The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-08
Views of Henry CIews.

mood but with moderate volume of trans
actions. The men of finance have cent?
dence in the future. and that is the MAIN
stay of values, rather than anything that
for the time being is materially improving
the earnings of corporate investments. 1t
begins TO dawn upon those who have in
dulged in expectations of a general boom
how near to the time when con-
fidence was shaken to its very foundations
and how much prostration the country has
to recover from. The year 1896 was far the
most trying of the four years of depression
through which the country has passed. 1t
was not only the elimination of the mon
etary arrangements of the three previous
years; it had also serious special causes of
disturbance outside of those incident to
finance proper. Twice We appeared to be
on the verge of foreign war. and the ram
with England and Spain evoked alarmed nne9 so
ber-minded people at the apparent ease
with which the country might at any time
be precipf.ated into warlike situations or
actual conflict. Still more alarming to re-
tecting people was the fierce spirit of sec
tional and class animosities developed
In the course of the election canvass, TO say
nothing of the danger of the country being
committed to a prosilver policy. These rev.
Citations produced distrusts of a character
new to American citizens and which have
disturbed confidence among large owners
or capital much more deeply than appears
we may judge how deep was the distur-
bance of confidence with which recuperative
tendencies have had TO deal and what were
the obstacles to investment movements
which depended upon the cooperation of
men of large capital Those men are the
class who have been most directly threat
ened by recent conditions, and they
Therefore likely to be the latest to partici-
pate freely in Wall-street undertakings.
of those who are still complaining about
the nonappearance of the hoped-for great
boom. and they explain why the return of
activity may be expected to come gradually
rather than Immediately and with rush
Properly viewed, there is nothing to dis
courage even the most sangune in the te-
nacity with which men of finance still
maintain conservative attitude. They are
at least willing TO move with events; and
events have been and are now taking a
notable turn for the better. So far as may
be inferred from current political Incidents
and from the utteranceS of the late
tremist press there is a marked reaction
from the ante-election silver craze. Bryan
and Organism are becoming diScredited so
far as respects their currency theories, and
are now showing more disposition to accept
a settlement of the money question upon
sounder conditions. There is also reac-
ton from the violent spirit in politics.
which helps to lessen the apprehension on
that score. TIE masses begin to discover
that they have taken too large dose of
Organism and are now applying to other
doctors for relief from it's nauSeatinS ef-
fects. To very important class or people
perhaps nothing could be more assuring
than this manifest reaction from violent
radicalism.
FURTHER. we are no longer apprehensive
of international entanglements. On the con-
trary the government has set before the
world the most striking exhibition of
spirit of international peace that any ma
ton has ever afforded. The arbitration
treaty is more than an expression or a. pol
icy: it will constitute a great moral force
binding our people to the maintenance or
a friendly attitude under disputes with
other countries than Great Britain merely,
and which will diminish to q minimum our
risks of foreign war. The critical attitude
of the Senate towards the treaty thougn
achievement of it's eclat, Is not likely to
defeat it's final ratification The modifca-
essential features. but substantially leave
il unmpaired for all its larger purposes.
IL is not to be expected therefore that TINS
appreciabiy deprived of its benefcent ten
dency by any action of the Senate.
1.-The President-elects' selections for the
had an assuring effect. The feeling is gen
eral that the peace and good order OF the
country will be safe in the hands of Mr.
Sherman Mr.. Cages acceptance of the
treasury portfolio affords an accession of
strength to the sound-money sentiment OF
the country. The new President and MS
secretary of the treasury will. without
much doubt. give a distinct direction To
the financial policy of the republican
party and Of its representatives In Con-
gress This is an invaluable contribution
towards confidence among the class who
control our financial interests; Tor even III
the Senate should prove obstructive TO
currency reform. tho change in Its per-
sonnet which will occur two years hence
will only be the more surely in favor OF
sound money from the fact that their
predecessors have in this matter done vio-
lence TO public opinion. With the Presi-
dent and forciblo minister OF finance
united in this policy. currency reform can
not suffer more than a temporary defeat;
its ultimate adoption within the four
years tenure OF the RepuDlcanS Is as
Sured.
THE Improvement in the conditions here
noted and the more hopeful political as
poets generally have n silent but very pow
erful influence in favor of confidence. They
are factors which appeal especially 10 men
OF sagacity and OF large means and upon
whom the value OF investments largely de-
ponds The buttressing of confidence at
this point / regard of the utmost i'm
portance i'm restoring healthy tone in
Wall-street affairs
The following table. prepared by L. w Louis
Room IL Board Of Trade, shows the range OF
quotations: