The times. [volume] (Richmond, Va.) 1890-1903, 1893-12-31
WHAT THE BANKERS SAY
THEY DO NO FAHCF THE IDEA OF
TALKING VERY FREELY.
All Agree That Conservatism VIII be the
Policy of Business Men-yhs Tariff
TO Play an Ilnportant Part.

fulneSS from an H"1AvAAs"NifS 9S"-~ ~ 80
greedny accepted.
The average bank officer-aiways con-
servative in his statements. is just on
account OF this Anxiety Of the people, as
impregnable as Gibralter and few will
hazard an opinion coacerning the future OF
business.
ASK him what OF the past year and
he viii cheerfully tell you OF the hand
some way in which the banks or Rich
mond have weathered the panic and their
satisfactory condition at present.
Ask Of the business prospect for 1894 and
ne shields himself at once behind the
conservative principle" Of his methods
and his prophesies are coupled with a
clogging weight OF contingencies.
Unless they have something OF cheer
full nature TO say they do not Ike TO eN-
press an opinion at all. ard l found
number of financiers who declined 10 be
interviewed for publication.
It was thought by one bank president
that the trade for the coming year has
its. controlling feature in the manner in
which the southern merchants settled up
with the wholesale trade, the manufact-
urers, and jobbers. the first week In
January OF the new year; that If IL was
shown that they could meet their obllsl-
tions promptly. trade would gradually
expand to its normal proportions; where
as, il the closing OF accounts at the first
OF the year caused many failures there
would be a still further disposition 10
continue on contracted lines.
He was Of the opinion that the results
,of the past stringency and contraction
would ultimately prove a blessing in dig
guise by wedding out a large amount OF
af,I
floated without any solid basis to rest
upon. and leave the genuine and valuable
enterprises as a foundation for prosperous
business
TO put in crystalized form the opinions
which / heard expressed il would be that
no marked increase.Of business will take
place with the coming year, but that all
transactions will be on the most conser-
vatye lines, and a healthy but gradual
resumption Of business viii take place,
This would be largely enhanced by a
settlement Of the tariff bill.
Below are a few expressions from men
whose opinions on such matters Will be
taken as true exposition OF the situa-
ton:
John 4. Branch.
Reporter How has business been dur
ing the past year?
forty-iiye years, this is the worst year
have known.
Reporter: In your opinion what was the
cause of the bad business?
Mr. Branch; Undoubtedly the main |
cause was unwise financial legislation |
principally the Sherman act for the pur-
chase and coinage of silver.
one year ago money was plentiful and /
business good; imports never larger good /
demand for an manufactured articles 1
which found a ready market with the Job /
bers. who I'm turn distributed them to the /
wholesale merchants and retail dealers. |
Confidence was afterwards shaken by |
the depletion of gold reserve held by the /
government. and caused Capitalists 20 /
withdraw their money from the banks
and hoard IL; and this made IL difficult for |
borrowers 10 procure what was needed.
This in turn brought about a prostitution
OF business. which has become worse
but which would long since have improved
had Congress promptly repealed the Sher-
man Act; but they waited and waited. II
Is our law makers who are responsible
for the present condition OF affairs. The
earnings Of the railroads have decreas-
ed. and more mileage of roads has been
placed i'm the hands Of receivers this year
than az any time since railroads were
first built, over seventy years ago
Reporter: What is now preventing the
OF business2
Mr.. Branch: Business is now being re-
tarded by the proposed modification of
the tariff laws and internal revenue
taxes. At the beginning Of the year our
imports were the largest ever known,
while for December Of this they are less
than they have been for very many years.
/ look for no Improvement until it is de-
cided what changes will be made i'm these
laws.
Whatever changes are made Il will be
we'll If they are made quickly. The sur
plus reserve Of the Treasury is now less
than ninety million dollars. and the pros
poets are that # will soon run down 10
seventy-ive millions, which will necessi-
tate the Governments making a loan by
the sale Of bonds.
In view Of the fact that the demands
upon the Treasury are so great. Il would
not be advisable 10 make such radical
OF the tariff and revenue laws,
as could have been made without detri-
ment TO business had we not had the
great depression which we are now pass
ing through.
RObbing the South for the North
I consider that the Wilson tariff leg
islation protects New England manu-
facturers 10 the detrIment Of the southern
states. who have been "hewers Of wood
and drawers of water" for the northern
states for the past century. and now we
find southern representative willing to
take from the South what little protec-
ton the coal and iron interest gave them
for the benefit OF the North 10 Is very
clear he does not represent the sentiments
of his constituents. II 1 were in his place
would resign the trust. for it Is clear
he could not be reelected.
A. l.. Boslware.
Questions similar 20 those above were
)ropoundcd 20 Mr.. A. l.. BOulware.
y no said:
Il think the people OF Richmond have
'ai Sc 10 congratulate themselves on the
way ir which they have come out Of
he panic.
There have teen comparatively few
failures among the mercantile classes
md none among the banks.
Banks have carried their customers as
1 general thing very successfully and
nave passed the panic and are now
n easy and comfortable circumstances.
while they may not have made very
much money, they have. as far as [
know. come out OF the panic at least
IS well of as before 10 commenced;
which / think is a very creditable show
ug.
AS Tar as the outlook for the ntxt year
: concerned I think business Is going
% be done on "A very conservative basis.
~ Ing 10 the uncertainty IN regard 10
ariff legislation as well as TO the scare
ghich all business meE have experienced
n tho late panic.
"A gradual Improvement VIII, believe.
II