The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-11-21
KEENE AND BELMONT ON RESUMPTION

rather alarmed at the sight Of gentleman Of
your intellect and lberality specializing in an
article Of food Of such primary necessity"
Hal hal hal" answered Mr.. Keene. What
nonscnsel | never intended to corner any
thing. bought few millions Of bushels Of
whoat. because | thought 1t cheap at 80 or 81
cents. and l propose to sell it for about Clio
or S1.25 q bushcl The transaction was
purely commercial not speculative
one. l invested my money; l have to
take care OF the merchandise and run all
the risks connected with tho transaction. |
am very disagrcoably surprised. not to say dis
gusted, at the notoriety which the press insist on
giving to all my private business transactions.
Why don't they put it in the papers when you
invest 800 in new suit of clothes2"
Probably because | never buy any such ex-
pensive article"
Well then we arc in the same boat. | never
buy wheat or anything else unless think it
cheap and can fairly expect to make profit
on my purchase. am here for the purpose OF
making money and / propose to attain my
object"
Have you. then, entirely retired from Wall
street speculation Z"
OH no; by no means. mover retire from
things in which can see money; but at pres
ent | feel n littlo tired and | want rest |
had reason to be well satisfied with the re-
suit OF my operations in stocks. | considered
the prices Of the various securities quito high
enough. and / made up my mind to invest
portion Of my profits in wheat. Apart from
that. don't consider the present condition 81
the money market a very favorable one for
stock speculations."
You alude probably to the impending re-
sumption and the uncertainties connected with
it,"
Precisely So"
What are. then. your apprehensions OF tho
future Of the money MARKET"
have no apprehension OF any particu-
ticular danger. but | think that money may at
any moment become very tight. Our banks have
committed the stupidity Of publicly declaring
that tho silver dollar wasn't n dollar. and that
they won't receive deposits in silver except by
special agreement They have also declared that
a man who deposits his money in gold is not
necessarily entitled to receive It back again in
gold, and may be compelled to take it in green
backs. Now. with the majority Of people such
statements are not likely TO do any good. 1t
might become their natural tendency TO hoard
gold. They will draw ON the reserves Of the
banks. That will make money scarce. and the
Wall street operators might find it very expen-
siye 10 carry stocks. We must not make
the mistake Of thinking that the mass Of
working people are for silver. They are for II
only rs a medium OF semi-infation. but the
moment the workingman has accumulated any
savings his first tendency IL TO invest them in
gold. not in silver coin"
- notice, Mr. Keene. that you entertain the
same apprehcnsions in regard to resumption
rs Mr.. Belmont does"
Oh. did you see him? ?"
" Yes; hal conversation with him this
morning. and he dsapproves. Just as much MS
you do the policy which the banks have
adopted
" II you have spoken 10 Mr.. Belmont on this
subject. you had no need to ask my opinion.
Mr. Belmont has paid much greater attention
to these matters than did. and his views are
certainly more valuable. Come, now. instead Of
your interviewing me. | am going to inter-
view you. What did Mr.. Belmont tell your"
The writer narrated then the substance OF
| Mr.. Belmonts estimate ofthe financial situation
Tho mistake made by the banks In their
declaration that the silver dollar would not be
accepted. except on special agreement. was ut
terly uncalled for. The time for such agree
nents has not arrived yet and there was abso-
lutely no need to say what was going to be
done when q certain thing should occur. Be-
! sides, the transaction between bank
and depositor is n private transac-
ton, and every one OF them should be
treated IA such upon the same princi-
pie upon which n bank refuses credit to one
customer and gives 1t 10 another. Declarations
like those which the banks have made can only
tend to spread dissatisfaction and uncertainty
Of mind throughout the community. and this
particular declaration OF the banks concerning
silver raises the West against the East. 1t is
10y no means impossible that the silver men in
Congress will set 10 work more cnergetically
than IN faf IL, IN.
predict at present that they won't succeed. Mr.
belmont considers that It is utterly imposs bic
10 break the Government the resump-
ton. 1t has tl4O,OOO,OOO in gold Of It's own
besides some 500 900 900 accumulated for the
payment Of called in bonds. unpaid coupons a..
The banks have some <25 OOC 900 in gold and
these sums will probably be more than sufficient
to respond TO all the collaborating tendencies
Of the people. should any such develop them
selves by the lst Of January. Ofcourse fevcry
greenback in the country should be presented
and gold claimed for H. the whole resumption
scheme would Immediately fall TO the ground
hut no such emergency can possibly be- antici.
pated. No banker who takes any deposits al
all can be safe. II YOU assume that at moments
notice all the depostors will ask for an instant
return OF their money in gold coin. But on the
other hand. there can be no question
that the policy Of our banks il very
lkcly 10 cause n cons iderable drain Of gold from
the reserves. and consequent tightness Of
money. Mr. Belmont says that since the first
day Of the issue of greenhacks he has never
bought moro than 100000 gold for specu.
lation. and that he would certainly not buy il
now. At the same time he is 10y no means pre-
pared 10 assert that between now and the lst Of
January there may not be created an artificial
demand for the precious metal. and that some
difficulties may not be thrown in the way Of the
Government. But the Government is yer,
strong. observed Mr.. Belmont and Mr.. Sherman
has recently declared that he would resume d
tON priI.
Well" interrupted Mr. Keene If you hat
all this on the authority Of such goot
Judge OF financial affairs what need had
YOU TO bother me with questions on thcs,
dry matters. and Just at "a moment when San
and were enjoying by anticipation the delights
Of hearing tonight Eteka Gerster? Have yor
heard herr Is she not wonderful 2"
And Mr. Kecne began to describe tho meriti
OF the charming songstrcss with all the cnthu
siasm ofthe most youthful dleuante Sam Ward