The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-08

Henry Clews, in review of the financial
situation, has this to say about last weeks
c ections: $50 far as respects the local
election, the outcome as to choice of can
Gidates has been, in the preponderating
opinion of the financial world, not the best
that could have been desired. It affords the
minimum of guarantee as to an economical
management of the large interests of the
new metropolis; and that is of course a
misfortune, as much for what it indirectly
implies as for what it directly involves. But
that is perhaps the worst that could be
said. Ii is not to be forgotten that the
charter of the greater city was framed by
4 commission composed OF General Tracy,
Seth Low and others. and that by 1T the
mayor is pretty thoroughly hemmed in. He
cannot, under the circumstances, do much
harm, even ii he desired to do so. l know
the mayor-elect and have good opinion of
HIM personally. He certainly is a good
faced man, and that is an important index
TO his character. For one, therefore, l am
willing to believe that Van Wyck will turn
out pretty well as mayor of New York.
The city might easily have had as it's chief
official a much worse man. And as much
may be hoped for from the cOntroller-elect.
The vote can hardly be regarded as dis
appointment, for the betting barometer had,
in anticipation of the poll plainly evidenced
that in Wall street at least, this outcome
had been expected. And, having been
pected, the effect was discounted in part in
advance. land was expressed in the de-
considerable minority who had hoped that
the control of the city would fall into other
hands, and to those the result has been an
unmitigated disappointment, which has
found expression in speculative realizingS
and further fall in prices.
THE results of the elections in other
States are so varied and have been so much
influenced by purely local issues that they
can hardly be regarded as warranting any
general conclusions as to their national sig
nificance. In one aspect, however, they are
distinctly assuring They afford plain evil
dence of the decline of popular interest in
the silver question and distinctly reveal the
beginning of it's decadence as leading
issue in federal politics, a fact which is of
inestimable value for the hope it suggests
as to the prospects of the Sound-mOney pol
icy; o,o .,,o s,,,,+o,,s hro,,o,+
out by the elections they indicate consider
able ferment in public opinion and a dis
position to forsake old ideals; and 1t 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, dis
position to abandon impossible policies
seems to be coming over the country, and
traces are manifest of a public advance
towards measures that will more complete
ly harmonic sectional differences Setting
aside all party prejudices on one side or the
other the elections must be construed as
indicating the dScenQency OF IL more InOU-
crate and reasonable spirit in national poll
tics. This election is the first since our eS-
cape from the sufferings of four years of
depression created by the silver ana Jlngo
crazes and it is therefore natural that it
should show this welcome exemption from
the spirit of political pessimlsm. viewed
dispassionately, l am unable to see any
thing in the state elections that can be re-
garded as casting any doubt upon the con-
tinuance of the public prosperity tnat mas
returned and developed to such remark
able extent within the last few months.
Now that business has universally re-
vived, the people at large value the boon
too highly to sacrifice it by rash policies
or needless sectional disagreements. What
they want is safe and conservative business
legislation and g. foreign policy that is
pacific rather than belligerent. They want
a sound but not needlessly revolutionary
revision 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 pay
ments that produced the remarkably exhil-
arating effects upon the business situation
then experienced. Now, eighteen years
revival. stimulated by the hope that meas
ures will be enacted for making the MAIN
tenance of gold payments secure and last
ing Efforts have been made to produce
the impression that the President and Con-
gress have become Indifferent about cur
rency legislation; but these representations
NAV be safely regarded as mere party in
ventions. / venture, not without knowl-
edge, to affirm that both the Presidents
the treasury will make strong and unmis-
taxable representations to Congress in be-
half OF measures for effecting this reform
upon a broad and practicable business-like
basis I have also reason to believe that
Speaker Reed. instead of proving lukewarm
on this question, as has been predicted of
him. will be found earnestly committed to
making this the leading issue of the ses-
sion.
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 its
hope as affordirg a more thorough and
lasting relief TO the credit of the govern
ment and the trade of the Nation than any
other that could come under its considera-
ton. Instead of-as has too often been the
case-having TO anticipate the opening of
Congress with the prospect of disturbing
legislation. we may look forward to IL with
hopes for great measure of public relief
In view of these facts, 1t is reasonable to
expect that the present grouty temper of
the market has about reached its limit; and
that instead Of deferring operations until