The Morning herald., 1878-02-18
AMONG THE BANKERS.

r AMONG THE BANKERS.
' s'The passage of the Bland Silver Bill by
the United States Senate, yesterday morn
Ing, did not produce as much excitement
in the banking community as it was sup
posed would be the result after such action
"It has fallen fat" or ut has been thor
oughly discounted" were the expressions
used by two-thirds of the firms or gentle
men interviewed later in the day by a
Herald representative. n ae..
80, Messis. Fisk & Hatch said, in sub
stance, that the passage Of the bill by the
Senate had caused gold to become little
weaker, while government bonds had gone
up. Much Of the effect bad been discount,
cd, and the probable disaster following the
measure becoming law had been greatly
magni6ed. Governments, that have been
unduly depressed for long time, in an
ticipation that the bill would be favorably
considered, had become much stronger and
they thought that in thirty days subse-
quent Ito the bill becoming a law they
would be stronger still.
Mr.. James B. Colgate, Of Messrs. James
B. Colgate & Co., felt thas there had been
grave errors made regarding the effect of
the passage of the Bland Bill. II don't
see that it will hurt the public credit" said
he "as many suppose. The reconciliation
of silver, with proper charge for the
coinage Of not only silver, but Of gold
would prove of great value to the country
Ifthe bill becomes law, which l think it
will, cannot see in it any cause of alarm,
as has been predicted by the press. 1t
must be . loRg time before a sufficient
amount Of silver will be coined to make it
very common; and even should it become
90 plenty as to drive gold frem the couatry
no serious effect could result, as silver is
Just "a valuable asa basis as gold, and
even more 70, Is the use of silver is uni
versal, while gold.is only local. Ibelievs that
Europe and America have more to fear in
the future from decline in gold than Of
a decline in silver, owing TO the worlds
product Of gold being so much in excess of
that Of silver; and in case gold should ever
be submitted to tbs same test which silver
has during the past three years-having
the mints of the world closed against it,
there would be 10 market for the sale ofI
gold the world over, as there now is
market for silver. Gold is merely bank
er's currency, while silver is used by every.
body, and enters millions of homes where
gold is never seen."
Mr.. Rufus Hatch was of the opinion
that competent answer to the question |
submitted by the Herald representative
could not be given until the bill-pre-
suming it will become law-was in oper-
alton several months. He thought fair
reply, however, could be found in the ad-
vance OF government bonds even while all
hands were discussing the news from
Washington.
Mr.. Parker Handy, bullion dealer, felt
that but little evil will result from the |
passage of the bill. On the contrary, much
good will come Of it. Bonds will 60 up
and business generally become more pros
porous.
1t appears from the foregoing that the
opposition OF the foreign money-leadera
was dishonest and unreal, aud that lheir
organs ground out these Jeramaids ac-
cording to order, but upon a false scent,
as the hunters say. Oh! what tune will
our gold bug organ grind out now?