The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-02-17
EFFECT OF GOVERNMENT LOAN
On Wall s.rset-The spirit. In which IT
Was Taken Inspires conndence-Eur-
opsan Poilties-The Defeat ofFree silver
Good slsn-Goid the Ba.l. or.he Cow
ernment Credit.
Special Correspondence. i.

on the contamination OF the loan has
more or less fingered; but, behind that
there has been stronger undertone, q
broader disposition to buy. and a pre-.
ponderent upward tendency in prices
Confidence in the breadth and STABILITY
of the market has made n very con-
siderable gain. and the dominant feel.
Ing favors rising scale of values
London shows an important return 10.
wards trust in Americans" growing
out OF the unexpected extent for the
bids OF the loan.
The offer Of nearly GOO millions OF
capital Is accepted there Mt Its undeni.
able Importance us measure OF the
floating wealth OF this country and as
an affirmation OF the unwavering conf
dence OF our people, in spite OF the
financial arrangements that for the
time being are exposing our invest
| ments to foreign distrust. This spirit
OF selt-trust. naturally and legitImately
encourages confidence among the large
class OF transatlantic investors who
have received their impressions ent.!ely
from journals and bankers whose pre-
delIctlons nre towards their own ma
tlonal investments; last weeks sur
prisIng expression OF loyal confidence
will AFFORD them lesson not soon to
be forgotten.
The references in the queens speech
and the subsequent discussions in par.
Lament. relating to the Venezuelan at.
fair, are calculated to have good effect
upon the financial relations between
| this country and Great Britain. From
the tenor OF those illusions, II Is evil
dent that the queens government has
resolved to remove this obstacle to
nmicable relations with the United
States; and, Judging from the tenor OF
| English opinion, II Is not improbable
that an effort may be made to provide
permanent arrangements for the
| friendly settlement OF all future dis
putes between the two nations; which
would be an immense gain towards a
future expansion OF the business rela-
lions which have been recently inter.
| rupted. This country may be depended
upon to receive any advances OF that
nature in the spirit In which they are
Intended. Possibly, from the insularity
OF our position and policy. our people
might not be willing 10 60 so far In this
direction as a country which. owing to
| the Vastness OF Its external relations,
has q special interest In establishing
| permanent friendship with every ma
| ton possible, but especially with the
| United States. Nevertheless, our PEG.
| pie do not need to be convinced OF the
| advantage OF having their relations
with Great Britain put upon a basis OF
harmony and stability consistent with
the racial, commercial and financial
interests OF the two nations.
The critical phase OF the loan trans.
action Is now passed. The fears that
some disturbance OF the money market,
| or possibly a considerable premium on
gold. might arise from such a large
operation have not been Justified by the
event. The money for the payments
| has been procured without friction, or
disturbance OF ordinary loans, or extra
rates OF Interest. This Is the more re.
markable consiuering that so large 4
portion OF the bonds have been already
taken up In full and that. by the end
| OF this month. about seventy per cent
| OF the issue Is expected 10 be finally
paid for. In reality, all this had been
arranged for In advance, and whatever
arrangement In the money market &C.
CURED happened during the latter part
OF last month. The treasury has very
wisely determined to place an import
ant portion OF Its receipts from the loan
| on deposit with the banks that have
most literally subscribed for the bonds.
| This prevents any large contraction OF
| the bank reserves and keeps the loan
markS comparatively easy.
The loan having been accomplished
with these satisfactory results. n more
solid basis Is laid for Wall street opera.
| tons for the remainder of the year,
| The present loan rests upon more nor.
| NAL arrangements than that OF Feb.
ruary, 1895. 1t involves none Of the
special regulation OF the foreign eX.
| changes that was connected with the
! last negotiation, and consequently Will
be followed by noneot thestraightening.
out that caused considerable exports OF
gold last fall; and that is one of me ad.
antages attending the so-called "popu.
lar" method OF borrowing. The great
improvement OF business that followed
the negotiation OF year ago 10 fresh
| in the public recollection; and II seems
reasonable 10 hope that similar re-
| suit may succeed the operation Just
| concluded. Upon the whole. the condi.
| ton OF trade is Steadier now than II
was at this stage OF 1895. In most OF the
markets there Is gradual gain: but
| In some there is reason to regret the
| sudden and large advance In wages
| that was made in the spring of last
year. Buyers. however, are supplying
their wants with little hesitation ut the
reductions in prices recently made, and
a fair spring trade seems to be reason
ably assured Present indications fa.
vor the probability OF comparatively
easy state OF the money market until
next fall: and the foreign exchanges
reflect, in declining rates. the reduction
| in the imports. the relative increase in
the exports. the shipment OF the new
| United States bonds to Europe. and the
better feeling in London towards Amer.
lean Investments.
The question as to what Ia meant by
the word coin" has now been settled
TO mean gold, Just MS much us II an act
| had passed Congress to insert the word
| gold" before the word coin In the
United States bonds and other obllga'
tlons. The American people have set
tied II now and forcer; no that congress
sional action Is not now necessary.
When the silver orators were tnIhInE
against time in the senate trying 70
make the word "coin" mean silver, the
American people, with whom actions
speak louder than words. decided that
the word coin meant gold coin, hence
they 'put In $60O,OOO,OOO bids for the
800, 900, 900 bonds payable In gold coin
This settles the ntroversy Tor all time,
Gold It Ia that backs the United states
government credit and silver Is not In
IT, The 9Th OF February, when the DDS
were opened, was gold letter DAY Tor
America, from which there VIII DO no
rctrogression. lENh1 CLEWs'
Two Lives saved.