The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-11-13
FOR FREE COINAGE.
w. P. st. John Makes an Argu-
ment in Favor of it.
He Gives His Reasons for 1t in Paper Read
Before the American Bankers AssOcia-
tiOn-Outline of His Scheme.

| Be1Ore bne American Bankers AssOcla-
tiOn-Outline of His Scheme
New ORLEANS, Nov. 12.-The American
Bankers association resumed it's session
to-day and the silver question had the
right of way from the start. w. p. st.
John, of New York, in a paper read made
the following proposition: Cease buying
silver bullion and restore the United States
coinage system founded with the mint in
1892 and only abrogated in 1878, that is, re-
open the mints to equally
UNRESTRICTED COINAGE FOR GOLD AND
as the best method, allow 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's option, but the secretary to
redeem in bullion at not less than the coin
value thereof on the request of the note
holders, moderate coinage to be
prescribed, all the remainder to be
coined or not at the secre
tary's discretion. all gold and
silver bullion and coin resulting to be held
as dollar for dollar metallic reserve for
notes outstanding, all treasury notes of the
act OF 1890 and gold and silver certificates
when received to be replaced by the pro-
posed new notes secured as provided and
redeemable as prescribed, the President of
the United States to be required to pro
claim our adoption of the European coinage
ratio for gold and silver when continental
Europe reopens her minis to silver, our
own mints thereupor buying up our silver
dollars then outstanding at a premium of
cents each and
REPLACING THEM WITH SILVER DOLLARS
containing 3OS (O grains of pure silver.
! BY such a provision in our statutes
and without international entangle-
ment. we assure Europe against
the flight of our silver dollars for recoinage
AT their mnts and assure ourselves against
such contraction of our current money
whenever Europe reopens her minis to sill
ver."
ST. John dismisses the alleged impending
avalanche Of European silver with Stats
tics of the financial condition of all Euro
pean nations in detail, showing they need
their present 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 secre-
tary OF the treasury suspects a flood of
foreign silver for our gold.
In opposition to Senator Sherman's
pronounced attitude as to silver money, ST.
John quotes Englands present first lord of
the treasury, supported by the eminent
professors of political economy of Oxford,
Cambridge, Edinburg and Liege UNIVERSE
ties. Lavelaye favors our
ADOPTION OF FREE COINAGE AT ALL HAZARDS
because in the event of a possible failure
Europe will be a greater sufferer than
America. 1.-THE British finance secretary
recently recommended free coinage for the
United States, Independently assuring
success and urging no nation of the
world is more independent of foreigners -
Statistics furnished by the late Secretary
Window tend to confirm Indla's finance
secretary.
st. John furnished statistics of the pro-
duction, consumption and coinage of silver
showing the present annual absorption is
exceeding the present annual production
and the treasury will be unable to con-
tinue obtaining the amount now required
; by law at the maximum price prescribed
hence that the act of 1890 will gradually
but irregularly advance the price to 81 for
Blk grains. Therefore free coinage by
fixing that as the minimum price at once
and thereby establishing an even exchange
between the United States and Europe,
will greatly enlarge Chiaa's and India s
absorption Of silver annually. In conse-
| quence free coinage will diminish the an
nual silver addition to our currency com
pared with that addition under our present
law and necessitate material increase in
} the worlds production 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. John in some of his
I remarks. After citing certain facts and
J giving figures, he said some time ago the
Mexican dollar was to be found in nearly
every bank in this country, but to day
where were these coinsa They had been
sent back to Mexico in payment for goods
being accepted at face value, less trans
=, portation to Mexico. Why was this? Be
free coinage. We have dollar which viii
not be accepted in Mexico for its face
value, and yet this country has credit
which is unsurpassed by any in the world
ST. John replied it was a mistaken ides
to compare the United States with Mexico
l because all of the latter's products
. were beneath the soil and though
: her gold and silver would naturally q
: away from her, while in the United State:
Y all the products were above ground
-, Johnston, of Birmingham, expressed
satisfaction with ST. Johns stand in favor
of fair currency. He said it was race
between the white metal and the coloreC
3 metal, and he did not want to see the col
ored metal put ahead of the white metal
He announced himself in favor of reel
e procity and against artificial laws which
g admitted one product and excluded another
t saWilliam @. Corn well, of Buffalo, read
a paper on canadian Bank Note Circula
t tion," contrasting their system with ours
Y The Canadian system, he says, is one Of
i best in the world 1t gives Canada a cir
d culating medium fully meeting all require
Y ments both as to elasticity and safety. NJ
: bank can issue notes with less than $3.50,
: 000 paid up capital. The notes are frs
f lien upon all assets of the bank; stock
y holders are doubly liable, and there is. II
e addition, q guarantee fund contributed Il
5 by all the banks. In brief, every dollar tn
b Canadians have has over 80 on an averag
It and S. at the lowest in security back of Ii
y THE AMERICAN CURRENCY SYSTEM
is inadequate, unsatisfactory, and danger
Gus, and the speaker thought the CANADIAN
system one Of the best extaut. Panics 70
8 1t never has been necessary TO issue NOR
h than about go per cent. of the notes author
g lied by law.
. Mr.. Van Slick, of Albany, offered a reso
q luton looking to the formation by the exc
cuuve council of a bill to be furnishe
each state association for presentation t
the legislatures abolishing or making un
form ''days of grace.' He thought til
g country had outlived the ''grace'' system
q The resolution was referreds
3, Richard M. Nelson, of Selrea, Ala, wa
n elected president of the association, an
g J John Jay knox, first vice. president. Afte
IS the usual resolutions the convention &C
i burned.