New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-08

feated resumption certainly would nave enpI,as
H. and might possibly have postponed indefinitely us
contamination. But l am happy to bear witness tna'
such action on the part Of the banks Was ever h
OF meeting late IN the month OF OCTOBER ssL
OF many the principal banks In Newfork CITY These
gentlemen bad been from me first c9roia anu carries. ~
their advocacy OF resumption. ana theS assured me
strengthen the hands OF the Secretary and in further
ance OF the good work. The propreV OF mahlns .ne
Clearing House, aud If receiving United States notes III
lieu OF coin In the payment OF the interest upon he
public debt Of com checks OF the Government anu OI
balances between the banks and the Government was
favored with substantial uneslnilty.
In addition To those propositions 0tbcrs naHlng
enee to receipt OF toe silver dollar and the dscon
FINANCE II special gold accounts were aooteu ~
donDts of resumption ceased, gold declined IN value
ANA more month before the day n1ed by !a~ re
had practically becu reached, so that upon
that day the country surprised 20 learn mat az
hougb ne bankers Of the CITY 81 NewnorS neg io5
of Treasury notes. not one dollar had been ue
manded In coin As at the commencement o. m war
the bankers parted with their gold TOT he DeDeut :" %
Govern nent, close aud upOr the resumption OF
specie paTmenIs they reliDqui>hed the rght ana pIN
Itge Of again 1rIpandng IT. and were well satisfied 70
receive iSsiead the demand notes or the Government
which are redeemabe in coin upon presentation
SILVER NOT DEMONETiZED BY STEALTH.
Mr. Knox devoted some time I'm showing that SILVER
was not demonetized by stealth. and adduced Ihc
strongest evidence to prove his assertion III lo'o
duriag the second session Of the XLIst Congress- ~
port was submitted SENATE. Mis- Doc 1877 WIN oIa''
NJ hill which substantially became, three years iaer
the CoiHags Act OF 1873. Mr.. Knox cOn, fi
|
Thai ceinase In subsequent report trsns@ltted W
Congress on June 2 1870 tins idssteal section % to
nil was coEsered by various mint experts, ana us
cussed bv them. The first report was puonsuS' IL
renov. cDntapinu tne opinions OF different persons IN
references to tbs discOHnUapce OF TIE coinage OI sue
,ver dnIlar were also published In that magannr Ibls
soe,lon OF tho act was discussed by the Board
Trace and the Chamber OF Commerce N 'ns 0, ny NJ
| Nsg-YOrK and rrcOnmsHdso by them, as may DC
by their published reports oI tnese as5oSua,ion
The House informed by the members of the Com
! init feo Others
the bin was printed thirteen tunes by order of Cong
AMI once by the Commissioners revising the statutes
| and was considered during Ave successive sessions
AS has beea previously said by me, II the question
discussion the bl 1t for the reason that usage
had established the gold dollar as The unlt-the sNo
dollar on account of It's q eater relative value, having,
with the Mexican do Lar and pistareen, dsaPpearel
from the circulation of the country Inc IOase ao'
of 1873 and the Revised s autes of 1874 simply regis
IN the Of statute that nSd been really Tue u-
/ written law OF the aud Tor nearly forty years" -.
The statement that the bill passed Congress without
due consideration has foundation Whatever ~ TACT
and would not referred 10 Al ths time except IOr tue
ALE gstien made by DISTINGUISHED gehuenan Sno' p
act did receive due consideration Oy congress hn
that 1t was not considered al All py any hOaIu o
or by any body OF citizens Is not probable that my
act passed by any Congress ever received more care III
itS preparation or Was ever submitted 10 tnS
OF SO great number practical aud SCIENTIFIC experts
as this Coinage Act OF 1873 The staunehts ID tTl
eTeuce 10 the surreptous OF iS i
nil were subsequently repeated in the cry Of PafIs S
"a member OF the Silver Commission ana we're sum
GENTLY answered not by American but BY the dis
tlngushed member Of tbo Commission rom the he
public of switzerland who presented official documents
%eknown scientific author. aud writer financial
subjects IN criticsmg the report Of the Pafls SILVER
! Commission refers 10 TINS subject as follows:
Another act which must have placed our Commission
crs at moral sadyautagf was their hing the hull-
aiing plea that the Act OF 1873 dcmonetzng tb Sie
dollar. passed through lhadFeftehce /. 10
to see what TINS plea meant what relation IL had 10 the
business tbe Conference or what OBJECT was 10 De
gained by raising IT, II proposed law can De debated
iu Congress for five years be reported several uts
from committees various forms, be iecommehuti ny
the secretary Of the Treasury az least one annual re-
ppyfl uatl Bass
by The President then remain on TIE statute pOOhS lot
through "luadverteuce," what shall OF our po-
LticA system or attention OF our people or our
Legislators 10 public aldlrst Every QUE "uo cars loI
Tie GOOD name OF country wall certainly say "lry 10
keep the fact OF the newspapers ana ny no means
confess Il to neighbors Tue plea was as polbeS
as humiliatmg Had our delegates promptly sald tDal
AT the time Of the passage Of the act SILVER had long
ceased 10 circulate in tbeir country except as suDs
diary CON, that therefore, the legislation dscOhbuhs
| it's coinage and legal-teuder was at me Tine on!
fact. but that the extraordinary fall ia tue price
! OF silver which mad occurred 10 she meantime
c0nvnced MS HAT SILVER should be money Of iu power
aud thus led Us 10 retrace our steps t9e III
would have been correct ana Iianh, ana "ouid naFe
produced mucu better enCct han ala inc pea acIuaI5
Having thus found 1t necessary upon this occasion TO
refer to the subject of the silver coinage cannon wen
avoid SAYING t'a IA ny HpiIlVn' SIeie " "o' P'o'''
In the words OF Il vreTaui member Of Congress, now
an ardent silver advocate, used by hlm during me dis
russion OF the Coinage Act Of 1873 Is Impossible 70
retain he double standards the values OF goj ana s
next year; they were to snort time they are
Tue United States DO not possess double STANDARD
for the cOlnaVe oil silver is hnteu 10 s-'OV0sooV
Uouth-tue bullion therefor being purchased Oy the
Government the cuIent marAet p'icc-lhoIcOy It
serving the profit to the people through ther Treasury
Immediately upon the passage of the proposed Free
Silver Coinage bill" shall pass nom 3Od 70 q SILVER
standard unless the present reiauve value Of the two
metals become reversed The OF June 20, 1885,, au-
tboTized reduction OF about Ga crnt Ia he wegEt
OF Inc gold staudard-the dollar being reduced from q
q 3
he silver com 10y overveung the standard of gold CON-
and bringing the latter mto circulation " The eAcIusiO
o. the relatively dearor metal
THE NATIONAL BANKING SYSTEM.
Mr.. here explained. with quotations from for
eign financial Journals tue favor with which TIE National
banking system is regarded abroad. He continued
Thus while a portion Of the people OF this country
seem intent upon the destruction Of most excellent
system of banking the people OF other countries look
with admiration upOn IT, while many OF the most intol-
ent onciers in foreign countries would rejoice in the
Substitution OF our system for those In operation
among them IL usually requires years OF discuSslOn Ia
bring about any very important reform IN financial mat
ters aud our own excel ent system which has accom-
psned mueh could never have been mans ur,ted ex
ccpt necessities OF National Government In the
must Of war which, at that time, seemed 10 threaten
| It's existence.
| PRIVATE BANKS AND THE NATIONAL SYSTEM. -
a frequently asked by bankers whether II is better
10 do business RS private banker state banker or
IA member Of the National systen to which answer
It you are private banker and have undoubtod credit
and the confidence your dealers and business Is
well III hand you with skill and good management
| undoubtedly make more money by continuing as you
are than by subectng yourself to the numerous and
burdeps0me restrictions the National Bank act II
you manage STATE bank and your stockholders are In
accord and do not take advantage or their position
either share solders or directors TO borrow al OF your
money your present OTGaEiz2uon which Is iree rom
| the trammels Of the National system, can be made
profitable rs II Is tAan rs National ASSOCIATION
That tins view il accordance Win the judgment OF
many OF engaged IN banking II evident, as nave
frequently stated before from TIE ao tsaI ters IN
TINS country s53 stats banks and 1896 private bankers
who choose Fuch ~ ~ eHsrihg the
National system The profit arisipg irsm circulation,
upon banking capital of $50 900, Will not average
more than $500 5000 annually, and II is easy 90
unaerstaNa there Is Particular lBducem,ht Tor
we-esteb shsd baRkcr TO subject hmsrt 10 the YOKE