The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-01-01
money Market Rslisved.

Money Market Relieved.
The action Of Secretary Gage in dis
tributing the Internal revenue receipts
among the depository national banks
has been the subject Of much hostile
criticism. Ii comes from the same
source that falls to and any act Of the
present administration commendable.
The treasury oficIals havevery properly
refused to dignity these maIevotent att
tacks by entering upon a discussion Of
the questions raised. The secretary
has relieved. the tension In the money
market, and that accomplished # mat
terS little what the carping critics say.
on this feature Of the monetary Situa-
ton the Financial Chronicle says: I'VE
need not stop to show how Mr.. Gage
was pushed along by circumstances to
the measure he finally adopted. All
know he tried first to give relief to the
money market-whlch the surplus gov
eminent revenue had helped disturb
by anticipating interest ana next by
Offering to purchase bonds. 1t was
only after these devices substantially
failed. and as last resort, when 1t
looked as II Industrial affairs would all
be involved in the panic prevailing Il
the treasury did not put back the sur
plus revenue 1t had taken out Of the
market. and stop accumulating-it was
only when such widespread disturbance
threatened that he took the step he did.
No doubt public opinion and Congress
viii fully justify the act. 1t was a
necessity the occasion enforced. To be
sure, there has been some criticism
through misInterpretation Of his
method and motives in carrying out
the plan. That very often becomes an
incident In the case when an officer as
sumes risk to help the public. Mr..
Gage. having adopted the course he did
to save business interests, sought nat
urally enough to make the money he
was dlverting doubly safe, as well as to
make the plan easy of execution. The
facts opened a chance for a sensation,
and the historical crowd was for few
hours nstir."
Henry clews in his weekly circular
letter on conditions In Wall street.
takes very hopeful view of the fu-
ture. He claims that the monetary
situation 10 much improved. and adds:
Preparations for January dIsburse-
ments, which will reach considerably
over the usual sl5O,OOOOOe, were safely
passed. Much relief has been afforded
by Secretary Cages efforts to counter-
act the effect of treasury operations,
which were taking millions out Of cir
cuiatlon and encouraging panic by
contraction at time when expansion
was most urgent. Instead Of abuse,
Secretary Gage Is entitled to high
credit by Intelligent men for judiclous
action in nvertlng a panic that would
have wrought widespread disaster up-
on labor as well as capital. Currency
will now begin to return from the In
terror with growing freedom. There is
no fear of scarcity of gold. the
worlds production going on at a rate
which renders the temporary stoppage
of Transvaal supplies a matter of no
serious Importance.
What the requirements of Europe
witt be and how much geld we shall ex-
port 1t is impossible to say. Much de-
ponds upon the course of the Trans
vaal war. which is likely to be Of longer
duration than at first expected, though
with the same concluslon--that Of VIC
tory to British arms, For some time to
come the money market is not likely to
be bear factor in stocks. AS this was
the chief cause of DEFENDERS break,
the outlook has Improved Just in pro-
portion as monetary difficulties have
disappeared. The new year opens with
bright prospects for a better market;
yet the advance is likely to be accom-
panied with more frequent reactions
than were experienced In 1899 The big
men have taken on large lines Of stocks
on the recent break. and they will not
part with them at anything like pres
ent figures"