Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1885-12-30

HE STANDS ALONE.
THE ONLY NATIONAL BANK oFFIC ER
IN NEW YORK
Who Has q Good Word to Say for Sirrer
Coinage-He Eluoidates the Rea-
sons for Silver Depreciation,
as He Sees It.

NEW York, Dec. 2S-John Thompson,
the venerable president of the Chase National
bank in this city, is pronounced silver ad-
vocate, and is the only officer of national
bank In this city or vicinity holding views
favorable to silver. Friday he said:
$ sU@While stand alone in this silver matter
among New York bank officers, it is not the
first time have stood so on financial ques-
tions. Not another bank In New York
would have anything to do with the national
banking system when was working for its
establishment, and when organized the
first national bank in this city no one would
take stock, and with the help of friend l
subscribed it all In my own family. Then
we issued the first national bank note, and
the clearing house decided not to touch such
money, intimating that only scalawags
would handle it. But then they have
changed their views since.
"On this silver question believe that the
people of the United States are with me- l
contend that neither precious metal can be
thrown into mere merchandise, instead of
being continued as money metal, without
causing stagnation, depression, and finally
monetary revolution, doubling the pur-
chasing power of the monetized metal, and
causing corresponding cheapening of all
property, including silver, and bringing
debtors, as general thing, to bankruptcy.
1t is indisputable that the gold output of the
world is diminishing. My views are that
there will be desperate international effort
for the possession of gold, and there will not
be gold enough to go round on which to sus-
tain specie payments. When the silver of
the world is degraded to mere merchandise
one-haf of the precious metal foundation for
sustaining specie payments disappears, and
the idea that the other half will be adequate
is preposterous. ....
/ "The former ratio Of values are no longer
maintained, for very simple reason. At
the close of the Franco-German war in 1872,
Germany obtained an idemnity from France
Of more than s., 100000. Silver at that time
being the dearer and scarcer metal, this
idemnity was paid in gold. Bismarck and
his advisers in 1878 demonetized silver end
established for Germany the gold
standard; redeemed the silver circulation
with gold and threw the silver on the
London money market, taking back to
Germany the proceeds in gold. This over
stocked the London bullion market with
silver and caused dearth of gold. Some
other European nations initiated Germany's
example, and the inevitable result followed.
This is the simple fact, and the only fact
that caused the parting of the two metals in
price ....-...s
''Other New York bankers will eventually
come to my views on this subject. AS to
when, without knowing something more of
the spirit of the new congress, can not
tell If congress makes it mandatory to
coin more than the $4,000, 900 per month of
silver dollars, and orders the administration
to call in per cent. bonds, than the banks
shall within year be using silver dollars
Or silver certificates, and those dollars or
certificates will be the current money of
this nation. The idea that when this comes
there will be financial trouble is perfectly
preposterous, for the banks will have the
gold to count in their resources and have
the silver certificates to use over their
counters. This may be termed an imitation
and warding off of a panic, whereas being
restricted to the single gold standard will
quite likely bring on stringency and
make troublesome times. I favor the
free coinage Of silver and favor the
issue of silver notes in small de-
nominations against silver deposited in the
treasury, so that no American may be COM
pelled to carry. coin, whether gold or silver.
do not think the present congress will stop
the coinage Of silver. Congressman Warner
said the other night that there was no DAM
ger of that, and he knows our strength. He
says we may not get free coinage, but there
is no danger of repeal of the present law.
The president has been captured by the
bank officers, it Is true, and they have i'm
pressed him with their views until he has
put his foot in it, but we still have strength
enough to keep silver where it isl