Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-07-01
WASHINGTON BANKERS.

WASHINGTON BANKERS.
They Think There ia Already Better Feel
ing in the Business World.
Already there is a better feeling in the bnsi-
ness world as a result of the Presidents action
in calling a special session Of Congress. Bust
ness men feel encouraged and look for better
times to come They do not know what Con-
gress will do, but they are willing to leave mat
tiers entirely with the legislators, relying upon
them to do what is best in the premises
In the banking world especially there is an
evident return Of confidence to an extent that
has been unknown for some time past. The
banks closed their doors at noon today with a
better feeling all around than they have for
many q day.
The Washington bankers are practically
unanimous in their commentator of the
Presidents action. They maintain for the
most part that it has been confidence
rather than money that has been lacking and
that the chief executive has shown his appre-
alton Of the situation and is moving to secure
a remedy for the financial ills Of the day. The
m oneyed men of the town think that this will
60 FAR towards bringing things back to a
the session has been called for an
earlier day than was generally anticipated is
also cause for much congratulation. Mr.. ]. W.
Whelpley who was the assistant treasurer OF the
United States and resigned that position to
become the vice president and
treasurer Of the American Security and
Trust Company of this city. is perhaps as well
qualified TO speak OF the financial situation as
any one. This afternoon in an interview with
a STAR reporter he summed up the situation
about as follows:
MR.. J. W. wHELPLEY.
Il think that the calling of the extra session
will restore to q certain extent the confidence
Of the people. 1 regard this action of Mr.
Cleveland's rs q very wise one. There
is no doubt that things have come
to serious crisis a result of the
unlimited purchase OF silver. There is I'M
. fear Of a deprecated currency
and while this state of things has not come,
yet 1t would necessarily come as soon as gold
had left this country to such an ex-
tent that We would be unable to redeem our
coin in gold. look upon the possible action
of Congress as an experiment, but / am sure
that some remedy will be found for the
condition of affairs as they are now that will
put stop to the weakening drain on our gold
that has been going on for SO long
Something must be done and for one have
enough confidence in the wisdom Of Congress
to believe that it will do what is best under the
RESTORING CONFIDENCE.
The president Of another large banking in
who asked that his name be
not used, said: what l could tell you is
hardly worth saying. it is SO trite and COM
monplace. 1t is the opinion Of bankers
in this city generally. am satisfied that
the action Of the President will have the eff
feet OF restoring q certain measure of conf |
dence among the people generally. 1t is con-
hdeuce that Is scarce. not money. The lack Of |
Of money from the ordinary channels |
Of trade and business and locked it up in safe |
places- This is one potent cause Of trouble |
have no doubt that Congress will do what is |
right, and as to the necessity Of repeal |
ing the Sherman law there can be no |
question. Even Senator Sherman himself states |
that the measure was but temporary one and |
enacted to avoid a worse state of affairs-free |
silver. 1t was with considerable hesItancy that |
he agreed to it. One country alone cannot |
maintain q bimetallic system. 1t is sim |
ply an impossibility and we might |
rs well understand it first as last. The present |
financial conditions had to come from the very |
nature Of the case and am glad it has come |
now when things are no worse. People |
speak Of Mexico as maintaining bimetal- |
lie standard, but in point of fact
Mexico is on a silver basis There mints are
open to the free coinage Of silver, and the re- |
suit is that their dollar is worth about so cents
II would be very pleasant to pay ones bills at
80 cents on the dollar, but that sort of thing
can't be kept up for any length Of time"
Mr.. B. n. WARNER.
Mr.. B. H. Warner, president Washington
Loan and Trust Company, said: 1.-The action
Of President Cleveland in calling Congre,s
together 10 most opportune and raises him
above the criticism that he was pro-
in order to gather additional
strength to use against silver. In other
words that he was going to let
business settle its own difficulties and the |
stringency arising largely from a want of con- |
fidence act as club to knock down all who |
with his policy. This, added to the |
power OF appointment and his great |
influence as the chief executive of the nation. |
would haue given him a tremendous advantage, |
and even days delay would have strength |
ened his position. In my opinion his act is one |
Of craftsmanship, and the silver question will |
be adjusted on its merits.
'There is no sudden cause for mimpprehen- |
sion. What has occurred within sixty DAYS to |
bring about q scarcity of cash? Have the banks |
refused to acceptsilver, have they Disseminated
against it? |
Not at all. Let the people act sensibly and |
not fooiishly attempt the grab game to protect |
what they suppose are their own in
terests. The banks here are much |
stronger than they were sixty DAYS ago: |
many timid depositors have been paid
loans supported by better collateral and gem
eral preparations made for the future based
upon q postponement of the settlement of the
question which Congress Is now asked to act
upon early in August The president has ,1ona