New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-01
APPROVALS OF REPEAL.
WHAT NETWORK BANK PRESIDENTS THINK
OF THE SITUATION.
coxv,nrxcr WILL DE RESTORED, BUSINESS
PROSPERITY REESTADLISHED AND FokEi"N

CONFIDENCE WILL BE fESIohEo' o0A'-
PROSPERITY RE-EsTAnLIsHED AND FoREidN
c,p,r,I, SENT HERE FOR INVESTMENT.
General approval of the action Of the un"eo
States Senate in passing the SILVER I'epeai oi'' "
board IN banking and financial circles ves'eIod!'
A honeful view of the future is taken by oa"hei''
hscause II is argued that confidence Will be es'ao
,,shed IN the integrity of the currency OF the cou'
,r,, and more favorable attitude is expected from
Fnronean capitalists toward investments III Inc
United States. 1t is not expected that lheie "a" ="
an instant recovery in business or industry anu
there is a note of regret through All coii''.
that the tariff question is not disposed OF along
utb the silver question But the victory for sound
money Is now expected to furnish the foundation
for gradual but sure upbuiiding of prosperity
and ~ Congress does not plunge into excess in tariN
LEGISLATION it is generally felt that the OUTLOOK Is
now brighter than it has been in months.
j. Edward Simmons president of the Fourth Ma
tional Bank said with regard to the effect of the
repeal:
There question but that the first and immediate
result will be the restoration OF confidence Doth al nome
and abroad the financial system OF this country ~
will make people feel better in financial ana commercial
circles 1t is the first step toward the recstabishent
O; business prosperity. Tho cancellation OF clearing ious-
certificates the relief OF the banks from The "deoc
created thereby is the second step ana WISE anu
,udicious disposition of the tariff question is the only
obstacle that remains 10 before business VIII
drift back into customary channels and normal con-
ditIons be restored
BUSINESS WILL BECOME MORE ACTIVE
Henry w. Cannon president Of the Chase Ma
tional Bank. said. . ~
think passage Of the Silver Purchase Repeal Dill
will greatly in restoring confidence throughout
the country. While people have never doubte1 the
ability of our Government to maintain gold standard
and 10 keep all OF interchangeable at par thec
doubt in the minds Of European investors
about this matter and the repeal Of the Silver Purchase
law will prove conclusivey that this country is on gold
basis and that investments made in our securities or
money advanced individuals or corporations In this
country and will always be paid when desired In
gold. The fnancia, disturbances Of the past summer
have unsettled business throughout the country, and
little may eapse before business assumes norman
condition again. But while we may experience dull
times for mo,ths 10 come believe That WITHIN
reasonable period business will become active and be
on a better basis than for many years.
THE PRESIDENT NAY ISSUE GOLD BONDS
A. B. Hepburn president of the Third National
Bank. said:
The cepressing influence it might have the value Of
l,er has been largely discounted, in my Judgment Pro-
ducton has been diminished ard silver miners have been
retng themselves into position TO handle The pcduet
" solery with reference It's commercial value shoula
India impose an import duty on silver IL might oousc
SUI further depression The recent action Of the British
and American Governments on silver has brought 'he
gold question prominently TO the 'front.' All nations ore
ac.cav brought the OF gold and II there is not
sufficient gold In the world serve as OASIS OF inc
monetary system, that fact VIII be proven ana WI" icaa
10 an additional bemetallic agreement
Over 30 per OF the business transacted IL cohsu
mated by means OF credit. believe that here u soiu
enough IN the world for the monetary system
all nations but is not gold and silver enough inde-
pendent Of credit Our silver legislation has Deen one
n, the nripcpa causes Of business sagnaton That Is
removed Others however, remain People VIII not EN-
bark I'm large business long as prospective
values are be largely affected by changes ID
the tariff Settled busness conditions are indispensable
10 business prosperity and for such developments we must
wait the action adjournment OF the present Csress
Another condition which Will excite comment anu pos
slide anxiety is the fact that the United States mas
eeO0 900 In circulation, redeemape In eoia
with little more sso00oOo0 gold reserve with which
10 protect them There is reasonable ground Tor
The President has the power
TO sell bonds to the gold basis and without doubt
will do
Undoubtedly foreign capital In the form OF loans VIII
be converted investment and other foreign capital
will seek investment here that there is no question
that payment will have to be sought IN deprecated
currency This will strengthen ana improve the business
situation
The silver market has been adversely affected.
land New-York dealers say that quotations were
merely nominal They followed the course Of bar
silver in London, which is down I'd to 3ll4d an
ounce Bullion dealers say they can get no offers
to buy for the present.