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/ October 9, 1886 The Record and Guide. 1225 GUIDE, sents nothing in particular. Henry George's candidacy involves THE RECORD AND the recognitionof certainveryabstract principles,some of which Published every Saturday. are doubtless objectionable to well-to-dopeople. Butafterallit 191Broadway, 3ST. IT. satisfies those who demand a platformwhich meanssomething. Oar Telephone Call'is JOHN 370. DoubtlesstheCommitteeof One Hundredwillanswer that char- acter and honestymean agooddealin theadministrationof local affairs, butclaiming these admirable qualities looks pharasaic to TERMS the friendsof other candidates. Henry George goes further and ONE YEAR, in advance, SIX DOLLARS. giveshis theoriesrespectingcitygovernment,whicharegoodas far as they go. We are has Communications should be addressed to afraid that the time goneby for reform organizations composed of wealthy gentlemen to make the public C. W. SWEET, 191 Broadway. believethat they canput anend to the corruption of city politics. J. T. LINDSEY,Business Manager. There havebeen toomany of them, and they have generally failed dismally in the purpose they setus toaccomplish. Vol. XXXVIII. OCTOBER 9, 1886. No. 969. Mr. Orlando B.Potterand J. EdwardSimmons, latepresidentof the Stock Exchange, have been put in nomination for Mayor. The speculationin"Wall street hasbeen at fever heat during the They arebothexcellentcandidatesand if either of them can get past week. The transactions in stocks were enormous. Taking theindorsementof the Republicans or County Democracy, they the twoExchanges, andmaking allowances for a number of sales haveafair chance of beiDg elected. But they both labor under whicharenot recorded,the daily transactionshaveaveraged from the disadvantageof being veryrich men,andifthey enter upon a 800,000 to1,000,000 sharesperday, and this without counting the canvass the workingmen's party will claim that they will be bucketshops. Thepace is veryrapid andin markedcontrast with expectedtospendlarge sumsof money in the canvass. Indeed, lastsummer, when,for severaldays, tlie transactions felloff toless Henry George, inhis speech the other evening, declaredthat the than 100,000 shares per diem. No doubt stocks will eventually office of Mayor was virtually sold to rich candidates who were averagemuchhigher,buttheoutsidepublic shouldbearinmindthat expectedtocontribute from eighty totwohundredthousanddollars aftersuchanadvance as we have justhad, Wallstreet isfullof pit- toget themselveselected, while he did not propose tospend one falls. Someof thedeals now going onare purely speculative;that cent for thatpurpose. Would it not look better if some union is, they aretheresultof manipulation,and are not" based onthe candidatewaschosen whowaspoor,capableandhonest. Therich meritsorprospectsof thestocks which are being whoopedup." couldcontribute to such aperson's e'ection withoutscandal, the Peopleinlegitimatebusiness had better stick to their callings, as sameas theworkingpeoplearedoing for Henry George'scanvass ; theoutlookis promising in every departmentof trade. Barring norwoulditbehardto finda reformcandidate to oppose not only accidentsandthe unexpected,there is noreason to apprehendbad Georgebut the corrupt politiciansof all parties. James T. Van timesup tothe close of the presentcrop year,nor thenif our agri- Renssellaer, the Republican alderman of the Eleventh District, culturalproductionisas good asit has beea during the past year. fills Ihe billinevery way. Hecomes of ahistoric family ; he is thoroughlypostedinmunicipalaffairs,ishonestand capable,andhas Mr. SamuelBenner,the famous Ohio financialprophet, whose verylittleof this world's wealth. This gentleman is notknown to work onprices wehaveoftencommended, writestoagentlemanin anybodyinThe Record andGuideoffice,but there isnodoubtthat this citythat hehasnonew forecasttomakeas to thefuturebusiness he is allwe havesaid he is, and would make anadmirable chief of the country. He stands by the letter he wrote to the Record magistrate forNew York. Wehave warmlyapprovedof thecandi- and Guide,publishedApril 10thlast. Inthat communicationMr. dacy of rich menlike Cornelius Vanderbilt, Theodore Roosevelt, Bennerpredictedagood crop year and low prices for grain and IOrlandoB. Potter and J. EdwardSimmons, but is it wise, after provisions. He also foresaw the depression in the spring due to all, toput these wealthygentlemen, at thisparticular time,against thelabortroubles, buthe apparently misreadthe signs of" the times a candidate whois certainly anableman while poor himself and for the summer andfall, for he saidinso many words, prices for representing the toilers. The machine runnersof allthe organiza- iron andstocksmust continue onthe average todecline to alower tionsas wellas the Committeeof OneHundred woulddo well to levelfor thenext two years beforetherecanbeachancefor perma- act upon thishint. nent advance." InthisMr.Benner was clearly mistaken, at least so far as iron and stocksare concerned," while events havecertainly The New Silver Certificate Issue justifiedhis further statement withafair harvest abroad wheat Notwithstanding the chorusof approbationwith which theone will rulelower this year than we have yet seen fora number of andtwo-dolLfir silver certificatesare being received by the press years inthepast. and the public, far-seeing, prudentfinanciers regard their advent withseriousmisgivings. The evil effects of this newpaper money Our "SirOracle"criticizedMr. Benner inthe issue of April17th, issue willnotbefelt immediately, but it may result in creating inwhichhe tookamore hopeful view,not only of the stock mar- conditions,which willin timebring aboutserious disturbancesin ket butof the times generally. He said "This year Mr. Benner themonetary affairsof tlie nation. At first the new small silver seems to think thecrops willbe abundant,and this is also my fore- certificates will prove of great convenience. They will supply cast, although the acreage for winter wheat has fallen of largely, currency toreplace the diminishing bank issues. A new,crisp and the chancesare that the crop will be one-third better thanit was handsomenote willreplace the ragged and disreputable-looking last year." "SirOracle"further predicted that thecropof corn oneand two-dollargreenbacks,and thenfrom this time forth, the wouldbe less than last year,and thesetwoforecasts were fully cumbrousandunpopularsilver dollar will gradually disappear and justifiedbysubsequentevents,butthesameauthority wasbullishon hide itselfin the government bank vaults. There are now over stocks,andargued that the upward movement, which commenced $60,000,000 of these silver dollars afloat.in the channels of retail in the summer of 1885, wouldbe continued for four yearsat least. trade, andthe treasury departmentexpects togetridof $65,000,000 Inall his recent utterances, "Sir Oracle"has beenverybullish, of them beforethere are asufficiency of one and two's silver cer- not only on stocksbut on grain andcotton. He also believes the tificatestotake theirplace;butitisprobable that withintwo years businessof the worldisimproving. timefully 50,000,000 of the metallic dollars will be stored in the A memberof the Citizens'Committee of One Hundred cannot sub-treasury vaults. understandwhy they are ignored and often misrepresentedby the Thisnew issueof certificatesmeansinflation, though not neces- press. He declares he never knew"a more disinterestedbody of sarily adangerous one, for the enlarged currency issues will be oitizens. Some of themembershave bees in theirbonnets" as to basedupon anactualprecious metal dollar, into which they will thereformswhichare neededin our city government, but so far alwaysbe convertible. But they willhave the same effect that all no one has shown any disposition to grind private axes. This additionsto the currency ever had, whetherthe expansioncamein gentlemaninformsus also that MayorGracehas few or no friends the form ofgold, silver orpaper. True at first, the new ones and in this organization, andthatit willneverindorse him. The com- twos willtaketheplaceof the withdrawnnationalbank notes, and mittee have been earnestly seeking a first-class candidate for the clumsyand inconvenient silver dollars. But ultimately they Mayor,andthink they havefoundhiminOrlandoB.Potter. The will domore thanthat. The 90,000,000 unused silver dollarsin the othergentlemanthey havethought of wouldnot accept theirnom- treasurywillmaketheir appearancein the channels of retailtrade ination unless they wereassured of the indorsementof eitherthe in the form of silvercertificates of one, two, five and ten-dollar Republicans or the County Democracy. The committeewill not denominations. Itshouldbekept inmind that a small note infla- indorse the candidateof any other party,but of course theyhope tion excitesbusiness activity far morethan the issuance of notes their candidate is onewhom either the Republicans or County athigh denominations. All the larger movements of trade are Democrats will beforcedto accept. based on the number andrapidity of the transactions in retail traffic, andthese will beimmensely stimulatedby the superabun- Maynot the difficulty with the Committeeof One Hundredbe dance of oneandtwo-dollarsilver certificates. that it has no programme. Howcan they expecttoexcite any Itis asyetanopenquestionhow manyof theseone,twoand five enthusiasm for some rich respectable gentleman, when herepre- dollarnotes canbeissued, Indeed,itis idletogive estimates, for 1226 The Record and Guide. October 9, 1888 theamount that canbeabsorbeddepends,in great part,upon the