New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-01
GOVERNOR FLOWER Is CONFIDENT.
HE PREDICTS THE EARLY REPEAL OF TIL
SILVER PURCHASE ACT.

SILVER PURCHASE ACT.
Albany. June 80 Governor Flower returned to Al.
tony this morning from Northern New York. He left
here again this afternoon for the state Camp
at Pcekskill. and from there he will 60
10 Gettysburg to take part in the dedi.
cation of the New-York monuments on July l,
. and 3, leaving Jersey City with his staff
morning n special train. The Governor was asked
what le thought Of the financial situation. He re-
piled:
4" 1t looks TO much clearer The suspension Of
the freeconagc OF silver by India has made the repeal
Of the sherman law absolutely certain Business men
may count on that to n certainty In my Judgment.
What Is wanted just now more team session OF Con.
gress Is brave action the part OF the banks Chey
have been prudent and conservative during the last
three months, and timld action their part now
would do to unscttle business than the Govern
ment purchases OF silver possibly do between now
and next December The prices of all securities and
commodities much below gold basis to-day and
loans them ought 10 b. perfectly safe. Every bank
In the country Is outstanding It's strength In anticipa-
lien OF runs. That Is natural. but beyond a certain
point 1t breeds trouble for ,his very excess OF con-
scrvatism creates runs on banks When banks begin
to refuse credit to their good customers then failures
come people get frightened try to get their money
out of the banks. and business and employment are
paralyzcd. When this happens and the circulation Of
money Is contracted the ISSUANCE 81 four and a>half
millions currency month By the Government is net
an evil but an absolute relief
80 what Is needed Just now is confidence and
faith The banks OF New-lork hold SS000,O00 or
RIO coo 900 above the legal reserve. Let them
pour out every dollar OF Tor the relief OF business.
Tint Is what restores confidence That IL what
will prevent Ii Is time for banks 10 be
bold not tmid They have the solution OF the prob
leLi In their own hands II they VIII avail themselves
of It. No Congress refuse the Imperative demand
Of the business Interests of the entire country for no
ID oft he ".
when Congress meets the law will be repealed.
With that assurance and liberal policy on the
part OF the banks there Is not the slightest danger
OF troublen
but what about the fall Of silver and our I'm.
mense quantities Of silver coin and bullion on handi'
Nonsense We have not dollar mere than the
country will need. The Government is pledged to
maintain every silver dollar on parity with gold.
Who doubts III We have had $34e, 100000 OF green.
backs In circulation for years. What they worth
intrinscay Not cent Do people reject them
Us worthless. NO. because the faith OF the Govern.
ment is behind thcn 30 with the silver dollar.
suppose It Is worth only 90 cents, and there ara
800 ,GO0O cO Of them In the country are not they
at least worth fifty times much tho greenbacksf
And who doubts the ability or disposition OF the
Government TO maintain thlr parity with gold dol.
lars ~
1T Is just rs easy to look at this money question
in n common way 1t is through dark glasses
Whatever influence the action OF India viii have on
mrIahsm the immediate edeet In thi, country
must be repeal eI,s, Of the Sherman law Upon that
interest seem To agree. But whether the Influence
will be ultimately TO promote or re'ard bImetallism,
the bn'ness or the country and the world will
continue TO be transacted gold basis Just AS Il
has for twenty years or more until silver Is restored
change or revolution in that respect while the sn no
pension Of free silver coinage n India has maie The
tCsstinued on Seventh PassJ