The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-23
NEW YORK HERALD THURSDAY APRIL 2s 1874oUADRUPLE

tue reserve system. don't think any greater
faIlacy could exist When the bank breaks where
Is the reserve Always gone InereIS,e there vs -
TEN Is that honest tradesman. thinking where ne
shall place his money goes 70 the arst national bank
sale. The result is that, to the common mind, the
Bank of the Commonwealth. over which Mr.. Haight
over Which Rr Noses Taylor is head And YET one
Is rotten, while the other IL without reproach:
with strong man In the Treasury, and the whole
cause oil all the fuss which has been made by MOB
OF men In Congress about subject they don't un-
guide them.
Fisk & Hatch.
Ia conversation with Mr.. H. Fisk, Of the well
known banking nrm OF Fisk d Hatch. the follow
ing statement was made by Mr.. Fisk
Mr.. FIsX-I see BY the message that the Presi-
dent recommends an increase OF the revenue, SO
as to meet the expenses or the Government and
TO provide for the sinking fund. The President
does not state by this whether ne proposes to in
Be- doos wsou Ha R"sn
that few millions more or le ss Would Would
make but little difference. The President author
q ns panic 81 last sspsa sss
$3.50 O0o. 900 limit reserve which an act OF In
Nation and BY SO doing he condemned his own ad-
m1nlstrari0n. The $24, 0OO, 900 In question must,
l suppose, be regarded as legal tender. The
Senate WIN now, suppose, take up the House BIN
dents views. The effect OF the news on the street
was to send gold down an eighth: There was no
@ nece on .ne Ts
were several features in this bill with reference
to the reserve that were very Objectionable.
Statement by dr. Joseph seligman.
Mr.. Joseph Sengman was captured by HERALD
reporter just as he was going in to dinner; but he
submitted with very good grace to answer few
queries. He said he could not give an elaborate
opinion of the Presidents veto as he had not even
read 1t. He was so interested in q book which he
was reading that he had paid but little attention
10 IL. He thought 1t would be one OF General
Grants most popular acts. he had expected that
people sneered at General Grants ability and
ta S He Hs Mr ssiismsni had during the panic
c0nversed with General Grant on the sub
rs az Was %azeG az e
edge which he exhibited on that occasion. Among
the Germans this act would be especially popular.
rs they were nearly all opposed to 1ndatiOn. Con-
gress would certainly not attempt pass the bill
over the Presidents vetO
MI. w. e. strong's Opinion.
Mr.. w. f. Strong. OF No. SO Broad street Scot,
Strong h Coy, thought the effect Of the veto on
the stock market would be rather favorable On the
Exchange the bill was regarded as tending towards
contraction. They were apprehensive that the
New York banks would be called on to supply the
necessary reserve to the country banks. He could
not tell whether the veto was received favorably
in wall street or not as there seemed to be greet
difference Of opinion ia regard to 1t. He was In
favor Of the bill ior ne thought the country re,
quired this additional issue Of currency. He did
not think the veto would aflect business 60 q
very great extern, as it probably would remain in
81 NnfA nfs ntvpfu 6nnu "a
probably frame better bill granting free bank
ing, but he not sure that It would also give
the people specie payment.
f Statement Of Mr.. Cisco.
A reporter OF the HERALD yesterday afternoon
called upon Mr.. John J. Cisco, the banker, to ask
him to his views upon the veto of the President
upon the Senate's intuition bill. Mr.. Cisco said
There can be but one sentiment throughout tine
country among men OF sound financial views re-
garding this action OF the President l don't
think that many can be found to oefend the policy
OF imitation. The country has money enough
greenbacks enough. Making more OF them would
not increase the value of anything. but the
contrary4 During the panic greenoacks were
scarce, but that is no criterion, because then
money was at standstill. Those possessing 1t did
money up. now, however, money is plenty enough
Ior those having anything TO give for It, There is
a. 81 events, plenty Tor the usual wants Of lie.
sure is discouraged by all men OF any sound
ness in finance. Increasing the currency is q
step the wrong direction. 1t makes position
worse than 1t was. II innaton is the nrst step In
dishonesty imitation means ultimately repudia-
ton. think the President deserves great credit
Tor what he has done, and think the influence or
the HERALD has been great in inducing him take
passed, was undecided what to do. He is not
man OF finance, and he might not nave seen the
great evils TO which has signature would condemn
the country. This is the trouble OF not having any
sound financial policy in Washington. Since the
war there has been none IN reality. Simply pay
ing on the national debt has been the whole atm Of
the government In financial matters. But there Is
more than that to be considered-which the gov
eminent has not done. wise financial policy
now they seek to cure one evil by instituting an
other. am glad that they failed and that the
President acted as he did.
The Manager Of the Clearing House.
Last evening HERALD reporter called upon Mr..
W. A. Camp, the Manager of the Clearing House,
at his residence in Fifth avenue, to gain his views
about the veto. He said, In substance The Presi
dent has acted very wisely In vetolng the innation
BILL and has shown his good sense IN SO doing 1t
does not make any change to us In Wall street. for
Is leaves where we were, but 1t Will undoubtedly
restore confidence in the country and prevent our
securities from becoming deprecated abroad,
which they undoubtedly would nave been had the
President signed the imitation bill. / am In favor
Of Tree banking. with proper arrangements for re-
demptt0n.
ALBANY APPLAUDS.