New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-09-25
TALK. ON SILVER PROBLEMS.
VIEWS OF THE BANKERS IN CHICAGO.
THE CONVENTION CLosED-MR. ATKINSON FAVOR
ING MR.. WARMERS PLAN.


original resolution calling for the making OF silver dol
lars equal gold This was lost, was also Mr. Elan
ngans substitute, and the original resolution was
carried by a large majority Lyman j. Gage was re-
elected president OF the association The other ocers
we're also reelected
Colonel Nelson, OF Alabama. read paper on the pre-
yention OF risks in collections An address by W. p
Drew, National Bank Examiner OF Philadelphia, on de-
facatons then made. Mr.. Drew mentioned among
other prudential rules In the organization OF banks the
| following as desirable:
separae the handling and custody OF money and other
funds from the clerical force Of the bank Banks nave
been robbed OF large by detailing bo0kSeeper TO
the counter OF teller during the atters absence nav,
ing his both ends OF such accounts as belonged
his ledger. he free to plumber ad ibn until the
teers return Teilers should be entrusted Win casn
only. Custody OF colaterals Tor loans SHOULD
not be with the person who has charge OF
the paper supported thereby ana necessary powers i
attorney may be Kept apart from the securities to winch
they apply Individual bookkeepers Should DC ro,ateu
without notice. thus preventing then from defrauding
their banks by collision with depostors cashier Id
charge this book robbed his bank or quarter OF
million Of dollars by classifying the amounts due from
other banks; another by faslfyng the amounts or DIS
general ledger Is Objectionable Every employe and
officer of bank should be obliged TO take leave OF alb
for short tme at least once every year. mus OK
posing his work the inspection Of Others and hence
lettering him from attempting Justification OF his ac-
Correct forms OF organization and Nise methods
In management should DO supplemented by thorough;
frequent aud unexpected examinations by officers ana
directors Examinations by directors should be without
notice, ana should lnclhde searching sGruehy mug
tho operations OF the bank. The cash or the bank
]
Cash items should be scrupulously inquired into ana
understood. Every note discounted by the bank and
| not forwarded Tor collection should be seen ana It's
amount counted Notrs sent away for collection should
be carefully ell thu ugh the correspondence ana the
books and II necessarily verified by independent COM
muncaOn with the bank to which they purport 70 nave
been son All securitles whether oepnShS 70 sns
and their value noted Balance sheets OF mnl'lduai
aud OF general accounts should be carefully examined
aud compared the books and the habits and asso'
Citations OF officers and clerks be male subjects OIL ProPSr
the production Of the vouchers anu eharkes III tuG ed
In word. examinations of banks, by whomsoever made,
should be as critical and exhaustive as possible
Following in the line but at greater length, Pro-
lessor Albert Bodies, OF the University OF Pennsy
vanla made the next address SO mucn time had now
consumed that the rest Of the papers prepared
were ordered 20 10 printed without reading. resou.
adopted authorizing the executive council to
take steps the amendment Of the present extra
dtion laws prevent the harboring Of United states
deauters In Canada. The association then adjourned
sine die the members leave for visit TO
the cities Of ST. Paul Minneapolis. Duluth and Fargo
Among the addresses which will be printed Is one by
Edward Atkinson. OF Boston on the silver problem In
| part it Is as follows:
It seems to me that the confusion OF ideas which pre-
walls respect what is called bmet aIsm. grows
wholly out OF confusion OF terms BgeaIIism and mo
uomcla,m have learned sound and they lili feady
lam and OF egalteudersm the discussion BECOMES
vague Yet latter the ones which should be
considered The question IL not as 20 tue coinage OF Que
both metaIsino money IL Is whether or not debtor
! "a choice a.
! ing a CONTRACT while tue creuitor Is EoprIgeed
| OF any power OF choice as 10 whlen metal
necessary connection between Of either metal Tor
Of the coins made either meta AS money. and an
ccivc the other kinds OF coin In liquidation OF
debt In point OF TACT the use which is made OF money
h tho discharge debts TO be accurate the Use
which Ia made 81 money IN tho olsen rye 81 deferred
payment. very small conpired to the use when IS
/ made OF money in tho liquidation ~ exchanges bar
gains purchases sales, ~ 20 which there IL no De
errcd payment none 81 any moment. Maat IL called
fist n
ably greater than credit trade Cash sales, or sales on
ON Sh ch payment is deferred for any grra, length of
time That - say, substantially AT transactions in or
exchanges OF merchandise, we'll rs all the daily sales
OF stocks and bonds are either upon casa basis or
up1n terms OF credit limited within say twelve
months Tho credit which Il granted by me farmer VINO
plants acrop, or by the manufacturer who iIys IN
stock Of material to the public IN genera Whon We
prrptngt 10 suppy'lS also suo'tht,Aiy n 1 70 a
single Deferred payments OF the KIND llkeiy 70
he affected 10y any change IN the relative value OF the
precious neas are Therefore" pI'tlcaiS I''ou , ~
| mortgages real cstate-railroad bonds and puOhc
securities The OF anxiety to tho honest advocates
! OF what ~ known rs bimetallism may therefore be
limited to the lear lest such Obligations may become
date OF the obligation. Has tue lender fear
that no Ily DO pam roI iI tnon cha n nSaria
for tho OF money must be Increased Would suffice
today for the inter e,,eS 70 rrn the gs Se
oiiucrest think not. IL would he necessary to buy
deferred payments long dates the matter at issue
| would possess much less Importance, since abrupt
changes relative value OF gold and silver are Of
| the rarest occurrence.
Has not standard of gold been adopted by natural
selection because safest and least bulky. and
therefore cheapest Has tns selection OF the stand
ard or unit OF pound sterling as inc MEASURE Si an
deferred payments IN international commerce hAu Tue
east effect In respect o tho Of silver as money
srni6 American IL may not denied that tile inter
ference OF of legal lcnder may alter the relative
countries. Had not silver been made legal tender IN
Germany. the stock OF COIN which was soIa %hem
Germany and had Il not accumulated there would have
been no great stock to be sold by which the marset
F.rtaA
United states had not withdrawn two million
! dollars worth OF silver bullion per month from the
onrErt for useless coinage we should
with present question Of how to use IT, aud the eX-
changes OF ho world would not be liable to temporary
dsturhance TO purchase or try 10 dispose
OF what have. May It not. therefore. DO held that
OF legaltcnder IN respect TO the money metas-
while thoy may temporary fluctuations ia their re-
ation to each other-Or may render these hnouatiohs
intense. are yet utterly po"erless TO eStosh any
uniform ratio between the two metals May We not
lsgaLteuder in tho United states. except such
as would empower creditors to enforce contracts In the
nly all contracts FOR any long deferred payment would
be made specifically payable In dollars or gold or IN
I'm contracts specified In silver doa-si II such would
m The froc choice 0f both tue parties to such contract
why sholld the law Do framed to restrict such
freedom Of contract May not the present law DO CON
,e "a nm ac 10 render ali contracts uncertain ami to
subject all creditors to the rule or heads lose, tails
You VIM IT, however creditors are forced To take THIS
Tk In the long ran the debtors will pay for IT IN the
HIGHER ratio of interest upon all loans. May IL not be
held that the very purpose OF all legislation TOT
tho enforcement OF contracts aud for the col
lection to prevent tho evasion OF either Is
not this the interest OF both parties In all the con
tracts II So Justification there be In estah-
fishing kinds Of coin under the same name ana CIV
ing the debtor only chOicei IL H. perhaps. useless
TO ask this question, when tho supreme Court OF the
United State has impaired tho terms Of All contracts Dy
decision which gives the debtor the choice between
two kinds III dollars and ono paper substitute for dol
lars. We must, therefore, surmount the commercial
dangers which have been arhcally created by aggres-
alive legislation. sustained by illogical Tor, we may
say Illegal except TINS particular decisiOn decision
of the court by coming back To the nature OF things
aud 10y appeal TO co mmon sense on the shVer queS
ton.
Mr. Atkinson then took up Congressman Warmers
proposition that present silver coinage act be re-
peaed; that tho United States Treasury receive depos
its of silver bullion and issue certificates, in which the
weight shall be measured or declared In dollars at the
market value OF bullion when 1t Is deposited, and