The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-03
Henry CleWs In This Weeks
Wall Street Circular
Tells the West and South That
Ignorance
rs so UTTERLY DENSE
Among the People of Those Sec
lions
That 1T Causes Revolutionary
Ideas to Take Root,

New York, Aug. S.-Henry Clews'
weekly circular. issued from his office
at IS Wall street, says;
During the past week affairs in Wall
street have shown a steadier tone The
action OF the banks in strengthening
the treasury reserve and of the foreign
bankers in combining to prevent the
export of gold have at least had the
effect of assuring timid people who
feared some immediate catastrophe.
This Intervention has broken up the
demoraIizing apprehension that was as
Stunning more or less serious dimensions
People are growing calmer, and are
therefore disposed to weigh the facts
of the situation more dispaSstOnately.
As the influence of fear abates, the con-
victiOn gains that the public apprehen-
sion has exceeded what the facts OF
the political situation really JUSTIFY,
and to that extent there is a recovery
OF confidence and an indispOsition to
part with securities hastily
The stock market, however, has now
got down to a safe trading basis; the
fluctuations will be more moderate than
of late, but nevertheless quite frequent
for the next three months There is
stiu some difference of opinion as TO the
outcome of the election, and political
conditions vary from day to day with
the facility Of a kaleidoscope. There
viii remain sufficient uncertainty up to
the day of election, in all probability,
so as to cause q f1uctuating stock mar
ket; but no serious break is likely TO
occur below present very low prices
There is no denying the fact, however,
that a large number Of people are con-
founded by the perplexitieS that have
been precipitated by the party plat
forms and the party dtssensions- Old
methods OF estimating the compare
tive strength of the cOntendfng parties
are untrustworthy under the present
conditions. The best skill of political
managers is defeated by the prevailing
confusion, and everything relating to
parties is in a state of seeming transt-
ton. Under such uncertainties, the
stock market can only be uncertain
and Vaci1lating. The normal factors
affecting values, such as the crops, the
weather, the earnings of the railroads
and the condition of trade-nO matter
how faVOra ble-produce virtually no i'm
preston; everything is at the mercy OF
the political sensations Of the hour
The financial situation is complicated
by the fact that the preliminaries to
Sne election have developed political
surprises which are profoundly unset
tliug. Previous to the conventions,
public interest centered entirely in the
silver question. The Democratic con
ventiOa, however, contrary TO all expec-
tatiOn, has sprung upon the country
set Of new issues of fundamentally
threatening nature. The chicago plat
form has exhibited a condition Of wide
spread discomfort seeking remedy in
measures threatening to our institu-
lions and hostile to the federal cOnstt-
tuition With some modification of ex-
preston. the sOcialistic and anarchia1
tendencies which have taken such deep
hold across the Atlantic have found
bold uttera2ce by our party leaders. So
pOintedly and so violently have these
tendencies found expression in the Chi
cagO and POpulist platforms as to pro-
duce wide party rupture and introduce
into politics a new set Of issues of the
gravest character It would not be
prudent or safe to treat this Eruption
of revolutionary ideas mere tran
sient outbreak Of ignorant discomfort.
inf is a In 10
more. Lying beneath it is the great
industrial revolution arising from the
Introduction OF steam and Of machine
instrumentalities of production. That
change has been attended with a large
and universal reduction in prices which
has fallen with some inequality upon
the different classes and has been espe-
cially severe upon the farming and
planting interests. The complicated
operation OF these causes has not been
perceived or understood, and their eff
fects have been blindly attributed to
the cessation of the coinage of silver
and to mere party policies. Instead Of
waiting until this grea1 Industrial de-
velopment has worked out its beneficial
results and until all interests have
found their true relations in the new
conditions. the millions of the west and
south, who know little of economic con-
ditfons or questions, have been misled
by a false diagnosis and find in the
Industrial revolution nothing better
than an occasion for political reVOlu-
ton. InuS, the uISL efLeCL OF a great
economic change IS TO arouse an 1gEO-
rant resistance to its progress, and to
defeat q higher organization within the
Industrial world by introducing dfsor-
ganizatiOn into the political world.
This is the significance OF the reVolu-
tionary tendencies in politics which
have found expression at the Demo-
cratic ana POpulist conventions. Few
comprehend these aspects of the situa-
ton; and therefore there is a general
alarm at the signs of the times and
most men are anxiOusly asking-what
next?
Thoughtful men, while feeling ear
nestIy that these new political drifts
must be promptly met by discussion
and by the diffusion of information, are
yet beginning to ask whether the stu
alton really Warrants the extent of
alarm to which the public are yielding.
So far as respects the silver question,
competent judges have found no rea-
son for changing the estimate so gener-
ally conceded Immediately after the
conclusion of the st. Louis convention
namely. that the maintenance OF the
gold standard will be assured by the
election Of Mr.. Mckinley. As for the
other issues sprung upon the country
by the Chicago platform and nominees,
it should hardly be a matter for sur
prised alarm if the revolutionary poll
tics which have made such extensive
Roadway in Europe should find sympa-
thiZers in this country also. What the
Chicago utterances really mean Is thar
sOcialistic and anarchiStic ideas have
already found a Judgement among a
certain class Of our professional poll
ticians. and that those men deemed the
discomfort fOstered by the agricultural
depression faVora bic to the launching OF
Elleir theories. We have to thank these
people for this revelation OF the lowest
depths Of their destructive policies. The
worst is known, and sound patriots will
be all the better able TO protect the best
But is the discovery of these demoralfz-
ing elements in our national politics
sufficient reason for the state of fright