The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-02
Views of nanker CIews.

In reviewing the financial situation, Henry
Clews, of New York, says: 1.-The absorp-
ton of money by the government in the
immediate future can only be through a war
loan, in some shape to be designated here
after by Congress, and money can be made
tight only temporarily in connection there
~with-that is to say, during the period re-
quired for drawing it in and paying it over
to the government repositories. The gov
ernment's need of money will be such as to
cause 1t to be paid out almost as fast as
received for supplies for the army and navy
and for the payment of salaries of officers
and men. Besides, a good deal Of the money
already in the treasury will also be dis
bursed, so that, as a matter of fact, In
stead of money being taken out of circula-
ton it will be increased. During the war
government securities are likely to be ma
terially increased, but railroad securities
VIII not be. There will be no time, however,
that a government bond will go below the
basis of 32 per cent. interest, in my opin-
lon, even in the event of a naval reverse,
which, though possible, is not likely. The
use of money for business purposes will be
curtailed more or less during the war. as
no new enterprises will be entered into.
Business, therefore, for some little time,
Will be apt to settle down to a stereotyped
condition conducted on conservative lines.
The demand for money will diminish in
stead of increase for some time to come.
1t Is only when people undertake big
schemes that money is in demand in large
blocks, and not when people contract their
operations. The war will be entirely an ex-
ternal one-not internal. 1t will not stop
railroads from running nor mills from
manufacturing. Our 100000 of people will
have to be clothed and fed, and that alone
insures legitimate business dealings all over
the country. Our cotton will be exported
and SO will all other of our products that
have a foreign market, in neutral ships as
signed over to neutral owners, thereby Sc
curing the property from risk of seizure
and nOnHGnnf n hNY h nnnnnTv
"Moneyed institutions would be unwise in
contracting time loans, as such a policy
would tend to make money tight, and that
might too easily be used as an argumen in
Congress that there is not money enough,
In which case the tendency would be for
Congress to Iegislate for an increase in
greenback issues in place of a bond issue.
Should this be done 1t would be a very seri-
Gus matter.
War with Spain should be prosecuted
with vigor to bring it to a speedy termina-
ton. For a Nation like.this TO fight a feeble
one Ike SPAN VIII bring no credit unless it
France in their last war. Within a
week the Germans were in Paris to demand
an indemnity and got it on their own terms
while to fight such a nation as France in
place of a bankrupt nation like Spain, be-
cause an indemnity would compensate us,
which ii will be impossible to obtain from
Spain under any circumstances; so that the
only prospect of gaining glory will be in
conquering Spain quickly.
There is no reason to be apprehensive of
the Spanish squadron attacking New York
city, as the Notifications for its protection
are located twenty miles from the city and
are considered improbable. The guns in
use have a carrying power of ten miles,
which will keep the enemy thirty miles from
the city. No guns in use anywhere will
carry a distance of over ten to twelve
miles. New York city, therefore,, should be
considered perfectly secure from attack: 1t
is a fact that a gun placed on
a solid foundation can throw a projectile
further than one on the deck of a war
vessel.
''The stock market hereafter will ~fiuctuate
according TO the fortunes or misfortunes or
war. Disasters will put prices .down-vic-
tories will advance them, and fluctuations
will hereafter be influenced by peoples
spirits. which war will affect from time to
time. Operators must keep a sharp eye on
"The best way to bring the war to a
speedy termination is for us to take the
them back for Cuba This would satisfy
Spanish honor. as Cuba in hat case would
only be given up for full value. and. as Cuba
is the bone of contention with us. honors
ZIP to the time of the declaration OF
war. humanitarian methods controlled our
President and our people, especially the
former. as he is naturally a most humane
man, and his example inoculated the people,
and they thoroughly indorsed his peace
policy. Now that war has come upon us,
owever the situation has been reversed.
1t requires quick, determined and forcible
action to be taken, and every method en-
bring the conflict to an end as speedily as
possible. This is demanded by the Ameri-
short war would be less cruel than a long
one as measured by the numbers killed and
wounded. 1t cannot be for an instant
doubted but that. the best energies, OF the
President are being brought to bear TO
speedily end the struggle
Saturdays Bank Clearings.
At Chicago-C1earings SIS. sA. 800: balances,
ss.5sS.80. New York exchange. SOC discount;