The Providence news. (Providence [R.I.]) 1891-1906, 1893-07-01

people realize what have been the trials of
BANKERS during the last few months, but
you can understand how impossible 1t Ia
for this country to stand MP against the
whole world, after the action of India
and Mexico, by noticing that money in
England Is 2X DER cent while 1t has re-
Gently ranged from % to rs per cent. In
this country. think the law will be re-
pealed."
j. NJ. Alderman.
Hon. Joshua NJ. Addeman. treasurer
of the Industrial Trust company. said:
"There is not the slightest doubt that
the calling of the extra session will
have an immediate and beneficial
effect upon the financial situation.
OF course. whether that effect will
be merely temporary or permanent
which congress may take Should con-
gress fail 60 act in accordance with the
wishes Of the people and OF those who
represent the financial interests Of the
country the confidence brought about by
the calling Of that body together would
be shat cred again and the country will
be in as bad IL not worse condition thau
before"
NJ. Il. Torrey.
NJ E. Torrey, cashier Roger Williams
national bank said: II cannot speak as
to the effect of calling congress together.
but there is no doubt that we are paying
out gold for silver aud by that means
rapidly turning towards u silver basis.
The effect of the Sherman law has been
to unsettle business from the outset.
Whether free silver would be as bad
can't say. That system would
hau nd N hA
present Law. Now the silver bullion
is boarded up and the govern ment is con-
tinualiy losing money on It, With free
silver coinage the silver would be in the
hands Of the people and the government
would not lose SO much. However,
either condition seems sufficiently bad.
am in favor of u gold basis"
rem westcott.
rem Westcott, cashier Blackstone
Canal National bank, said: calling an
early session of congress cannot but re-
suit in some advantage 1t will decide
whether we are to have silver or gold
basis for money. 1t will give an i'm.
mense impetus to business, aud the
sooner we know it the better. II we are
to have silver only for money, let US
know that too.
What will the result of free silver be 2
Disastrous"
John G. Massie.
John G.. Massie, treasurer Peoples
Savings bank: 'The Sherman law is one
OF the elements which has unsettled bus
mess. IL congress will come together,
repeal that law and 60 home The result
will be good. But IL tue congressman
pass also law repeating the ten
per cent. tax on state bank issues
~ hA NIL ha
Sucl action would force npon us the
rag money of the southern and west
ern states and we should be compelled to
take 1t or return to silver. Those are the
alternatives in view ii congress does not
meet the issue squarely.
congressman are elected to represent
their constituents and from recent CO ~
versations that have had with western
business mon IL would seem that they are
strongly against the present law. That
law effects not only the silver Of the
the mining states, but other
things as we'll. Take Colorado for
instance. OF its annual product
of $50. 100000. only s35. 600 900 is silver.
TIE rest Is agricultural produce. just
as soon as TIE masses realize that the
silver law means low prices for corn,
wheat, and beef. they will at once de-
maud it's repeal. But the repeal needs
to be unconditional"
w. *. Dunham.
Cashier William r. Dunham of the
fifth National Bank: "The presidents &C.
tion will tend to restore confidence.
Congress should repeal the silver pur-
II. j. Wells.
II. j. Wells. president of Rhode Island
Hospital Trust company, said: "All the
financ ciers in the east favor the repeal Of
the Sherman law, and I share these
views. but that won't remedy all the
present ills They are too deep to be
reached by that one law. AS TO the ef-
feet OF he earlier session IL might work
two ways, either to restore confidence or
the opposite.
Still. 1 think IL indicates that the pres
ideut Is more than ever awake to the me-
cessities of the times, aud It is hardly
probable that he would have called con-
gress together unless no had known that
some action would be taken.
j. w. Vernon.
Mr.. J. w. Vernon, cashier of tho Mer-
chants National bank said: 81 think
the presidents action will have
until the silver purchase law Is repealed
and prevent panic, IL not general bank
ruptcy. The repeal OF the Sherman law
will restore confidence, not only here
but on the other side. IL will bring
money from Europe TO invest In our se-
curities and IL will unlock money that has
been taken out Of circulation at home by
individuals as we'll rs institutions"
II. A. Cranston.
Cashier Cranston OF the Old Nationat
bank, "The effect of the president's q
action will bc to restore confidence In
financial and bushes circles"
n. q. JiIison.
Hon. Francello G.. JiIlson. president aud
treasurer Of the Rhoie Island MortOaoa