The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1885-10-04
FINANCE AND MINING.
"A Salt Lake Banker On the
Silver Problem.
THE WARNER SILVER BILL
M McCorpick's Views-Bank re
ceipts : Local Securities
Crescent-Gener
IL WARNER SILVER BILL.

VS.. Mccormick, of Mccormick q Co.,
who has lust returned from the east at
tended the recent bankers convention
in Chicago, and a reporter called on him
last evening for the purpose oil OBTAIN
ing something of his views upon the
tonic of silver. In answer to several
queries. he said: 1.-The convention dld
little or nothing outside of considering
+ho silver question, and from first to
last the whole thing was cut-and-
dr;od orrangement of the antl-sllver
bankers; there was hardly
western man there-only one from the
whole of Colorado-for what rea. on
don't know, unless it were that the
nro-silver men knew what the conVen-
lion would be, and desired to put mo
hindrance in the way of allowing the
bankers to go before the people as
unit. hoping that the strong sense OF the
neople would show them what the ann
of the BANKERS really was"
lyon believe, then, that the hoStlllty
AGAINST silver is a Wall street mover
tDecidedly. 1t is a scheme on the
mart of the New York banks to shorten
the supply of money, in order to raise
the rate of interest. A leading
banker told me that he had to
nav one and a half per cent.
on his depositors' balances, and that he
could hardly lend his money out at
high enough rate to reimburse HIM Tor
that. Stop the coinage OF silver, say
S25. 900, 900 year, money would become
scarcer. and they reason Justly enough
that the rate of interest would go up.
It was this class of men that so largely
predominated in the bankers conVen-
tlon, and they had everything arranged
their own way. AS fast as delegates
arrived they were handed slips contain
ing the speeches of the big antl-sliVer-
ties; as soon as the call TO order was
made, it was arranged that every
sneaker should be limited to hYe
minutes. But when Coe, one of the
biggest opponents of silver, arose to
sneak. they extended his time to fifteen
minutes by the endeayors of bolster
Gus cIaaue; and when Colgate, on our
side arose, they would have stopped
him off promptly at the limit, had not
a few of us sympathizers kept up such
a cry of 'go on" "gp on" that
thew could not help needing US. They
passed the resolution, favoring sus-
pension until there could be confer,
ence with foreign powers, but as told
them at the banquet that followed the
meeting, was devoutly thankful their
resolution did not make law.
"And what is the impression as to
how Congress will consider the ques-
ton 2''
at is hard to say. The majority in
the last Congress was al right, but
CleyeIand's known views in antagon-
ism to silver may have won him many
adherents. OF course, were he 10
recommend a suspension, ana the
measure should be voted down,lt might
| be regarded as snubbing him, ana the
dislike to that would naturally cost
some votes. l regard 1t as probable
that some sort of a bill will be passed as
a compromise between total suspen-
pension and continued coinage,
though there is no doubt but that the
Treasury (Which is run by Wall street.
will make a big attempt to convince
Congress that the vaults are bursting
with silver; this is evident from the
fact that all the minis have been sending
their dollars to Washington-regard-
less of the cost OF transportation-to
| impress Congress with the idea that we
| are enormously overstocked; while, the
| truth is. that here and a great many
other places, we are suffering grea'
inconvenience from the lack OF these
silver dollars"
What do you think of the Warner
compromise bill?"
"Ihave only read it through hastily
! and can hardly pass an opinion as YET
Ny idea is that it is somewhat cum6er
some, though it contains some excellen
provisions. Instead of empowering the
government to buy all the bullion
offered, however, and to issue silver Ger
tifcates, should prefer seeing It buy
at the rate tits now doing, $2,OOO,OOO u
$4,000, 900 per month, in order to aVel'
"cornesr." The issuancesot silver Ger
tificates, decidedly approve, and : De
lieve currency of that sort would D
taken everywhere and become vastl.
popular among the people"
GAS STOCK sold during the week at Sil
/ 1t is reported that block of u. G. Nj.
stock sold in Ogden at par, which
better than the market here.
THE MEETING of q. C. NJ l. stool
holders occurs tomorrow. The institl
ton makes an admirable showing fC
the past six months, and the usual div
dend is declared.
The Warner Silver Bill.