The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1885-10-02
DOWN ON The DOLLAR.

The american Bankers Association
Meets at Chicago-The Mass of Argu-
ment Shows Decided Feeling Against
the Continued Coinage of the Silver
Dollar.
CHICAGO, Sept. 24.-The convention Of
the American Bankers Association was
called to order in Haverly's Minstrel The
alter, at 1920 a m. yesterday, by the Pres
ident, Lyman J. Gage, of the First Nation
al Bank of this city. Rev. Arthur F. Swa-
zey invoked the vista IN of Divine power
on the work of the convention, and asked
that commerce might soon be raised, from
its fever h condition. IS
President Gage then delivered his annual
address, from which the following. extracts
are taken: M III 1853
The speaker congratulated the society on
Its progress. AS bankers he said they had a
large share in the direction of force or in
fuence which, next to the power of steam or
electricity has been the most potent in pro-
noting the material progress of the last half
OF the nineteenth century. This influence
was credit As dispensers of credit
the banks and trust companies hold claims
against the people to the extent of nearly
$2,5OO,OO0,0O0. As recipients the Liabilities of
the banks were S2,S0O,000,00O. AS dispensers
they hold invested in bonds of the United
States between $500, 100000 and 5000, 100000,
and in other bonds and securities about $40.
U4U,UOO. Continuing, he said: tit &
"A bank has been justly compared to q res
ervoT: Into it there flows the idle or unused
capital and credit claims of the community,
and this accumulation, or a judiciouS portion
II q loans Or ah
wnlcn InyIgorate and carry forward the move
ment or trade and industry The service
SO rendered is real and vital service
70 the community. and in its benefits the
most humble member shares. Trans
portation statistics give ls the movement
IN tons OF provisions and grain, but they are
ing through banks by which the movement of
grain and merchandise is effected II this
propulsIve force of credit should be suddenly
Withdrawn the movement of products would
cease or become so restricted as to bring want
and sutering.where comfort and plenty now
abound. 1t, then, this agent or influence we
call credit accompGSheS such advantageous
results it is certainly wise to study the condi-
tionS which favor its action, and clearly COM
prehend, if We can, the dangers, if any there
be, which naturally lie in its use. 10 these
can scarcely more than allude Among
favoring conditions there may be named four
ID high degree important: .-e..
Il. A well conducted and orderly state.
where life and property find safeguard under
the faithful enforcement of law.
''2. A general intelligence and q generally
developed moral sense sufficient to inforce in
the average individual the dictates of honor
and good faith.
IS. A condition of industry and trade
which offers fair reward to those who engage
in these pursuits. ltstte EA u.0lH sF.
"a. a lawful currency or money standard
endowed in the highest possible degree with
the quality of unvarying or uniform value"
The speaker would not delay by enumerat-
hazards innnTrn1 10
to the commercial system in its use was the
tendency to aise prices, encourage specula-
ton, and create delusive appearance of
prosperity. But it had its reactionary period
He thought this losing process had nearly
reached its end and predicted moderate pros
petty. In speaking of alawful currency he
said:
1T is not proper for me to anticipate a dis.
cussion which will justly claim an important
share Of your attention. You are all aware
that the issue between gold and silver as the
ruling money of account in our domestic
trade and exchange can not be much longer
delayed. The course of Government action
in the continued coinage of silver is carrying
MS rapidly toward the silver basis In fear Of
this result enterprise hesitateS to embark in
new undertakings: business languishes and
the expectar1t or waiting attitude is every
where observable.
"a wise lawyer once said that the wisest
acts of legislation had been those which re-
pealed some previous act of legislation, and I
for myself do not hesitate to affirm that the
immediate repeal of the Silver Coinage act
would be most timely illustration of the
truth OF his maxim"
At the conclusion of the address the
Treasurer's report showed the total receipts
for the year to be ST, 334.17, with disburse-
ments of $13, 1856, leaving balance on
hand of $407.21. The report was accepted
Prior to the discussion on the silver ques-
ton Mr.. Gage read the following resolution,
which he said would be acted on after the
discussion:
"ResoIUed, That it is the sense Of this con-
vention that the coinage of silver dollars
under the compulsory law of 1878 is detri-
mental to the best interests of the people and
dangerous to the welfare of the Government,
and that the law should be Immediately sus-
pended and remain imperative until an in
ternatlonal agreement with leading COM
mercial nations shall give substantial as
surance as to the future relation of gold
and silver as money" &48 EH 8@5tl
Colonel w. L. Trenholm, of Charleston, s.
G.. opened the discussion and said the largest
class were the wagelaborers. The depre-
ciated currency affected the day-laborer, be-
cause he turned his capital over every day
1t was his strength. his health and iptelli-
gence, and he must work, be he sick or well,
and must take the Governments money in
pay. When the currency depreca teS the
things he has to buy are rising in value;
hence he is the greatest sufferer. The coin
fixed as the weights and measures. When
Congress creates a money, he said, which is
not OF the true value which it processes to be
1t is recreant to its duty under the
Constitution. Referring Ito the Bland
act, he said the contraction of the currency
had exercised bad influence on the business
Of the country. and he hoped the convection
would pass resolution calling for the uncon-
ditional repeal of the Bland law
Mr.. Hague, of Montreal, said the question
was, one of general interest all over the
world, and especially so in Canada. Canada
found it necessary to have many banks in the
United States and the citizens were, there
fore, brought into close relationship with
foreign countries. London has maintained a
gold standard, he said, which controlled the
market all over the world. For small cur
rency silver was found the most convenient.
A double standard he thought was danger
Gus. e ef Si4.
Hon. Edward S.. Lacy, member of Congress
from Charlotte, Mich said the reasons given
by Bland adherents were that the use of
gold would not supply the demands
OF commerce, the silver dollar was
the dollar of our fathers" and
Others which were blended with great adroit-
ness. AS the area of commerce has broadened
he said, gold became necessary and silver
was found to be excellent in q subsidiary
capacity. Under present conditions, he said
gold and silver could not both be
used as standard, and one or
the other had to be chosen The banker and
Spectator, he said, had no INTEREST in COM
mon Thousands of laborers, he said,
were engaged in strikes for an increase
of ten per cont. in wages, while at the same
time by being misinformed on the cur
rency they were voting at the polls for a
reduction of twenty per cent. In this
way change to a higher standard would
make money for and change to a lower
standard would lose money to the employer,
and vice versa to the enlpioye. He thought q
date should be fixed for the suspension of the
coinage of silver dollars, and that the large
slYer certificates should be exchanged for
bills of small denomination to be used for do
nestle purposes 3so5All 1--WE a@#9 ~ so
Mr.. Flanagan, of New York. offered reso-
luton calling for the repeal of the Bland Sill
yer act, after which Mr.. Colgate, of New York,
spoke fayorably of the coinage of silver, after
Which VI adj esarnment was taken until to-day
"A feature of the tobacco trade in
North Carolina is the shipment of large
quantities of the weed direct to Europe.
Formerly the dealers in Richmond and
Petersburg bought up the crop and
shipped il The development Of the
tobacco trade in North Carolina since
1865 has been remarkable. 1t gives
employment to over fifty thousand
farmers and employees. There are not
less than ten thousand employees in the
warehouses and factories. New Orleans
Times.