New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-05
EFFECT Of CREDIT ON PRICES.
ADDRESS OF EDWARD ATKINSON BEFORE THE
nANKERs, AssoCIATIoc,-NEw OFFICERS

ADDRESS OF EDWARD ATKINSON BEFORE THE
BANKERS AssoCIATIocI-NEw OFFICERS
Saratoga n. Y. Sept. AT to-day's session of the
American Bankers Association edward .Atkinson of
Ioston addressed the association tho topic "Credt
as Affecting Prices" William L. Trenholm ex.Con.
trollcr of the Currency followed with addres. OH
GThe Bonds Of Eanl officers and Employees" Jay l..
TerTey Of st. Louis. spoke on the National Bankrupt
Law, and Benjamin Wright read paper i'anlsing
on the Pacific Coast MIR. Atkinson, in tho OF
bis address said
The conclusion which have reached in my mind after
long study OF the statistics OF banking aud observation
Of the facts Of commerce Is this:
By process OF natural selection gold has become the
established standard. TO which everything else viii 10
rated throughout the world. either directly Indirectly
The world has become Eeighbolhotd and the exchanges
O. the pecesares OF life are Worldwide. The subecta
International are In snail measure articles Of
luxury The great volume CT the imports aud OF
every country consist Of the goods and which
consumed by the millions rather than BY the mionares.
Credit is the prime factor In making prices An afs
ton Of credit occur such "a many Of US hav" wit
messed many times and will produce psnic.
Those who shewd enough to get out at the right
time will grow rich. en- the other hand inh1,io,
of currency or great creation Of cheap mouey by
statute forced circulation ny an act OF legatendr
a coinage act which forces great quantity Of token
currency OF lo-vpriced silver into service;
such Of Government notes as to impair
their credit will neither initiate prices raise wage,
On tho contrary by mpairinr credit such acts
will lower prices. deprcss wages. increase the
amount Of Eompulsory idlcness. and by their
bad effect will ultimately work their repeal
Some Of these evils may be avercd through cIrcun.
stances wholly outside the O Of the specific Congress
ny which unntsgent acts affecting the currency be
passed. For instance to this time. since tho rcsunp
ton specie payment has proved to be impossible for
any Congress seriously 70 impair the credit Of the United
Stes Nobody REILLY believes that the Cnited Saes VIII
permit displacement Of the gold dollar but great risks
ceasns the coinage Of silver but the French Minister
remarked in 1904 THE Lord helps the FOOLS the drunken
men and the United States.'
made up my mind in 1887 that the commerce Of the
silver using nations would be enormously extended aud
that the product Of silver would not be Increased 30 as To
become excessive In proportion to the Ultimate demand
then the conclusion that the word would soon
need than the present supply either OF iron Cot.
ton Or silver. stu Of that opinion and so long a.
the legislation Of the United states doc, rot dstfb the
redeuoton in gold OF the various Kinds Of money
now I'm circulation TO impair credit may be
able to bear the additional burden Of the purchase Of sill
yer and nay out Of our taxes. ind perhaps get
profit Oh IL to which shall not be entitled owing to
the growing demand Of the svoruSing countries for The
white metal TO serve their OWL purposc,
II on tho other hand the frecs Of silver" 50 called
succeed IN importing credit We may witness &C.
vera financial pressure which can only be rmeoieo by
w,thcra support from tho silver market and rav.
ing silver bullion find It's true level be 1t forty pence or
sixty pence per ounce.
The following officers wcre elected: President
Morton McNlichael. Philadelphia chairman Of Exccu.
George f. Baker, Ncw-IOrk; secretary, William Il.
Greene New-iork.