New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-19
e.. $50, lo5 900 s,9s 800 sl7 Cls 200 els oss' 800

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| The theory upon which the redemption Of Treasury
notes would b. confined 10 silver 1t Is saia, Is iha'
IT would impede gold exports. n United safes hoc'
are scattered all over country ard II would b'
difficult for bankers % gather them together VINO
proportion OF 'h" Treasury notes are con
ccnirated in this city. II IS said that about seven
cghths OF the paymtn ts for silver bulnoh sol" 10 u"
Government under the silver law Of 1oOo ARE mace
here' Bankers yesterday generally expressed strong
condemnation OF the suggestion that the Government
cease rrdeeming the Treasury notes Ia gold rc' inc
r;mors that such "A co,-r contemplated wcr
rcpcatd IN the latest dispatches 10 IN" wall street
| news agencies. Acting Assistant Treasurer Muhle
man said that no Instructions the subject had been
received from Washington. and h. knew nothing OF
the matter save from the current reports.
| Eank.rs scout the idea that such step by Tho
Treasury authorities world check exports OF gold TIL"
| bankers who received orders from their European
pondrnts ship gold. /: declared would. III
J cas-" they could not obtain enough 'nIica s'a'c'
notes lny the gold I'm the market and the PREMIUM
would instantly BE- added ~ III" rates II foreign OK
change rut II +, c.nicndcd that while the Treasury
might hav" legal Authority 10 pay ou ONLY silver
for Treasury notes. such action wouli u' gold Ger
,Incatcs aud United states legal tenders al premium
Il would De-, TN the opinion u mo.t downtown
fnanclcts. a blow 10 Enf0p IN contdcn'" In 'ir cur
rency III, country. and would ags'1vIc n>t'nd oi
icsscning The evils Of the financial situation Ihcr
WAS extreme rriurtgnc" on ~" Iait oi many DAM
officers TO discuss the subject lor public alton, Int ~
priva;s the adverse opinions cXprcs.cd were unan
imos. one prominent banh PRECEDENT. Lomitrit
said "Such oour.c by the T.cisury would BE- =
di. fnnci.cincn Of si27, COoO10 Of thr ont, nrd!ns
currency. what would brcom" Of yoIf parity Of II
and silver II the Government should Dis riminair
against one class OF IT, note Issue" II would De- q
serious blow confidence. and wOuli virtually anJH'
10 a I-pcnsl.n or sped" payments
Th. upiri N, OF most member Of the financial
muny we'll cXpr ssrd In 10" conservative brl
strong sentiment, made by ErIylon Ives president Of
the Western National Bank. II, follows;
SHOULD these runors b. true ana Ill" Government
take This step. II woud br the most important &C
ton since the resumption Of specie payments. II
could properly De- regarded, In the absence OF Sub
scuu.nt or additional action modifying 1t. rs the
first step toward Il suspension OF gold payments aud rs
putting the country coniess"dly upon silv BASIS
II would lee n step 10 be- regretted hy all who are
not strongly IN fn,Or Of silver currency The eject
abroad would h. much greater probably than herr
and / should think thu tn" tendency would be- to
Increase materially the demand for gold II would
undoubtedly causc u greater desire In Europe 10 sell
suCh securities IN held over thrl' Ter Investment
and not made specially payable In gold coin Every
Investor Of that kind who sells such securities crntc.
an additions demand for gold which can he met
only In gold and not In merchandise. The s"rlons
feature Of the situation r. that II this distinction
between gold and silver goes little further II VIII
currency and Is likely 10 produce sirnsency which
viii be felt especially In mercantile circles:
Merchants and farmers are most likely to be- Injured
Ly Iinnncnl disturbance OF this character. Tie
grcn,rr the doubt the greater Is the disposition Of
people with money 10 keep IL under their immcdat"
control and consequently while money might le
difficult to obtain II on mercantile piper or cot
lateral not easily disposed or