New-York tribune., 1886-08-12
BANKERS IN COUNCIL.
PAPERS READ ON THE COINAGE PROBLEM:

|
J. Gage. The Rev. Phillips Brooks offered prayee.
President Gago delivered his opening address, II
| the course OF which he said:
tits not always probably not often, that evil
the 81 em.dy easily applied Our Pioes
tive Taih systen with rs great code Of tara resuiA.
with it beyond doubt derangi"s and pervertlng iLna
ences which only be approximately estimated Tha
age is a financial curiosity; promise. with az
principle left out Those who advocate the free and
unrestricted coinage OF gold and silver upon declared
ratio value but otherwise on terms OF Perfect equal
t, have at least the advantage OF historic precedentM
subordinaon OF silver 10 gold and the mantenance o.
from tSe narS constitution OF things as they nos
exist Our present eoase on the one hand p9stponse
ton OF our money standard, while, on the other hand
threatens the stability which tae s'd standard, full!
| eco the Government of the United States engaged IL
buying silver bullion brought from rocky csverns Shet
1t lag harmless, II useless After melting and mintN
it, again put away In other rocky caverns. atcialJ
made. where " lies equally ussles: ana equally harm
industry to cover the loss by an unnter
make good the great loss Of interest sustained Beyond
| ttIs isa standing menace growing more aod more
dangerous TO the established reation OF things
T. W. II art OF Boston, delivered an address Of wei
come The treasurer's report which was then adopted
showed that the receipts for the year were Sl5,3it
and the disbursements $3 752. The secretary repore1
| that the present membership OF the association wa
l466 an increase about 100 during the year. the In
|
president then read communication from ex-se:retarJ
| of the Treasury Hugh McCulloch Nj. McCuIloch ex-
pressed his fear of financial trouble:
There has never been time IN our financial historl
when wise cOunses were more needed than noy. TM
| country Is drifting financially from old Landmarks
Danger is menacng which Consressadopts no measurx
in one direction. without speedy change. there will
GnS S Ss n n eG and Hnlfsa @
If anything clearly taught by financial M history t5i
.iopts st great dsaavantags in it, trals with Other
nations, and at the same time ana eon,eq1enty 1 ns,
an uncertain standard than which nothing more pre-
judicial enterprise, to trade. In fact to eysrythos
upon which National prosperity ana reliable retarns l,r
| labor depends The opinion that abundant and cheap
money stimulates industry and promotes prcsper'y mas mas
United states Is creiitabe to the Intelligence o tne
people II unfortunate that ths present a s ne
public looks for guidance to tho maintenance oI tns
natons TO adopt it. While am clearly of the opinion
that the world IS and will be prepare fo' tbs
always will be needed as me um OF circulation aud iof
facilitating exchanges am equally clear in t.e opinion,
made to adopt it, have had no agency Whatever
in producing the existing depreoa aos noey ors IS sr pbsn
ever before. and yet most branches OF bisnes, are
greatly depressed and prices manufacturer goods and
OF agricultural productions are scarcely ABOVE th'',
actua cost and whyf Simply because the sup2H rs Is
greater the dernand; because the revolution la Az
branches of industry caused by machineryis now es
in ull force Time is REQUIRED to bring about ellai-
tions and there are hopelu inac',ns Una, tne roc"
has been begun in this country and that IL VIII 60 on
unless prevented by the wroIe action OF non.con
Of Congress. what then should be the voice o. Ine
Bankers Association suspension of silver coinage
for an indefinite per the dscOntnuance OF the issue or
under five dollars the recoinag. OF part OF rhe
dollars in the Treasury into fractional pieces inc
of the public faith, not IN stter only but
III spirit.
s. Dana Horton said that concurrent restoration OF
silver former prestige was not only Just aud prac-
ticabe bat TO the reservation OF tho
present degree OF civilization Moreover, this country
was peculiarly hte to ACCOMPLISH the restoration OF
c appesled to The common sense OF the c0aven.
tion TO whether universal ildorsereft would nos
give the silver an cluaI VaIue VIII so'u, Jss Juss
| as universal endorsement gave tue eTeenpacks
| an equal value with gold. notwithstanding
that gold was at prem of 40 cents the dollar
This ersal Endorsement including the CONF ercai
| asserted place silver at On par with gold. Mr..
Horton then offered preamble and resolution in favor
OF reierrins hi' proposals 10 the Executive 0oH'e'
W y TrenoI.n Controller OF the Currency was then
introduced. Mr. rre home gave his views on tue bank.
Ing situatca, his remarks being frequently nterfn
No one familiar commercial affairs observing the
industry and the National finances can fat! to perceive
great misfortune 10 business nterests that
they susceptible to influences which take ther rss
in the administration OF tue Treasury OF the intel
Tree 10 ADJUST themselves 10 that condition oi e4no.
rum which alone c0ndIccs TO solid anu permanent
on and modified in their Legitimate effects by
memts OF and fluctuations OF credit inev oly
part OF the intended effects OF the ainnisr on OF tho
National nm inc-s The perception by the public OF tho
influence exercised upon business by the operations OK
| tho Treasury. though these may be conducted.
| as they Ought 10 be, solely with reference 70
pnbc economy and the maintenance OF National credit.
induces Efforts through the press amt In Congress 70
warp that administration into supposed TO Dc
beneficial industry Objectionable as such efforts ars
in principle they also mscnievous in effect. cause.
while impossible for the Government 10 conduct us
sca operations as 10 benefit some interests without
rom am By otae than
the most legitimate consierston d.turos the conn
dence OF business men III the stability OF valaes and d
couragrs thou from industrial Undertaking. in conse
quencs OF their inability to calculate with eertuinty
| upon tho future coarse OF the money market.
These effects are more widespread now than they
could nave be'n formerly because the VI
our times viewed from industrial standpoint Is that
all uner aklngs are based npon calculations as To the
to cseape rom uncertanty and to hed.o against at
chances OF tue future and those who seek these
ends st numerous that they have every"here or
ganLed exchanges aud other institutions Tor the par
pose OF facilitating the CREATION and clearing oi con.
tho country sold before they are produced In le
! concour.e OF a multitude OF dealers individual rs,s
are reduced To minimum, put Al the saihe INN TIN, III
| selling and buying for distant day OF settemen'
sy redacins prccs It follows. tSoroorS that any
renee at Washington that exees apprehension reiuce
| prices OF all commodities winch dealt In In the
way and therefore designed TO raise prices
Dy increasing the volume or money have practically
contributed to their reduction through the elect oi ap
Ne have lately passed through experiences TO which
the American public has heretofore beOn stranger;
we have armed conflicts between organized LABOR
aud incorporated capital We have seen great industries
the profits of their work, aud VIC have sern the
traffic OF railroads. aud the security o pnoe hor uSh-
fares interrupted by the violence OF men excited 70
q OF being wrOnSeI. These
| are worthy OF study 10y such a body "a this.
popularity supposed 10 be IN antasonlsm 10 the aoorhg
masses. really bound by tho strongest ob-aons OF
interest to promote their prosperity aud secure ther
rghts iust and dlspassonsts view OF tneso occur
rences take tue fact that since 1880 there hiS
arisen ia ts country disparity OF wealth IN n
existed before. among iiferen classes of the com
| munily. When examue more closely INTO
| this will he apparent that TINS as.
| parity had its origin during the peroi OF
| inflated prices ami It's elimination when We "eFc
afflicted with inferior currency. As long 40 the rch
richer aud the poor were growing poorer
the had 10 bo patient In their poverty aud siO
| under their deDrivations; while now, AFTER u
long period of redundant capital and low rates "t lh
tercst labores have brcOmc able bear the strain
OF long periods OF deuess and stand OUT Tor hlser
compcns satiOn against those whom they were iofmery
too poor resist Is evident. therefore. that lot no
Of the people for the great labOrnS classes o