The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-03-22
New YORK, March q.
7PaE opinion Of of the presidents Of
H the large bank and financial in
II stitutions Of New York in re-

/
the large bank and financial in
situations Of New York in re-
u gard to the Bland Seiguiorage
bill was quietly but explicitly stated at
n meeting held at the Union Trust
compSny'S offices this afternoon
1t WAS meeting OF representative
men iu New York's finances and with
out speechmakiug excitement Ithey
unanimously elsctedGsorgeG. Williams
Of the Chemical National bank. chair
man, and Stephen Baker. OF the Man
haitian company bank secretary.
Not word was spoken until Chair
man Williams asked whether any COM
municatious were ready 10 be offered
TO the meeting Then President Sim
mons arose and read short preamble
and resolutions. Most Of those present
had apparently seen or heard Of th9
tenor of the resolutions b.fore and
everybody appeared TO be satisfied
when it developed that the bankers Of
New York were to send eommunica-
tion to President Cleveland, telling him
that they had understood when they
subscribed TO the recent issue Of $50.
600, 600 per cent bonds that they eOu.
sidered that the government made
tacit promise not to coin the ssiguiOr-
age.
1t was decided to send the resolutions
to President Cleveland this evening so
that he will receive them tomRrow
morning early
It was also intimated that friend Of
the president who was present at the
meeting would telegraph the result Of
the meeting to Washington this after
noon.
The resolutions were az follows:
Whereas, A bill is now before the presi-
dent Of the United States for his approval
or disapproval, which provides for the
coinage Of the so-called silver seIgniOra-e
amounting ig tho sum Of S5j, 1856, 63l,
thereby initiating the currency Of the coun-
try at a time when money IL superabund-
ant and making more difficult the cou
vertibility Of the currency which the gold
reserve Is now obliged TO carry; and
Whereas, The initiating Of our already
redundant currency will not enhance the
value or the silver bullion in the posses
sion Of the government, or increase the
consumption OF that metal or add to the
value OF any mining interest.
" AeEttLc, -ND UtAtAy Cdu dGJEAt eli AtE 70
the government or to the financial inter-
ests Of the country by allowing the alore-
said bill to become law, but serious harm
is likely to arise thereprOm in 80 far es IL
will impair the credit Of the government
and add 10 the prevailing distrusJ Of our
securities in Europe and encourage with
drawals Of foreign capital and cause ship
ments Of gold which would weaken the
treasury, which ia the source Of our sta
bilIty.
Whereas, Vicious legislation with re-
spect 10 silver has been the cause of great
suffering to the people, and has parslYZed
the financial and commercial interests Of
the country and a continuance Of the
same can only result in checking revi7ng
industries and sitting enterprises which
are starting into life; and
Whereas, A blow at the stability Of the
currency would again disturb the conf
dence that is being gradually re-esta blished
in business circles, and would retard recov-
cry from the disastrous effects Of panic,
the severity and magnitude Of which have
never been eQ1aed IN this country; and
Whereas, Tie bankers OF the city OF New
York have always believed in an honest
and stable currency and in sound principles
of finance, and have at all times been
ready and willing to come to the relief Of
the secretary OF the treasury whenever
the necessities Of the government were
such "a TO warrant their assistance; and
Whereas, The officers Of the financial in
stitutions, firms and corporations Of New
York became subscribers to the last loan
negotiated by the government with tho
belief that the marketing Of the bonds
would preveat the further initiation Of the
currency by the coming Of the so-caIled
silver seigniorage and feeling that, as the
loan was made success becauae Of their
efforts, they have claim upon the admin
istration for the veto Of this bill.
Therefore be it resolved that in the
opinion Of the representatives. Of tho f.
nancisl institutions Of New York who
subscribed TO the $50, 100000 3 per cent.
loan and made it a success, the coinage Of
the silver seigniorags would endanger the
financial stability Of the government md
inflict upon suffering people perniciou'
and unnecessary legislation which would
be far reaching in its disastrous cOnse
nnauraa