The Providence news. (Providence [R.I.]) 1891-1906, 1893-10-23
Local Bank 0flclals Opposed to the
Proposed Silver Legislation.
REPEAL OF PURCHASE CLAUSE
rs What the Country Demands and What
IL Ought to Have-The Compromise
VIII BE Very Injurious, Cashier Ting
ley says-Other Opinions.


backdown on the part OF the administra-
| tion's supporters than the public sees at
casual glance. On an actual basis
OF dollars coined it will make
difference of less than s2.oO0,000. The
present administration Will continue in
power three years and four months.
During that period under the Sherman
| act there would be an initiation
of the volume of currency 10 the
extent OF s132,000.000. Under the
| proposed compromise the imitation
will amount To over sl3O,000,000. Fur
| ther than this should the Sherman bill
| continue Ia force the country would have
over three years in which to adjust itself
| to its financial environments. Under the
| proposed compromise nearly equal re-
adjustment would have to be effected in
eleven months. The opinion Of local
bankers is that the president sh uld veto
| the compromise. This. it is claimed, he
| fears to do lest the anti
repealers desert the party. The
| general opinion is that the senate's action
last Saturday was cowardly and ill-ad-
vised and will prove vastly detrimental
| to the business interests Of the country.
The various bankers of the city were
visited by News representatives today
| and gave voice TO their sentiments touch
| ing the senatorial surrender. All agreed
that il would prove very injurious to the
| business interests Of the nation.
President Should Veto 1t.
George l.. Litlefeid. president of the
| FIRST National bank - "Compromise
| should never be entertained After
| fighting on the issue for two months
and with "A clear majority in favor Of un
conditional repeal, it is folly TO talk
| OF backing down. The president
| should veto the measure promptly. /
| would much rather see settlement of
| the question postponed until the next
| session than to see a compromise 90
| through now. A vote could be taken on
| unconditional repeal very soon if it were
| forced. The silver men are getting mad
| and that means that they could be in
| duced to vote within very short period.
| have no sympathy with compromise.
| 1t is little better than virtual surrender to
| the free-silver faction aud reflects no
credit whatever on the supporters of the
| administration"
Tho Nations Business VIII Suffer-
Horatio A. Hunt, cashier of tho Ameri-
| eau National Bank-'It is very unfortu-
nate. The business of the whole nation
| and humiliating backdown for the re-
pealers, o backdown for the admins
tratioa and backdown for
states M anshp. BY this repeal $50, 00O, 600
worth Of silver must be purchased inside
of year and over $50,000,0O0 worth
| coined besides The outlook is not en-
| couraging and 1 only hope that some
thing will occur TO cause 1t to fall
| through"
Willism II. Greene, cashier of the At
lantic National bank-"I have not had
much time TO think over the matter yet
| but am anything but pleased. The re-
| suit will be bad, very bad
| for business. 1t is not what
| the administration promised and is
| a disgrace to the senate. The senate has
| a majority in favor of unconditional re-
| peal aud should force the question TO n
| vote on that point. This compromise is
| virtual surrender"
What Mr.. Vernon Says.
John w. Vernon, cashier Merchants
National bank, 90 Westminster
| is bad thing why should il
be continued another yearp Why not re-
| peal it uowp think the senate ought TO
| apply cloturc, and thus get n vote. 1t is
| a bad time to compromise on this meas
| uren
l. Several other bank officials who were
| not willing TO be quoted said: Tho com
| promise scheme is mistake. Uncon-
| ditional repeal is what the country de-
| mands"
| Mr.. Boyd, cashier Fourth National
| Bank-"l have nothing to say. /
/ have hardly had time to think what
| the effect will be- IL do s not
| seem to me that the compromise
| measure has been carried far enough to
tell what the effect will be-"
| VIII he Very Injurious.
| Mr.. Tingley. cashier Mechanics Ma.
tional bsnk--T think the effect OF
compromise will be very il furious
to the best Interests of the country.
| The financial history of the
nation shows that compromise measures
have always been disastrous. The
only proper measure TO pass
is unconditional repeal. The silver in
terest represents only small part
| OF the country and they have gained
small advantage to the hurt Of
the whole country. Confidence has
| been placed in the senate for un-
| conditional repeal and this compromise
measure will result In enore failures
and loss Of more money Millions OF dol
lara have already been lost by waiting"
| Mr.. Addeman OF the Industrial Trust
company" repeal has been lie.
layed so loug that 10 Is doubtful
whether any great amount OF good
| will be accomplished by this compro-
| mise or even unconditional re-
peal. This measure may cause
rise In stocks and bonds. 1 really have
not had time To think much about the
question"
/ To uousekeepers.