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

Of loans for which application had been made from
the West-except on stipulation for payment in
gold. Sales of Government bonds are made on ac
count of the fear that the Silver Bill will be passed.
and capitalists point out many evils which follow in
the train Of the silver movement.
WARNINGS TO SILVER WORSHIPPERS.
EFFECTS OF THE AGITATIoS WHICH THE AGITAToRs
WILL NOT RELISH.
The British and American Mortgage Company
imited recently issued orders to Western agents to
require stipulation for the payment in gold of
both principal and interest all loans. w. b.
Shattuck, the president, is now in London. His
son. who has charge of the company's affairs during
his fathers absence said. last evening, that
the company was controlled by two boards
Of directors one in America, and the other
in England. The boards were distinct, and each
had control Of the company's business in its own
country The American board discussed the silver
bill fully ard the probable effects it would have.
circular dased November 20, was prepared, and this
was distributed among the agents about the begin
ming of the present month. 1t stated that the
company could longer fill applications for loans
of currency. Only loans on a gold basis would be
made. At whatever time tho loans made after
the circular was issued became due, the payment of
principal and interest would be required in gold.
Mr. Shattuck said that the action of the American
board of directors in this matter not influenced
by the British directors.
Mr. Shattuck said that the applications for loans
were as numerous now as before the order was
issued. He did not think that this showed that the
supporters Of the silver bill in the West readily
acQuiesced in the demands Of the company. They
doubtless considered the order very severe, and
would oppose any such measure if it were in
their power. The company only loaned money
on bond and mortgage, good farm prop
erty IN the country and dealt very little
III property in cities or towns. Persons holding
farm property were now in need of money. At this
season there was always lively demand on the
company for loans. Those seeking money could not
have their own way the borrower must accede to
the terms of the lender. Mr. Shattuck was of opin-
ion that if his company's example were generally
followed, this action might have an effect on the
votes for the silver bill now before Congress.
ACTION OF A GREAT TRUST COMPANY.
The United States Trust Company applied to
a few days ago for a loan of S1,0O0000 to the City
of Chicago secured by the first revenues collected
from current taxes The loan was refused unless
the bonds were issued on gold basis. Application
for the Chicago loan was then made to q American
Exchange Bank and was declined except on the
same condition.
ANOTHER LARGE LOAN REFUSED
An application for loan of $l,jOO,0OO made by a
large Western city was declined on Wednesday by
the bank that had been its fiscal agent for many
wears except on the condition that the bonds should
contain clause that the payment at maturity
should be made at the gold valuation of the day of
closing the negotiation.
PRECAUTIONS OF OTHER BANKS.
Several other instances reported Of banks taxi
ing action to anticipate the effects of the passage Of
the silver bill. The National Bank of Commerce
has adopted the plan Of converting portion of its
assets into gold assets, by buying sterling bills on
London.
Another bank was called on yesterday to make a
currency loan of $500 for ninety days and de-
cned on the ground that, If the silver bill should
pass the deterioration in the value of silver would
be much greater than the amount Of interest recev-
able on the loan and the president thought it would
be cheaper for the bank to retain the money
SELLING GOVERNMENT BONDS.
4 gentleman holding large number OF new
per cent bonds visited the First National Bank yes
terdav and stated that he had been absent from the
country for some months, and that he first learned
of the features Of the silver bill while he was IN
London He reports the feeling there as very intense
and he SAYS that there is disposition todiSpose OF all
American securities. The American people he de-
clares. are roundy denounced in England for sup
porting so largely scheme to pay of an honest
debt in deterorated and base currency. This gen.
tleman states further that he has given an order to
sell all his Government bonds at once, believing that
if he retains them, aud the silver bill passes by
twothirds vote, as he now thinks probable. he will
suftt T a serious loss.
bank in this city sold 100000 Government
bonds Yesterday and bankers state that there is a
disposition on the part OF holders to dispose of Gov
eminent bonds even at loss, under an apprehen-
sion that there will be still greater loss with an I'M
limited issue of silver.