New-York tribune., 1878-03-01
OHIO SILVER MEN SATISFIED.
THE FEELING AGAINST PRESIDENT HAYES.
lBY TELEGRAPH TO TnE TRIDUSE.l

lBY TELEGRAPH TO THB TRIDUSE.I
| WASHINGTON, Feb. 2S.-A well-inforned Repub-
can member of the OHIO Legislature writes to
friend in Washington: "The feeling here lat Col
umbusl against President Hayes is almost unani-
nous, and is growing worse all the time. On the
silver question, do not think much public senti-
ment can be gotten up in favor of the original
Bland bill. The one that has passed satisfies the
great mass OF silver men in this State"
CONDEMNING THE ACTION OF CONGRESS.
VIEWS OF PROMINENT CITIZENS or NEw-YoEK IN
REGARD TO TIE SILVER ACT-sHoRT TALKS
WITH JOHN A. STEWART 7. S. WINSTON, SAMUEL
u. BABCoCK AND +. o. FRENCH.
The views of the managers of some of New
Yorks principal financial institutions tie passa2e OF
the Silver Bill over the veto sought last evening
John A. Stewart president OF the United States Trust
Company, said
Banks aud trust companies will pay out just what
they receive, and long silver IL legaltehder thes
cannot be seriously affected this legislation lhey
receive what legaender and they pay out what Is
legaltender. The immediate effect OF this bill VIII
largly depend upon the amount OF Government ponds
which may be sent here abroad. II they are sent
foster than oar people can buy them, Governments
will fall iu price. look for more OF less
of this. The marked effect Of this bill Will
not be felt until the balance Of trade turns
against US. Then gold will leave the country aud we
will be on silver basis. II are TO resume specie
payments in January next. the fear Is that
silver cannot he coined rapidly enough during the
present wear to take the plnce OF the S"id
that VIII leave the country, especially If our
crops should be poor and exchanges should be
turned against US think that not only the
h itself but the speeches made in advocacy OF II have
made Eas capitalists fear that If they loan money to
the West It VIII be difficult get 1t back. that they
Will be seriously deferred In securing repayment. West
aud cities will lnl it difficult TO borrow
money the East than before.
so long gOl1 Is not wanted for shipment abroad
believe there Will be only fractional difference be-
tween tho money value OF the gold and silver dollar
because one Wi. good the other 10 pay du,es,
and Will every requirement for home need. II Is
only IN dealings abroad tLat the difference VIII
he scnsbly felt IL saying much FOR the bil siiI
regard II disgraceful piece OF lcgisaiion, which
siabs uationa! honor and integrity. Secretary sher'
man is IN duy bound enforce the in its letter and
spirit. | believe that after a faiF trial the vcry
men who have Eealousy favored II Will be
the first to urge ITS Modification or repeal"
VIEWS OF +. 5. WINSTON.
Fs winston. president OF the Mutual Life Insurance
Company SAID:
There was just enough uncertainty about the silver
question Tor tine past TO prevent our
financial Committee from doing anything to
fore,lan silver bin. Now thai It has
become law hat, although II IS stripped OF many
Of the Objectionable features of tine bill originally n-
troduc,d. It's passage is the Loss great dshsier,
because II impairs in the integrity and honor
Of our Government and IA very serious bow 70 our
credit both al home and abroad consider this aspect
more serious than ans other.
"If 10 subsequent cSslaon IL had to argravaie TIE
evils OF the present act think, with alr nnd Jnst
mana cement the part Of tie trcIciary ~ Treasury,
,hat until much larger amount o. sycr is coined than
practicable during tire present year VIII not greatly
disturb tho financial affairs Of company.
omit. lfg fhnt fla fiafr In,
oHr Government on the pat Of foreign bond
holders mey return 10 Us larger amount o.
Government bonds than can be disposed ~ with,u'a
serious dcprcss price. The cour-c for financial n
sutou, to pursue Is TO watch aud walt ami 10 arIau.e
their affairs circumstances may demand In tie Iro
grcs. and d.yelopmcnt Of this new legislation. oar
finance committee Will probably take prompt
action IA tho matter. Our mortgages only Tor
year. and after that time should silver pcicrpiihy de-
cline We shall Insert clause Ia mortgages 10 pro
vide for repayment coin OF value cqua to that Of tie
money loaned"
OPINION or SAMUEL d. BABCOCK.
Samuel D Babcock. president OF th. United States
Mortgage Company. said: The Representatives ut
Washington seemed determined to pa-s some Kind of sl
yer Bill and while entirely agree w t"c views the
President expressed IN his veto mes-,gc set, Con
gross viii take no fGrth'r action On The subject
Of tie finances Of the country, the rc>u!t of the
action may be serious was genci ally autlci
pated IT will necessarily interfere with The rcsump
ton of specie pay mcnts IN January 1879 am glad.
TOO II the bill be passed tie yeto that this
has been dove quickly"
POsIrION or FRANCIS o FRENCH
Francis o. French director u the Fret National
Bank. said
The two Houses of Congress, by their disregard ~
she vot1 write themselves down needless -; OF blind
to the important points focihy IIesenied hy the Trcs
dent We mus. not overlook the iart ta.t by tls bl
tie coinage Is limited. that do not Immediately
plunge into the lower depths OF silver standard,
but only incline that way at tine rate Of SiOO0ooO
month AT the most. AZ the rate, say o! t3O00O,0o0
THIS year aud even OF $4,000 900 next year. shall
not probably reach the dirty for eighteen months.
Meantime, silver may advance somewhat; We
may have panic which may restore us
10 bard money, or. IN other ways Proyi-
dcnce may save from the destruction which
now threatens. The act provides for conference
with other which possible result In prac
teal solution OF the silver question basis satislo
tory to them aud to u. Now that silver has
been renonotized. should diycst ourselves
Of all temper the matter adjust our business affairs IA
rapidly as may be to the condition Of things, aud
endcavOr with suchgh the experience OF the coming
,nnh shal give 10 ascertain whether the views OF the
SILVER advocates are sound. II who have
opposed them shall prove to have been IN error,
let us gracefully acknowledge 1t. and gratefully
accept the advantages Of their action. But should
our predictions be hereafter verified We shall expect
Congress- In the same spirit, TO modify this law. This
nation is too large indulge In Chinese wall crs
laion As Secretary sherman has suggrstcd the SILVER
dollar may be valuable AUXILIARY IN attaining Ie-up
lion and there II hope that this act may prove III his
hands help 10 that end"
INJURY TO GOVERNMENT BONDS.
prominent banker said last evening; " one of the
evil Effects Of the Silver act Will probably be panic in
regard To Government bonds. The banks have been
oanng at par these bonds, and they will at once IT,
auiro a larger Margin and as most Of these
bonds have been drawn against for the full
margin sales will be forced. THIS will 10 In addition
to the immense quantities OF bonds that viii be thrown
ON the market by foreign holders ana iou7 decline
IL l.. l.-.- L.-LI L.-- IL