The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-23
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CONTINUED FROM FIFTH PAGE.

minds of most people that ne would allow himself
CARRIED AWAY WITH THE TIDE
have ever stuck to IL that he was too clear
sighted Q man and knew the demands and the
necessities OF the hour as well as any Wall street
Veto and the people VIM not be slow to appreciate
the fact In time, even II now many well meaning
some peope IN west win Be- .ns
pointed. but can say IL on authority that do not
know or one prominent financial man out West
THE CRY OF SPECULATION AND RECKLESS ENTER
PRISE
ana balloon banking advocates 1t was given
some breadth at one time by the masses in the
south and West, but thanks TO the newspaper
press there, following the lead Of the aEs1 AID:
hundreds who we're In favor OF imitation at nrst
were gradually brought to proper and just view
OF the situation and the dangers that would ensue
Every man who has plenty Of money ought to be
thankful for tue veto as well az every poor man
every man who mas q lew hundreds In. she
savings bank, laid mp against rainy days
Doe IN SanGer Of BEING cut down value as na
'tion would have cut 1t down IN time; and the mid
ding. welLto-do mans hundreds are worth al
that they nave been for years. and ne STANDS NO
such chance now as he would have had the bill
been signed to see the value Of his dollar reduced
ten or fifteen cents, and the price OF mis- necessities
Increased in proportion.
LITTLE BUSINESS.
large gathering OF wall street men at the hotel,
and speculation was rife as to the probable effect
the new state Of affairs would have upon the
several OF the brokers INDUCED In little
business, and several lots OF gold were sold at
closing price on 'Change during the afternoon.
Several sales were made OF stocks. and the
.tshorts'' were able to DO lively business for
while, much to their own qualification, every
stock dealt in being sold nom to per cent
lower than the closing price ON the street. Nine
OF the national bank presidents dropped In afrer
theatre hours and rOamed about in the crowd TO
hear what the infatlonists and the antLlnnation-
lists had to say about the veto. They were all, with
one exception, innationists-at least they were so
some weeks aR0-and 1t Is almost unnecessary
pleased at rhe turn ai1ars had been made to take.
The exceptional man looked exceedingly pleased
with himself and everybody he met and though he
refused to talk on the subject as did the others, to
the HERALD reporter, he looked as ne courteousy
declined being talked to about the veto, though
It would be; and II everybody had believed as /
have all along, they'd feel as jubnant as do now"
The President or the Chemical Bank.
Mr.. John Q. Jones, the President OF the Chemical
Bank. in answer to the questions put to him by q
representative OF the HERALD upon the subject Of
the Presidents veto, said he did not know the
text Of the message, consequently was scarcely
able TO converse on the matter. He however was
OF opinion that the President had acted wisely and
for the best interest Of the nation in refusing to
sign the bill. He did not feel position at the
present moment to advance any decided opinion
WITH Regard TO the immaculate eueCL nKely
TO be produced in financial and commerciaI
circles by the rejection Of this bin, but
he thought the result would be that business gen.
orally would improve throughout the country, for
the reason that the uncertainty which has existed
no long as to what measure would be adopted
derstand upon what basis they were trading. He
lelt sure That the majority OF sound thinking men
xould approve o. the action taken ny the Pres..
that there was quite suf1iciency OF currency now
In circulation. He was ifanythnR, isvor rather.
fixSxY un1vV hntH
could be readily done by the issuing Of interest
bearing bonos nks the old three,sixty.
Is 1 reserve. and which could. in case
OF emergency or In times OF panic be used IN place
OF the greenbacks Withdrawn. This would eventu-
ally lead to o resumption Of specie payment, al
though II would undoubtedly be several years be-
fore such result would be attained. Such plan
rs thiB ne thought, wonlu meet with the approval
Of q majority Of the bank of1cers in New, York, al
though they were well content for the present to
have matters stand as they now are. He lelt sure
that they, too, would heartily approve or the veto
The question OF imitation, ne thonghr, was settled
believe any attempt would be made 10 pass the
bill now that President Grant had reused TO sign
IT, and 1t Is too late to introduce any other measure
What Mr.. George Opdykc Says.
Mr.. George Opdyke said he approved Of the veto.
He preferred it to the bill. which contained one
very disturbing element, that OF contracting the
2reenback circulation by taking $4,000, 900 away
1rom the people and tying them up permanently
IN the country banks. From what he had heard
sinus far he thought that the Senate would probably
concur in the House Free Banking BILL which
would be much more acceptable to the country at
large. The President would also favor bill Of
that kind and the majority Of the opponents OF the
measure which the President has just vetoed
would be more satisfied with It, He thought that
the veto had been favoraby received IN Wall
street; stocks went up and the rate OF money
wcu ae the na the Re
did not like it. General Grant had declared that he
would have policy against that OF the represent
the bill on that account he felt great confidence
that better bill ouid be passed. He was against
imitation and contraction; he was In favor OIL the
steadiast policy In the present uncertainty as to
the amount Of greenback circulation, something
must evidently be done There was, IN his opin-
the circulation, because that was already secured
by the deposit OF bonds. The veto would relieve
people would now look for more ju1icious meas
ure establishing free banking aud central redemp-
ttOn.
Opinions OF q Private Banker.
prominent private banker and leading partner
in well known European house was called upon
by HERALD reporter last evening and interviewed
In relation to the veto of the President the In
Aati0n bill. He said In substance:-
NY personal opinion on this matter OF ipflation
Is that there is great deal of humbug ABOUT 1t,
and that the eject OF such bill, had it passed,
would have been very different one from that
generally supposed. The BILL while bearing the
name OF an innation bil would, in respect, have
really been q contraction one. because one OF the
main points OF those who favored it was that the
currency would have gone out West and that New
York would have had q great deal drawn
away from it. so that what Is inna-
ton for the West Is contraction for the
East, and l believe this was one OF the
main fears Of those who opposed what they called
1nnation. But the real view take OF 1t is that II
tho government prints and ISSUES as many green
backs IS II pleases. those greenpscks win not
md their way into circulation unless the people
want them. Money. like water, win nnd its own
level, and when people have enough for general
purposes the demand stops. Now. at present
there Is q large amount Of currency in the Trea-
oury At Washington which cannot md It's way into