New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-29

of enactIpg n new language for the United States,
which would have to be translated in the Englsh
tongue for intercourse with peoples speaking English
PRESIDENT GOES DECISION.
President George s. COe stated that the American
Exchange Bank refused all applications for loans 10
cities and towns except upon gold valuation OASIS
pending the agitation over the Silver bill. This no
believed. in accordance with the almost unahi-
nous sentiment of the New-York banks.
JOHN A. STEWARDS WISH FOR CONCERT OF
ACTION.
John A. Stewart, president of the United states
Trust Company, said that his company made no
loans on real estate outside of the State OF New
York. II he were doing an outside business he
would not make loan except on gold basis " 10
high time" he added, that there should be some
concert of action among those who believe IN honest
money If the Silver bill passes all successful APP
plcants for large loans will require horse and cart
to carry off their money"
COLONEL FITzGERALD's OPINION.
Louis Fitzgerald President Of the Mercantile
Trust Company, was unwilling to discuss the
matter in advance of proposed legislation. lie
said, however, that some time ago he wrote to his
agents in the West to learn if loans could be made
in gold. and he received only few favorable re-
sponses. " If the silver bill should pass, he added,
persons applying for loans must expect to be paid
to pay out the cheapest currency"
PRESIDENT wINsTON's ALARM.
L. S. Winston president Of the Mutual Life lnsur-
ancc Company Is preparing statement to be sub
mitted at a special meeting of the Finance Commit
tee He will ask them to take prompt steps to meet
the contingency of the passage of the silver bin.
Mr. Winston said yesterday: g have gwen
this subject much consideration, and am naturally
alarmed. If the silver bill becomes a law our
$50, 100000 of assets will be payable in silver,
currency that will hucluate greatly and Will work
great hardship. know of some large companies in
the West that are buying silver at a discount to pay
off employees with. and the workingmen have re-
monstrated and are beginning to see through the
silver deluson."
WHAT ANOTHER PRESIDENT SAYS.
The president of leading mortgage company,
who did not wish to have his name made public,
said yesterday that no action had yet been taken by
his company toward requiring gold basis for
loans. This was due principally to the fact that
they We're doing very little business loaning money.
Applications were numerous enough. but good ones
were rather scarce. He held that there was only
one solution to the silver question IN regard to loan
ing money. II corporation loaned currency it ex-
pected to be repaid in currency. If 1t loaned
gold 1he very fundamental principles of all
business transactions would teach that gold was ex-
pected in return. When the country became aei-
tated over movement that would in any way tend
to prevent this, it was natural for corporation 70
secure itself by proper methods. Every New-Iork
merchant had at heart the diffusion of sound public
sentiment on the silver question. and the more the
subject was ventilated" the better it would be for
the course of honesty and fair dealing