New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-13
BANKERS DISCUSS GOLD.
THEY MEET SECRETARY FOSTER
HE SAYS THAT THERE IS NO NEED FOR An
ISSUE OF BONDS.

ISSUE OF BONDS.
Secretary Foster met a number OF New-fork
bankers and iinanciers at the Union League Club
yesterday and the gold situation was discussed.
No formal conference was held. it was said. but
some bankers thought formal gathering would
bc held at the Sub-Trcasury to-day. There was
talk that 'he Secretary had made some salts
factory arrangement with the bankers.
Secretary Foster said, when he was seen by
Tribune reporter after his meeting win the
bankers, that his position had not changed IN tho
slightest He would not issue bonds ana ala
not regard the situation as serious There would
be no conference to-day, had been reported
among bankers. In discussing the situation IN
formally with them yesterday he had found them
willing TO aid him and perfectly satisfied with
their views and position.
Henry w. Cannon, president of the Chase Na-
tional Bank. started for Washington last nisht.
and it is said that he will call on President
Harrison, and as representing the National Banks
Of New-Yorb and some of the biggest banking
houses in America will urge the President to
send u message to Congress regarding silver.
Secretary Foster before he left the Lincoln
dinner of the Republican Club held at Delmonicos
on Saturday night made an appointment TO meet
Henry w. Cannon at the Union League Cluo
Yesterday afternoon. Mr.. Cannon and Secretary
Foster warm personal friends. When tho
Secretary expressed wish to meet some OF New-
Yors bank residents Mr. Cannon made arrange
ments for Mr. Foster to visit the Union League
Club The Secretary reached the clubhouse at
Fiith-avc. and Thirty -ninth-st. at p m yester-
day, and Mr.. Cannon was there 70 receive him.
During the morning and the ealy part OF the alter
room many National bank presidents and the
heads of Zig banking houses could be found were
informed that Mr. Foster would he at the Union
League. and during the afternoon and until late
last night the gold situation was discussed.
Among the bankers who talked with the
Secretary were Edward II. Perkins, ST.,
president of the Importers and Traders National
Bank: George T. Baker. president Of the First
National; Frederick b. Tappen, president Of the
Gallatin National: Henry w. Cannon, james u.
Cannon vice, resident of the Fourth National;
George s. -oe, Of the American Exchange National.
and it is also sad thar J. Picrpont Morgan, Jesse
~elic;nau and many others were at the Informal
talk
One of the bank presidents who saw the SEQ
ieary said that the meeting could not he "ailed
"A Conference it was simply little hiornai
talk In other words, Secretary Foster ana the
honl, rresi lents and other fnanclers gathered
around "a table il a private parlor at tile lhioh
League and entered INTO an eAhaus'iNe "i'0u'
sion of the situation.
The general consensus of opinion OF those VINO
talked 70 the Secretary to the effect that the
condition of affairs, although not alarming al
rresont WAS by no means satisfactory, AMI .that
rho best way to allay the apprehension was 70
,s>ue bonds and TO increase the reserve i"nd a"ou'
so 600 900. The Secretary was Impressed WITH
the fact that he not only had the right 10 isSuo
GOLD bonds but that the law was mandatory ana
he was rcouircd when necessary TO protect tho
credit Of the Government and prevent the country
from going over to a silver basis
The majority of the bankers also told the Secro-
tarv that a satisfactory condition OF Affairs con"
not be brought about by simply issuing 9oo'oov'-
ooo in bonds. That step they said, would only
rostpone the evil. The real disturbing elc'neh'
was silver. and as long as the Government con-
tinucd 10 buy silver bullon, as required ny tie
Silver Purchasing act. just so long would 'ne
auoncial situation he uneasy and unsteady.
rho almost unanimous opinion of the bankers
,vas that the Silver Purchasing act should DO
reuoalcd. and repealed by the present Congress
Horny W Cannon was 10 90 10 the capltai -
attcnd a meeting at Senator Allisons mouse II
WASHINGTON to-day of the American ue'saoS
IN thc National Monetary Conference at BruSseis'
of which Mr. Cannon is one Of tile represeh'a,N'"
of the United States. The advsablity oil asNinS
the President TO lend his assistance In the present.
financial difficulty was discussed. II was asretaa
il was reported. that MIR. Cannon Hould seq
President Harrison, and urge him to send mes
sage to Congress regarding the sherman ACT .A
T Fierpont Morgan did not know early III tno
afternoon Yesterday that Mr.. Foster had made
arrangements to meet the Ncw-Iork hnancers iran at
the Mon League Club, and he called AT ing
Fifth Avenue Hotel about o'clock ana ln4ulreo
for the secretary, but Mr.. Foster was gone 1t
was sad that Mr. Morgan then went TO the tnlon MON
Ieagme club Some people said Yesterday that
- Vr Morgan were interesting fAself in the
situation TO the extent Of calling on the secretary
nf th, Treasury the case was at least noteworthy.