The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-05-25
Henry clcws's Weekly Letter on
the Business outlook.
CONFIDENCE on WALL STREET
That Our Currency System viii be in Safe
ISnds-Not Insrnslblc, However, to the
Danger frOm Popular Prejudice and
IEnoruncs-General Review of the stu.
ntlon.
Special Correspondence.


OF the railroads and the movement In
the larger departments OF merchandise;
and the exports OF gold are viewed as
but natural movement, Virtually,
the sole obstacle In the way OF an sc-
tive and rising market is the condl-
ton OF politics That element OF sus-
pense Is, however, strong enough to
market to attacks under which prices
easily yield. 1t is factor which no
body ventures TO resist, and Its natural
effect is to induce realizing among small
holders and a steady fall in prices;while
the larger and stronger holders generals
ly hold TO to their stocks,
With such an issue as now profound
~ agitates the country from end to end,
an unsettled and waiting feeling in
speculative circles IS perhaps all that
may be CxpeCIAd Wal, street is the
point at which the greatest sensitive
ness OF the silver agitation centres.
The question about which our millions
OF people are 50 eXcltedly occupying
themselves is neither more nor less than
what shall be the kind and value OF
the money IN which our thousands OF
millions OF national, corporate and pri-
waite long obliEatlans shall be settled,
and what the currency In which the
commerce OF this great and rapidly
growing nation shall be transacted
the money OF the most stable and pros
porous countries? or that of semi-civi-
liZed, distrusted, and bankrupt nations?
The crisis OF deciding such Il question Is
one Of the most important that can be-
fall a country. The mere fact .hat a
large portion Of our people SHOULD be
intent upon forcing the acceptance OF
a dcbased and tiuctuntlng metal as
standard money Is a discouraging
symptom; for ii shows to what danger
GUS ends an ignorant free suffrage
may be prostituted, That alone IL
enough to produce a deep unsettlement
Of feeling among responsible property
owning citizens; for the same incapac-
lily for Judging upon complex money
questions may easily, az any time, i'm
peril the country under the settlement
OF other large questions affecting the
welfare Of the nation.
The danger from popular prejudice
and ignorance In connection with this
silver agitation Is, however, something
more than a conceivable evil possibility.
II is a threatened actually. 1t Is up
for immediate decision; and. at this
moment. no one can feel absolutely
certain that this worst curse Of nation
mag not be brought to conclusion
within comparatively few months.
Wall street is not In any degree IN
sensible to this crisis. II sees and meas
ures It in all It's length and breadth;
but II Is calm and self-possesed. 1t
refuses to believe that.swhen the struS-
gle comes to a finallty. the American
people will be .0und capable Of de-
liocrate act II rational suicide. II can
understand that the danger may reach
an Rcuicr Stage TINT 1t now PRESENTS;
1t .s SGlle prepared frr the possibility
that managing politicians may go fur
Their than they have yet dared in the
way OF sacriflclrE sound money policy
in order to secure votes for their can
didates It Is aware that startling re-
suits may come ouS OF either OF the
party conventions; n would hardly be
surprising should the silvcTites be able
to block sound money legislation in the
next Congress; all these things may be
classed among the possibilities OF the
next few months. But Wall street Is
not Sravely dismaycd at this outlook
II has learned to believe that there are
greater potencies than party platforms,
than legislative subserviency to popular
Ignorance. than the madness OF a par
tisan infatuatlon. They know that
there are situations and events which
can instantly coerce and convert the
most reckless legislators into the will
ing servants OF conservative senu-
ment that represents the real interests
and safety OF the nation II viii not De
necessary to walt for any after-efTects
Lii, "a
chiefs, although that would be a per-
fectly safe course. The near prospect
OF the authorization OF free cOlnage--a
counting OF heads showing certainty
OF n two-thirds vote In the house and
senate for l6 to I,-would evoke in
Wall street the kind OF conditions that
no Congress has ever yet dared to dis
regard, and the cause Of free coinage
would BE- oVerthr9wn at the moment
when It's success seemed most certain, II
is this reserved power on which wall
street IL now reposing. II is therefore.
not likely to be seriously surprised by
any outcomes between now and the
November elections. It's confidence
in the final safety OF our money system
Is mistaken. 1t can az little believe
that the nation would finally consent
TO the destruction OF us money system
as that II would burn up Its crops or
despol It's accumulated wealth. II is
not at all impossible. however that
Wall street may witness some exciting
scenes between now and next Nuvem-
Der. Politicians are not usually aVerse
to "a turn in stOcks." and great pout-
iC.al excitement may be easily turned to
speculative account II therefore by no
means follows that the prediction
months must DO without speculative
interest.
COol-headed ilnanciers are not apt TO
take much stock In mere opinions, and
especially in the opinions Of ill-infOrm-
ed people. They know that fads Of
opinion may easily cause some tempo
rary trouble: but they have strong
conviction that an opinion Is much
moro easily dealt with than n material
situation To them popular money
craze Is a far less serious AFFAIR than n
widespread oYerproductlon, or n widely
extended crop failure. or a decade OF
overtradIng. or a destructive war II
may be well to keep on the alert during
the next six months: but intelligent
fInanclers can afford to keep cool and
courageous. Nothing Is n safer A-Hump-
tIon than that there Is no majority OF
tho American people who lost their abil-
ity TO distinguish between good money
and bad: and the assumption Is equally
safe that the Commonsensc majority Of
our citizens will ultimately reach a
nnInt oK vantage at which they VIII