolO"lns ,' '"'',
shows the present range Of values compared
with the lowest in 1893. the pane prices ldS'
December and the highest in 1870 Oh NUM-
Der of active stocks: