New-York tribune., 1896-08-28
So 10000


The price of exchange has declined. and brokers
believe that further orders for gold Will be sent to
Europe to-day and will continue he sent for
some time. Much of the gold which is In transit Is
destined for the Treasury.
Approval of the Mckinley letter was heard on
all sides yesterday.
James j. HILL president Of the Great Northern
Railroad was in Wall Street during business hours
and said that Major McKinley's letter was an ad-
mirable statement OF the sound money position,
which would have beneficial effect and would
restore confidence The letter" he said "is broad
and statesmanlike and all fnanciers with whom
have spoken the subject are pleased with II.
The Major" he added. is willing 10 work on the
principle of live and let live and gold Demo
Gratis can ind no fault with what he says
Henry W. Cannon. president Of the Chase Nation
al Bank said In my opinion Major McKinley's
letter is excellent in every particular. II cannot
help but strengthen the credit Of this Nation at
home and abroad. His insistence upon the mainten-
ance Of The existing gold standard. and his direct
and plain language i'm opposition TO the free coinage
Of silver must prove reassurng 70 all the people
of this and other countries who believe IN honest
money and | have no doubt II will greatly assist
I'm the restoration of confidence His utterances
set forth MS position clearly that all Of our pco
pie now know just what could be confidently eX-
expected from him in case of his election.
His treatment of the tariff question IS so simple
and direct that every thinking man cannot
fail to appreciate the necessity Tor an increase IN
u.
sary expenditures of our Government. ne le''sr
i'm his respect seems to be moderate and wise. IN
fact the whole Of the letter Is so wise ana
tnoughtIul that it must strongly appeal 10 All oi
our people. 49, -.
Henry Jews said: Mr.. McKinley's views on the
roonev nuestiOp expressed in his letter, are per
fec;ion. and should be satisfactory 70
and sound money Democrats alike. MT Mckinney
in his statement tndt TINS silver cluI<
ton which has broken out In several Secuons oI
mis- country would not have been possible II the
vide for he liabilities. 4 corporation or a ntin
will sooner or later become demOraliZed ana hnaIN
bankrupt. If its expenditures exceed ts lncoinr
equally TO the Government am qulte
sure that neither Mr.. Mckinley nor any othef ne,
Dubcan is in favor Of repeal OF the present tdIlIl
law and the substitution Of the one Whicn IL re-
Wherever conditions absolutely call for H. Inc mis-
,ake was i'm repeating the Mckinley law In Its en-
Ii should have been revised instead Whlch
would have been gradual process. and IN all prOD-
abilitv would not have been particularly harmful 10
business interests. To repeal "A tarlH law II 100
sweeping and revOlutionZes business by the uncer
tainty caused during The time II taxes II LOT , ~
other reason Such the experience In ne enact
ment of the Wilson law in place OF the Mckinney
law II was the Wilson law with o." amend,
ments that did the damage. but X was the Orlsihd
that n would be enacted that brought about the
manic and caused demora zatiOn In business circles
when there is ground for apprehension, people IN
business always more frightened thah hurt
The effect OF 4 scare II sufficiently widespread ~
as hurfful as an actual injury. business people
of This country the last three years nave Deen
nannic then the tariff panic. then the Venezuelan
nanic and the silver panic again III con-
nection with the election The trials ana UlpuIa-
tons OF the last three years nave Den uee ~ ~ ch
notics which have played a part 10 an eKtentI
10 he an absolute curse to the Nation Ihe play Oh
notics has no fun II II for the business Conihun.r
Judging from the experience VI '"' '''' Univ '''
u