The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-03-26
A BROKEN IDOL.
New York Bankers No Longer Put Faith
i'm Observation-Disclosures Fooled Them.

Holland, in Philadelphia Press.
AS time passes without action by Mr..
Cleveland upon this measure, there grows
more and more of certainty IN financial
circles here respecting his purpose. The
suspicion that he might be tempted to
look upon the measure with the eye Of
politician rather than with that OF fuan-
cial statesman has increased during The
week. so that now the opinion is general
here that If he permits the bill TO become
law he will do 50 because he believes
that the political interests OF the Demo-
cratic party require IL.
That OF course. is a new view 10 take
Of Mr.. Cleveland Ii is one which the
bankers here who supported him have al
ways asserted would never be justified by
any act OF his.
/ met this morning the president OF one
Of the Wall-street banks a man who sup
ported Mr.. Cleveland in 1892 with enthu-
siasm. and who rebuked me during the
campaign for suggesting that If Mr.. Cleve-
land was elected he might be compelled by
party considerations 10 do things not agree
able to the New York bankers. 1t was
with a fine flush Of enthusiasm and the
eloquence OF conviction that he said as he
stood there upon the steps Of his bank:
whether his party goes up or goes down;
he will not permit any disastrous legis-
| lation. He will hold his party with iirm
grip. He is the greatest man this coun-
try has seen since Abraham Lincoln.
To-day that same banker was OF such
| pitiful, strained and anxious look that IL
| could have been in the heart OF no one
| TO remind him OF the inspiring prediction
which he made in the fall OF 1882. he
shook his head YEARLY as he said: Il don't
understand 1t at all; don't like this de-
4 / m 10
| Mr.. Cleveands ear. He ought to have
| sent a veto message back to Congress with
II BIN. !wen'y-fOur hours after ne got tha'
| Dispatches have been received here, both
/ private and public, announcing that Mr.
Carlisle is very indignant that the New
| York bankers should have said that lie
made, any pledges TO them whiie ON his
| visit here respecting legislative action upon
the seigniorage bin or gave them any rea-
son to believe that the administration
to the coinage Of the so-caled seigniorags
| should become law.
These denials. are regarded here az
| have caused astonishment Now that .Nr.
| Carlisle is better understood II does not
| have seen fit to Intimate that the bankers
have stated things which are not true.
wdr ls o ef General Brsyton ives hs
! speech which he made TO the Chamber az
| Commerce. and against the understand
dramatic meeting in the subtreasury. IL
| Mr.. Tappan, the chairman or the clearing
house committee. were here we should prob
| ably have a blunt reassertIon OF the state
| ment that the Secretary did lead the bank
ers to believe that their subscriptions 10 his
| bond issue would put end 10 proposed
seigniorage legislation Every banker there
, knew that Mr. Carlisle believed that he
| had the right under the existing law TO coin
what he calls the seigniorage. and there
certainly was an implied promise on his
| part that he would take advantage or
that law IL he got his bond subscriptions.
| II was Tappan, blunt, clear-headed, read
ing, as it seemed TO those who saw him
fix his eyes upon the Secretary that man >
mind through and through. who said TO
him: What do you propose TO do. Mr..
tions?p and it was then that Carlisle
replied that he had not considered such
contingency; but that he could say that
| lation instructiong the Secretary to coin
the seigniorage would be passed If the bond
1t was then again that Mr.. Tappan. with
the icy persistency OF a cross-examiner.
cruel, to some of those who heard him.
asked the Secretary how many suoscrip-
reply an answer which was misleading II
it was not intended TO mislead, Every
man in that company inferred and believed
Carlisle intimafed that unless the bond SUP
scription were g success there would >
seigniorage legislation, that he also meant
to imply that no SUCH legislation would
come II the bonds were subscribed foI1
0thsrwise there was no no need OF rsrerrt IN
Isle. too, knew well that these bank RS
4 were at last impelled to give him the gold
he wanted very largely because OF the In
timation contained In that remark of HIS
about the seigniorage.
However they are not amazed that he
should now deny that he had said any
thing justifying such opinion, and some OF
| them are inclined TO the opinion that in
dealing with the United States in those
matters in which Mr.. Carlisle is repre-
sentative of the government they will here
after be compelled to take q bond with
sureties as we'll as his word.