The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-07-04
FINANCIAL REVIEW.

Henry CIews's Weekly Letter on the Mon.
etary Situation - The Free Silver ASi.
tatlOn-NVhnt Free Silver Would DO.
Special Dispatch to the Intelllscpcer.
NEW YORK, July a.-Durlng the
past week, the bear" element has
found a fruitful source of selling in the
exciting reports relating to TIE pros
pectlve Chicago convention. Between
the wild excitement of the silver dele
gates, the plots of Altgeld for controll-
Ing the convention. and the unwise and
feeble tactics of certain OF the eastern
sound money leaders, 1t has been
found easy to break prices by vigorous
short selling; and the fall in prices for
the week has therefore been consider
able. The sales, however, have been al
most entirely by professional opera
tors. Private investors have shown no
disposition to part with their securities;
and London, in spite of the weakness
here, has evidenced a recovery OF conf
dence by taking one hundred thousand
| shares OF stock, besides a good amount
of bonds. The bears have found 1t
possible to shake out a considerable
amount of stock carried on margins;
and that success has been the main
cause Of their persistence. These oper-
atoms have produced n feverish feel
| ing, and have naturally fostered the
prevailing distrust This unsettlement
is likely TO continue through the Chica-
so convention and may quite possibly
be aggravated by Its exciting develop
ments. After that, the case of silver
| goes before the people FOR four months
| Of earnest discussion previous TO the
| popular verdict at the elections; pending
which there will be less material for
the creation Of speculative sensations.
Rarely, in the history OF national
elections, have the people been called
| upon to choose between more vital Is
sues: and II is 10 the last degree I'm
| portant that there should be n clear
conception respecting the interests at
stake. The public choice is between the
continuance OF basis under which
gold or its equivalents may be demand
| ed in the settlement OF all contracts;
and basis under which silver dollars
alone would be used In payments: such
| dollars being sixteen times the weight
of the gold dollar. At the present value
| of silver bullion. the silver dollar would
need to weigh about thirty times the
weight OF the gold dollar, In order To
make the two coins OF equal value. 1t
follows, therefore, that II, as demanded
| by the sAveritCs. any holder OF silver
bullion can have his metal mintcd into
| dollars at the rate OF sixteen weights
| OF the white metal to ore Of the yellow,
the dollars so colned would have an
intrinsic or metallic value OF only about
DuN- half IbnF Df the rAid INllnr
1t is proposed that this dcteriorated
| dollar shall be coined without limit,
| whether from silver imported or that
coming from the home mines. II is also
| proposed that these dollars shall be
legal tender TO any amount In the IL
quotation Of contracts. Under this
scheme, the United States would stand
exposed 10 an issue Of silver dollars lin
tied only by the worlds entire current
production and It's accumulated stocks
OF coined silver What would prove to
be the depreciation OF the silver dollar,
Under such conditions, IL Is impossible
TO tell. One OF the first effects of the
change would be for tho European ma
lions TO exchange, as far az possible,
their 800 millions OF silver bullion and
coin for our gold. Besides that. under
the natural law by which an Inferior
currency always displAces a superior
one, our supply OF gold would leave the
country. In this way, we should lose
our gold circulation and become an eS-
clusiyely silver-paying nation with an
attendant enormous loss Of the only
stable form Of money and consequent
contraction OF the circulation. We
should then be upon the same monetary
basis as China. Japan, Mexico and
th.rd-rate nationalities. provided silver
kept Its present bullion value, our dol
lar would then be worth fraction over
one-half OF It's present valuation: and to
that extent the purchasing power OF our
entire paper circulation would also be
diminished.
All our mercantile debts outstanding
when this state Of affairs took effect
would become payable in this depreci-
ated money, excepting those made I'M
der special contract payable IN gold.
The national debt and the interest upon
It would be legally payable in the same
stun. inasmuch as the law authorizing
the bonds makes them payable in
coin" without stipulation as to wheth-
er the coin shall be Of silver or Of gold.
The many thousands Of millions OF real
estate mortgages, and OF bonds OF every
form, and the Interest upon NIL COR
porate stocks. all OF which are now pay
able in gold or It's Representatives, would
then become payable In this silver mo-
ney OF unknown value. Thus. the enOr-
nous sum OF national investments and
the wealth which they represent would
not only lose their stable gold standard
OF value. but would become enormously
deprecated. and their price would be
ever fluctuating with the oscillating
price OF silver bullion. The 200 millions
OF private deposits in banks and trust
companies would suffer in the same
way, and so would the 1880 millions OF
the workman's accumulathns In saw
ings banks as they would become pay
able In the same deprecated dollar.
What would become Of our foreign
credit may be inferred from the fact
that we hav" from 1900 TO 1000 mill
Ions OF investment securities outstand-
ing In foreign countries. n large part
OF which would become payable in this
deterioratcd coin.
II the real nature and consequence of
this free coinage craze are fully UNDER
stood, there can be no danger OF the
country being committed to II. The
st. Louis convention affords n reason
aAiy certain assurance that the danger
VIII lie escaped. But with such pop
ular fnnaticism as now infects the west
and the south. 1t Is no time to take any
thing Tor granted. The true course, in
the presence NI lnc CpHlIHS ChInphlEn
Is 20 calculate upon the worst. and to
work with might and main for the
best No man can perform his duty
without using his whole influence IN the
work OF public en!yghtcnmcnt
HENRY CLEWS.
PUT an end to misery. Donn's OInt-
mcnt viii cure the worst case Of Itching
Plies there ever was, and do II almost
instantly Years OF s0fterlrg relieved
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