The record-union., 1891-11-13


the Republican Convention in That
City.
special to the RECoRD-UNIoN.
NEW ORLEANS, Nov. 12-The Amer
lean Bankers Association resumed its
session to-day, and the silver question
had the right-of-way from the start.
w. +. st. Johns of New York read
paper in which he made the following
propositions: Cease buying silver bullion
and return to the United States the coin-
age system, founded with the mint in
1f92, and only abrogated in 1873; that is.
reopen the mints to equally unrestricted
coinage for gold and silver, and as the
best method to allow the owners of gold
and silver to receive legal tender notes at
coin value instead of coin at their option.
the notes to be redeemed in either coin at
the Treasury option, but the Secretary is
to redeem in bullion at not less than the
coin value thereof, on the request of note
holders; moderate coinage to be pre-
scribed, all the remainder to be coined
only at the Secretary's discretion. All
gold and silver bullion and coin resulting
TO be held as dollar for dollar metallic
reserve Tor notes outstanding; all Trea-
sury notes OF the Act of 1890, and gold and
silver certificates, when received, to be
replaced by the proposed new notes So
cured as provided and redeemable as pre-
scribed; the President of the United
States to be required to proclaim our
adoption OF European coinage ratio for
gold and silver when Continental Europe
reopens her mints to silver; our mints
thereupon buying up our silver dollars
tSfD n fyNCr
cents each, and replacing them VITA sill
Yer dollars containing 30 grains OF pure
silver.
by such a provision in our statutes.
aHd'W Ithout lnLCTnai.ual cntaugIement.
we assure Europe against the hight Of
oar silver dollars ICr rcc0inage at their
lnlntS and assure ourselves against such
contraction Of our current money when
ever Europe rcOpeuS her mints to silver''
IT. JOINS diSmiSseS the alleged impend-
ing avalanche of European silver with
statistics of the financial condition of all
the European nations in detail, showing
their present need of silver money In
every case his proposition cOntemplates
the refusal of gold for legal tender notes,
and their redemption in silver only If
ever the Secretary of the Treasury sus-
poets flood of foreign silver for our
gold.
In opposition to Senator Sherman's
I
st. Johns quotes England's present First
Lord OF the Treasury, supported by the
eminent professors of political economy
OF Oxford, Cambridge, Edinburgh and
Liege Universities. Lagelye favors our
adoption of free coinage at all hazards.
because lin the event of q possible fail
ure Europe Will be greater sufferer than
America" The British Finance Secre-
tary recently commended free coinage
for the United States independently. as
suring success, and urging that no ma
ton OF the world is more independent of
the foreigner"
The statistics furnished by the late
Secretary Window tend to confirm the
British Finance Secretary. st. Johns
furnished statistics of the production,
consumption and coinage of silver,
showing the present annual absorption
was exceeding the present annual pro-
ductlOn, and the Government would be
unable TO continue obtaining the amount
now required by law at the maximum
price prescribed: hence, that the Act of
1920 will gradually but irregularly ad-
vance the price to 81 for 371} grains.
Therefore, free coinage, by fixing that as
a minimum price at once and thereby eS-
tablishing even exchange between the
far East and Europe, will greatly enlarge
Ghina'S and midas absorption Of silver
annually. IN consequence, free coinage
will diminish the annual silver addition
under orr present law, and necessitate
material increase in the worlds produc-
ton of silver to meet the demands of
trade for money.
At the conclusion of st. Johns paper
John Jay Knox took the floor and said
he fully agreed with st. Johns in some of
his remarks. After citing certain facts,
giving figures, he said "SOme time ago
Mexican dollars were to be found in
nearly every bank in this country, but
to-day where are they? They have been
sent back to Mexico on payment for
goods, being accepted at face value, less
transportation to Mexico. Why was
this? Because the Mexicans have the
advantage of free coinage. We have q
dollar which will not be accepted in
Mexico for its face value, and yet this
country has credit which is unsurpassed
by any in the world"
st. Johns replied that it was a mis-
taken idea to compare the United States
with Mexico, because all of the latter's
products were beneath the soil, and
though she need not coin cent, all her
gold and silver would naturally go
away from her, while in the United States
all products were above ground.
Johnson of Birmingham expressed
satisfaction with st. Johns stand in favor
OF TAR currency. He said it was race
between white metal and colored metal,
and he did not want to see the colored
metal ahead of the white metal. He an
nounced himself in favor of reciprocity,
and against artificial laws which ad-
mitted one product and excluded
another.
Chicago Not After the Convention.
CHICAGO. Nov. 12.-One hundred and
fifty of Chicago's prominent business
men, with sprinkling of Illinois poll
ticians, assembled to-day to consider the
ways and means for capturing the Re-
publican National Convention for Chi
cago. After some discussion it was de-
cIded, in Difference to the courtesy shown
by other sections of the country in aiding
Chicago to secure the Worlds Fair, that
no contest should be made on behalf of
this city, but if the National Committee
selects it, Chicago will literally provide
for the convention.
Death of Don Piatt.
CLEVELAND (O.), Nov. 12.-Don Piatt
died at his home in Macochee this after
noon. He has been i'll two weeks with a
form of la grippe, but it was only in the
last two days that his condition was at all
serious. Since Piatt's retirement from
active journalistic work he has resided at
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