The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-11-08

unmitigated disappointment, which has found
expression in speculative realizings and a
further fall in prices.
The results of the elections in other states
are SO varied and have been much in
fuenced by purely local issues that they can
hardly be regarded as warranting any gen.
eral conclusions as to their national signifi-
canoe. In one respect, however they are
distinctly assuring. They afford plain evil
dence of the decline of popular interest in the
silver question and distinctly reveal the be-
ginning of its decadence as a leading issue in
federal politics. fact which is of inesti-
mable value for the hope it suggests as to
the prospects of the sound money policy.
Taking as a whole the symptoms brought
out by the elections they indicate consid-
cradle ferment in public opinion and a dis
position to forsake old ideals; and it may
be hoped that these tendencies will hereafter
develop into better methods of government
and into policies more in harmony with an
orderly public sentiment; but, in any case, it
can be said that the drifts Of opinion thus
exhibited afford no symptoms of dangerous
tendencies and no new vitality in the wild
policies advocated in the passionate party
platforms of 1896. On the contrary, a dis
position to abandon impossible policies seems
to be coming over the country and traces
are manifest of public advance towards
measures that Will more completely harmon
iZe sectional differences. Setting aside all
party prejudices on one side or the other, the
elections must be construed as indicating the
ascendancy of a more moderate and reason
able spirit in national politics. This election
is the first since our escape from the suffer-
ings of four years of depression created by
the silver and lingo crazes, and it is there
fore natural that it should show this well
come exemption from the spirit of political
pessimism. Viewed dispassionately, am I'M
able to see anything in the state elections
that can be regarded as casting any doubt
upon the continuance of the public pros
perity that has returned and developed to
such remarkable extent within the last
few months Now that business has univer-
sally revived, the people at large value the
boon too highly to sacrifice it by rash poll
cieS or needless sectional disaGreements. What
they want is safe and conservative business
legislation, and a foreign policy that is pa.
cifc rather than beligerent. They want a
sound, but not needlessly revolutionary re-
vision of our monetary system, such as will
save us from the possible recurrence of evils
like those that have imperiled the gold
basis within the last four years. In 1879 it
was the resumption of specie payments that
produced the remarkably eXhilarating effects
upon the business situation then experienced.
Now, eighteen years later, witnessing
a great commercial revival, stimulated by
the hope that measures Will be enacted for
making the maintenance of gold payments
secure and lasting Efforts have been made
to produce the impression that the president
and congress have become Indifferent about
currency legislation: but these representations
may be safely regarded mere party in
ventions. | venture not without knowledge,
to affirm that both the presidents message
and the report of the secretary of the treas
ury will make strong and unmistakable rep
reservations to congress in behalf of meas
and practical busness-like basis. l have also
reason to believe that Speaker Reed, instead
of proving lukewarm on this question, as has
been predicted Of him, will be found earn
eStly committed to making this the leading
issue of the session.
Thus, whatever congress may or may not
do, we may safely look forward to its devoting
earnest attention to the question upon which
business opinion has fixed it's hope affording
a more tn rough and lasting relief to the credit
of the government and the trade of the nation
than any other that could come under its con-
sideration. Instead of,-as has too often been
the case-haYing to anticipate the opening of
congress with the prospect of disturbing leg
isation we may look forward to it with hopes
for a great measure of public relief. In view
of these facts, it is reasonable to expect that
the present grouty temper of the market has
about reached its limit; and that instead Of
deferring operations until December, as some
seem disposed, there will be those found who,
in view of the many 'bull'' conditions that
have been neglected for the past month, will
regard the present relatively low range OF
prices afrording an opportunity of laying in
stocks for a general recovery of the market.
1t seems incredible that, with so many
strong elements in favor Of the market and
after the dissipation Of the factors that have
induced caution, the tone of business on the
stock exchange should fail to exhibit an early
revival.
Thursdays action of the chamber of COM
merce, in memorialiZng the government to
strengthen our coast defenses, was yesterday
construed as favoring an attitude of hostility
towards Spain by that important body of mer-
chants, and its effect on the morning session
was to produce fall Of one to two points in
prices. There is good reason, however, to re-
gard this as an overstrained construction Of
the action Of the chamber. The resolutions
were presented at a thinly attended regular
meeting, and were railroaded through without
serious consideration. 1t is premature to re-
gard this action as representing the deliberate
opinion of this important body of representa-
tive men. At any rate it certainly could have
only had in view what actuates all nations
''In time of peace prepare for war"