The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-24
EXPANSION OR CONTRACTION.
Wall Street Opinions ON the New Cur
rency Law and It's Effects.

Wall Street Opinions ON the New Cur
rency Law and Its Effects.
A HERALD reporter yesterday afternoon called
on q number OF the leading bankers and brokers OF
the city to ascertain the truth OF the rumor that
meeting Of bank presidents had been held during
the day to determine whether they should sell
bonds in anticipation Of currency contraction, and
also to inquire their opinion OF the prospective e
feet OF the new Currency law upon the business
and finances OF the country. It had been reported
that prominent fnanciers augured from the provls.
tons OF the bill which has just received the Priest
Dental signature ana become a law that 1t would
act q stringent measure OF contraction upon the
volume Of the currency, and 80 become check OF
the enterprise and .energy Of our business popua-
ton. putting wet blanket upon their operations.
This view had been emphasized during the morn.
ing by the reported inability Of two three firms
who had been dealing largely in securities to meet
their engagements at the Stock Board. This
was construed to indicate more or less general
feeling OF apprehension in the class who study the
movements Of money and public securities, in
view Of the changes likely soon to develop in con.
sequence OF the operations OF the new law. To
test the accuracy Of these reports and views the
reporter made circuit in the neigho0rhood OF the
monetary centre OF America, which latest geog-
rapners place ar the corner OF Wall and Nassau
streets, endeavoring to feel the financial pulse and
note the currents OF the circulating medium.
VIEWS OF Mr.. GEORGE 8. COE.
found the working force OF clerks husv with their
books after the close of the davis transactions
and the President, Mr. George s. Coe, on duty in
machinery by which 40 MANY men in their several
spheres, handling various Securities and dealing
with figures OF which thew cOud scarceIv know the
purport in the aggregate constitnte a great mone.
tary engine whose operations equal Inc nronor
lions Of those vast Industrial enterprises which.
labor OF thousands and tnrn ont nrndnc cS
valued in millions OF dollars. Mr.. Coe did
not seem at All excited nv the cnrrencv iagisa ZION
He had heard nothing OF the meeting Of Rank
Presidents as reported ana said ne did mot no
leye there had been any. He saw M reason WI
the re- snould he AZ to the new Ia " ana i,o aocyt
on business he could ..see nothing in H. 5, Its
eject would all depend upon the waS in which the
Treasury Denartmenf mIrht nse the d,ccra.,nnorv
nower Ike law cnnSarrad o use inc
Change in the Situation and anprehendeS nnn nv
Business would 20 on ali the same. without in his
OpiniOn being much affected one wav ar the othar
by the law. he had heard or no failures whtch had
any significance Some small dealers were said 10
be unable to settle~as always occurs wnen men en-
engage in selling what they have nor IN hand Tn
deliver Mr. Coe evidently saw the nublic dnances
through q hopeful medium. and was not tronbled
as TO whether the volnme RI cnrrencv varind hu !"
few millions rom month 70 month or not ''" W "
MR. JORDAN,s IDEAS
At the Third National Bank the cashier, Mr. Jor-
callers who evidently had bnsfness nro nostinns
to make His manner Indicated that ne under
stood his position and 1t took but q lew minutes
to answer those who were waiting audience he
fore the HERALD representative called Upon hear
ING the reporters INQUIRY he said at once thai he
had no knowledge Of the rnmored meetIp~ In.
stead OF contraction he considered the new law a
measure OF imitation. and for his part he was
really glad It was at length settled, business men
now know what to base their calculations upon. at
least until the next session or Congress-. He did
not see anything in the new law to inspire appre-
hensiOn or distrust on tue contrary he tho,ipht
con Hdence would revive with the Cessation OF dis
cussion and the temporary settling OF the finance
question. He said bankers did not make or err III
else laws. Tney mad too much good sense r. AFRO.
gate to themselves such functions. Their business
was OF quite different nature than that Of legts
lation.
MR. THOMSON HOPEFUL
Mr.. Thomson, OF the First National Bank. heard
about the alleged meeting for the first time from
the reporter, He was clad the bill was now a law