The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-22
views of Banker CIews.

In reviewing the financial situation Henry
Clews says: 1.-THE next considerable ele-
ment affecting the market will be the as
sembling of Congress. with its attendant
recommendations from the President and
his secretaries. So far as can be seen at
present there is little probability that any
seriously disturbing measures will be intro
duced. 1t may not be easy to keep both
houses within pacific limits in respect to
Cuba, but there seems to be little room for
doubt that the President will use his ut
most influence to prevent that question
from drifting into phase that would dis
turb public confidence through deranging
our relations with Spain. He would be
strongly backed by the business sentiment
of the country in taking such a course,
and the lingo legislators may be restrained
from excuses by the discovery that there
is no longer any political capital to be
made out of the question, but rather public
disfavor.
I'm public estimation by far the most i'm
portant matter to occupy the attention OF
Congress is currency reform. AS yet how
ever, Wall street has not generally viewed
it as a question bearing very directly upon
the market for securities. This apparent
neglect cannot be due to oversight of the
fact that the quality of securities depends
upon the quality of the money in which they
are payable; perhaps the explanation Is
rather that the exchange fraternity have
some doubt whether any legislation on the
question can be at present accomplishing.
On this there is undoubtedly room for diff
ferences of opinion. But two things ap-
pear to be certain: First, that the President
and the secretary of the treasury and ap-
parently also Speaker Reed will earnestly
employ their influence to secure the adop-
ton of such legislation; and, second, that
if Congress should be found lukeWarm on
the subject members will be subject to a
country calculated to arouse them to a
sense of their duty, for the earnestness OF
conservative opinion on the subject is little
less than that which demanded the repeal
of the coinage clauses of the Sherman law
of 1890. In any case, it cannot be denied
that the present condition of our currency
is attended with grave misgivlngs, espe-
cially across the Atlantic, as to the value
of our securities. That. indeed, is the one
great obstacle with which we have to con-
tend in placing our obligations abroad and
done by the next Congress to remedy this
distrust the feeling will be deepened; If
Congress passes a law tending to give as
surance that we shall always be able to pay
these obligations in gold, our foreign credit
would be greatly strengthened, and new
source of demand for our stocks and bonds
would be created. Whatever may be done
in respect to the currency a resolution
should be adopted declaring all Obligations
of the United States government payable
in gold; not. as at present. in com, Whlch
may mean either gold or silver. Also. as
means of putting a quietuS on the silver
agitation the treasury notes issued under
the act of 1890 should all be withdrawn as
rapidly as possible and the silver coin left
to circulate in their stead. That would
probably make a sufficient quantity to en-
able the people to better understand what
silver money really is, IL it does not then
treat the Bland issue of silver notes in the