The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1899-12-27
FROM THE NATIONS CAPITAL.
From Our Omn Correspondent.

demonstrated anew almost daily. Not
made an offer to buy $25, 1000, 600 of gov
crnmcnt bonds, ut present market
prices. Il large premium, III order to
lower the rates of money on call in
Wall street. The war news i'll Europe,
rs some authorities assert, or the pas
sage Of the gold standard bill in the
House, us others maintain, e used an
other panic in Wall street; and as
might be expected, Secretary Gage
dropped all other business to study IL
scheme Of fur tler helping his friends
on the wrong side of the market. An
order was issued permitting the ma
tiOnai banks to receive and hold tenn
porarily all the government receipts
for internal revenue. which amount to
S1,000,000 day, under the present war
schedules.
The concern of this administration
that the bears should not succeed in
their further campaign for depressing
stocks, is easily to be understood.
Nine-tentlis Of the SO o-callcd ''prOsper-
ty" enjoyed in tho large business cen
ters since this administration came in,
has been the nominal increase in the
value of stocks of industrial cntcrpris-
es. They lave been quoted in the
stOck-lists from third to half high
er than their prices during the depres-
sion of 1896. But, following the de-
cisiOn Of the Supreme Court in the
AddystOn Pipe Trust case, which found
that combination illegal, being in re-
straint of trade, the banks have. called
back their loans on many of the largely
watered stocks of the so-called "ip
dustrials" requiring the borrowers eth
er to pay off their loans at once, or to
substitute railroad OF other shares for
collateral. The victories Of the Beers
ut the same time caused rapid selling
of American railroad shares abroad,
and the consequent export OF gold to
pay for them. Such Il combination has
sllrunk the aggregate values of the
stocks listed in New York fully $780,
100000 during the past three weeks.
With money on Wall street loaning on
call at so to 1875 per cent, in cases as
high rs one half per cent. a day for
large amounts, little less than dcmor-
alizatiOn is in sight. Bankers under
such conditions refuse loans to lcgiti-
mate merchants, prcfcrring the high
rate for short loans; and with a little
more of these untoward conditions, all
the evils of 1896 would return. and all
be chargeable to the administration in
power. With an election just ahead,
it is not surprising that Secretary Gage
is giving all his attention to throwing
the aid OF the government to the stock
brokers. it is not tho business of the
government to take Il hand in stock
deals, but the Republican party prides
itself on indifference to the Constitu-
ton when it stands between friends.
The present Wall street situation is
likely to play a strong part in the out
come OF the next national campaign.
The passage of the currency, or gold
bill, certainly did nothing to restore
confidence. Five minutes aftcrjt went
through the House, there was the big
gcst panic in Wall street that has been
there in fifteen years.
Scarcely less important in its effects
upon the coming national election here,
will be the outcome Of the war i'll the
Transvaai. 1t is coming to be believed
by military experts in Washington
that the Beers probably will win.
There is no question that the majority
of the American people wish for this
end. There is still less doubt that the
Mckinley administration is bound by
a diplomatic agreement quite rs bind
ing as q treaty, to give whatever moral
influence and aid it can to the British.
That is one of the embarrassmcnts of
the cntangling alliances already half
cemented with the Britons. by which
English speaking people are to stand
shoulder to shoulder in the "Onward
march Of Christianity and civilization"
This country is to shoot civilization
into the Filipinos, the English approx
ing; and the Britons are, with this gov
ernments approval, and at least moral
aid, to force civilization upon the
Beers with Lyddito shells; this is, of
course, providing the "savagcs'' offer
no successful opposition.
But the Beers just now seem to have
even more friends in the United States
than the Filipinos have. This is but
natural, because their conduct upon
the field is much more deserving of
sympathy and o. niration. The Hiber-
nian societies in all the States have
organized q movement to assist the
struggling patriots in the rransvaal;
anu they will hold to account at the
proper time the administration which
even remotely connivcs at the aggrcs-
sions of the Britons.
The current of events in the past
week have done more to alarm the
shrewd Republicans for the outcome of
the Presidential election than anything
which has occurred since the breaking