New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-12-06
CONTENTION THE PRESIDENTS MESSAGE.
THE SENTIMENT IN WALL STREE AND AMONG FED
ERAL OFFICIALS.


THE SENTIMENT IN WALL STREE AND AMONG FED
ERAL OFFICIALS.
General satisfaction with the Presidents
message expressed in Wall Street yesterday There
is nothing remarkably brilliant about IT," officer of
prominent Wall Street bank said "but it is financially
busnesske and sound" The remark fully expressed the
opinion OF leading bankers and financers.
Thomas @. Acton, Assistant Treasurer OF the United
States said al have not had time TO read the message
carefully, but from what have read and from what
have in the editorial columns OF THE TRIBUNE to-
day, satisfied that the message very good
one"
Edmund d. Randolph, president OF the Continental
National Bank said that he considered the message
thoroughly busnesslike document, and in this opinion
John Agnew vcepresdent OF the bank expressed his
hearty concurrence. In regard to the recommends
tons Of the message about National bank eircula-
tiOn," Mr.. Randolph said, it would be possible
that financial furry in the street might result seriously
II the banks should be allowed to take out circulation for
90 per cent Of the market value Of the bonds deposited
for security. There would be timid people who
would be sure to believe that the Government would lose
largely by lnsolvent banks think that the Treasury
Department might fix scale Of values OF Government
bonds and that in case OF insOlvent bank
it might stand ready to buy the bonds
deposited with II to secure circulation this SCALE The
prices might be made such that the purchase OF the
bonds would be profitable to the Government while, at
price would give stability to the bonds and tend to pre-
vent pancs."
H. G. Fahnestock, OF Winslow, Lanier & Co, who
is the ylce-president OF tina First National Bank,
said the difference between the amount allowed
banks bonds securing circulation and that which
could be obtained loan OF the same bonds In open
market was preposterous Any borrow within
s. and exceptionally per cent Of the market value Of
Government bonds" he remarked, but National bank
can borrow OF the Government only 80 per
cent Of the par value OF the bonds. The
~ fha NJ
are responsible their own account,
but this fact seems be forgotten. There is
why the banks should not receive more than 90 per cent
OF the face value Of bonds which selling at
large premium The stability OF the bonds Is an assur
ance against loss"
stock Exchange, said ~ have read only the financial
part OF the message, but this is conservative and
perfectly sound and deserves the immediate attention OF
ton the recommendations OF the President very con-
sentative. think there would be no risk to the Govern
men In allowing the full market value OF the bonds but
eminent STnS Certainly could suffer no loss Since
the resumption of specie payments, the existing long
highest prices There would be no furry In
the market which would result in loss to the
Government II the Presidents suggestion OF 80
per cent OF the market value should be adopted
The comments on the message among the oihciais IN
the Federal Building were all favorable. Most OF the
court officials had read the message through and e1-
pressed approval OF the sentiments expressed one
official who would be affected by the suggested change,
expressed himself as In favor OF the system OF salaries
only as payment for the services OF the officials under he
Department of Ju tice None or the heads or otnces
would express their opinions OF the recommendations
affecting the departments with which they were con
been much criticised by those having dealings Win
the courts here and Is believed that the abuses re-
erred to by the Attorney exist for the most part
In districts where the witnesses and jurors come from
long distances and collect large sums for mileage.