Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-01-30
LIKE GROWERS PLAN.
PRESIDENTS FINANCIAL VIEWS
ENDORSED ny ouR BANKERS.
All Agree That ~ Congress WIN
Act Promptly Vpon His Suggcs-
tions Matters win Grow Better In
a Little white.

President Clevelands message TO Con-
sress recommending measures for the re-
lief OF the financial strain upon the ccun-
try was most favorably received in Rich
nond financial and business circles.
Mr.. A. l.. Boulware. president Of the
First National Bank, when asked what he
thought OF 81. said: 1T is a clear-cut,
well-considered.. and well-prepared mes
sage. : II ought 10 be adopted and carried
out at once"
Mr. John S. Elicit, president Of the state
Bank. said: ''The message suits ne. II
Is an admirable document. and its sug-
gestions IL carried out are calculated to
meet as far as possible the exigeneies OF
the situation"
A FEASIBLE PLAN,
Mr. James b. Pace. president OF the
Planters National Bank. in reply 10 the
Dispatches question, expressed himself as
follows:
II think the measure OF President Cleve-
land meets the demands and wants or the
people. IL seems TO me II is the most
feasible plan yet offered 10 sustain the
Treasury. His Recommendation that
sufficient bonds be issued 10 retire ne
''greenbackS" and sherman cert!h-
and are now menacing the Treasury, is
cpportune and judiclous, and should have
the immediate support or every member
OF both houses az Congress. An issue OF
bonds bearing per cent. payable IN
gold, would be immediately taken. and
the Treasury soon supplied with suin-
Client gold against all emergencies On
the basis OF issuing loo cents in the
dollar against bonds held, as recon-
mended by the President the banks
would seek to increase their circulauoil
TO the fullest extent, and thus brihs
about the relief which is needed. but
which does rot ct present exist with
the price of 5 per cent bonds at III,
and the issue against them based at
50 cents in the dollar. The course 70
be pursued to redeem these national
bank notes. he does not suggest. but |
take 81 for granted that Congress VIII
adopt some plan for their redemption ;
and. with imports payable In goid, me
National Treasury will always De kept
full TO OVERLOOKING. and the credit Of the
country fully maintained.
BOLD AND CLEAR.
sThe message" said Mr.. John p.
Branch. president Of the Merchants Ma
tsonal Bank. "is n bold and clear state
ment Of the situation, and clearly outlines
action. II is 10 he hoped that the two
branches Of Congress will realize the
importance of voting the emergency biil.
as Indicated by me PRESIDENT ! l., c o1t
WINGED that the President VIII act up 10
the letter OF his statement, and leave
no stone unturned TO meet oil the ex-
igcncies OF the occasion. and Keep our
credit unimpaired. To do so he may be
forced To sell a block OF the unwieldiy
per cent bonds to tide us over the
few weeks which the present Congress
has still to live"
SENSIBLE AND PRACTICABLE.
''The Presidents views" said Colonel
A. 5. Buford. appear TO me TO embody
a sensible and practical solution of the
whole trouble. IL they can be carried
out | do not say that they embody
the best possible measure, but the best
that could be done under the circum-
stances. My only fear is that II Is TOO
late to do any good
Major James II. DoOley expressed the
opinion that the message was an al
nairable one, and placed the President
right before the country lie dld NOT
think however, that Congress would
carry out the suggestions.