The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1886-08-12

not credftable to the intelligence of the peo-
ple. 1t is unfortunate that the present de-
preston in business, and prices is attributed
by some, to whom the public looks for
snidance' to the maintenance of the gold
Standard by some nations, and the efforts of
other nations to adopt it, While am clear
ly of the opinion that the world is not, and
never will be, prepared for the adoption of
a single standard, that both metals are and
always will be needed as medium of cir
culation and for facilitating exchanges, | am
equally clear in the opinion, that the adop-
tion of the gold standard, and the efforts
that are made to adopt it, have had no agency
whatever in producing the existing depres.
sion.
Money is abundant the world over. The
rates of interest are lower than ever before
and yet most branches of business are great
ly depressed and prices of manufactured
goods and Of agricultural productions are
scarcely above their actual cost, and why I?
the demand; because the revolution in all
branches of industry caused by machinery
is now felt in full force. Time is required
to bring about eqnalizations, and there are
hopeful indications that the process has been
begun In this country. and that it will go on
unless it is prevented by the wrong action or
non-action of Congress.
What then should be the voice of 1.-THE
Bankers Association"
A suspension of silver coinage for an in
definite period.
The discontinuance of the issue of notes
under five dollars.
The recoinage of part of the dollars now
in the treasury into fractional pieces.
The maintenance of The public faith, not
in letter only, but in spirit.
Very truly yours,
HUGH MCCULLOUGH.
Mr.. George Coe of New York was an
nounced to read paper, but said that there
was gentleman present who was compe-
tent to speak on 1.-THE greatest question now
before the world, namely, the value of silver
more of this subject probably than any other
man in the country, and he hoped that Mr.
Horton Of Ohio would be called upon.
The president introduced Mr. Horton, who
said among other things, that the concurrent
restoration of silver to its former prestige is
to the preservation of our degree of civiliza-
ton. Moreover this country is peculiarly
fitted to accomplish the restoration of silver.
Mr. Horton offered the following preamble
and resolution:
Whereas, The question of proper measures to
be taken in concert by commercial nations in or
der to regulate metallic money, has since the in,
ternational monetary conventions OF 1878 and
1881 received earnest and increasing considera-
tion, while the growing divergence between the
precious metals has caused cumulative disturb
ance Of values and has inqriously affected @ busi-
ems further evils for the future, and
Whereas, The policy proposed to the nations by
the United States in 1878, and by France and the
United States in 1881, of admitting silver to free
coinage by union comprising the chief monetary
powers, deserves universal support, and
Whereas, 1t is important in order to prevent
inequality between different nations in the opera
tion OF the monetary system proposed, that silver
bullion and gold bullion should enjoy equality as
well as silver coin and gold coin, and
Whereas, experience has shown that the proyis-
ion of law of Great Britain, whereby it is the duty
of the Bank of England TO buy all gold offered at
fixed price per ounce, tends to establish fixed
price for gold bullion universally and that an an
alogous provision OF law in the several nations OF
the European continent would tend further to re-
leye gold bullion from local fluctuations of price,
and
piled to silver in support of its use as money
would give 1t similar protection from fiunctua-
ions, and
Whereas, such provisions must become an i'm
portant part of any plan of International action
and hence deserve thorough and thoughtful con-
sideration; therefore be it
Resolved, That the subject matter of this reSO-
luton be referred to the executive council of the
association.
Mr.. Horton then spoke of his experience
as delegate to the international monetary
conference in Paris The representatives Of
the United States at this conference were
tions, and were not able to press their cause
| in behalf of the elevation of silver freely
but the United States are committed in hon.
| or to other nations to restore silver to the
place it occupied in our currency prior to
| 1878
At the conclusion of Mr.. Horizons remarks
| it was announced that Hon. w. N. Trenholm
| Comptroller of the Currency, had arrived al
| the hall, and he was at once introduced by
| the president Mr.. Trenholm received Q
| hearty round Of applause, and the closest at
| tention was paid while he was reading pa,
| per on the financial situation as seen from
| the point of view of the Comptroller of Cur
rency.
MI Coe then spoke of the Importance of 6
| free circulation, not of deprecated paper OF
| deprecated silver, but of real money and Of
| the danger that the accumulation of silver
| will deprive us of our gold.
| At the conclusion ,of Mr.. Goes remark;
the resolution was referred as proposed, ant
| the association adjourned.