Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-12-08
ENGLISH BANKERS SPEAK.
They Tell Of Their Disappointment With the
Presidents Message.


New York. Dec. S.--A dispatch to
the World from London says:
Lord Revelsoke, head of the bank
ing firm of Barring Bros, was asked
today for his opinion on the effect of
President McKinley's message. Lord
Revelstoke said:
The currency suggestions have been
decidedly disappointing. We expected
something more tangible than a
scheme contingent upon conditions
which the President gives no indica-
ton of any intention to bring about"
DO you consider the pacific tone of
the message calculated to improve the
market for American securities over
here?"
Yes" replied he; at is certainly a
relief to find nothing aggressive in the
message. l anticipate that business
with the United States will be very
brisk after the new year. They are
having prosperous times oevr there and
confidence is being gradually re-
stored"
English investors are alread buying
although to a small extent, but after
the new year l expect that business
will improve considerably.
of course the currency Is after all
the main factor in restoring confidence,
and until your government places that
on Il sound basis, International finan-
cial relations cannot improve substan-
tally"
Mr.. Gordon, who succeeded the late
Walter Burns In the direction of the
London branch of j. p. Morgan & Co.,
said:
Several stock exchange men who
have been in here this morning tell
me there is general disappointment
at the wishy- washy color of the Presi-
dents currency paragraph, and Ameri-
can stocks are weaker in sympathy
with that feeling.
There is no stability in the present
condition ard nothing to prevent re-
currence of the panic.
IF the scheme foreshadowed by the
President of re-lssuing greenbacks
against gold alone were effectuated II
would suffice. but he does not promise
to do anything to meet the needs of
the financial situation which is grow
ing worse 1t is gratifying to find
nothing bellleerent in the message, but
a pacific policy will have no effect in
restoring confidence here in American
investments.
what is wanted Is currency reform,
ana tnhI MCNlnieN proposes peHulng
the balance of revenue expenditures
being attained but gives no indica-
ton of doing anything to secure that
balance
"As to international bimetallsm
that is as dead as a doornnil and
Senator Wolcott knows IT. There is no
hope of relief in that direction"
II. j. Mcneil, secretary of the bi-
metallic league. said.
"Bimetalllsts regard the Presidents
reference to the Wolcott mission with
considerable satisfaction. We did not
consider the reply of the British gov
eminent as in any way finally closing
negotiations. The fact that the Wolcott
commission has not yet reported to-
gether with the Presidents expressions,
encourages the hope that the United
States and the Frnch government con-
template further action early,
British bimetallists are more con-
fused than ever We need an interna-
tional settlement md the recent fall
Of Indian exchange shows that the In
dian government officials were in error
in replying to the Wolcott commission
proposals that they were about to Sc
cure settled exchange"