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The Herald By THE BrenAl.D Publishing otmpuy. WILLIAM S. CREIGHTON Editor-in-Chief THE HERALD owns » roll Associated Prasi frerchlac and publishes the complete lelagraphlo news report received dally by a special leassd wire. ■TUTORIAL BEI'tHTMENT: 221 Esse Fourth street. Telephone l&ft. BUSINESS OFFICE: Bradbury Building, 222 West Third street. Telephone 247. TERMS OP SCBSCBIPTIOrr. By Mull, Payable iv Advance K brand Snnday, l month f0.50 ly and Sunday, three montha 1.40 Belly and Sunday, six mouths --S3 Sally and Suuday, one year 6.0> TO CITY SUBSCBIBBBS. 'Beflj delivered, Sunday included, per month Mc Snadey only, per month 20c POSTAGE KATES OK THE HERALD. at pages .acenta 82 paces 2 cents .St papas. Scents 28 pages 2 cents SJpecea Scents lepages Scents Spas** lc eut THE WEEKLY HERALD. Twain pages, one year fI.OO SSSrsss THE HERALD, lo* Angeles, Cal. SJJfH I Si ili lug 111 l HBRALD deliv er** at their heme* can secure It by postal car* roaneot *r order through telephone No. S4T> Sheal* delivery be Irregular pleaae ■sake Immediate eaatplalnt at the office. The Herald Publishing company heresy oi lers a reward at tea f $io) Sellers far th* errest aa* ceevleilen of anyeae fsand ateallag a aepy ar capias ol THE HBRALD frees wher aver the earns any have been placed by carrier law delivery t* patrons. CNy subscribers te Th* Herald will cantor • Sever hy reporting to the haalaeaa office leta Sell sen er cay ether negligence en th* pert ot carriers. During the week all paper* should rears etfeecriber* act later than 7 o'clock, end aa SaaSavs by S o'clock. Th* publishers have ar reaped te have Th* Herat* aa eale et ell news stands and en all railroad trains In Southern California. If th* paper eaaawt he secured at any at the above places th* publishers will deeat It a special sever If patrona ahould report seme to the baetaeen office. I ■ 1 11 'j 1 "Write) tbe Truth aa you see It; Fight the Wrong ac you find lti Pub lish all the News and Truet the Brent te> the Judgment of the People FRIDAY, APRIL 17, iSe* A MAMMOTH EDITION On the and •* thh) month Tim Htrald will •Man a spfrcUl La Fleet* numbar at iS.ooo caplaa. It will bath* moat attractlva newa. paper aver paMlehed In Los Angeles, bath la " ceateatj and appearance. Prehiae lllustretlene at La Fiesta aad ether Important aad Interest ing foeture* will *mb*llah many ol tbe twenty Stat ar mare pace*. The cover, which will be th* production et the beet effort* el the artist, the easraver and th* printer, and will show the three La Fleets colon, red, green and yellow, In a meat pleas In a aad artistic meaner, wBI be printed oa the best quality ol heavy white, super-calendered book paper. Bvery copy will be a souvenir which would he greatly appreciated by eastern people. Parties who wish te pleese, and at tbe same time en lighten friends and relative* In regard to Los Augeles and Southern Californle, should eend them a copy ol THE HERALD'S MAD. MOTH ILLUSTRATED LA FIESTA EDITION. Single copies gc, postage jc Order* accom panied my casta, and aamea with addresses, win be mailed direct te the east er elsewhere from The Herald offic*. Th* advertising apace la this Issue, which will be limited, owing te the volume et Import ant Illustration* and special features, will be al greet value te merchants, as the edition will ta larger by several thousand coplea than ether Issues of The Hereld, and each paper will he preserved many month*. Newsdealer* aad agent* ehould order largely at ence. Not content with a Sentinel and an 'Advertiser, Yuma now boasts yet an other Journal, the Yuma Sun. Its ed itors announce that they "hope to make Its rays somewhat like the natural sun In these parts—rather hot." They al so declare that while they have no ac counts to square or mud to throw, 'still !*re will not be dishwater." The following from the Nashville American has the right ring to it: "McKinleytem has twice gone before the country for approval and both times the people defeated the party ad vocating the socialistic doctrine. If it is to ask for indorsement a third time, and the head and front of the policy ls put forth to champion it, a united Democracy upon a sound platform can again defeat it." Misfortune continues to pile thick and fast on the heads of the luckless Spaniards in Cuba. The Cuban insur gents have adopted a "Marseillaise." They call it "The Bayames Hymn." If they cannot drive the Spanish out of their beloved isle with arms they may with, song. The origin of the song is given as follows: In the last war—the ten years' war— the city of Bayamo was to have been occupied by a Spanish army. The peo ple were aware of the approach of the (enemy, and, as the Russians did at Moscow, they burned their city, leav ing nothing but smoldering ruins to exhibit their hatred and horror of the invaders. To this day Bayamo of the •70s Is simply a monument of crumbling walls to the patriotism of a people who had even before that inspired the "Bay ames Hymn" hy their deeds. It is a spirited air, fully equal to most national anthems. THE FIESTA'S LINE OF MARCH The gentlemen having in charge the details of the coming Fiesta have cer , tainly done yeomen's service and have > given the public good reason to ex pect that the product of their labor will ! toe a festival surpassing all previous efforts ot the kind; but being human, they are liable to err, and The Herald is convinced that they have erred in omitting from the line of march se lected for the Fiesta processions the block on Spring street between First and Temple streets. This block em braces a majority of the leading dry foods stores of the city, several banks and a number of other strictly represen tative business establishments. Al though the retail business of the city baa shown a marked tendency to drift •outh of First street, it is safe to say that at least as much business ls at present transacted on the block left out by the Fiesta committee as on any other In the city. It is in every sense one ot the most important blocks, and de | serves equal consideration by the Fi ll rata managers with any. Its occupants have liberally subscribed to the funds | af this and the preceding Fiestas, and I **»fy are as deeply interested In the sue •. ' * am „ cess of the com ins; affair as the people of any part of the city. Until within the laet year or two it has been the custom to have proces sions of any consequence countermarch at the Plaza, and now to limit tho northerly march of a great pageant to First street is altogether too radical a change—one that ls certainly not war ranted yet by the shifting of the retail business of the city, if It ever will be. The Herald hopes that the Fiesta com mittee will see fit to revise their plans to the extent of including Spring street between First and Temple, in the route that ls to be made gay with the Fiesta "passing show." A STATESMAN'S ADDRESS The speech delivered by Secretary Carlisle Wednesday evening in Chicago.' and addressed more particularly to that class of workers of the country known as wage earners, will rank with the best of the many masterly addresses de livered by that distinguished gentle man on the financial issue. While not entirely neglecting to discuss the fun damental principles of monetary sci ence, according to the telegraphic re port of his remarks, a report necessarily abbreviated, he devoted his time prin cipally to a dissection of some of the pet theories of the silver standard peo ple, and in his lucid, logical, dispassion ate way laid bare the sophistries of the sixteen to one advocates. The cardinal points of the secretary's address were that the question of the ratio In which gold and silver should be used for money is a commercial and not a political one, that the free and unlimited coinage of silver at the ratio of sixteen to one would actually reduce Instead of Increasing the circulating medium of the country, that the silver standard has not brought prosperity to the peoples that have adopted it and that the wage earners of the United States would be more disastrously af fected by the alteration in the money standard demanded by the silverites than any other class of people. The people who persist in advocacy of the idea that it ls the function of the government to fix the value of commo dities and therefore believe that the United States government should ar bitrarily enact that fifty cents' worth of silver Is entitled to the stamp, one dollar, are fond of appealing in the name of Hamilton and Jefferson. The latter certainly believed in the use, or at least were willing to provide for the use, of both gold and sliver as money metals, but there ls absolutely no basis for the assertion that they held to the theory of a double standard or to the proposition that the government could by itself create value. As Secretary Carlisle says, when Hamilton and Jefferson first established the ratio between the two metals that It was decided should be used for mon etary purposes by the United States, "they were governed in their decision entirely by the market value of the metals, relying in no wise upon the power of the government to establish relative values." It ls a matter of his tory that they indulged in the most deli cate experimenting In order to reach a ratio that would accord exactly with the commercial ratio ot the time. They"" could do nothing else, sensibly and honestly. There are but two monetary theories —the flat and the Intrinsic or commod ity. The first holds that money should not be value In itself, but be representa tive of value, therefore it should be made of the cheapest material that will serve the purpose. It should be issued by the government according to the needs of trade, and its only redemption would be in its acceptance by the gov ernment in the payment of taxes or obligations due the latter. The fiat money people have no objection to indi viduals dealing in gold, silver or any other commodity as much as they de sire, but the only money they would have the government pay out or re ceive would be of the flat variety. It is only stating the truth to say that many of the most advanced and analytical students of the money question are flat enthusiasts and advance arguments certainly entitled to very respectful consideration. The other theory is the Intrinsic or commodity theory. It rests on the proposition that money should not be merely representative of value, but be value itself: that money should be composed of a commodity with a staple commercial value; be property, so that when a person exchanged goods or labor for money he actually ex changed the one or the other for prop erty which would not depend for its worth upon the good faith or the stabil ity of the government that coined it. This country, in common with sub stantially all the civilized countries of the world, has seen fit to adopt the last mentioned theory of money. The suc cess with which that theory serves the country depends entirely upon an intel ligent use of and a consistent adherence to it. Money is only intrinsic in value when It is really worth as material in the markets of the world the amount that is stamped upon it. To the extent that it is deficient in material worth it is fiat and not intrinsic. But it is not nearly as satisfactory as avowed fiat money, because the latter woul 1 circu late as such absolutely, while the other would seek the confidence of the world as intrinsic, when, indeed, it is only partly so. and in the end somebody would be cheated. Now, then, the free silver men are believers in intrinsic money, else they would demand flat money instead of the free coinage of any metal by the government. Yet they in consistently, absurdly demand that the government shall issue a money that is neither absolutely intrinsic nor flat, but half of each. They apparently believe that money should be property, and yet they call for a money that will be 50 per cent property and 50 per cent something else that the government does not recognize and has made no pro vision for, fiat, with the inevitable con sequence, if their desire is complied with, that somebody would be placed in a position to rob somebody else of labor or the products of labor. The secretary's exposure of the fal lacy of the argument that the silver standard countries of the world en- Joy an advantage over the gold stand ard countries in trade, and that this country cannot hope to compete with China, Japan or Mexico unles It de scends to the silver basis,was masterly, and thoroughly demonstrated the hol lowness of the pretense that such a change could benefit the American wage-earner. That part of his speech should be read and reread by every peraon in the United States toiling for wages until it is learned by heart It JLOS ANGBIaES HERALD: FRIDAY MORNING-, APRIL 17, 1896. will be the subject of later comment by The Herald. AN IDEAL CANDIDATE In the course of a sprightly editorial on the candidacy of Secretary Carlisle, and the captious and Inane criticisms evoked by his recent letter to the chairman of the Democratic state cen tral committee of Kentucky from the Republican press, the San Francisco Town Talk, which, by the way, is one of the handsomest and best edited weeklies on the Pacific coast, has the following to say of the secretary as a presidential candidate: "It may be said that Mr. Carlisle would make an ideal Democratic candi date if it were not for the fact that the nomination of a southern man would probably be seized upon as a sufficient excuse for making an attempt to revive sectional ill-feeling and jealousy. This attempt would probably fail of its pur pose, if, indeed, it did not In the reac tion injure those who made it. Never theless, the propriety of encountering a possibility of this Issue being raised is a debatable question that must be con sidered In connection with Mr. Carlisle's candidacy. Apart from that, he would make just such a candidate as real Democrats could rally round with en thusiasm. He Is a strong, clear-headed and self-reliant man, who, while loyally yielding obediance to the Democratic Idea of popular sovereignty, has never prejudiced the public interests of his country by catering to demagogy. His ability ls admitted, and his personal honor has never been even questioned outside of the columns of newspapers that are for sale to every public prosti tute corporation, abortionist or other rascal to be found in the country." Th* Hereld'* New Battery Our esteemed contemporary the Her ald has added to its plant a battery of seven Merganthaler linotypes, which will add to the typographical appear ance and capacity of that excellent Journal. The Herald ls a little off on politics, and still further off on the harbor question, but it is very often 'on the right side of public questions, and is an amiable, good-natured con temporary. The Express Is pleased to notice this evidence of its prosper ity.—Los Angeles Express. The I.os Angeles Herald has put In a battery of seven linotype type-casting machines, which give that dyed-in-the wool Democratic paper_ a splendid equipment, and ought to enable It to meet all the Ills that newspaper flesh is heir to.—Pasadena Star. AT THE THEATERS LOS ANGELES THEATER—A large and fashionable audience gathered at this house last night to greet Roland Reed and his excellent company, in The Politician, a play which deals with tho expedients to which a political boss may have to resort in order to defeat an opponent. Mr. Reed in the leading character has a role suited to the dry style of humor for Which he is fam ous. He gets into all sorts of complica tions from which he Just manages to extricate himself by his persuasive elo . quence, and gives many unique views on polities, from those which existed among the ancient Romans down to those which animate twentieth cen tury politicians. Mr. Reed, is ably sec onded by Miss Rush, who as a repre sentative of the twentieth century wo man, thoroughly imbued with suffrag ist ideas, is enough to turn the head of the most confirmed anti-suffragist ex tant. Mr. Sheridan Tucker as Peter Wooley, the simple-minded old gentle- ! man who is torn, as it were, from his beloved greenhouse to be pushed into the garish light of political life, has a, most happy conception of his part and' carries It through with consistency"! to the end, while William Bernard, asl a confirmed Anglo-maniac, who has been "so long abroad, don't you know," as to have forgotten many of the cuc toras of his native country, fairly brings down the house. Miss Maud White is charmingly natural as Anna Wooley, the political candidates' daughter, and Mrs. Myers gives an ex cellent presentation of his ambitious widowed sister, who already sees her self mlstres of the White House. Owing to special request Mr. Reed will repeat The Politiolan this evening, giving The Woman Hater at the Satur day matinee and Lend Me Tour Wife Saturday evening. * * * LOS ANGELES THEATER—Peter F. Dailey will be seen for the first time in John J. McNally's latest success. The Night Clerk, at the Los Angeles theater next Tuesday, Fiesta week. The piece romes direct from the Hollfs Street theater, Boston, whore it has met with a phenomenal success, and the company will include Jennie Yeomans, Raymond Hitchcock, Gertrude Fort, John Sparks. Freda Depew, M. J. Sullivan, Hugh Mack, Rita Emmerson, William Keough, Bertie Dyer, Charles Sturgis. Ida Rock, Peter Randall, Eva Butler, Lawrence Sheehan and the Olympia quartet. t t » ORPHEUM—The bill at the Orpheum this week is one of the best of the sea son, and is drawing good houses. Th.} act bj' the Corty brothers is alone worth the price of admission. Little Gertie i Carlisle has made a great hit in her ren | dering of the old-time song, 1 Don't j Want to Play in Your Back Yard. The Orpheus quartet received several en cores last night. Basco and Roberts re peated their successes, and the Kins- Ners never appeared to better advan tage. Carter and Gaywell were well re ceived and the Andersons got no end of applause. 9 r> * HAZARD'S PAVILION—A large audience witnessed the production of The Plunger last night at the pavilion, and was pleased with the play and the players. The band which the Elleford company carries with it is an appre ciated feature. «« « " BURBANK THEATER—Tonight at the Burbank will be tne last opportun ity of hearing the Carleton company In self mistress of the White House, matinee Pinafore and The Charity Girls will be presented for the last times. S. P. Fleets Trains The Southern Pacific company has arranged for the following special train service for Thursday and Saturday next week, the two great nights of Fiesta: Trains will leave Redlands 4:30 p. m„ San Bernardino 4:30 p. m.. Riverside 4:25 p. m., Colton 4:50 p. m„ Lordsburg 5:05 p. m.. Duarte 6:30 p. m„ Santa Ana 6:10 p. m., Whlttter 6:30 p. m.. San Pedro 6:20 p. m.. Long Beach 6:20 p. m., Santa Monica 6:30 p. m.. Sol diers' Home 6:45 p. m. Stops will be made at all intermediate points for passengers. The special trains return ing will all leave the Arcade depot at 11 p. m. Deemed to Wed The following marriage license was Issued by the county clerk yesterday: James Symington, a native of Scot land, aged 40 years, and a resident of South Riverside, and Adella May Hard ing, a native of Nebraska, aged 27 years, and a resident of Los Angeles. I The finest wedding invitations or an noucements either printed or engraved at reasonable prices, furnished by H. M. Lee and Bro., 140 North Spring street. All prices of wallpaper greatly reduced. A. A. Eckstrom, 324 South Spring street. THE MONROVIA ELECTION Judre E. P. Little Writes a Csustic Letter He flees tor th* Tim** Correspondence et the Free Water Tewa-Afteratath el the Local Political Contest The Herald has received from Judge E. P. Little of Monrovia a communica tion in denunciation of the correspond ent of the Los Angeles Times at that place, and in reply to misstatements the correspondent is alleged to have made in the Times the 14th Inst..regarding the late election at Monrovia. Judge Lit tle's letter is as follows: Editor Herald: A man named Mauls by, a gossip-gleaner and "snapper-up of unconsidered trifles," who does the "regular correspondence" of the Times from Monrovia, Duarte, Azusa, Glen dora and Covina, and from all the inter vening by-ways, offered to vote at the municipal election in Monrovia on Mon day, lie is a boheiniau without local habitation, although he sometimes oc cupies a loft in Monrovia, and one whose name and occupation are not known to half a dozen persons in this city. None of the election board knew anything whatever of his antecedents, or had any knowledge as to his right to vote, as to his political affiliations nor as to his views on the purely local question at Issue. But It is the official duty of every member of an election board to chal lenge every man offering a ballot, if he i:i not known to be entitled to vote, and particularly if it is believed or sus pected that he, for any reason, is not [ a voter under the provisions of the : statutes intended to secure purity of elections. It ls clearly the duty of elec tion officers to prevent, so far as they can, all violations of the election laws. Every Intelligent man Is aware of such duty. No honest, well-meaning man can possibly object to its perform ance. Manulsby was challenged. He became hotly indignant. The roust about scribbler felt that to question his right to vote at an election where he was a stranger was an outrage upon the dignity of literature, and an as sault upon the freedom of the press. He tore his hair, rent his innermost garment and rushed to his garret and sought relief In elaborating a tissue of falsehoods and malignities for the Times. He began with the amazing whopper that the crushing overthrow of the ring, led hy W. N. Monroe, that has disgraced this little city for several years, which was the result of the elec tion, was a great victory of Republican ism and protection. Not a thought ot either entered the mind of any voter of the election or in any part of the ante cedent work. The issue was strictly local, and no mention of party polities was heard from the opening of the fight to its close. The tickets were made, up by both factions without reference to national, state or county politics or the party affiliations of any candidate. The only man known to be a Democrat on cither ticket was elected by an almost unanimous vote. The most rampant, dyed-in-the-wool Republican on either ticket was routed. The simple fact is that it was a square fight of right against wrong, of honesty against cor ruption, of the people against an arro gant ring who have exploited the city treasury for years. The people were victorious and the bosses were crushed. They were squelched so utterly that re covery is impossible, and honest people sing "Praise God from whom all bless ings flow." The second falsehood was by coward "The Best is the Cheapest" BOSTON Zls STORE Telephone 904 Broadway, Opposite City Hall Bargain Day... This is the Sixth Extraordinary Friday Bargain Sale. Just the plain facts are what we want you to know about this sale of Maximum Goods at Minimum Prices. We know that you are looking for just such goods, but you did not expect to find them priced so low. 20 doz. 4 hook and 4 button P. K. Gloves, suitable for Patent Hooks and Eyes, regular 10c quality, 1 €\ r street wear, worth up to g1.50; / p or toc j ay 4 cards for IUC Today only a pair 25 doz. Evening Gloves, 8, 12 and 16 button lengths in black fa f f» Colored Ribbons, 16 to 60 line, regular price 30c AL_ „ 3 I 40c and 50c, today only your choice at, a yard lOC Double Width Wrapper Flannel, regular $\ qual- C Black and White Silk Laces, regular prices 30c, *J £ r ity, Today only, a yard OUC 35c and 50c, today only your choice at, a yard LD%* [__ _______ 20-inch Checked Linen Glass Cloth, 1 A/r y ards Black Dress Goods > Mohairs, Today only, a yard IUC Sicilians, etc., today only, a yard Tr_»V Ready-made full size sheets, CA/r 40-inch Colored Dotted Swiss for Curtains, 1 '11 ~ Today onl>, each OUC regular price 20c, today only at, a yard iiV2V Best Sewing Machine Oil Five-Cent size, ,««._ n _i j c • i • * /■* 1 Today only o 2 C White Ruffled Swiss, regular price 20c, 1 J\sy Best Sewing Machine Oil, Ten-Cent size, , ff- toda y onl y> a y ard 1*2%, Today only j Best 36-inch Whalebones, 1 2tf and 15c grades, O1 n Chenille Portieres, good quality, heavy bordered and CA Today only • Q3C fringed, regular price $y.7S, today only, a pair... $&,d\J Great Offering of Ladies' Silk Vests 50 dozen Ladies' Silk Vests, hand crochet arms and neck; colors, cream, pink, P_f_ blue, lavender and black; sizes, 31, 33 and 35 inches; long, very suitable for corset covers. B/t These Vests would be excellent value at 75c; our price, each IkY ly impllcatlon.of a charge the man did not dare to make explicitly. It was that Election Clerk Hargrove had ab stracted some certificates of registra tion. The lost certificates had been in the hands of C. E. Slosson and W. H. Evans only, and as the voters to whom they belonged were believed to be op posed to Evans, boss candidate for the office of city clerk, and Slosson, a ring factotum, the electors naturally sus pected them to be the cause of their disappearance. Mr. Hargrove was in terested in their production at the polls, and not in their suppression, as he was an ardent and efficient antagonist of the l ring. The attempt to throw suspicion upon him is very ridiculous to the peo ple of Monrovia, but is calculated and intended to be injurious to him where the tacts are not known. Hence, it was a trick low and mean enough to be played by the bosses themselves. Maulsby denounces all the challenges and seems to think an election Is a sort of free-for-all sport Instead of the grav est and most important performance of duty Incident to citizenship. His gypsy - ing habits have produced great mental and moral distortion which prevent his getting a correct view of anything. The challenge of W, N. Monroe's vote on the ground that he was a citizen of Chile was a plain duty on the part of those who had reason to believe that he had abjured his allegiance to the United States and sworn fealty to the little South American republic, and those referred to as the "Hargrove- Tngersoll combination"—that is, two anti-ring citizens whose oaths as elec tion officers compelled them to defend the ballot box against profanation by illegal votes, had good reason to believe, and did believe, and still believe, that he had no right to vote. That Monroe, in the confusion that followed the chal lenge, was allowed to vote without be ing sworn and examined touching his qualifications, is to be regretted. But the matter will be investigated fully be fore the November election. In 1889 that gentleman, under sensational circum stances not mentionable at present, le vanted from his native land to chile, and his family friends soon alleged that he had been naturalized there. Their report was generally credited, and it was no answer to the challenge for Mr. Monroe to take off his hat, exhibit his red hair, demand whether or not he looked like a citize:. of Chile, display a badge of some sort of society and abuse the challenger, although the astute cor respondent of the Times thinks such antics conclusive proof of his right to vote. There Is no law in Chile prohibit ing the naturalization of a red-headed foreigner, nor is there any statute of the United States or of the state of Cali fornia that makes the possession of a society badge an excuse for frauds up on the ballot box. Cruelty to Animals Humane Officer Clark yesterday morning arrested a Chinese vegetable peddler named Lou Ten on San Pedro street, between Fifth and Sixth, for cruelty to animals. Ten was driving an attenuated specimen of the equine species, thin as a skeleton and so badly diseased that its hind quarters were par alyzed and the animal was barely able to drag itself along. The horse was con demned and shot, while Ten appeared before Justice Owens to answer. His case was set for today and the Celestial released on $tOf) bonds. The celebrated Anheuser-Busch beer on draught. Imported Pilsener and Tucher, brewed in Bavaria. During La Fiesta the new brew of Bock for 1896 will be on hand for our patrons. Ger man and French kitchen is attached, and cooking to suit trade. Charles Bauer, proprietor and general agent for Anheuser- liusch. CLEWS' WEEKLY LETTER NEW YORK, April 11.—Affairs In Wall street remain quiet. Money Is returning from Its temporary transfer to the country tor April settlements, but the expected benefit from that source has not yet appeared. Several minor occurrences appear to have contributed to the postponement of operations. The wild fluctuations in tobacco stock have produced an unsettled feeling. The reports of the commercial agencies, for the first quarter in 1896, make an unexpectedly favorable exhibit, with the effect of encouraging the pessimis tic feeling entertained in some quarters. The London market has'been dull, and its operations have, on the whole, been unfavorable to New York. The still unsettled condition of European poli tics also continues to hold in check for eign operations in our securities. The. renewal of exports of gold has contrib uted its quota towads discouraging buying transactions. Those shipments, it is true, are not a surprise, for they are natural to the season: but, under the existing currency derangements, they have an effect which was not felt In normal times; for they mean the locking up of legal tenders In the treas ury, which have already accumulated to $112,000,000, with a certainty that the sum will be materially Increased before tho spring exports of specie cease. Al , so. the relations between Washington and Madrid have a tendency to produce timidity in financial operations. The Cuban resolutions passed this week by such large majorities in both houses of congress, it is true, have no other force than as a declaration of sentiment. They cannot compel action by the ad ministration: nnd they were doubtless Intended mainly for effect in polities: but it is impossible to say whether the president may regard it as a duty to his party to take action from a like party motive. The Venezuelan episode is evi dence that the president is capable of bold action when he thinks his party is menaced. In any event,when nine tenths of a legislature declare them selves in such terms as v. ere uttered in the Cuban reso lutions of last Monday, the country against which *>uch a protest is made cannot but regard it as contributing to animosities between the two nations concerned. Contingencies like these are, for the time being calculated to un settle confidence in the financial mar kets. And again, although strong hopes arc entertained that the Venez uelan trouble will be amicably settled, yet the shadow of disturbing possibili ties still hangs . over that sensitive question. This is the group of unsettling con tingencies that at the moment supplies reasons for hesitation and postpone ment in Wall street operations. None of the factors Is in a really threatening shape. The probabilities are that each one will disappear without a trace ot bad consequences. Nevertheless, the speculative imagination, When In a so ber mood, is very conservative and de mands large odds against a series of contingencies suggestive of caution. It would be difficult to say just how much weight Wall street really attaches to this momentary set of conditions. Cer tain it is that, while they suffice to prevent buying for the moment, yet they do not cause selling among the larger holders of stocks, nor even sen sibly disturb their confidence; nor do even the professional "bears" seem to view the situation as warranting any free selling of staple securities.but con fine their selling mainly to sensational stocks. Among men of financial status the feeling is very general that the substantial conditions affecting rail road investments are sound and healthy and that, measured from that point of view, stocks are cheap at present prices. It so happens, however, that in second ary and outside factors there are sa many things out of joint as to call for an unusual margin of allowance for possible accidents and unforseen out comes. That is now the point of weak ness in Wall street; and, until there Is a clearing up of these numerous small causes of distrust, a real and large re covery In the financial markets must be patiently waited for. It is gratifying to find that Senator Teller can so far detach himself from his exclusive absorption in the free coinage question as to remember that we have such institutions as national banks. The senator has made the dis covery that the country banks are wont to keep considerable deposits with their correspondent banks at New York, with the result, as he thinks, of depriving their customers of needed accommoda - tion and making their means available for speculation in Wall street. Ho in forms the senate that "last September $200,000,000 of this outside money was tied up in New York," and that 75 per cent of that amount was "used in stock speculation." Had he possessed the sta tistical equipment Which befits a sena tor he would have been aware that the comptroller of the currency reports the cash reserves in the New York national banks, on the 28th of last September, at $125,500,000: and he would have been further aware that $110,400,000 of that sum was required for the lawful re serves of our city banks, leaving but $15,100,000 which could conceivably be accredited to the deposits of country banks about which he shows so much concern. Instead, therefore, of $150,000, --000 of country money being used hero for speculation, there could not possibly have been more than one-tenth of that amount, even supposing our banks to have carried, on their own account, no surplus of reserve over the legal re quirements. The senator may thus see, after melting out the dross ol'exaggera tion from his statement, what is the re maining modicum of tine silver in ills story. If the senator knew as much about finance as his exhaustive disqui sitions about silver would lead us to ex pect, he would long since have been aware that it has always been the usage, as between the metropolitan banks and tho country banks, for the latter to deposit with the former at a ceraln season of the year and to borrow from them at another season. During certain months the country banks can not find use for all their resources, and therefore are glad to deposit the idle surplus W illi their correspondents at New York, Chicago or St. Louis at a low rate of interest, rather than keep them unproductive and at a loss of interest; and, during other months, theytiotonly withdraw these deposits, but also get large sums of currency from their metropolitan correspondents through discounts or against, paper collateral. Thus both classes of banks reciprocally receive accommodation and pay a just rate for it. and the rural public nod the metropolitan public receive accommo dation in turn, neither one at the c\ pense of the other. As to tho loans made for speculative purposes on the stock exchange, it Is impossible to so isolate them from the general opera tions of the banks as to ascertain their amount; but it is sufficient, for the ques tion raised by Senator Teller, to state that they are conducted entirely through the medium of checks, and that they become a factor in the use of cur rency only so far as they may be repre sented In the deposits, against which the banks must hold 25 per cent in law ful money. It is an invariable rule that when the country banks need money they get it quite irrespective of the wants of the speculative borrowers, who are always the last to be consid ered and expect to have to take care of themselves, and generally prove well able to do so.