New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-10
WALL STREET GRATIFlED.
PLEASED WITH THE ACTION CT THE BANKS.
THEIR OFFERS OF GOLD TO THE 'o'N"N'
c,,,sE 4 FEELING OF CONFIDENCE II
:. FINANCIAL CIRCLES.

,t,,e SSorrt,Rs OF GOLD TO THE GOVERNMENT
c,rsE 4 FEELING OF CONFIDENCE ~
:, FINANCIAL CIRCLES
Surprise and qualification were espresso IA 49,
Street circles Yesterday at the annouiooHc". "
In The Tribune that the banks OF new" 'o'N '
had acc,dnd 10 take upon themselves part VI 'he
.san -, snnn,v,ne tf,e gold called for by Europe
TIL ,ers Unmarried decided confidence among 'hoe'
rorsons ,vbo have been dreading to see TIE GOA i
serve Of the National Treasury re1ucen W 'e ii"''
NJ s1CO 900 COO the amount that was asreeu "po a.
a s,fe defence when specie payments "''' i.
BY the Government In 1870. 1t serVe1 10 o"''.
large part of the unfavorable lnhueh'e VIM.
exertcd by the adviccs from Washington OF 'ne ue-
600, q, tho ,,,ompt to secure consideration In the
,Ionse NJ Representatives Of the Silver Repeh D'
II is felt almost universally that the action vi Vi.
city bank, was pledge Ct harmony an'ons "''""
Interests IN any measures which might DC require
to allay the recent alarm In the D"sih'S' '''''''
respecting the silver question:
The action OF the banks has shown u u'''''
Of feeling irrespective Of all political consi1eros
that Il would be unfair TO permit the "o'er""e"'
to be forced this juncfure into nasty nc"o'i VII
financial policies, or to be compeiieu' o"i"s W
selfish course of conduct by the banks, 10 ara" "po
lis 300 O0O GOO reserve In order to meet inc requc
mcnts CT shippers OF gold. The most m'ere'uhs sun
cct OF speculation In banking circles now whcthe'
ihe present Administration will decide to negotiate
borts I'm order 10 place the gold resources Oh 'ie
Treasury beyond the possibility Of attack. NOW tna'
the relief from tho anxiety respecting 'he '''i
problem hns been refused by Congress IN the drecuoh
Of a repeal e the law for compulsory silver Pur-
chasas there arc many bankers who expect dlhrrcht
course 10 be taken by the National authorities Inc
mon downtown who Wow the situation with desirc
to manipulate 1t for partisan advantage. are haPpv
extremely few IN number The conservative bshhcf'
Of both political faiths recognize In the silver ihcs
ton a subject ont Of the realm OF politics. ana rs
ono whose solution in the best interests Of the
people, ardnntly desired b. both Democrats ana ne
publcars The Idea Of n fresh issue OF Government
bonds Is generally approved by bankers and II Is
among only "A few that the suggestion Is heard oil
the possibility Of doubt MS to the ample lowers Ill
ready secured to the secretary OF tie Treasury io o
PURPOSE maintaining specie pawn enls. Inc pfesch,
time Is also !ecmet 10 be good one for such
loan. The New-Yok city hanks hold more than
Ioo0o.0cO in gold. and the amount OF gold IN the
United states is sad by experts to be larger 'hah
ever before The money markets are full OF oanapie
funds nj ,ch low rates OF interest as almost TO DE
an objectionable featIre o; the financial sNu'uor'.
Many experienced bankers contend that Goverhmeht
bond issue, while assuring hcyond question the III
egrity OF every form Of currency Issued by the United
States would also bring Europe to realize that its
fears a the gold basis OF this country were WIN
out foundation and tnat contest for gold Into wllch
this Nation might throw itself would be disastrous In
the end to every Government that met In the
contest. There IL little dSpht" among BANKERS that
loan OF $50 900 at per cent could be negotiated
BY the Treasury Department without disturbance 10
the money markets.
Yesterday there, WINS $3.50 900 gold transferred
from the banks 10 the Sub-Treasury In exchange Tor
legal tender notes. dozen banks Joined in the con-
trbuiion. There had previously been @2.OO0,OOO gold
exchanged IN the som" WAY. This was done on last
Friday the leaders I'm The movement having been
George +. Baker. president OF h' First National:
J. Edward SImmons president OF the Fourth National.
and Henry ". Canno president of the Chase National
Bank. nj, move ment however. received the tOr1ial
support Of George G.. Williams president Of the
Chemical National Bank aud chairman OF the Clearing
House Association who found consultation with
his colleagues that earnest response would be made
to any project for relieving the Treasury from the
entire pressure OF the export demand for gold Mr..
wams's f. shown In tn. following list OF the
banks which exchanged gold for cgaltenders yester
dav IN the amount set opposite each name.