New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-12
THE BANKS AND The TREASURY.

would cause comment"
THE BANKS AND The TREASURY.
PREPARED TO EXCHANGE So 100000 GoLD-coN'
TINUED CRITICISM OF THE TWO
LAGGARD BANKS.
The onlv deposit Of gold in exchange for legal
tenders at the Sub-Treasury yesterday was Sloo,-
600 by the Tradesmens National Bank. No fur
thcr arrangements Of gold for export on Tuesday
were announced, and the amount that Will go ac-
cording to indications at the moment Is only
81 100000. Probably the matter of further ship
mcnts will depend largely upon the developments
tomorrow with regard to the position OF the Tow
eminent in its treatment of the present condition
Of the National Treasury. The future movement
Of gold out of the country, bankers generally be-
lieve, depends 10 an important extent upon
whether reason is given to foreign creditors for
continued confidence IN the integrity of the cur
roncy of the United States. On the other hand,
the future course of the Now-Iork bankers in
accepting for the present the burden of supplying
exporters with gold instead Of throwing 1t upon
the Treasury is likely to he influenced by the
shape given TO the policy of the Administration.
In spite of the refusal of the National City and
the Hanover National banks TO assist in the work
of the other leading banks, there is general
understanding that there will be about $4,000
600 more gold surrendered for legal tenders if the
needs of exporters threaten the withdrawal of
that sum from the country. As this amount
combined with the Sc, 600, 900 already deposited
in the Sub-Treasury, will represent about 20 per
per cent of the gold reserves Of the Clearing
House Association, the city banks may decide that
they have gone far their interests to their own
stockholders will permit, unless an emphatic as
surance is given that the Government will exert
its full powers TO maintain specie payments. No
doubt is felt that this assurance will be renewed,
and IL remains to be seen If the assurance viii
take the form of a bold stroke TO replensh the
Treasury reserves.
The explanation Of their attitude given by
James Stillman, president of the National City,
and James r. Woodward, president of the Han
over National Bank, is not accepted as salts
factory by their colleagues 1t is said that the
plea that formal action by the Clearing House
Association would find supporters from the two
banks named is untenablc. The association
would lave no authority to coniiscate assets of
any bank, and il could do no more than make
the recommendation that the Clearing House Com
mittee-the executive committee of tie associa-
tion-dd without a dissenting voice The Clear
ing House Committee consists of Edward H. Per-
kins, jr., president of the Importers and Traders :
j. Edward Simmons, president of the Fourth Ma
tional; Henry w. Cannon, president of the Chase
NATIONAL Frederick ID. Tappen, president Of the
Gallatin National, and William A. Nash president
OF the Corn Exchange Bank George g. WIN
Jams, president of the Chemical National and
chairman of the Clearing House Association. is
ex-ofilcio member Of the Clearing House Com
mttec, and it through him that the recon-
mendations of the committee were made known,
and solicitations OF contributions of gold made to
the National City and Hanover banks. The
NJ
is argued, is refusal to a proposition that
could have no more practical effect even if it were
made by meeting of the Clearing House Associa-
ton.
The motives Of the presidents of the National
City and Hanover banks are not easily under
stood by their colleagues. There are Democratic
bank presidents who think that if politics was
back of the attitude taken, it most short
egl,ied politics. James Stlln0n, pre- sdent of the
City Lank, is pronounced Democrat, and Prcsi-
dent Woodward, Of tie Hanover, has been sus-
pected Of extreme comprehend" views Tie two
men have the reputation of cooperating closely in
their policy OF managing their banks Mr. Still
man succeeded Perry r. Pyne, when his Ill health
compelled him tc retire from the presidency Of
the National City. Mr.. Stilman was a member
of the former firm of Woodward & Stln,an,
whiC.. conducted for many years a mercantile
business with large Southern connections The
Mr.. Woodward CT that firm is dead but he
was a brother of the president Of the Hanover
National Bank. 1t is considered extremely
curious that the TWO presidents who alone are
known TO have refused TO cooperate with the other
banks in the steps taken to strengthen the gold
reserves of the Treasury are Of an opposite
political faith TO the existing Administration, and
that their sympathlcs. where sectional have been
with the South The facts seem the more signif-
cant when 1t is considered that the action taken
BY the other banks has hccn non-partisan. and
that among the men prominent IN the movement
the majority probably are Democrats.
TIE arrival Of the Secretary of the Treasury,
Charles Foster, from Washington, is welcomed
by the financial community. Although his visit
Is purely social, there is no doubt that he will
sec several of the leading bank presidents and
talk over the financial situation. No arrange
ments for formal conference have been made or
are contemplated, but Mr.. Foster will doubtless
be fully advised of tie feeling in the financial
centre Of the United States There is little doubt
that the policy OF issuing bonds at once would
meet with the cordial approval of the bankers OF
ell shades of political faith. 1t is believed that
$50 600, 900 bonds could he negotiated without
serious Inconvenience to the money mark ana
that with thi. amount OF fresh soid placed az as
present respecting the currency problem would
disappear. The influence upon the attitude OF
Euitpean creditors would he favorable to tbs
country, it is agreed. and would probably reduce
alarm i'm the business community hclng removed;
the incoming Administration would be- preparcd
10 meet the solution Of the silver question WIN
An undivided responsibility and II is believed that
under those circumstances the attitude q many
FREE silver Democrats would change under the
pressure Of the non-partisan Efforts made 70 re-