The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-08-29
What New York Bankers Say.


NEW YORK. Aug. 2s.-The following In.
terviews with bankers of the city were
had this afternoon regarding the repeal OF
the silver-purchase act:
Henry w. Cannon. president of the
Chase National Bank. said: The sub
stautial msjorities which have
been reported in the House
against depreciated currency and in favor
of sound money are especially gratifying.
because they show that the good sense of
the American people is asserting itself
through their representatives.. The
people of all sections now realize that
the silver law has imperlled the
Industries of this country. They have i'm
pressed members of Congress with this
belief and Congressman have voted &C.
cordinGly. There 10 no doubt that the
country may take fresh hope from
the action of the House to-day. lt
means that we will adopt as q
Nation the money of the world and that
all depressing conditions and influences
will speedily be removed. Not less i'm.
pOrtant than the effect upon business at
home will be the effect abroad. This ac-
tion insures renewal of confidence IN
American securities"
Frederick ID. Tappen, president of the
Gallatin National Bank. said: Congress
has ex pressed itself with sufficient EN- hasis
to let the world understand that this ooun-
try is to be managed financially upon q
sound basis. lt Is certainly very encOur-
aging TO note that every part of the
country 10 alive to the situation. and that
nothing short of absolute and uncOndi-
tional repeal will be really satisfactory.
We may look for such action speedily.
think, as result of what the House has
already done"
Brayton Ives, president of tho Western
National Bank. said: ''It looks now as if
good news would accumulate rapidly. We
are getting from the Honse better results
than had been anticipated. 1 think We
may hope for better results than have been
anticipated from the Senate. Wlse legisla-
tion will restore confidence to our indus
tries"
Comment of the London Press.
LoDoN. Aug. 29.-All the morning pa
pers comment editorislly upon the action
of the United States House of Representa-
tives. yesterday, in passing the bill to re-
peal the purchase clause of the Sherman
silver bill.
The Morning Post says "The division
In the House on the question of repeal
proves that the greatest change has oc-
cured In American opinion on the silver
question. and that the Democratic party is
purchasing clause. How welcome this
change will be to business men on this side
of the Atlantic the recent action of the
Bank Of England shows"
The Daily News regards the vote as q seri-
ons blow for bimetsiiism throughout the
world, and . great victory for CON-
mon sense and single stand
ard. 1t 10 curious and fortunate.
says the News that just as our currency
mongers are preaching the need of a
change the Americans have recovered their
senses.
The Times. In the course of long leader
on the silver vote IN the House of Repre-.
sentatives. Says Tho approaching settle
ment of the silver question upon
the only sound basis will. with
out doubt, remove AZ least one
of che causes of commercial depression
In the United States, Dut by no means the
only obstacle to prosperity. Fiscal blum
ders and unsound speculation count for
much, but it Is to be hoped that. with tho
silver incubus removed, the Americans will
see more clearly that other measures are
required to put business upon q sound
basis"