New-York tribune., 1885-07-22

THE BANKERS AND SfLTER.

When ii was fist announced that tho New
York bankers had consented to advance money
to the Treasury. receiving instead of gold, not
legal tenders or red-letter certificates, but
merely fractional silver currency, the opinion
was at once expressed that this would be re-
garded by the advocates of silver coinage as an
abandonment of their position by the banks.
This impression is confirmed. The Western
journals which insist upon the continued coin
age OF silver, and frankly avOw the hope that
the Government may presently be compelled
to come down to silver payments, rejoice over
the action of the New York banks as "a sur
render The shallow device of protesting to
insist upon gold payments, while furnishing to
the Treasurer in exchange for fractional silver
the gold with which to make those payments.
fails to delade anybody, as was anticipated.
The Western men understand that it is, as one
of the bankers called it, merely whipping the
devil around the stump" 1t woud be hard to
find any debtor in the country who would not
instantly resume payments in full and in gold,
if the New-YOrk bankers would first kindly
lend him the gold to pay with, and accept as
security any unavailable funds" or unsalable
property, which he might happen to have OH
hand.
Thus the question is brought home to the
bankers of New-Ycrk whether the course which
they have consented to pursue is in any respect
calculated to promote repeal of the Silver Act
next winter. 1t is not doubted that they were
he'd to an honest belief that the repeal or the
suspension of the act could be brought about.
To them it was represented that the political
influence of the Administration would un
doubtedly suffice to overcome opposition In
Congress, and that the repeal or suspension
could be reckOned upon as a certainty, so that
the only thing necessary was to bridge over the
intermediate period. But it was natural that
the Administration and its representatives
should have undue confidence in its influence.
Had the President used his power of patronage
from the beginning to favor those who would
support his opinion in regard to silver coinage.
denying favor to those who refused to support
his policy iD that respect, the case would be
different. But from the beginning the Pres-
dent saw fit to treat the advocates of silver
coinage with as much favor as any other Demo-
Gratis. A great many of them have areceived
appointments to Office, and among the men
whose influence in directing Presidential ap-
pointments has been greatest decided major
ity are persons fatty opposed TO him on the
silver question. In word. he has thus far made
it understood that his influence will be used
as heartily to support Democrats who oppose
gold payments, as to support and strengthen
Democrats who favor the Presidents policy in
that particular Hence it is only right to cal
culate that the influence of the Administration
upon the action of Congress in regard to the
silver business will be exceedingly small
Meanwhile the bankers of NeW-Y nv
their action, have caused the impression to go
out among the advocates of silver coinage that
the opposition to silver payments has been in
sincere and empty, or else that it has weakened
and faded with lapse of time Their "sur-
render" as the silver men call it, appears
greatly to diminish the probability of any
favorable action at the next session of Con-
gress.