The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-11-09
WHAT THEY SAY ABOUT IT.
Business Mems Views of the New
Administration,

Business Mems Views of the New
Administration.
Inter views with quite number of bank
ers and business men do not indicate that
there is any great fear of the new admins
tration.
Capt. John L. Hammond, president OF
the Merchants National Bank, was asked
what in his opinion will be the effect of
Harrison's and Morton's election upon the
finances of the country.
81 cannot see that there will be any
change he said. IL don't see how there
can be. During Cleveland's administration
money has been free, and some people think
that with the change Of administration will
come a financial change, but very few
thinking men believe that way though.
Cleveland is charged by the republicans
with having bought up too limited a num-
Der of bonds. l think he acted prudently
in buying up no more than he did. He
bought enough to make money free. A
purchase of more would have put
would no doubt have been unsatisfactory.
At last accounts the surplus had been
reduced about SIC, 900 900, which the country
had the use Of. We may look for reduction
from Harrison, if anything increased re-
duction of the surplus. Harrisons record
is spotless, and in my opinion the south, and
indeed the whole country, need entertain no
fears of financial depression because of the
change in the presidency"
Capt. Hammond said that Cleveland's de-
feat crushed him at first, but he is bowling
gracefully to the inevitable. 81 think he Is
the greatest man we have had, he said
Alderman II. Myers, president of the
National Bank of Savannah, said: 1.-THE
country is not ruined and could not be even
If Harrison were disposed to ruinit. think
be ill make us a conservative President
and the financial world will not lie the
worse for the change. Money matters have
been free during Cleveland's term of office
and with Harrison's views on the reduction
Of the internal revenue we may expect
money quite as free Virginia alone pays
more direct tax than all New England, and
If the republicans carry out their ideas of
reducing the internal revenue, the
surplus will be largely reduced and the peo-
pie will have the benefit of the money.
can't see that we are hurt financially. Har-
rison represents large moneyed interests on
the republican side, aud there is no reason
TO believe that he will allow the finances to
become stagnant. In addition to cutting
down the internal revenue l think he will
be inclined to reduction of the surplus by
improving the harbors, coast defenses, etc.
This will, of course. put money into circu-
lhtiOn anu ponu tO"oiu AAohinS the ILLnos
easier'
Alderman Myers said that Cleveland's de-
feat could not be helped and he had become
reconciled to Harrison.
Several other leading bankers and promi-
nent business men were seen and they all
: hold practically the same views. Business
men elsewhere also look at things the same
way.
George w. Williams, president of the
Carolina Savings Bank of Charleston, was
asked what, in his opinion. would be the
effect of Harrison's election upon the
country's finances, and he said: "Finan-
cially, the country will not be damaged by
the election Of Harrison and Morton. The
best banking system that we have ever had
was established by the Republican party.
That party represents the wealth Of the
nation. IL will not, therefore, be likely to
do anything that will disturb or damage
the financial interests of our common
country. The coiored people have pros.
pered greatly under Clevelands admins
tration. They will, Of course, be gratifed
at the restoration of the Republican
party to power. While the whites would
have been pleased at the reelection OF
Cleveland, they will have nothing to feai
from change in the administration
Many hnanciers. north and south, think
the democrats made a great mistake II
depositing S6O,0O0,0 900 in the banks without
interest, thus advancing the price Of gov
eminent bonds the treasurer was authorized
/" 70 purchase. IL has also the tendency &
lessen the bank circulation as the bank
received only 800 on the $l00-governmen
bonds deposited, and paid a tax of pe
cent. under tire new system the banks re
eeived $40 ON the 800 deposited and pa,