The morning call., 1890-06-19
THE SILVER BILL.
Its Passage Has No Appreeiable Effect
Upon Wall Street.

NEW YORK, June 1S.-News of the pas
sage of the bill authorizing the free coinage
of silver had no effect on the stock market
and melted no influence on Wall street ex-
cept among dealers in silver bullion. who
regarded it with complaisance. The opin-
ions of bankers and brokers as to its ultl-
mate effect were very diverse, but the gen.
eral impression is that the measure means
the initiation of currency and an advance
in every commodity dealt in. Russell
Sage and other people as prominent say
they look on the bill with apprehension and
fear ill-effects will follow its passage. Some
bankers said the adoption of free-coinage
measure would be disaster aud work great
injury. The effect of these unfavorable
opinions put damper on the little boom
that started just after the opening and be-
levers in an advance decided to refrain
from any active movement until the passage
of the bill through both Houses was an as
sured fact.
Russell Sage said: al look with appre-
hensidn upon the action of the Senate IN
passing the free coinage bill. Ii it should
ever become operative 1T would create such
an initiation that panic would be sure to
follow. In fact. | believe the ill-etfects OF
such a law would be felt Immediately on
its passage, because European holders OF
uut oSCulillCS Woulu dilhOSt CCi talh
throw their holdings on our market, at
least all securities not payable in gold"
John II. Inman said: "It looks to me
like bad legislation. The effect can only be
but injurious. There might be temporary
boom in business if free coinage was
adopted, but the final wind-up will almost
certainly be disastrous"
ID. +. Foshay of Zimmerman & Foshay,
bullion dealers. regarded the passage of the
| free-coinage bill with great complaisance.
The trouble is,' he said, 1.-THE House may
not follow in the Senate's footsteps. We
want more money in this country and free
coinage is perceptible and legitimate way
| of securing it,"
The outward movement of gold contin-
ues. To-day S2l5, goo was engaged for ship
ment tomorrow by parties who have
already shipped S1,250,000 the past few
days. A special cable says el70.O00 in gold
| was Withdrawn to-day from the BanB OF
| England for export. Six hundred and
! twenty-five thousand dollars in gold was
taken for export today
The Tribune in an editorial on free coin
age says: Just at this point an increase OF
| coinage with the issues of silver certificates
| invite serious criticism. Coinage does not
| help at all. Nobody would want silver dol
| lars in place Of notes, even If the latter
should fall l per cent or 40 per cent below
| par in gold. The redemption in bullion OF q
| fixed gold value would make the additional
| currency safe and put silver bullion behind
| notes as security of unquestioned value.
! The omission Of that feature leaves the
| notes to be supported by the stock of gold
il may be possible TO provide. That may
| yet prove inadequate. Recognizing the
danger, the advocates of sound currency
| have faith in the disposition and ability OF
| the present Administration to protect the
| public credit as far as circumstances give II
! power, but II cannot be said the new leglsla-
tion proposed in the Senate by its vote, with
! IQp in hnll tod iRR n Ia ted
to render the task in the least degree easier.
The evening papers say concerning the
| Silver Bill substantially as follows:
| The Mail and Express Rep: The bill is
of most radical character. The cOmbina-
| ton between Western Republican Sen atOrs
and Democratic Senators is portentous. 1t
! is the duty OF the House to stand firmly to
the conservative, yet liberal, silver policy
| it has adopted.
| The Evening Post Qnd.) says: The bill is
far from being law and the chances are
decidedly against its becoming So Section
proposes to lower the standard value %
| per cent at one jump. This is truly bed
| lamite scheme, and devises the greatest
possible disaster in the shortest possible
| time.
The Evening Sun Dem) says: There is
reason TO believe the House and President
will concur in the Senate's action. The
measure is far more radical than was
thought possible before yesterday.
A Press editorial excerpt says A brave
message on the silver question at this juno
| ture would lift President Harrison very
| high in the public estimation.
A World editorial says: The bill If ii
| becomes a law will compel the United
| States to buy all the silver produced in
| the world till the artificial demand thus
| created adds everywhere about 10 per cent
to the present price; in other words the
Government will by law add S25, coo. coo an
nually to the profits of those who mine
silver. Where will that money come from
Who will toll to earn it?