The times. [volume] (Richmond, Va.) 1890-1903, 1893-04-25
TIE FINANCIAL CONDITION.
What Richmond People Have to Say
About the Matter.

About the Matter.
The financiers OF Richmond have In
common with those Of the entire
country felt the gravity OF the United
States Treasury problem with which Mr.
Carlisle and the Cleveland administra-
ton had to deal, and there is universal
belief that but for the confidence be-
slowed upon Mr.. Cleveland the financial
situation would have approached a sharp
crisis.
The Richmond Grain and Cotton Ex-
change held a meeting yesterday to con-
slider the following resolutions. recon-
mended by the executive committee Of
the Exchange:
Resolved, LIST, That the long continued
stringency in the money market is caused
by distrust and apprehension in the pub
lie mind concerning the ability OF the Gov
eminent to maintain gold payments.
9d That unless confidence is speedily
restored the business of the country is
threatened with serious disaster.
81. That we recommend to the Govern
ment a large sale OF bonds as the only
means within its power 10 inspire renew
"a confidence and to relieve the apprehen-
siOns which now exist in the minds Of
the business community.
4th That a copy Of these resolutions be
sent 20 the President of the United States.
After considerable discussion Of the sub
iect Mr.. G. l.. Todd offered the following
as a substitute for the above resolutions,
which were adopted:
Resolved, In the opinion OF this Ex-
change the foregoing resolutions should
not receive its indorsation for the follow
ing reasons;
First. Ii is an anomaly 20 contend that
a nation. any more than an individual can
improve it's credit by adding to its obliga-
tons The claim is founded neither on
common sense principles nor the teachings
of enlightened finance.
Second. Inasmuch as grave doubts exist
under the law, and especially since the
decision OF the supreme court with Te-
ference 10 legal-tender payments, whether
the Government can refuse 10 receive any
Of its legal-tender issues in exchange for
its bonds. there is not nor can there be any
assurance that payment therefor Will be
made I'm gold only.
Third The Government should not heed
the appeals so frequently made BY specu-
lators and money lenders Of the financial
centres 10 adopt this that or the other
action TO bolster up their monopollstlc
schemes. II, as a consequence or non
interference. the thousands Of millions
row invested IN Wdttlfh b'illo f'itt FNN~i.-
at grossly inflated values should be re-
leased to flow again into natural channels
Of trade. the true interests OF all com
mercial. agricultural and industrial classes
would be greatly promoted and me ccun-
try at large benefited.
Fourth. The sovency and prosperity OF
this great country do not depend upon
the useless retention Of SlOO.OOOOW OF soid
I'm the Treasury of the United states.
This reserve should be freely and fear
lessly disbursed for the redemption pur-
poses for which II was created whenever
the exigencies Of exchange require 1t.
Fifth. The Secretary of the Treasury. II
duly authorized by existing laws 10 do So
should unhesitatingly redeem the com
Treasury notes Of 1880 In either goa OF
silver coin at his discretion, thereby IN
augurating and enforcing the true legal
tender quality and interchangablhty OF an
issues Of the Government. whether OF
gold or silver or paper money, ana the
condition of the nations Treasury re-
serves could no longer be used to Dull
or bear" stocks. or grain, or cotton OF
pig-lron.
on motion OF Major Venable l. was
ordered that a copy Of the foregoing re-
solutions be sent to the President OF the
United states and TO the Score lary Of the
Treasury. ~,
The resolutions were carried 70 WASH
ington last night by Hon. George ID.
Wise TO be presented TO Mr.. Cleveland.
The New York Herald Of yesterday
publishes the following Richmond III
terviews on the financial situation;
Colonel w. II. Palmer, president OF 'he
City Bank Of Richmond, and the heau
~ several other financial institutions.
said: Il do not know what Mr.. Carlisle
uolicv is SO far as ! am able TO Judge
a. IN
relieve itself in the only way that Is
practicable for the moment and until
Congress convenes-that is, by the sale
of bonds TO Increase the gold reserve.
The Government has undertaken 10 sup
ply the country with currency. has levied
n tax TO prevent any one else from sup
plving il, and IL should do everything
necessary TO keep all OF IT'S notes OF
issue at uniform value. III MI. Cdrhsle
policy is to redeem greenbacks alone
with gold and the other issues OF the
Government with silver it would be more
damaging TO the credit OF the united
States than the sale of bonds"
4 l.. Boulware president Of the First
National Bank Of Richmond, said: Il
do not understand Mr.. Carisle's policy
from his circular. 1t is ambiguous and
indefinite and / do not know how 10 in
terpret IL. AS regards the outlook
think we are in an emergency ana that
Il is absolutely necessary for the Gov
eminent 10 do something with tie sit
nation. Business is certainly stagnant-
almost paralyzed. The most immediate
solution OF the difficulty would be for the
Government to sell a large amount of
bonds and tide over the presnt difficulty
and in the meantime 10 educate the peo-
pie to the repeal of the Sherman bill by
the time Congress meets. The politicians
I'm trying 10 make them believe that IL
is fight between Wall street and the
country people"