The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-06-15
special Correspondence.


NEW YORK. June i3.-Thr chief
event OF the past week on the stock cS-
change was a general break in prices
on Thursday. ostcns!bly, It was due
to the circulation OF a Washington ru-
NOR thar the President would send a
message to Congress relating TO Cuban
arairs calculated to disturb conf
dence. owing 10 thc prevailing uncer-
taInty as to what attitude the party
conventions may assume towards sn-
yer. this report easily had ats effect,
though It was soon discovered to have
no foundation: and consequently the
market has since recovered nearly the
whole decline.
Al the same time, there is no dis
gulsinr thu fact that, In every depart
menl of finance. business is held IN the
scverest restraint until daylight breaks
on the great pending danger connected
with the seeming possibilities OF silver
becoming the basis Of our currency sys-
tenn. The banks and nnanclers gcner-
ally think It soon enough to take de-
cisiye measures for their protection
when the chances OF escaping that peril
have become hopeless. Fully conscious
ot the extreme senslilv"ncss OF the
situation, they are careful to avoid pre-
cautions of a kind that might Great"
alarm or cripple business; but they are
avoiding new undertakings and stead
fly limiting credits where the borrow
ers are not Of unQuestionablc standing
In brief. while they are carefully re-
Training from action provocative ot dis
trust, they arr carefully pursuing the.
CouTsr that would place them In the
safest position for withstAndlng the
threatened danger should fl BE- realiz-
ed. II IS this precautionary Contrac-
ton Of operations which explains tn
current decrease IN the Clearing House
exchanges of - per cent. a. compared
with a year ago. and 81 g per cent. as.
compared with the same date OF 1889.
tn, latest previous normal year. Whist
this policy OF fOTbclrnnce Is doing
much 10 save distrust from running In
t. much more serious forms yet Il ~
impossible to say what conditions Of
decentralization might cnSue II II should
become impossible 10 any longer hope
FOR an escape from the dangers con-
nested with free coinage or from any
approach to IT, The country owes
much 70 this abstention from the policy
" lniiscriminate self-prOiection at
whatever risk % others.
II IS no cKaEg.rai!oR te say that the
financial interests are now stalking ev-
erythlng upon the chances OF on" ~
the party conventions declaring square
Is In favor Of the gold standard. Should
-. F,..F a a. a
no second opinion as To- what would be-
the immediate consequences. At once,
the flood gates OF distrust would be
thrown wide open. and the worst con-
sequences tina, have been feared would
bc upon us There would b. no post
ponlng the verdict W the effects until
the elections The people would. quick
" learn the meaning ~ free silver
in the light OF widespread bankruptcy
and OF c6Hlmerrial and financial de-
preston far Surprising any OF our re-
cont cIprriences.and when the
November voting came. the
platforms Of the conventions
would BE- trampled under foot
by an indignant people In such ways
as they found most expeditions, The
political leaders who are showing 3"
much anxiety e. escape the ire Of a
20 consider how they would escape that
Ear worse wrath TO come which would
smitr them when their pusillanimous
consolation had worked out is effects
IN public ruin.
Never In the history Of the country
have our national party conventions
gathered under Eraver auspices. The
chief questiOns 70 be determined are
What shall be the fate Of the now de-
ranged and fnp3filrl business Inter
ests II the nIttNn2
What shall be our future financial
status among the nationsf
Shall wc rank among the states who
maintain their credit intact by adhesion
to n stable monetary standard?
or shall We deliberately abandon that
status 90 rank among tbs .hia coun-
tries who CaunI. maintain II ana there
fore are graded lowest In International
credit?
Are We deliberately and from no
Compuision Of misfortune, TO commit n
bold act ~ wholesale CpnlscatiDn. by
making Thousands Of millions Of out
standing debts payable at half their
face value?
are We TO tarnIgh our honor among
tho nations hy making some fifteen hun
dr.J millions 0f obligations held abroad
payable az Ggty cents on tho dollar?
Are We u boldly declare ourselves be-
fore the C0utemporlnDIus world, nTr
we Ia write ourselves IN history us a
nation OF unqualified dcfauters:
Arr We. with open eyes. 10 prhgipI-
tate aPJH ourselves one % ihe worst