New-York tribune., 1878-12-20
THE LECTURE.

| ing the National nnances.
THE LECTURE.
The third of series of parlor lectures, under
the auspices of the NewYork Free Trade Gu given
in It's rooms, No. 2I West TwentyfOurh-st last even
ing, Horace Wmte, who entitled his lecture Money
! and Trade" H. B. b. Stapler presided.
After re errtng 10 the action Of tue Clearing House
| concerning resumption OF specie payments, Mr. Waite
said that it must not bo supposed tht tho
banks were moved by any idea OF promoting
sound views of finance. or influencing public
opinion in any way. Missionary work was NOT IN
their De Wuen they loaned their capital TO me GOV
the beginning Of the and thus entered
upon OF irredeemable paper. the end OF which
| man could foresee. they did something which de-
! served credit, for In this action they stepped out
| side OF their proper vocation. When the great
emergency passed awly they returned To tLeir egt-
bus OF collecting together keeping SAFE and
maknl productive the unemployed capital Of the COM
munty. 4 banker might be very religious man, but
one could expect him that to the money
OF his depOstors build the waste places OF Zion
Being a trustee for the whole community his first aud
most religious Guty keep safe and return on de-
mand 20 the rghtful owners all moneys commttefto
his care doing This he might be tasteful and as
sentimental rs anybody.
The N-w-York bankers In adopting the resolutions re-
lating 70 resumption concerned only in keeping
The money placed in their hands by their stock
holders aud depOs)r BY one process or another the
rredeemable notes of the Government had acquired
| value equal to that OF gold. In announcing
the decision TO receive silver dollars ONLY special de-
uOsts be- rejurued IN Kind. the Clearing Bouse pad
! merely declared tnat tHey would not under
! they possessed. A great outery bad been rased
| action, and numerous suggestions bad been made by
WY OF preventing thu banGs from earryng u INTO tnect
or nun shIng them dong. Acts ~ CONGRESS TO
prevent this would be as mDOtent as verbal abuse 10
prevent man rom refusing 70 90 @ yn wnsn rt,cIss
impossible. The banks misns treat tuese Iwo articles rue
OF unequal value Us o equal value for tlme, DDt u
won not last OUg. He claimed that there was no IN
Justice this OF the Clearng-house All trade
% smP Where properly G5Sh 11d Other and mCSey
TSasS Tas cmHInyrd 70 facilitate the exchange
Rank depoSS therefore consisted really or commodities
so 81 ana monay ly"S MS ~ m %rher economzed ~ tie clear
ing-house system. New York CITY tneteiore performs
tne Office OF "A cIcarng g-lOuse Of the United states
! GpID THE SOLE AND UNIVERSAL STANDARD.
The standard OF comparison actually IN force In the
! commercial world gold Whether silver was
good standard de ure not, it WIS admitted on all
| hands that gold the standard dc facto. The
! difficulty Of having standard composed OF
two things was that they would not remain
OF equal value, and OF the essence OF standard
that il should main OF the value at time as st
another While the value of gold varied IN value depend
! ent on mere supply aud demand, these variations
were spread over such long periods OF time as
| 10 be impcrcept'blO at any particular ume.
! The variations due to commercial causes had
occurred With great frequency and intensity during the
~
tary circulation equally with gold lie did not consider
that the nature kind of money in use among
the people be OF the facors or agencies causing
panics The underlying cause was found IN an undue
! buying goods with the expectation OF selling them
as higher price AS fact, those countries having the
! greatest amount OF recovered from a clsls lne
soonest. Gold being universal egai-tender. was the
nay,os %Ss ayssOe 81 Uniform ." value was
order that IT might be known Iot eer,aIn iIt u,
another article The siiona. deot of about $1,000;
100000 Represented only onehiteenth OF tie ahnaai
cretary sherman was perfectly right when he said
that paying silver Tor interest W1ua put Ut stop 20 @ D,
refundng operations. whereby the rate OF interest was
| being reduced from TO per cent a year, or q
ve at ~ s brent price would result IN saw ng Of
only n per cent The only great change in the quantity
Of 9Ss 95 o5o nS were R' suddenly issued
| IN the face of which issue there was q
Tna Saanfy aGoat IN the summer OF 1859 about
1929 ana at taS S sssSS ,g da"pe IN ns so
premium until It was at par showed that az.
currency. the currency had actually, grown down
! to the county. All tins haa happ ND wltn0ut any
and IN spite OF the passag. of the Silver bill. During
the past year the Goa n GSa %
the same period the IN ports and exports q
gold had he Se,p h s09s eg9o 1e soupae TS
of The tor the time being dad taken place
country, which Was uBqueStObaby due To the excess Oh
| exports oyerimpCrts Of merchants.
|
sumption ON the frst January subsequently, the
npInciples now governing Treasury ana the new
York Clearing House were adhered TO- Ihese PrnCpe.
we're that uObody should forced 20 take silver anu OF
course nobody would want IT, Tie iaet that no us us
| tncon was 10 be made between gold ana greenDacks
nv lhe banks left motive or anybOdy TO oraw MS
! deposit In the GOrW OF greenoacks anu eAchahGs.
| for gold since his deposits would Dc al eOlu
| vnur Nv refusing to take sIVer, tue pdhhs
had adopted measure 10 prevent then Capl1a n nnH
hsaaJ Oft any tendency disposition therc might nave
been on the part of private mdlydual- 10 naAe run On
| The Treasury, from Apprehension tnht tue CON
| ti,ued co,nage OF silver dollars Won eVentutiy
drawn from ont the Treasury after the doors were
opened no man could tell until the experiment was
| tr ed He hoped III re- would De q sum uihNu
| inrgn enough 10 Saturate the Circulating inc
| dlum from one end or the country 70 me olneI,
IA sch ORA would be- healthy, and ought not W cause
auy apprehension the part OF the srcreary or any
nody else banks and clearing houses shoud naNe
cnogh 10 satisfy the demand, and In MS oplnon tneie
was more than enough TO satisfy the requirements OF
enid resumption. long the Treasury was governed
~ the urncoes now force. silver dollars would pile
them in the vaults, an inert mas costing the
nunc So month III the way OF taxes To pay
| fnr the bullion OF when they were
| coined. These principles were pretty hkeY 70
Administration. Their might be spasms IT CongIssa
meanwhile bat II not likely that any bill COZ DC
come "a Law which would essentially change tue preee"
II thc present policy reversed at the erd OF Mr.
Uayes's term oice, II there was Srons P.o "a
| blity that it might be, then undoubtedly 'aoiid 'id
! would be drain upon the Trrasui! lOl e,ha
! sunicCntly and protracled 10 fetlrc an
rreenDacks outstanding; to meet which dram II so
6o necessary for Secretary to sell bonds, as lhe
| svmntton Act authorizes him 10 do, 10 any nceoeu
amount But the lecturer thought merchants need IL"
| look so ahead.