The Providence news. (Providence [R.I.]) 1891-1906, 1893-10-31
VIEWS OF OUR BANKERS
Upon tho Effect Of the Repeal Of the
Sherman Silver Law.
BUSINESS WILL BEGIN TO BOOM
Tho Final Action OF the Senate Heartily
Approved-It Will Mark tho Begin
ming Of the Growth OF Confidence-A
Step In the Right Directions

The senate's action on the repeal OF the
purchasing clause OF the so-called Shei-
man law, while rather tardy, is hailei
with delight in all business AID
financial centres. A News reporter c,,llcd
upon many Providence bankers today, and
while some Of them refused to express an
opinion. all who aid so voiced the nti-
ment, 1T Is q good thing" Amorg
those who were willing TO be quoted were
the following:
A Necessary Step.
Cashier G. G. Noyes of the Globe Ma
tional bank said: II think the re peal of
the purchasing clause of the Sherman law
has been necessary step in the opera
tioIs Of the new administration. / think
the administration will find it necessary
to revise tie whole banking
system. There are too many
kinds OF money in existence-greenbAc
bank notes, silver certificates. gold certi-
Gates, etc. And the administration
must also meet the tariff issue.
l am not very sanguine about
the effect OF the rtpeal bill on the mar
ket. but whatever effect it Goes
have Will be good-good so far as
it goes, but it is only step. The
delay has been injurious to business Ii
the silver law could have been repealed
in August it would Lave
been far better for the whole
country. think the silver question
has had more to do with the depses ion
than the tariff question has. Every.
one knew the tariff law
could not BE- radically changed
under several months, and business c,uld
have been changed to meet the new con-
n lstsA htxf fl. ,f1x
struck at the root of the
whole business system, as it i'm.
paired confidence in contracts. Both Is
sues have had an effect on the condition
of busin ess. but silver has affected it
more than the tariff"
1t Has Come Too Late.
Cashier j. w. Vernon Of the Merchants
National bank said: THE effect of the re-
peal OF the Sherman law will no dcubt
be beneficial but it has come too late. /
think business will be better asa result Of
the repeal Of the silver law. The improve.
ment may not be very sudden, and still
it may. Congress comes together soon
after the extra SESSION will enl,
aud that will have tendency
TO again unsettls things. l have
no doubt the silver question has had
sion than any fear or the repeal OF tie
Mckinley law don't think predictions
amount to much, aud have no peedic-
tions to make"
A Material Benefit.
The cashier OF the Commercial Natio al
bank said: 1.-The repeal OF the Shern an
| law cannot fail TO be Of material beueiit
| 10 business. Its Immediate effect has
been largely discounted. IL Is the
first step ia the right direction 1t ought
| 20 have been TAX before. The earlier
you strike at the root OF disease, the
better for the patient"
Business VIII Improve.
| Cashier Gilbert A. Phillips OF the Mrn-
ufacturers' National bank said: "1he
| effect Of repeal will be very beneficial;
IL will be the beginning ol
the growth OF confider c.,
and matters will improve gradually.
II the sherman law had been repealed
earlier it would have bad more effect.
business would have been in better con-
dition,"
Views similar TO the above were cx-
nressed by other bankers, all tendioR TO
show that the general feeling is thattIe
financial outlook will sjon begin 20
brighten.