The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-09

THURSDAY. July 8.
The fact that the passage of the Tariff bill by
the Senate did not stimulate q demand for
securities from beyond tho limits Of Wall street
nor even from important interests that are close
to the stock market. was regarded by profess
sional dealers in stocks as o very discouraRing
circumstance. Before the day was over, and as
prices yielded moderately under professional sell
ing, the speculative community appeared TO con-
vince itself that the tariff measure would be q
long time in conference and that II might be
materially modified, particularly the sugar
schedule. before an agreement between the two
branches of Congress is reached. 1t would not
be surprising II time should prove that much of
the talk to this effect that 10 INDUCED in at
Washington. and upon which the views referred
to are based. is solely for effect upon tho con-
stituents of Congressman who are bent upon
making all tho capital they can out Of
their superficial or insincere opposition
to q measure that undoubtedly has the
approval Of tho leaders of the party in power in
both houses. Fears that tho tariff situation may
be complicated by tho introduction of tho cur
rency question at this time were also effective
In shaping the course of prices to-day. News of
the determination OF the President not to send
in a currency message while the tariff Is under
discussion did not como to hand until shortly
before the close of business.
1t is evident that the Administration Is be-
tween two fires on the currency question. Ger
tain Of its most experienced yet unofficial ad-
visers whose views have been sought have
raised the point that an effort to secure the APP
pointment of q currency commission at this
time might provoke a debate In the Senate that
would more than Offset whatever benefit bust
moss might dcrive from n prompt readjustment
of the tariff. 1t Is also well known that, al
though the House might act upon a suggestion
from the President that q commission DO APP
pointed. Congress as n rule resents the appoint
ment OF an advisory body to consider any ques-
ton that 1t believes itself capable OF determin-
ing. Tho possibility that q commission might
hamper or handicap the Administration In
carrying out its own viows regarding the re-.
modelling Of the country's finances has not
been ignored by tho President and the Score.
tary of the Treasury and their most disin-
terested advisers. On the other hand, the
President apparently feels that tho cur
rency question was q paramount issue In
the last campaign; hence his apparent
desire to make some move that will show that
he Is not unmindful Of the forces that contrib
uted to his election. A solution of the difficulty
might possibly be found by taking the ground
that the issue In the last Presidential campaign
was honest money against free silver. rather
than tho moro complicated one OF u~nifying or
modifying the currency. Moreover, with suf-
foient revenue provided for tho needs Of the
Government and tho cessation OF borrowing 10
meet successive deficits, tho entire currency
question loses much Of the Importance that II
attained during tho last Administration
According to all accounts, European bankers
and investors attach more Importance TO the
currency question In the United States than is
accorded 1t here. This,d doubtless, arises from a
lack Of exact information. However that may
be. 1t Is believed that recent sales of securities
by Europe, though ON a moderate scale, have
resulted from fears that Congress may subordi
nate a suggested remodolling Of tho cur
rency system OF this country to tariff
Legislation. II q fuller knowledge OF
the prevailing sentiment hero existed
abroad foreign dealers In securities would
appreciate why an carly adjournment Of Con
gress Is likely to be followed by a more confident
FEELING and greater activity in business. There
was a further increase in the volume OF trading
in stocks te-flaS. but 1t wss. Us q rule ut the ex