The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-05
English Bankers Pleased
With Mckinley.
Regard His Views on Finance
as Safe and Sound.
Results Awaited With Interest.
Confidence In Lyman Gage.

sage TO congress have been received in
business circles here with every ex-
preston Of satisfaction. They were
read to the representatives OF the Roths-
childs' banking house. who said they were
much pleased with the position taken
By the president. adding:
| 1T is excellent, most excellent"
| The governor OF the bank OF England,
| Albert c. SanGeman. said the financial
clauses of the message were Thorough
I ly sound, and Of a clear. honest. con-
| servative tone" He would not ex-
press an opinion on the international
/ bimetallism clause.
MIR. Howard Potter OF Brown, shipley
| & Co. remarked:
'1t is quite in line with what / ex-
rected. IL President Mckinley ap-
| points a good commission 10 revise the
monetary laws, there is no doubt that
| good will result. The country must be
| thoroughly sick Of the situation.
"In view Of Japan's adoption of the
gold standard and Russias accumula-
ton Of gold, IL is very doubtful If inter-
national bimetalism will proceed very
far"
Secretary Neal OF the Bimetallic
league said: We are delighted with the
clause referring TO International BIZ
ruetallism. 1t Is all we hoped for and
the British bimetallists believe they
can also speak for those of France and
Germany II a common internal none
tary affairs commission is appointed II
will be the best thing done in the United
States i'm a long time"
The Gold Standard Defence associa-
tion is not pleased with the clause in
the presidents message referring 10
International bimetallism. It's members
express the belief that when President
Mckinley comes TO settle down, he will
find all the government officials against
him.
Mr.. Richard H. Martin. chairman ot
the Martin bank Qimited) remarked:
President McKinleys work is cut out
for him. He promises well. Let us
see the performance.
I'VE know Mr.. Lyman j. Gage (the
secretary of the treasury, and have
faith In him, as most London bankers
have"
All the morning papers contain edito-
rial references to the inaugural address
Of President Mckinley.
The Morning Post says that. in view
tween Great. Britain and the United
States by President Cleveland's impu-
dent message It is satisfying TO note
President McKinley's words of weight
and wisdom with reference to the arb.
trauon treaty.
The paper thinks II also gratifying
to find that he does not encourage the
policy of interference abroad and keeps
an open mind on currency and econmic
questions"
The Daily Telegraph regards the mes
sage as "a most relentless and unfiinch-
Ing declaration for protection" and
adds, sarcastically: Fortunately, our
conviction OF the unassailable soundness
OF free trade principles enables us TO re-
gard comparison with equanimity."
The Daily News considers the address
most satisfying and reassuring. and es-
pecially so in its reference to arbitration
and non interference abroad" The pa
per thinks the presidents attitude to-
wards bimetailism safe, soothing and
altogether unexceptionable." IL adds:
"The tariff paragraph is an endeavor ot
compromise between conflicting princi-
pics. We know what came of McKin-
leyism before: and IL is unlikely that
there will be any renewal OF the legisla-
ton on the old lines" The presidents
references 10 the development of the
American merchant marine are thought
by The Daily News most significant"
The Daily Chronicle says: "The ad-
dress Is very safe utterance. showing
that President Mckinley. IL not a great
man, Is at least prudent one. Evident
ly high tariff is to be the sheet anchor of
the new administration. We see no Sc
rlous attempt in the address to grapple
With economic problems; and IL is hard
TO believe that a cabinet of millionaires
and president whose election was aid
ed by enormous contributions from
trusts wilt prove jealous antagonists OF
such trusts. President Mckinley will
stand or fall, however. 10y his strength |
OF resistance TO the encroachments of or |
ganized wealth"
The Times thinks that the obvious |
prominence given the protectionist idea |
In its most uncompromising form must |
put ar end TO any active cooperation |
between the Republicans and the free !
traders who assisted them in fighting |
against Bryanist propaganda. The |
presidents language on the currency Is |
encouraging. though vague. He has |
given the jingoes a cold douche. which |
should bring all except the utterly in |
durable TO their sober senses: and, |
though we do not feel as confident as we |
might. II Is TO be hoped the senate win |
ratify the arbitration treaty without
mutilating or minimizing its provisions"
The Standard says:
The address is smooth and kindly. /
but II has one serious underlying pur-
pose. namely, protection. Experience
has been useless either 20 President Nc
Klnley or To the American people. They
have not yet suffered enough for their
economic mistakes and hercsies. Their
rcversion toward high protective duties.
however. relieves us OF all fear Of their
destructive competition in other parts
Of the world