New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-05
PLEASED WITH THE MESSAGE.
OPINIONS ON THE PRESIDENTS WORDS.
Ex-coNTRoLLER oANNoNs VIEWS ON THE CUR


RENCY oUEsTIoN-GovERNMENT DEPOSITS.
Tho reception given TO the Presidents Message in
Wall Street and the various exchanges was In.
nuenced somewhat by the prevailing speculative con-
atons. Those operators who we're looking for bold
bid for Initiation disappointed, and those persons
who would be quick to crclse and sensational features
were chagrined that they had not for pessmistic
sermons Democratic brokers conceded that the
Message was conservative and sound and 1t hard
10 find a financial man who willing TO controvert
any OF the propositions enunciated In the document
A sample Of the favorable remarks passed upon the
Message may be given In few words from Henry W
Cannon formerly Controller OF the Currency and now
president of the Chase National Bank He pronounced
the Message safe sound and conservative paper
which with the cooperation Of the two Houses OF
Congress now in the control OF the Republican party,
ought to lead TO legislation which would benefit the
country. 81 agree with the President said Mr..
Cannon that the minimum deposit OF bonds for the
establishment of National banks should be reduced.
Apparently the people Of the United 81 ales have
determined that the banks shall not have privileges
that arc given them In other countries and this the
President appears plainly to perceive" Mr.. Cannon
said that the policy Of purchasing the bonds from the
banks in payment of deposits was very sfaGOry
and he approved the course Of the Treasury Depart
ment which he thought the general opinion OF the
banking interests. Speaking Of the recommendations
From a cur-y examination OF Secretary Windows plan
for the issuance Of certificates against silver bullion out
lined by The Tribune think many Of his suggestions
prudent and careful consideration by Congress The
exact relative position Of gold and silver
cla world is difficult TO determine, and 10 undoubtedly
varies from time time No gainsay the fact
present compelled to settle the balance OF
our exchanges with England and other countries on
gold basis and while the SecretaTy plan is to keep the
certificates which he proposes issue upon such basis
10 1 N
the production Of silver and there no restriction
placed upon the that the depositares could r'
cevc such large amounts Of bullion might be turned over
Treasury Secretary could dispose Of
IN the Of the world II became necessary TO
sales to redeem the certificates and we would very
likely be disadvantage in making European settle
ments. Therefore, 1t would seem that the maximum
amount OF certificates which might he Issued against
silver bullion should be provided for by law. in order 10
prevent undue imitation Of the currency. II no limit Is
placed upon the deposits Of silver bullion which might
be made from time time very likely large spectators
in Europe might send silver to this country
order that certificates should be issued and through
the imitation Of currency temporarily initiate prices
even II there profit in the bullion ITSELF en-
tirely in the Secrearys view that the coinage
Of silver dollars under the present law should be Si~
pended large producers Of silver ana need
a large amount circulating medium properly 10 conduct
the business of this country which, with its large area Of
needs circulation capita than England
1t eminenty proper that the Government should
issue certificate based upon silver to such an extent
as will properly provide for the needs Of the country In
fact in my report Congress In 1884 the opinion
that 'under restrictions and regulations IL would
be far more correct principle issue silver certificates
based upon deposit silver valued in exact proportion
OF silver to gold continue the issue Of certificates
under the present law"
Sergeant Elias Dunn, head OF the Newly ork signal
Service Bureaus, IS non-commtal on the sub
ject of that part of the Presidents Message recon-
mending the transference Of the Weather service 10
| Pin AptIcu rial
subordinate officer 1t would be improper for me 10
| express any opinion the matter one way or the
P5sSs 4 s Suggestion believe Il Win make
material difference TO the meteorological SER zee
The men composng the stalls OF epch Pan IN
meteorology, and 1t would be impossible to replace
hand the work of signalling is simple and be very
gather that the proposed reorganization will take the
form of converting the Signal Service into separate
Department with new staff and with It's own Offices
The Presidents Message was well received at the
Produce Exchange. Franklin Woodruff happily sum,
married. the document as follows; II Is q capital
message, one Of the best issued from the Executive
in years. II meets The needs Of the country, and II
Congress acts on Mr.. Iiarrsons recommendations it
viii rebound 20 the credit Of the Republican party"
! Az the Custom House the Message was favorably
commented on. Collector Erhardt said that IL was
strong document. and exactly described the situation
at home and abroad. Naval Officer Willis said that
| it strong. statesmaDlike and timely Message
and that would gain the respect OF all the people
! T Thomas Fortune Editor of The New-York Age
| expressed the opinion that AfrNt Americans were
! pleased with the Presidents attitude tho
! gnestion He said he wa perfectly satisfied" WITH
he Presidents position as TO National aid 10 edca
ton. But il would be necessary 70 60 further
than was suggested IN The message. The situation
cOlored citizen must have protection in the exercise
o. his political rights The Republican party began
not be properly rounded ii II did not carry the wOr
TO It's logical conclusion