New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-29

THE TRIBUNE trusts that bankers OF this
city will permit a suggestion which is for their
own as well as the public interest. Sovcral OF
them are reported as having made particularly
alarming statements regarding the disasters
which, they venture 10 predict VIII follow
failure Of the Senate TO pass the pending silver
Purchase Repeal bill Such statements are not
likely to do any good whatever but arc cml-
nently calculated to do much harm. 1t Is
not to be supposed that these influential bank
crs arc deliberately irving TO get up another
panic. with all its distressing consequences
They might well remember. however that the
remarks they arc reported as having made
might. in a certain contingency. prove eX-
trcmclv costly to the banks and to the business
men of this city.
II is not as if there were any important end
TO be gained by such alarming uttoranccS. On
the contrary it is highly probable that the
urgency Of Ncw-Ycrl; bankers may 90 far TO
prejudice tho very cause they desire 70 aid par
tic;llallv with some members Of the Senate
from the West and South whose support OF tho
Rcncal bill is essential Senators of tho United
States ought to be far above mere prejudice
against measure because any worthy body Of
citizens advocates il with peculiar zeal That
some Senators are not Is the unfortunate fact.
The idea that n measure is passiOnaicly de-
sired by Ncw-YOrl bankers, in the Judgment
Of those who know the Senate best. is apt 10
damage that measure more than il viii help
IT, II bankers of this city wish 10 do their mt
most 10 assist the passage Of the Repeal bill,
they may find il wise not TO talk ychemcntly
for publication.
II is less important fact that sound bust
nc.s men arr not by any means agreed about
the necessity ~ action on the silver question
at This time. There was such agreement some
time ago before the widespread disasters which
i was hoped - avert had come But il is not
50 clear now rs il was then supposed 10 he that
a single act OF legislation would unlock count
loss hoar1s. and bring untold millions hthcr
from England and restore confidence and set
all the mills at work Whether all these things
would have resulted at once is not the question.
There have been many thousand failures. More
than Sevcn hundred banks have failed with
Liabilities amounting 10 more than $40 000-
600. \ considerable part of the manufacturing
force of the whole country has stopped opera
tiOnS. In many ways the conditions have
changed
Ono Of the ablest bankers in this city. having
charge of very important bank. recently re-
marked that it was no longer clear to him that
repeal Of the Silver act would accomplish what
he hal expected. Its anticipated effect. he
said would have been largely sentimental. but
il was no longer possible to restore confidence
entirely and instantly, as he had thought it
might be restored some months ago. What
this banker thinks many other sound business
men are thinking. 1t docs not seem to them
wise any longer TO hold out the idea that all
our fortunes in this great country must turn
upon an event which is not certain to tako
place The Repeal bill is. as we believe n wise
and highly desirable measure. But it is hardly
wise or desirable t. stake the future of all
business upon the action or naction Of the
Senate Of the United States.