New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-03
SENATOR TELLER'S VIEWS.
CONGRESS CAN DO NOTHING. HE SAYS.
PEOPLE DO NOT LACK CONFIDENCE IN THE CUR.
RENCY-IT Is ONLY INVESTMENTS THEY
ARE AFRAID OF.
fey TELEGRAPH 20 THE 1RrBrSE.1

BY TELEGRAPH 20 THE TRTBrNE.J
Washington Aug. 2-Senator Teller, Of Colorado,
has been spending most Of his time during the last
six weeks in more less apologize explanation OF
the mi,hapS which have befallen the OF the
free coinage of silver and have incidentally plunged
the country into commercial and financial embarr,ss-
m.nts Not all Of Mr.. Tllers explanations can be
said TO exrlan but the industry and fertility Of the
Colorado senator have estorted admiration. II was
n fnrecone conclusion that the free coinage leader
would issue a fresh bulctln Of Information and pre-
dicr>on on his arrival n the Capital and the general
expectation was not disappointed when Mr. Teller
reached this city to-day. senator Teller In Washing
ton does rot talk loudly and cxtlicdy about the
gold bug conspiracy against silver as some Colorado
statesmen have been doing IN the West, nor does he
any longer confidently assert n he did three weeks
ago I'm Chicago. that the sherman law cannot and
shall not be repealed The recent financial disturb
AMOS I'm D.nyer hay. no doubt had much TO do with
cool,nr down the yehcmcnce Of the Rocky Mountain
parrI,ans of free silver. and II may Do mat ths
changed temper Is reflected to some extent In the
studied moderation Of senator Tcer's latest state
Of his views.
do not think he said TO local interviewer
tb, AFT ,rno,n that there Is anything that Congress
co do % relieve the financial situation of the country.
certainly the repeal OF the sherman law VIII not
civ. relief The trouble does not arise from any
lack Of coniid ~" In our currency Nhat ''e Peop
ure doing Is boarding money. They are putting II
AWAY I'm safe deposits and stockings ana everywhere
c, ,rh.re they can keep It safely This shows truly
enough that they are not afraid OF IN" money Out
thov arr. afraid OF investments. II they had any
donbt about the stability and value OF the currency
thev would seek investments In land or property
OF any kind which would have stable Nhiue' vi"
the contrary. they decline all investments anu III.
saving the money II these banks mat nave i'''u
throughout the country had had silver dollars WIN
which to nav their depoSitors they would not nave
or silver certificates In payment for their cheeks
without murmnr.
The fact Is that ecare has been worked up ma
the people are frightened about business investments
without k.ving Just why. II originated way D'c"
with the failure Of the Earrings. Ih're WIS NJ TIA"
time. consequent upon that anu o'i'r i"'u'o :"
demand for hard money abroad and. Of course, rng
land called on France for may millions oi go" 10
meet her obligations. and American securities were
sold to raise money, not because OF any lack "i
confidence In them. bat because they were reaniiy
marketable and they needed the money ana '"e'e
securities were taken here as they should have pn'
and had TO BE- paid for In gold Ihen 'here WIS
interest 10 be paid holders Of bonds In gold ana 'e
balance Of trade turned against US ard had to be
ps,d in gold This was all natural enough ana lur-
ni,hed no occasion for any lack OF confidence mere
or anv panicky feeling but New-iork Bankers
who had two objects In view-the repeal OIL 'he
sherman law and the Issue OF bonds oy the "oN''i'
mcnt-took advantage Of the situation to work up n
scare all the country.
Every wrlinfoImed banker and large business
man knew that there 10 danger TO this country
in the expectation Of gold. which was caused oy
the business situation abroad. They knew perf'c'N
well that this gold would come back In time Ihey
were nnxnus however to secure the repeal OF lh'
sherman law and even still more desirous 10 Dri
J about The is.ue OF bonds 10y the Government II
furihcrancc of this general scare and lack OF conf
donce wa, worked up throughout the country' I'M,
has resulted In general fear OF ali Investments anu
n boarding 81 money" ~, -
After 30 mild an analysis Of the causes which now
,hro,.n ia complete the crime 81 the RECOMMENDATION
81 silver gun years ago, It not astonishing 70
find the COLORADO, senator cautiously admitting me
ossibtv OF the repeal OF the sherman act win IN.
ID ~ .onr suhsiiute.r II not long since that
Mir Teller threatened the strangat'on OF any SORT OF
rrpcal hin 10y the easy and practical means OF IN
limited debate All he feels equal To now is hh'lhs
| NJ a lifilo DELAY and an ilusive substitute .
sherman law can be repealed without n proper SUD
siitnc Al least II viii be yng time before sm.h ~
hing cond be accomplished II that Is the r"lel INA.
ls wanted IL certainly cannot be had at once ne law
cannot be- repealed in August or september or IN &c
| ,nlor I am not a defender or that law ana 40 nol
think II a good It Is not IN" WORK OF me ot Sa
men II i, MIR. Shcrmans measure" ana one ne Do
Irv,d I'm when he presented II. :. my luden', MN
nver If viii have to- remain on the statute book uh'h
| som. substitute IS put In lis place.