The Topeka state journal., 1897-12-08
MONEY TALKS.
Lord RevelstOke, Head of the
Firm of Barring Bros.
Says the Presidents Message is
Disappointing.
SEES GOOD BUSINESS.
Says British Will Send Owe
Their Money Next Year.
J. PierpOnt MOrgan's Man is
Disguised.
BIMETALLISM is DEAD
He Says, and Senator WOlcOtt
Knows 1t.
Wants Genuine Unadulterated
Currency Reform.

New YOry, Dec. S.-A dispatch to the
World from London says:
Lord RevelstoI1e, head of the banking
firm of Barring Brothers, was asked to-
day 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 Indication of any in
tention to bring about"
DO you consider the pacific tone of
the message calculated to improve the
market for American securities over
here?'' he was asked.
Yes" replied Lord RevelstOke, lit is
certainly a relief to ind nothing ag-
gressive in the message. 1 anticipate
that business with the United States
will be very brisk after the new year.
They are having prosperous times over
there and confidence is being gradually
revived.
English investors are already buy
ing, although to a small extent, but al
ter the new year l expect that business
VIII improve decidedly.
"Of course the currency is, after all
the main factor in restoring confidence
and until your government places that
on a sound basis, International fnan-
cial relations cannot improve substan-
tally"
Mr. Gordon, who succeeded the late
Walter Burnes, in the direction of the
London branch of J. p. Morgan & Co.
said: Several stock exchange men who
have been III here this morning tell me
that there IS general disappointment at
the wishy-Washy course of the presi-
dents currency paragraphs, and that
American stocks were weaker in SYM
pathy with that feeling. There is no
stability in the present condition and
nothing to prevent recurrence of pan
ic.
IF the scheme shadowed forth by the
PRESIDENT of reissuing greenbacks against
gold alone were etfectuated, it would
suffice, but he does not promise to do
anything to meet the needs of the fin
anciaI situation, which is growing
worse.
1T is gratifying to find nothing bel
ligerent in the message, but a pacific
policy will have no effect in restoring
confidence here in American invest
ments.
What is wanted is currency reform
and that Mr. Mckinley pOstpOnes pend
ing the balance of revenue eXpendi-
lures being attained. but gives no indi-
cation Of doing anything to secure that
balance.
'-As to international bimetallism, that
is as dead as a door nail and Senator
WOlcott- knows it. There is no hope of
relief in that direction"
H. ]. McNein, secretary of the BIZ
metallic league said:
''Bimetallists regard the presidents
reference to the WOlcOtt mission with
considerable satisfaction.
We did not consider the reply of the
British government in any way finally
closing negotiations. The fact that the
WOlcOtt commission has not vet re-
ported. together with the presidents
expressions encourages the hope that
the United States and the French gov
ernment contemplate further action
early
British bi-metallists are more conf
dent than ever. We need an interna-
tional settlement and the recent fall of
Indian exchange shows that the Indian
government officials were in error in
replying to the Wolcott commission
proposals that they were about to Sc
cure settled exchanges