The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-03-30
BANKER cLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

Wall street.
New York, March 2S.-There can be no
question that by far the most important
obstruction to the return of confidence
in investment operations stand connected
with questions which await congressional
action. That distrust arises not only from
the fact that such questions are held in
suspense, but equally or more from the
circumstance that there is a great lack
OF confidence that congress will finally act
upon them wisely and with moderation.
Political ambitions and party tactics have
come TO so completely control the ac-
ton of congress that there appears to
be no longer any possibility of having
great questions of finance or commerce
dealt with upon their merits. The preiu>
dices and the uniformed sentiment OF
the masses, together with the private in
terests of senators, warp discussion and
distort measures to such an extent that
congress, instead of being a safe depend
ence for wise legislation, has become the
object of a deep-seated distrust This
Keeps the material interests of the ma
ton in constant supense.
Men contemplating long investments, or
desiring TO enter upon undertakings that
run far into the future, can make no
calculation upon what may be the legal
conditions to which their enterprises may
be subject; Congress no longer holds
their confidence as being a body of pru-
dent, wise and conservative statesmen
who may be trusted to respond to the
soundest elements of public opinion 1t
has constituted itself above all the tool
OF the ignorance, the prejudices and the
passions of the million; and sound
nnance, sound money and sound trade
policies no longer find safe protection in
the legislative power 1t is a fixed con-
seriousness of the Generalization and the
perversion of the lawmaking authority
which is now more than anything else
causing the hesitation and pOStpOnement
that are paralyZing industry and invest
ment in the United States. This politi-
cal distrust is especially liable to make
itself felt during the year of the presi-
Dental election; and a presidential cleo
ton at a period when fundamental money
questions are in the balance must inevi-
tably cause considerable unsettlement.
Questions OF this weighty nature are
taken much more seriously at the financial
center of the nation than among the
smaller populations of the country. To
men who represent hundreds of millions
of invested capital, 1t is a matter of the
utmost gravity whether those investments
are to yield a return payable in gold and
It's equivalents or in a currency depre-
ciated one-half as compared with gold.
The rural constituencies, however, view
such questions in no such serious light.
They know little of the differences be-
tween one kind of money and another and
regard the quantity of money as a much
more important matter than it's quality.
Yet this very class have the numerical
majority atethe polls and therefore may
easily turn the scale against those whose
fortunes depend upon our money main
tanning It's race value IN SOlQ. II is Tnere-
fore no matter of surprise that Ne% York
and other large centers should feel deeply
concerned about the uncertainty in which
the money of the future is involved, and
about the results of am election IN which
the constitution of our money is the pri-
mary issue.
The extent to which this unsettled feel
ing exists in the investment market may
be inferred from the fact that, when the
treasury recently asked for a loan of
500 100000. yielding less than per cent,
nearly $500. 100000 was offered. This inn
mense amount of offers was due to the
fact that the bidders expected the interest
and principal would be paid in gold and
the reason why they had withheld their
funds from other investments was because
they did not feel quite sure that such in
Vestments might not become payable in
silver or its representatives
Those who look deeply into the sources
of public sentiment are likely 10 feel en-
tire confidence in the final maintenance of
the gold basis; but the large majority of
those having Accommodations to invest have
no opinions which they are willing to trust
in a matter of such Importance, and they
therefore prefer TO keep their means in
an uninvested form. so that they may the
more easily protect themselves. This is
the practical significance of the money
question to Wall street IL is this uncer-
tainty which prevents the negotiation OF
loans for new enterprises which keeps
railroad construction In suspense and gen
arallx cnllses OfQnlR of meaQS- 10 -urefer