The evening times., 1899-12-19
TUESDAY. DECEMBER 10. 1899.
The Gold Bill and Wall Street.

Whatever Mr.. Hanna and Mr. Pierpon.
Morgan may choose to say by way of expla-
nation, the fact remains that the introduc-
tion in he House last week of the Over
stree; bill! for the contraction of the cur
rency and for other equally nefarious pur-
poses. was synchronous with, if not respcn-
sible for. serious break in the stock mar
ket. We are quite aware that our Ad
ministration friends will elevate their ele-
phantine Republican proboscides in scorn at
the suggestion of the remotest connection
between the two events, but We can stand
it. Stocks are bullish when money is
plenty. Any scheme calculated 10 reduce
the volume of money in active use. whether
proXimately or ultimately, is always
suong and unanswerable bear argument;
because contraction means lower prices for
all commodities and affects stocks as much
as any other kind.
The Wall Street depression of last week
eliminated in the Blue Monday panic of
December Is, an occasion l.ng 10 be re-
membered in business circles as one OF dark
foreboding, and consequently day OF ex-
treme fitness for the passage Of the Hanna
Morgan panic producer in the House of
Representatives. In case the same or some
equally bad bill should be fought through
the Senate. and adopted in conference We
shall be curious to see what effect that
may have on stocks, and especially upon
The shares of industrial corporations.
For time equivalent to that during which
money has been growing plentier-tha; is.
since the Spanish war and increased gold
production have added largely to the VOL
ume of money in the United States-the in
dustrisl stocks have been steadily enhanc-
ing in market value, and in popularity
with investors. The reason IS obvious. In
dustrial corporations produce commodities.
As the mass of legal tender in circulation
becomes greater the prices of all commodi-
ties advance. Contrariwise, when there is
contraction, the value of commodities
drops practically in proportion to the ex-
tent Of it. When prices are falling the in
ducement to produce or TO deal in commodi-
lies disappears. Hence contraction or even
the prospect of such a thing naturally ope-
rates TO depress industry. and the indus
trial issues in the stock market are the first
TO feel the change. Until last week, and
for nearly two years, the 'industrials'' have
bsen regarded as exceptionally acceptable
collateral security for call loans. Yester-
day there was a widespread effort on the
part OF money lenders in New York 10 have
all such security redeemed and replaced
by railway shares. and such things; as be-
ing less Immediately exposed 10 the COM
mon destruction which all values must suf-
fer should the contraction plot of the money
dealers succeed in the present Congress
The friends of the Administration who
are engineering the plan in the Senate, and
who lately carried it through the House,
are at liberty TO talk all they please about
the establishment OF monometallism as
something in the nature of an insurance
policy on national prosperity; but they
know better. The lot of them care as !
much for the gold standard, as such, as |
If 1t were Continental or a Confederate |
money single standard. What they want |
is the contraction which gold and the re- |
tirement of national legal tender money |
will involve; the contraction which will in
crease the purchasing power of the unit
of value, and thereby increase the amount
of labor or the quantity of commodities
which debtors must furnish to settle their
obligations to the creditor class. This is
100 automatic to require discussion. The
currency legislation desired by the Ad-
ministraton is demanded of it by the mon
eyed interest as the price of it's support in
1896. and as a condition precedent to its
contributions TO the Republican corruption
fund OF 1900. Otherwise. it is intended to
lay the foundation for another bankers
panic and general foreclosure of all Ameri-
can property. such as the country suffered
under from 1883 to 1898.
If the conspiracy shall be triumphant,
the next ten years will witness the uni
versal reduction of the masses TO economic
slavery on one side, and increase of wealth
TO the few on the other, so great that
among capitalists Millionaire will be pit
led as poor man. The question then is:
Are there enough patriots left in the Uni
led States Senate to hold the bridge, as
Horatius did. lin the brave days of old?"