Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-01-29
BANKERS APPROVE 1T.
New York Opinions ON the Presidents
Il

New York Opinions ON the Presidents
Recommendation.
Bankers and financial men in New York
| city, apparently without exception, speak
| in terms of approval of the Presidents
| message.
| President ]. Edward Simmons Of the
Fourth National Bank said: The Presi-
dents message is, in MY judgment, sharp,
crisp. commonsense appeal to Congress for
sensible legislation at a critical juncture in
our financial affairs.
His recommendation favoring an issue
of a three-per-cent gold bond is sound, and
will, in my judgment, meet with general
approval on the part Of the conservative
financiers of the country. He has done all
| that could be expected of him by the issu-
| ance of s1O0,OOO,OOO bonds for the purpose
of keeping the money of the country at a
parity. He now places the responsibility
Of maintaining the public credit upon Con-
gress. 1t rests with Congress to say wheth-
er it will avert disaster or afford needed
relief by wise and judiciouS legislation"
President Frederick F. Happen of the Gal
latin National Bank said: Il quite agree
with the President. The message is per-
fectly sound in every respect The whole
matter has been placed squarely before
Congress, and the responsibility rests with
it,"
President John McAnerney of the Seventh
National Bank said: 1.-The Presidents mes
sage shows that ne fully appreciates the
situation. 1t is a singular situation. With
abundance of crops at low prices and plenty
OF money at low rates, the loss Of conf
denoe in the willingness and ability of Con-
gress to reform our currency legislation is
so great that the situation is panicky.
Business is improving, and with little
patriotism at Washington and common
sense with our business people We will
proceed with the present slow commercial
revival"
President A B. Hepburn of the Third
National Bank said: The message is first
rate. 1t is good and sound. 1t meets the
situation and, If it's views are sustained l
think that it will afford the country de-
sired relief, though, of course. there will
have to be some currency legislation"
President Edward Wright of the Park
osition Is admirable. 1t is just what we
want. believe that it will restore conf
dence in the government and better the
condition of business, if-mark you, 1 say
1.-THE principal and interest are made pay
allie in gold coin of it's present standard
ard fineness. l believe that the issue will
be popular, and will be taken up if Con-
is a gold bond issue. 1 believe that there
will be many taken in Europe. 1t will bring
gold to this country
Views of London Dailies.
Commenting editorially on the message
sent to Congress yesterday by President
Cleveland, the London Standard says:
ut is a state paper of very high quality.
TO us 1t is amazing that language of such
plainness should be necessary. To offer to
pay national obligations in silver is to
cheat the creditor of more than half his
due. No self-respecting, honorable people
could contemplate the preparation of such
a fraud with anything but horror and dis
gust. We do not believe that the Ameri-
can people ever really meant 1t. The pro-
posal to utilize the new bonds as the basis
of note circulation would require to be
strictly guarded 60 preserve 1t from abuse.
We hope President Clevelands appeal will
be listened to. We want the loan in some
respects AS badly as the Americans them
selves, because economic brotherhood
causes us to suffer almost equally with
themselves. Let Congress take stock that
our money market Is gorged with capital
eager for employment, and then look to
the resources of their country still unde-
Neloped. The adoption of Mr.. Cleveland's
proposals would result in rebound of
business on both sides of the Atlantic,
such as has not occurred in fifteen years."
The Daily News says it believes that
President Cleyeland's protest will be ig-
nored, and that more bonds will be issued
on the same ruinous conditions as before
1t adds that the export of gold is not an
unmitigated evil. 1t is exported in pay
ment of value received, and, in some in
stances, to enable better investment than
is possible in America. In either case the
country benefits. The real evil lies in the
apathy of Congress and its refusal to al
low the movement of the precious metals
to take its natural course in order to give
artificial stimulus to the demand for sill
YER"
The Chronicle says it fears that the
Presidents appeal will fall on deaf ears,
especially if the belief prevails in Congress
that the cat Is about to jump out on the
silver side of the fence.
The Times, in an editorial, says the mes
sage is very weighty, indeed, a rather
alarming, document. THE life OF the
present Congress-" it adds, lis too brief
for the hope of the adoption of President
Cleveland's suggestions. even if majority
should favor them. 1t is improbable that
the next Congress will adopt Mr.. Cleve-
lands lead, and, in any case, it may be
doubted whether an attempt begun in
March to cope with the drain of gold
would not be too late to avert the serious