New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-04
WHAT IS THOUGHT OF IT HERE

WHAT IS THOUGHT OF IT HERE
OPPOSITION TO RETIRING THE GREENBAcKs-
VIEWS OF \ CUBAN
The Presidents message produced in Wall Street
a varied mixture of feeling. The current opinion
was that The message rather tim!d In tone
The fact that the President not carrying
chip on his shoulder was interpreted in the Street
as a favorable matter and one tending to a
strengt hening OF the present financial conditions
His expressed opinion regarding the retirement OF
the greenbacks generally held to mean
contraction Of the currency.
Robert NJ. Galloway. president of the Merchants
National Bank, said Il have not had time to read
the message carefully. but | am opposed 10 the
retirement of the greenbacks. This would mean
contraction OF the currency. result Whch coui1
only be injurious TO our commercial ana hnahcia
interests"
Henry W. Canonn. president Of the Chase Ma
tional Bank expressed his views as follows: u
had hoped and expected the President, in his rec
concentrations for the retirement OF the greenback5
and Treasury notes would 90 further and indicate
his policy regarding the silver certiicaies me
suggestion made by the President that the le@a
tenders and Treasury notes might be replaced oy
bank notes might not become operative for tAr
reason that the banks of the country particularly
in financial centres would hesitate 10 Issue bank
notes redeemable in gold coin. while the retire
ment Of a portion of the Government curreEcy
would very likely result in the contraction OF IN"
currency.
ct seems clear that We must DO something more
than 10 retire legal tender notes and Treasury
notes ! am disappointed thai thu President did
not outline a wider ana more comprehensive pol
icy"
Mr. Cannon said further III view Of lis con
servatve character. l think the nessage VIII have
a good effec; on the bus,nces IF tn country TIE
Presidents statement in reg az t. the hond-synI-
cate agreement and his other statements about the
gold reserve indicate that he will make further
| bond issues to main tain the gold reserve TEe
whole trend of the message is for sound money
! and comparatively few legislative changes"
do you approve OF the recommendation that the
banks should be allowed issue circulation to the
par value of the United States bonds deposited as
security therefor and that the tax OF circulation
should be reduced?'
/ Il do I consider it an excellent suggestion
Henry Clews expressed himself in the following
forcible language:
TO advocate taking up by issue of bonds the
United States greenbacks. for better creGit
| money cou.d be created What should be taken up.
however through low-rate interest bond, are the
100000 Sherman notes. and the National bank
act so amended to make the bonds issued there
for the basis Of National bank currency. When the
bonds are substituted for the Sherman notes and
| the latter cancelled, the Government would then
! have the silver hand n the Treasury for
/ the purpose of which the silver notes issued
This silver should be gradually put into subsidiary
coinage and issued the country requires 1t. and
! there will not be any too much for the country's
! needs within the next ten years. With the Sher-
! man notes cut of the way, the confidence of the
American people will be correspondingy increased
IN tho intrinsic worth of the greenbacks. The
Bland notes should. after while be treated in the
same way, but first of all let the Government pro-
vide for the cancellation OF the Sherman notes. the
effect of which will be as mage in restoring con-
| ndence both here and abroad to al the remain
| ing United States Government obligations 1t is
! this which is wanted. II doesn't make any differ
ence how slow the process OF working 1t out may
after various suggestions made by the President
in his message as to the treatment OF me lnances
he closes by saying: J nave suggested n remedy
| which my judgment approves. deslre. however.
operate with them in perfectng any other meas
ure promising thorough and practical relief. That
as II CIV. me ~. fbs role Of \niiy Johnson nv We
tong bills ndiscriminat ely passed by this Congress
30 tSSc,n whenrver co,nmendab.e and that party
politics viii no. enter into the situation THIS is
! real patriotism. and Congress should accept this
as the Presidents attitude until proven otherwise
ment so far as It's influence upon the make soes
/ he rampant SO as to justify jumping upon him
with both es En- disputes vS Engand whc
| no one can reasonaDly take exception TO- He also
Rrgapcf hnt stnctiy says that ne viii accept any
| thing different that may be determined upon Dy
TonslTss Tonnrressonai antagonlsm vii doubtless
| he d.saDpontng to the House Of Representatives
| r. pTesIdent has wisely taken into account tho
| fact thai il is Republican Congress, which n
! does NOT propose antagonize any more than he
| can hep. This attitude on his part insures har-
mony to fair extent at east between the TX
| This certainly is commendable for President Ceye-
priiden,'s message can be found than IN the stock
! market which commenced TO advance as soon a.
Street Had this Congress been the same as the
/ last the President would doubtless have taken a
nnst,ion as regards the finances. and made de-
termned attsck upon the trusts al Of which
/ a hear market generally, thus showing that the
~esyif Of last November's election reached the
Proninenf men in the drygoods district did not
anosar 10 take lively interest IN the message OF
G 6sS nanry lost their Voices in crying
out the extras in which the message was printed II
Haven't time read il nov oet said Cornelius sa1,
~ Bliss as he sat quietly IN nj ms sh Of business
Perhaps l may re Id il tonight he continued n
aeGeny ns S ssae 5Hs You Ssn that
II guess the message wait" said another Big
ssy now? asked another NO haven't read tho
message, and don't know that ! VIII rr,,,,,o re-
SO II was at about every place "'"fe " i''o""e ~
The cubans in this city who have The interests Of
tiently awaiting the message Of the President
Horatlo Rubens. counsel Of the cuban revoin
tonarv party IN this city said yesterday afternoon
Il have read MIR Cleveland's message on the sub
Of The Cuban s ana SHOWS ne s thy
thought devoted to IT, as wei as ne IN
Congress passing resolution recommending thu
granting Of beiligerent rights to Cubans IT would
ing Grants message the subject and declar
ing that the same conditions exist now did then
POINTS ont how the resurrection not rebellion mari
you. is in some respects more active than the lls
MARK tho statement Of facts of the President ~,