The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-07

explanation in a spirit of friendly candor,
may put these Misrepresentation in their
true light:
" New York, Aug. 81. 1896
e. l.. Conger, esq, president Throop
Polytechnic Institute Pasadena. CAL:
Dear Sir-The construction put upon
the language which / used some time ago
in my weekly letter regarding the action
of Wall street in the event of free-siiver
totally misconstrues the spirit of my as
sertion. The language was, that IF Con
gress should by a two-thirds vote of both
houses pass q bill fixing free coinage Of
silver at 16 TO | it would evoke conditions
in Wall street that would defeat or prevent
rs execution: BY the term Wall street
we of the East think not alone of the
brokers dealing in shares on the exchange
put the vast concentrated interest OF the
country, the extensive banking capital. the
multitude of Investors I'VE, the poor as wen as
piled are a supposed popular feeling that
opinion might prove rlli.ous to Wall street
business. as well as to other kinds of bust
ness connected Herewith. such railroad
enterprise. for instance. Wall street being
would naturally sound note of warning
that would be reverberated throughout the
Nation. 1t was 50 when Congress at
tempted TO legislate against specializing in
sold The consequence was that gold
advanced 100 per cent. at once. and threat
ened to prove disastrous to business. Con-
gress Immediately perceiving the evil re-
suits TO which such legislation would in
eVitably lead rescinded its action forth
with and permitted business to go on in its
natural course. subject to the influence of
supply aud demand. Thus it is that where
ever legislation has unduly interfered with
business interests the result has been mis-
chievous. Thus has been illustrated in
every attempt at such legislation since the
sumptuary laws were proved to be such a
signal failure in Rome and since then CEN
is opposed to public policy and restraint of
trade. and il tramples principle, upon
the right Of everybody IN frade be small ark or
price of every commodity it could just as
equitably dictate what we should eat drink
and wear. Attempts have ben made seY-
eraI times in Congress to enact laws, like
the Washburn option measure, against
dealing i'm futures but without success.
Germany has now enacted law restricting
dealings in stocks but that will soon go
the way of all of its kind, though upheld
by tyrannical power in the meantime.
- 1t was against such legislation that my
remarks were directed, and 1 still adhere
that Wall street was potent enough to up
set or defy a national law. nor would 1t be
| do say that the opinion of security hold
ers and that of other financial interests is
strong enough and influential enough to
aid in movement to repeal a law that
would be very injurious to the business
interests of the country.
This is answer to your letter of
Aug. a. in which you ask for an explana-
Uom regardmg the points T, aPo Gf stated
I'm addition to the large recovery of con-
fidence Que to the hopeful political ten
denotes above referred. to. the situation in
w
through the large import of gold which is
known now to have reached s20.000.000 in
Guiding what is on the way. Good authori-
ties have estimated that shall get at
least $50 900. 900 before the current stops;
but others are confident of the total reach
ing $40. 900 900. This shows the advantage
of being on the worlds money basis, for
this importa ton of gold comes here as
money, and while it does not go into ac-
tual circulation amongst the people, it does
so into banks and performs the functions
of circulation just the same, as 1t relieves
the notes that otherwise would have to be
held as reserve. The same els the case as
regards much of the receipts as go into
the treasury. much of it Will. 1t re-
leases a corresponding amount of legal
tender money. which Will pass into the
money this gold would be nothing more
than merchandise to us. on account of its
high premium. AS a matter of fact, II we
were silver basis. we could not at
tract gold here from Europe on any terms.
This current gold import ought to open the
eyes of the farmers and others who have
been misled by demagogues to believe in
vince them that if maintain the gold
standard can withdraw n great deaf
more gold from Europe than they can take
from us in other words. we don't want
more money manufactured, especially OF an
inferior character. out we want to MAIN
tain the sound money that we now have
and let the world know that we are going
to do so. 1t will give us what we now
lack-confdence. which will bring the ltu-
ropean money Eere to an extent to equalize
the rates of interest in America with those
of England. France and Germany. That
i-i~d of confidence is already beginning to
return to US.