The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-23
TIE NEW CURRENCY BILL.
How the News OF Its Approval by the President
Was misunderstanding Views Of Promi-
nent Bankers and Merchants-The
Salutary Eject Of the New Measure.

The announcement that President Grant had
signed the new Currency bill created favorable I'M
preston In this city. There was no great commo-
ton, no vast crowds assembled in Wall street
to discuss the probable effects OF the new
bill; but in their private onnces and in
the clubs restaurants and hotels, bankers,
brokers, bank presidents and merchants ex-
pressed their views OF the measure. The tone OF
discussion was decidedly favorable. People who
had to gain or suffer by the action OF Congress de.
elared that they were glad that this troublesome
problem OF legislation had at last been solved
without any serious detrment to the business In
terests Of the country, that all danger OF imitation
measures had vanished, and the veto OF the Presi.
dent had been-in part at least-sustained. Many
of the bankers who expressed themselves on the
subject emphasized their qualification at the fact
that Congress could, for this reason, at oil events
"do no more mlschief;' and II our honorable
legislators had heard the epithets which were ap-
Piled to them SO generously BY many OF the most
solid men OF the city they would have come to the
conclusion that their legislative wisdom was not
held in very high esteem in New YORK. Some OF
the merchants and bank presidents were rather
Indifferent on the subject and, when called upon
to state their views, declared plumply that they
had not read the new bill and did not know any
thing about it, Mr. A. 7. Stewart was one OF those
merchants. He was unwilling to give an opinion
until he had seen and read the bill. Mr.. Schreiner
the acting President OF the German American
EDa sye the he On ee e Wo Ier
called upon were out OF town, but the views given
Mr.. GEORGE oPDYKE's VIEWS.
Mr.. George Opdyke thought the bill was very
any additional or the withdrawal OF the present
currency ar leaves It precisely where II is" he
1t legazes the issue of the $26 600 OuO which the
Executive put out and forbids the withdrawal OF
s Pare al M s Of 81 whc
now held by the banks as reserve Tor their bank
pote circulation. This fixes the volume OF green
back circulation at about $50 1000 more than it
was before the panic. The provision authorizing
the shifting OF $55oooooo of bank note circulation
from the States having an excess to the States
having deficiency, is good one although the
process will be slow, on account OF the want OF
Il settles the volume Of the Currency its eject Will
be salutary on the business interests OF the coun-
try, and nave q tendency to restore the confidence
the blu was an imitation measure Mr.. Opdyke SAID
thar 1t slightly increased the volume OF circulation,
and might therefore be regarded In that light
WHAT MR.. JOSEPH sELTGhAN SAYS.
Mr. Joseph Segman, who was one Of the
the eject Of this measure would be @ood
He deemed It praiseworthy on the part OF the
President that he did not insist on the strict
execution OF his programme for the resumption OF
specie payment, but endeavoreu to CRAFTY the
people Of the south and West by giving his assent
to this compromise measure The effect would DO
restore confidence more especially as the people
now ielt certain that President Grant would never
sign an out-and-out imitation bill, but that he was
determined. on the contrary to resume specie
payment as soon as possible. He had c0nversed
with many bankers and merchants on the subject.
and the bill was generally viewed in favorable
light. 1t would tend TO give stimulus TO busi-
ness inasmuch as the volume OF greenback circula-
ton stood at last upon stable foundation. 1t WAS
great comfort TO know this after the uncertainty
which had existed for several months.
Mr.. HORACE b. CLAFLIN'S OPINION.
Mr.. Horace b. Clann, thought II was com.
promise bill which would be acquiesced IN
r Ds s nd released the reserves from the
banks, which would add to It. As to the
effect which the Dill was likey to produce on bust
favorable. When asked whether he could state
how it would probably affect the dry Uooas trade
for one branch OF business is good for ALL" Mr..
Claim was Of the opinion that lair business would
Nc 1OA' - psoMISENr BANK PREs1DE Den r''e'''
who requested that his name might be with
held thought the woud have
authorize ree or unlimited banking. a think'
dence in Congress- I'll 1t meets again. /, for my
part. have no confidence Ia the members OF Con-
ana we cannot expect that they care for anything
but the loaves ana fishes. II we had more solid
business men 10 congress such disgracenl inna-
the Herald, would have never been passed. think
General Grant was very wise In listening to the
appeal Of the Herald on that OCCASION"
VIEWS OF MR. WILLIAM s. DUNN.
Mr. william S. Dunn, OF II. B. Claim Co.,
especial interest for dry goods merchants, was the
fact that 1t fixed standard OF circulation. .'If
Congress would only do US the favor to adjourn
promptly he Observed The business In
Jerests OF the country had, In his opinion,
suffered greatly under the mlsmanagement or
Congress. Business had been stagnant thus far.
Merchants were unwilling to make even ordinary
overtures, because they did not know whether
rency or by another. They could accommodate
themselves to almost any state OF affairs; but the
trouble was that nobody knew what Congress
would do, and this uncertainty was very detrl-
mental TO trade. This bill gave them at least q
foundation to work upon.
Mr.. HENRY CLEwS' STATEMENT.
Mr.. Henry Clews was one OF the many bankers
who were so busy that they had time to say put Q
few words In regard to the subject II Drevlty -
the soul OF wit, then Mr.. Clews' opinion deserves
commentator. II think the erect OF tne new cur.
rency bill will be good" Mr.. Clews SAID, ana ne
plunged again into business