The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-02-17
AMONG TINE BANKERS.

The passage OF the Bland Silver bill by the United
States Senate yesterday morning did not produce
much excitement 10 tho banking community as II was
supposed would be tho result after such action al
has fallen fat" or .It has been thoroughly dis
counted" wcro the expressions by two-thirdso OF
the firms or gentlemen interviewed later in the day
by u HERALD representative, though email number
thought tho matter OF sufficient importance 10 give
their vcws In q brioi form
Mossrs Fisk Il Hatch said, In substance, that the
passage OF the bill by the Senate had caused gold
become q little weaker, while government bonds had
gone up Much OF the effect had been discounted,
and the probable disaster following the measure be-
coming Law had been greatly magnined. The law
was bad in principle, yet there we're counteracng in
nuenocs that possibly may prevent IL becoming dan
gerous. Tho vote In tho Senate did Indicate
cessary that IL woud pass the Presidents veto,
should that DO tho reception accorded II alter pas
sage, UGH was, therefore, hoped Tor IN ths
Goyernments, that havo been unduy depressed Tor
long time, anticipation that tho p would be ia
vorabiy considered, had become much stronger and
they thought that In thirty days subsequent TO tho
Mr.. James B. Colgate, Of Messrs. James B. Colgate
Co felt that there had beon grave made
gardDg the effect Of tho pauage Of tho Bland bii III
don't SEQ that u Will hurt the pubIc credit SAID no,
as many suppose Tho demonstration Of silver wiha
proper charge for the coming OF not only silver but OF
gold, would prove oil great value 10 the country IL
Tue bill becomes law, when think II will. cannot
In II any cause OF alarm, has boon predicted by
|
amount OF silver will DO coined 10 make very
common and evon should IL become so plenty
10 drive gold from the country
rious effect could result, as silver Is just as
valuable as basis as gold, ana moro SO, as tho
use OF silver u universal, while gold only local
believe that Europe and America have more TO tear
In the future from decline In gold than Of decline
IN silver. owing to tho world product OF gold beng
much in excess Of that OF giver; and IN case gold
should ever be submitted 10 Tho same test which
silver has during the past three ycars--having tho
OF the word closed against u there would DO
market Tor the sale Of gold The world there
now is market for silver Gold II merely bankers
currency, while oliver 10 used by every body, ana
enters millions ofhomes whore gold 10 mover seen"
Mr.. Colgate thought the bill would finally pass in
some form or other.
Messrs Brown Brothers 4 Co. preferred TO wait
few days before expressing an opinion. IL was the
general impression mat tho bill would become law
but the firm mad nothing communicate aud did not
care TO venture an opinion.
Mr.. John J. Cisco was unwilling to express nm
opinion at early period, but would probably nave
something TO say before many days
aessrs Droxel, Morgan 4 Co. mad not time TO talk
about the matter when called upon and treated tho
question as a good joke.
Messrs Hess Brothers, through tho senior partner.
beloved 'tha great evil viii grow out OF tho passage
oil the OilI.'
Mr.. Rutus Hatch was Of tho opinion that a compe-
tent answer to The question submitted by the HERALD
representative coua not DO givon until the bill-prc
Stunning u Will become alawwas IN operation several
months He thought lair reply. h9wever> could bs