Arizona republican., 1899-09-28
PHRNIx. SEPTEMBER 2 8. Isee
AS TO WALL STREET.

Democrats are hungrily seizing upon
 every circumstance in search of evil
 denee to prove to the people that they
 are not as well off as they think they are and that times are not as good as they appear on the surface. They have lately laid hold upon the report Of tt.:e stock market and have offered it as proof that a mistake was made in re- jecting free coinage It must be con fessed that for more than a month Wall street reports have been pessi
 mistic and one which appears in The Republican this morning is partic- ularly so They show that money is higher than it was; that the bank re- serve is lower and that these condi- tions, together with the consequent realization upon shares, have checked speculation and altogether have con tributed to an annoying predicament. Where? Throughout the country? No, only in Wall street. In the ab- sence of the present generally prosper ous conditions we woul dsubmit that the things of which speculat0rs com plain have nothing whatever to do with the farmer, the mechanic, the day laborer. the merchant or the banker, or any other person who is not inter ested Tn stock speculation.
 Money may for one reason or an other be too high or too scarce for safe and profitable speculation, but it will be neither too scarce nor too high for carrying on the business Of the ccun- try In this case the conditions which affect Wall street are wholly foreign, but if they were local it would not alter the terms of the foregoing prop osftion, fer speculation then would be sacrificed to meet the demands for money to move crops, for manufac- turing and commercial enterprises.
 It has been some weeks since com plaints from Wall street became so strong that the United States treasury decided to anticipate the October fn- terest and promised to afford other relief that might be necessary to pre- vent the depletion of bank reserves. This stringeney has not been felt any where outside of the street Money is as plenty as ever and in the west, at least, it is cheaper than ever. Not wheel in the United States has ceased to turn for want of money and not Iaborer between the Atlantic and Pa cifc has been laid off. Neither have prices been affected on that account. That they have gene up, not only prices of commodities, but of labor, is certain, but that healthful condition is easily traced back to the excess in every line, of the demand over the supply.
 It is a fact, which democrats will re- member, that it has been demo- cratic saying for more than a genera tion, that the interests of Wall street and those Of the country are opposed to each other. We have never be- lieved that this is necessarily so, nor do we believe that there is necessarily close relation between stock Specu- lation and general prosperity. In the darkest days of the last panic no com plaint went up from Wall street. Money was so scarce that legitimate industry was at a standstill. The bank reserves, though, were full and there was no check upon speculation. The argument that the cry Of Wall street is an echo of general financial distress is unscund, even from a dem ocratic point of view. It has already been disproyed by the logic of events. l