The Providence news. (Providence [R.I.]) 1891-1906, 1893-07-01

President Cleveland has at last awak-
encd to the great financial crisis. ana DIV
calling an extra session OF congress on
Aug. has won the commentator OF
thinking men. The opinions Of men COL
lected from all walks of life agree on
this point. Bankers, whose relations TO
the monev market are most intimate, are
not certain of the result as whole.
though amajority OF them believe that the
president must feel sure OF his position
before lie would take such step as ne
has now done. A congress that Will
repeal the Sherman act will be a great
boon to the country. But congress
that will meet and do nothing would
haze a most disastrous effect en- the
business interest.
"As a matter of fact" said one banker,
"President Cleveland In calling together
the mem bers of Congress has obeved the
order Of the people He has been asked
men. politicians and fnanciers OF the
cou1try to call congress together and
restore confidence. He has done
so. and OF course those who asked
him 10 act will feet that he has done
right and they will have confidence that
of the situation. The men who have
advised President Cleveland to call a
session are the makers OF confidence.
That fact will 60 large way towards
settling matters. Confidence Is what we
need most Of anything"
Congressman Page.
Congressman Charles II. Page Is en-
phatic In his belief that congress would
reneaI the Sherman law. When seen this
morning he said: "Yes, / think ii will be
repealed unconditionally. or course
there will be attempts made to tack
amendments aud riders to the repeating
bill. The believers in ire silver
or even in the Sherman law will
not give up the fight without a strug-
ole. do not know what may be done
afterwards In regard to the 10 per cent
tax on state bank issues or the income
tax but expect that the present silver
law will be wiped out
AS to now quickly that can be done
there is some question. Congress Is an
unwieldy body. It's members act slowly
Much will depend on the committee and
how they report. IL 1t is COM
mittee representing all sections OF
the country, and IL 1T shouli
report nearly unanimously, there
would be no doubt OF the result.
But II the report of the committee should
be signed by only bare majority there
would be a long fight and bitter one.
II ia doubtful IL action Will be reached
much before September under most
favorable circumstances.
believe that the Sherman law Is moth
ing but another form Of the sub-treasury
scheme of the Populists. Silver is not
coined and it Is no better to hoard than
40 much wheat or coal would be. The
western senators, both Republicans and
Democrats will probably vote for
repeal with the exception only OK the
silver senator's"
Congressman Lapham's Opinion.
Congressman Lapham said: II have
not the slightest doubt that the calling of
congress- together will have very benef-
cial effect upon the financial condition OF
tha country. The Sherman silver pur-
chsse law has a great deal to do with
the present disturbed condition
Of affairs, but there are other
crtin0 an influence on business In certain
lines. Take wool as an instance. The
consum ers, because they expect repeal
Of the tariff on that article, are not pur-
chasing, and the dealers are thus without
business and in very bad way indeed.
"The manufacturer also feels the strain,
for the markes is very sluggish and slow.
Very few orders.are placed for next sea-
son's goods because those who handle
woolens are looking for q falling of in
price, eswhen the tax on wool IL taken oil.
This leaves the whole woolen industry In
a very disturbed and unsatisfactory con-
dition. In other lines also where there
Is talked Of tariff changes the same con-
dition prevails and is likely to con-
tinue until tariff policy Of the present
government is settled. This disturbances,
You understand, Is not nor Will IT become
sufficient to affect the business and
financial policy or the country.
s'Now as TO the probability OF con-
gress repeating the Sherman silver pur-
chase law. will say that i know the
sentiment of congress, and particularly
OF the house, pretty well, and i have
until recently felt that the chances
were against nth the success xs,o Oh the e., repeal
congress showed that the free silver men
were the strongest
''Since that time there have been some
change that have by no means tended to
strengthen the bad money men.
"Tne condition Of the country from a
financial point Is verey serious, the news
from India is dscouraging. The two
facts may have influence enough
TO iurn the balance over In favor of
those who are seeking the re
peal of the Sherman law. Besides
this. the very fact that the president has
called congress together at an earlier dale
thHu ne Offkiubtty thtohtot w w "oE oc
taken as an indication that ne believes
the time Is ripe for repeal"
Abram Barker.
.Abram Barker, cashier Commercial
National Bank, said, II seems hardly
possible that congress can help repealing
the Sherman law. Mr.. Cleveland has
assumed very grave responsibility In
delaying so long The suffering In the
West.I Southwest and South long ago
taught the peo lie in those sections that