New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-21
WALL-ST. AND THE REPORT.
FINANCIERS DEEPLY DISAPPOINTED.
SECRETARY CARLISLE SHOWS HIS HOSTILITY TO
BANKING INTEREsTS-THE COINAGE
OF MORE SILVER.


OF MORE SILVER
Ranking and financial circles have been awaiting
with interest the transmission Of the long-deayed
renor, n, Secretary Carlisle to Congress The con-
d,,,on ~ the National Treasury is such that many
new enterprises and financial ventures have been
held in check pending the outlining OF DEFINITE
financial policy upon the part OF the Admhls'ra-
ton. The Presidents message fell nat upon the
community because Of the disappointing vaguenes,
OF the terms In which he dealt with vital public
questions The first report OF the House Com
mittee on WAYS and Means the subject OF the
tariff was emphatic enough in It's way, but that
way was one which sent paralysis TO already de-
pressed industry and business.
AT the last the business community looked with
some hope to a declaration from the Secretary OF
the Treasury which would have some tonic effect
And the business community simply experienced
another chill at the official outgivlngs OF the chief
financial officer OF the Government. The dlsap-
pointment the more accentuated by the I'M
usual and perhaps unprecedented delay In the pub
lcation OF the report OF the head Of the Treasury
Department.
There was n singular reticence among wall street
mon IN expressing opinions upon Secretary Car
isles report. The report printed In full IN
the early editions Of the evening newspapers. ana
tho downtown news agencies made concise ex-
tracts OF It's propositions Yet many bankers pleaded
as an excuse from expressing their opinions the
fact that they had not read the report Demo-
Gratis OF financial standing like Charles s. Farchild
OK Secretary OF the Treasury and now president or
the New-York Security and Trust Company. and
j. Edward Simmons. president Of the Fourth
National Bank. declined to discuss Mr.. Carlsles
recommendations until they had digesed the full
report other men pleaded exemption from public
Interview because they could not approve the Secre-
tarv's report and vet did not wish to antagonize
the financial efforts Of the Administration The
seriousness OF the Treasury problem Is so great
that charity appears 10 be the policy deemed TO be
the most advisable form in which to receive the
u,terances OF the financial chief of the Govern
ment.
DEFECTS OF TWO KINDS
But private expressions OF opinion were not evil
dence OF any warm reception given TO this I'M
portant State document. II went too far and not
far enough. In the opinion OF many bankers. in its
treatment OF important questions at this crisis in
the country's business history. II failed to meet
the emergency Just as all the acts and utterances
OF the Administration have failed The request for
authority to issue Government bonds to meet the
Treasury deficit possibilities and protect the gold
reserve was generally approved. Action In this ne
IL was suggested. would. six months ago. nave pre-
M kinds Of business Hut Wall street shrugged It's
shoulders at Mr.. Carisles desire To iioat ms pro
posed bonds only through sub-treasurfes and post
offices without the agency or intervention OF
banks or other financial institutions" Here was
the disclosure OF the real attitude OF the Secretary
Of the Trcasury-of the majority Of his party in
6nancal community OF the metropolis OF the Nation.
a slur at the men who have piloted the Treasury
through many dangers since the political revolution
81 Isg9 AN indication Of the innate hatred of the
Southern radical element dominating the Demo-
cratic party toward the institutions Whose patrlot,
ism in the Ciyi War helped to save the Union and
whose work in the past summer saved the Demo
cratic Administration from financial embarrass-
ments The practical part Of Mr.. Carlisles sug-
gesion In his proposed issue OF bonds. Will doubt
,sss form y subject OF discussion later. Bankers
recalled how under favorable circumstances the
issue OF so certificates for per cent bonds proved
to no a disappointing experiment. simply leading 10
successfu operations OF spectators without secur-
Ing n distribution OF securities among the people
outside OF the ordinary business channels.
THE SILVER SEIGNIoRAGE.
Rut while Mr.. Carsle's proposed bond issue met
,t,h onnroval from men who are fully cognizant
NJ the distress OF National Treasury. his report
had a big fly in the ointment" Coincdent with