Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-19
A WILD INITIATION
That Would Work Great Injury
Feared by Leading Financiers
IF SILVER COINAGE is MADE FREE.
Russell Sage Pronounces the Senate Measure
q Crazy Act.
BANKING INTERESTS ALL OPPOSED

NEW YORK, june 1S-The news of the
passage of the bill providing for free
coinage of silver had no effect on the stock
market and excited no Influence on Wall
street, except among the dealers in silver
bu lion who regard it. with complaisance.
Some of the Wall street brokers bid the
price of silver bullion up q to 106, but it
soon declined from that figure and the last
sale was made at 1O474. The opinions of
bankers and brokers as to its ultimate effect
were very diverse, but the general impress
sion is that the measure means wild inha-
tion of the currency and an advance in
every commodity dealt in.
Henry Clews said that the good to result
from a silver bill had already been dis
counted, and that he did not believe Presl-
dent Harrison would sign free coinage
bill. Some bankers said that the adoption
of the free coinage would be disaster and
would work great injury.
A LITTLE BOOM BROKEN.
The effect of these unfavorable opinions
put damper on little boom that started
Just after the opening, and the believers in
an advance decided to refrain from any active
movement until the passage OF the bill through
both houses was an assured fact.
Russell Sage said this morning: u look with
apprehension on the action of the Senate In
passing the tree coinage bill II the law should
ever become operative, it will be serious
thing for this country. 1t would create sucn
an imitation that a panic would be sure TO FOL
low. In fact believe the il-enects Of the law
will be felt almost Immediately on its passage,
because European holders of our securities
would be almost certain to throw their holdings
on our market, at least all the securities that
were not payable in gold. The shipments OF
gold abroad this week, apprehend, were
caused by tho uncertainty regarding the silver
question in this country. 1t is only the fore
runner of what may be expected. 1t is sin
gular fact that the House of Representatives
should be the conservative body in This case,
while the Senate is radical. They seem to have
reversed positions. 1t is fortunate that the
House is so, for 1t will probably save US from
the crazy acts Of the Senate.
OPPOSED TO FREE COINAGE.
PERSONALLY believe in a moderate coinage of
silver, and consider it a benefit, but am op-
posed to free coinage. know the banking in
terests Of the country are generally against
free coinage"
John II. Inman shook his head when asked
about the action of the Senate. ut looks
to me like bad legislation" he said, omin-
ously. THE effect can only be injurious. OF
course there might be temporary boom in
business if free coinage was adopted, but the
final wind-up will almost certainly be disas-
trous. When was in Washington last week 1
took occasion to see a number of the Senators
regarding silver legislation, and was astonished
at the apparent course that existed on the sub
ject. 1 fear the Senate's action may influence
the House, but trust that body may remain
firm in favor Of more moderate course"
d. f. Foshay. OF Zimmerman & Foshay, the
bullion dealers, regarded the passage of the
free coinage bill with great complaisance.
The trouble is" he said, ''that the House
may not follow in the Senates footsteps. We
want more money in this country, and free
coinage is a practicable and legitimate way of
securing it. The price of silver has advanced
this morning in London on the strength of the
Senate's action yesterday. That shows that
they regard the measure favorably over there"