New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-06-27
Mr.. CLEVELAND'S INTERVIEW
NOT so REAssURING AS WAS INTENDED.
BUSINESS MEN IN THIS CITY PERSIST IN BE
I1Ev1NG DESPITE TIE PRESIDENTS TT
,rr-p .,-cI.c THAT THE ADMINISTRA-

TIL. oqn,ervlew' % President Cleveland the
finances Of the country, printed yesterday morning
In the newspapers, was the subject OF comment IN
Wal Street and among bank officers. The hrst !
"son" thrown TO the bankers OF New-York Is con-
tanned In the first paragraph Of the Interview H..
,s deeply irnbcl!ed IN these profound words THE
offer OF certain Of the New-iork banks to repace
from their vaults gold drawn from the Government
Treasury for shipment abroad IS certalhy 'io'Sn'-
ful and patriotic
II reminded one banker OF a Virginia farmer VINO
discovered Unexpectedly a tramp sitting on 'he
fence near his hennery
What are you dom yere?" asked the FARMER
I'm Just thnkln. thats all"
y know what you thnkin, replied the
sbrewd farmer you was thinkin' Il tho fat sides
OF them chickens IN there. that's what you was
thinkin': but THROWN salt on the tails OF oirus
don't always bring down the birds. You better gu
of the fence and care out We've been in me
chicken business too .ong to be fooled by peope
who purtend 10 set the fence by the side OF
henroost Just simply thinkin'."
This story illustrates the attitude OF the Treas
ury Department in the present emergency. Inc
Prssiden; and the Secretary Of the Treasury know
~ the New-York banks have large god reserves
In their vaults These banks. frequently en-
counterlng the sneers and SCOTS OF congressman
wholly ignorant OF business methods nave
frequently demonstrated their patriotism BY coming
10 the rescue Of the Government in times Oh s'e"'
perl.
7, 70 apoarent that the Administration IS sitting
inst at this time on the fence and quietly think
ing The policy of the Treasury Department seems
to be who,,y lacking IN aggressive achon WING"
shall have the effect of preserving the oredh OF te
country beyond all possibility OF chicaherS i" 'e
making up Of balances
4 SIGNIFICANT PHRASE
banker pointed to one phrase of the Presidents
"lrteryiew'' peculiarly significant. It reads; "of
course croaklng and the spread OF dsquleinS taos
.s' calculated TO iniure the strongest financial con-
dltion assume however, that there Is 700 much
patriotism among our peop,e and TOO much IA
mirarty with our resources ard capabilities 10 per
nit our reserved force and financial Vigor 10 oe
discredited." ,,,-,...
This banker said: Patriotism and familiarity
with our resources are common qualities among
business men; but the present situation Is 6 nl
me control Of business men in banking anu mr.
camille circles We EXPECT some cooperation on lS
Re fnances Of the Treasury Department. II the
polnt has been reached when the PATRIOTISM among
our people and their familiarity with our resources
ana capabilities must alone b. relied upon 70 es'ue
the Government from nisadmin lstIailon oi e ~
not only an awkward theory but bad condition
Confronting us When the gold reserve gets down
below normal figures and # is known that the gold
exists in the country there Is only one ~
pursue. and that Is 70 draw X OUT on pro set",;
in the form OF loan. This Is business ana no'
sentiment So long as gold Is ikey 10 go 10 pSIs
MUM the business Will mold on 10 H. II ms
instinct did not exist there would be nothing SAME
b bss' been too 'optims;c3 TACT which he may realize
If the troublesome features az the present 'preSS'o
continue.
READY TO TAKE Up SOME OF A LOAN.
The interview Of Mr. Cleveland issued TO the press
on Monday night was something Of surprise. 1t IS
known that the New York banks have considerable
holdings Of gold, and they ready 20 pay 1t over
to the Government upon an issue OF bonds ak low
rate Of interest. mistaken idea has Deen pHt IDIt
10 the effect that they We're inisposed 20 a'crP'
their proportion Of d loan. Iht ngures whlcm ~.
needs and Government assets do not command ne
confidence Of men who keep nf9rmed OF nr and
also do big lot of figuring based upon rep3rts
hSS are eoSdoS Of II e o aay It held here
that a little frankness on the part OF the dc,
psr,meni and the employment OF better systems OF
arithmetical calculations would be met with
gracious return Of confidence everywhere bur tne
than to the utterance Of outspoken truths causes
H. en- M ~ enance ~ thc gold reserve by
contributions from their own vaults
A REPORT WITHOUT FOUNDATION.
AT the meeting of the Clearing House Committee
yesterday no allusion made to the subject Of
gold offerings to the Sub-Treasury. a wild story
was circulated to the effect that a committee con-
sisting of Mr.. Williams. Mr.. Stiilman and MI
King had been sent to Washington by the Tearing
House TO confer wh reaSgry 0iciS ais bd hs was was
teriay and he quietly expressed the opinion mat
go to Washington. Mir. Stillman is out OF town,
but where he was could not be leaned lbat NnE
az az? commnnicaton With Washington was done
indiysmai and not on the authority OF the Clear
Ing House Associafion But II is not conceded or
even supposed that any such step has been taken
by any one connected with the institution. ,,
The trust companies absorbed "A large proportion
4 Of the last loan The banks took part OF the
bonds They are now. IT IL said, in a position 70
relieve the Government from the embarTaSsiheh'
which is apparent - ..,....o,1
New-York bankers are supposed TO understand
finances The idea prevails among them that the
Government is drifting on a sort OF .rusthg 20
Ick" theory; In the face OF the absolute iact that
there must be a deficiency when the July accounts
come to be turned in the Treasury incident 10 uiYY
beginning Of the new fiscal year Whence sha
come the money meet this deficiency? IS me
question by local fnancers II cannot come from
import duties for these have shrunken out OF sght
They annot come from internal revenues, TOT IN
the great and prolonged period OF depression w
amoiints Of these also enveloped IN uOrpl.
Snmewhere money must be obtained TO pay OK
penses. . 49,, ot1 today bnt one
million went yesterday More is expectsu 10 81 ~
to-morrOws steamers At the meeting OF Ine 49, -
ING House only routine questions were conslIeie
ME Liberty National Bank and the NatloIaI Ln!oLl
Iank were admitted to membership and me name
OF the St Nicholas Bank was dropped from '"e
roll.
THE BANKS AND THE GOLD RESERVE