The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1878-01-11
MEN OF NERVE TAKE AC..
THON.


The Bankers Resolve 10 Pro
teeG their Own InGeresEs.
Real Estate and ALI Else Way
DeprecTate buG Bonds
NHusG Nos.
NEW YORK, Jan. 5.-At 3 meet
ing of the bank presidents, at the
House to-day, the effect of
the silver bill now pending in
Congress, was discussed, and reso-
buttons adopted referring the mat
ter to a committee who shall rec
suitable action to an adj
journed meeting, on Wednesday
next. Representatives of twenty
four banks were present. The fol-
lowing resolutions were also adopt
ed:
Resolced, That in view of the
bill Bow under the consideration of
Congress, which proposes, in effect,
to supercede the existing law re-
curing the redemption of legal
notes in gold coin on and after the
1st of January, 1873, by making
silver dollars of 4121& grains the le-
gal standard for the payment of all
debts and measures of commercial
operations in the United States, it is
the DUTY of bank officers to serious
ly inquire what effect so important
q change in the circulating medium
will have upon the conduct of the
general business, and upon the re-
spectiVe institutions under their
charge, and what practical meas
uTes, if any, can be adopted to pre-
4k.n
serious decline which will inevita-
blY follow the passage of the bill
i'll question.
ResOEUed, That a copy of these
resolutions be Immediately tele-
graphed to the leading houses in
Boston, Philadelphia and Baltimore,
inviting the bank officers there to
consider the same. and, if practical
BILE, to send delegates to attend our
meeting on Wednesday next with a
view to mutual counsel and con-
ceFted action.
ResOlVed, That presidents of trust
companies, savings banks, and life
insurance companies, in this city be
also invited to attend the same meet
ing and to participate in the discus
sion.
THEIR RESOLVE AT NEW ORLEANS.
NEW ORLEANS, Jan. 5.-The fol
lowing preamble and resolution
was passed by the New Orleans
Clearing House Association this
evening:
WHEREAS, There passed the
House of Representatives of the
United States, on Nov. 9Th, 1877
during an extra session of Congress
an act commonly known as the
Bland silver bill, the purpose o.
which act is to remonetize silver
which was demonetized by an aci
of Congress-, on February 18th, 73
and to make legal-tender at its face
value of what is only at present
worth in the markets of the world
80 cents to 81 cents; and
WHEREAS. 1t seems Imminent
this bill may pass the Senate and
possibly that it may become the
law OF the land and
WHEREAS, Certain newspapers Of
the North have charged that the
South is favorable to the passage Of
this law; now, therefore, be it
| ReSOLUed, By the banks compos-
ing the Clearing House Association
of New Orleans and representing
almost entirely the banking capital
of the largest commercial city OF
the South, that we most uuQuali-
fiedIy deprecste and protest against
the passage of any law authorizing
the coinage of silver, except as d
subsldiary coinage, without legal.
tender value, or, if so, for a very
small amount.
ReSOLUed, That we look upon
gold as the recognized standard o.
value of the world; that we con.
slider bimetallic standard as moi
only dangerous but entirely i'm
practicable in the face of the i'm
mense increase of the production o.
silver and its consequent f1uctuatioL
ia value, and that for the country
to adopt silver as monometalliC
standard just at time when we are
feeling the need of a more extend
ed reciprocal commerce with other
nations would be to work an untold
injury to almost all our industries.
ReSoIUed, That If for no Other
reason the bulk of silver alone
makes it entirely impractica BILE as &
medium of effecting exchanges o.
values in any considerable amount
| ResOIUed, That the country ha,
been suffering tor Is years the evils
| always consequent upon an ire
deemable paper currency; that
through much tribulation and main
ly by the reduction of interest upor
the public debt of the country, rem.
dered possible only by the preser
walton, so far inviOlate of the finan
cial pledges of the government, anC
which in our Judgment is at once
the cheapest aud by far the most
honorable way of reducing the bur
dens of the people, we have reach
ed point where the government
non-interest bearing promises Il
discount of only "a per cent, anC
at, instead of six per cent interest
saving to the people of 2315 pei
cent, encouraging US to hope sbat a.
no very distant day gold may be a
par and our country then placed OF
par and our country then placed Oh
a solid financial ground for futurs
expectations of prosperity, and tina
such q time it would only be very
long step backwards, but an utter
ly demorslizing financial expert.
ment to rehsbilitate silver with le
gal tender power at all, and fal
more so at an inflated and fictitious
valuation of fully ten per cent
Common honesty and public moral
ity alike demand the prompt pay
ment in full of all obligations, and
our government should be the las
to set the example of affxing a fic
titiOus value to anything.
The bankers are men of nerve
and they propose to have only sucl
| Legislation as will protect and en-
hance the value of the kind o.
property they own and deal in. i
the real estate owners and rroduc.
ers had equal nerve, they would
combine in favor of legislation thai
would protect and enhance the
money illegal tender) value of their
property and products. But they
never have had the sense to do that,
and probably never will, even in
this free and enlightened country.
1