The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1891-11-20
A NEW YORK BANKER
GIVES REAsoEs voR


At tho meeting OF the American
last week. probably the most exciting
discussions were upon notes used q
money, in which the bankers wanted 10.
gal tender notes all retired, and the free
coinage of silver. The Association is
composed of bankers from all over the
United States. and to . certain extent
indicates the trend Of minds controlling
large financial interests.
Mr.. w. p. ST. John. OF New York,
read paper on the solution Of the silver
question. In opening be paid his re-
spects 10 Mr.. John Jay Knox. because Ia
IN interview the latter said that the ell.
yer question was dead. and that CIeve-
land would be the nominee OF the demo-
cratic party. Mr.. st. John argued that
the results Of the recent elections were
tO Tree silver, and he
il Mr.. Knox, as . repub.
Iicsn, was In the confidence Of the demo-
cratic party. % to its nominee. 10 Ar.
81. johns paper be made the following
"Cease buying silver bull
lion and restore the u. 5. coinage sys.
tenn founded with tho mint 10 l793. and
only sbrogatsd In 1878. That is, reopen
the mints to equally unrestricted coin.
age for gold and silver. Az the best
method. allow owners Of gold and silver
to rscoive legal tender notes q coin
value, instead OF coin ct their option,
the notes 10 be redeemed in either coin
at treasury option. but the secretary TO
redeem in bullion, at not less than coin
value thereof, on request 0fnote holders
q moderate coinage 10 be prescribed. al
the remainder to be coined or not q the
discretion oil the gold and
silver bullion and coin resulting TO be
held I'D llar-for-doilar metal. received
for the notes outstsnding; all treasury
notes OF tho act OF 1890 and gold and ell
yer certificates. when received to Be 70.
placed by the proposed new notes, &C.
cured ~ provided and redeemable -
prescribed; !; the president Of tho United
States be required to proclaim our adop.
tion Of the European coinage ratio for
gold and silver when continental Europe
reopens her mints TO silver In our miuts,
lying up our silver dollars
then outstanding q premium OF cents
and replacing them with silver d0Ilars
800 grains pure silver. BY
such I provision Of our own statutes
and without international eutanglement
We secure Europe against . flight
VI our silver dollars for recoinage q
their mint. aud assure ourselves against
such Z contraction Of our current money
Whenever Europe re0pens her mints q
silver"
A likely achievements Of the meas.
lure, Mr.. ST. John tsy-: III would tend
to unity the currency by providing sim
gle auto maiic issue in lieu Of any capri
cious issues of circulating notes. Thess
notes would be redee emable in coin. ouI
coin reserves provided for them being q
face the amount OF the notes. The hi
metallic standard dollar Of the United
States would, tor The present. be coined
'of either 81 25 grains OF pure silver Of
%. ~ grains Of pure gold, each properly
|aIioyed The eilver dollar would be re-
duced and replaced by dollar coin con
tanning go grains Of pure silver when.
ever important nations Of continental
Europe reopen their mints 70 silver
And the sUppliss Of gold and silver
available will always determine our vol
ume OF money
Mr.. ST. John dismisses the alleged i'm
pending avalanche Of Europes silver
with statistics or the financial condition
of sll the European nations In detail
showing their need OF their present siI'
YER money In every case. His PROPOSE
tion contemplates The refusal Of gold fol
the legal tender notes and their redemp.
tion in silver only, II ever the secretary
OF the treasury euapects food Of foreign
silver for our gold.
In oppositiOn to Senator Sherman'i
pronounced attitude 70 silver money
Mr.. St. John quotes England's present
first lord Of the treasury, supported by
the eminent professors OF political econ
omy Of Oxford, Cambridge. Edeiburo
and Liege universilies. LaveIye favor'
our adoption OF free coinage at all hsz
ards. because in tho event OF . possible
failure Europe will be : greater suifere'
than America" The British finance sec
retary OF India recently commend
free coinage for the United States, inde
pendeutly aseuring its success and urg
ing that mo nation OF the world Il more
independent Of The foreigner S.a
tistics furnlshed BY the late Secretary
Window tend 10 confirm Indla's fiuan
cial secretary.
NJ. st. John furnishes ststistics Of th'
production. consumption and coinage o
silver, showing present annual absorp
tion exceeding the present annual pro
duction and the treasury unable 70 con
tiuus obtaining the am cunt now required
By Law at the msximusn price prescribed
Hence. that the oct Of 1880 will gradually
but irregulsrly advance the price 10 d
for t871t grains. Therefore free coin
age, BY 6xing that - the minimum
price. will Il once and thereby estsbliol
|even exchsnge between the far East end
Europe. 10 consequence free coinag
will Diminish the annual silver addition
to our currency compared with that ID
dition under our present laws and neces
sitate material increase 10 the world
production of silver 20 meet the do
mauds Of trade for money. He urge
that Europss only stock of silver II be
money which. - such. Il the equivaleu