New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-13
THE BANKERS CONVENTION.
Mr.. KNOX REPLIES TO MR.. ST. JOHN.
THE YELLOW METAL AGAINST THE WHITE
GEORGE RUTLEDGn GIBsoS's TALK

ABOUT WALL SIHbtl
New-orlcans. Nov. 1a-The American Bankers AS
ISOLATION resumed It's session today, and the silver
question had the light of way from the start W. p
St. John, Of New York, read paper on The soiunon
Of the Silver Question: In opening, he PAID MS
respects to John jag Knox, because In an Interview
the latter said that the silver question was DEAD ad
that Cleveland would be the nominee OF the Demo
cratic party. Mr. 1t. John argued that the results VI
the recent elections encouraging 10 iee s'er'
and lie doubted If Mr.. Knox, as Republican, was IN
the confidence of the Democratic party as to It's NOM
inses. Mr.. st. Johns paper he made the following
proposition:
Cease buying silver bullion, and restore the United
States coinage s. stem founded with the mint IN LIZ.
equally unrestricted coinage for gold and silver AS
the best method allow owners Of gold and silver 20 re
ce.ve egatender notes at coin value instead Oh ON d,
their option the TO be redeemed In either coin az
Treasury option, but the Secretary redeem IN bullion az
not less than the coin value thereof on request u note
holders moderate coinage to be prsscI6ed' a Az rS
mnnder 70 be coined or not at the secretary Gero
ton all the gold and silver bullion and coin resulting
u he held dollar dollar mctelc reserve Tor notes
outstanding all Treasury notes Of the act OF 1880 ana
gold and silver certificates when received TO be replaced
By the proposed new secured provided and re-
deeuaoie as prescribed the President "a he oaitea
states to be required to proclaim our adoption OF the
European coinage ratio for gold and silver when con
tinenta Europe reopens her minis to silver our mtS
thereupon buying up our silver doars then
at premium OF cents each and replacing them VITA
silver dollars containing $50 grains of pure silver
by such a provision of statutes and without IN
ternstional ENHANCEMENT assure Europe against
fight Of silver dollars for reccnaee at their mlnts
and ourselves against such coutrocuon OF cur
current money whenever Europe reopens her MINIS I"
silver.
As probable achievements of the measure If enacted
entire, Mr. ST. John SAYS
1t would tend to unity the currency by providing
single automatic In lieu Of any eaprclous issue
of circulating notes These notes would be reIesm-
at face amount Of the notes TAs bi-lnetaEc singlc
standard dollar Of the United states would ton ttH nr
grains Of pnre Sold each properly ailoyed. The
silver dollar would he reduced and replaced BY dbl
m nT SDa notons Of continental Europe reopen their
mifts 10 silver. And the supplies OF goa anu siiVo
available will always determine our volume OF money.
Mr.. st. John dismisses the alleged impending ava
Ianche of Europes silver with statistics Of the financial
condition ~ All the European nations in detail showing
their need of their present silver money in every case
His proposition coltempates the refusal OF gold for the
legaltender notes and their redemption In silver only IL
tn, Secretary of tie Treasury suspects 0ood Oh foreign
silver for gold.
At the conclusion of Mr. St. Johns paper he was
loudly applauded.
Er.ControIler John Law Knox said that he fully
agreed with Mr.. st. John In some Of his remarks
After citing certain facts and giving figures ne saiu
that some time ago the Mexican dollar Was u NC
found in nearly every bank in this country, but O@S
where we're these ooinsl They had been sent paek
to Mexico in payment Of goods being accepted at their
face value less transportation to Mexico. Why was
free coinage We have dollar which VIII not De
accepted in Mexico for itS face value And yet this
country has a credit which is unsurpassed by any Ill
thu world.
Mr. ST. John replied that it was a mistaken idea %
compare the United states with Mexico, because all
Of the atter's products were beneath the SOIL ana
though she need not coin cent, all her gold and
silver would naturally go away from her. while in the
United states all her products were above ground
one Of the most interesting papers read before the
convention was on wall street" by George Rutledge
Gibson banker Of New-York City. He discussed The
history of that famous locality and referred to the
principle and benefits Of speculation. Continuing, he
spoke follows
some demagogues have sought to create the i'm,
nression that there resides In Wall street mOneyed
Interest anagonistc " al sections OF the % az
thriving on the misfortunes VI all Inns Is 50
ridculously false that surely have but to state the
facts TO insure immediate denial OF such uSeauS
When a killing frost bnghts farm in the North
west or a destructive food submerses PiatHtlons IA
the 99u MaH be- done to either section all the
railway and other corporate pfvperues ocatea 1
whose shares are held dealt IN are immedlaey Ie
preclated IN value. The destruction Of property BY te
great Chicago lire was estimated 10 nave % &c ON
trary II crops large and prices OF farm PrOducss
high the values Of these properties Tenect dne
perty OF the agricultural regions IL Is sone u Nc
aeeed that corruption fund exists In Wall street &c
signed to promote legislation hostile TO tne eou.t'
wider diversity of views Us to political and financial
measures than within the purlieus OF the STOCK Ex
Gnsdsr Prpectionists sngle-Standard men, BIZ
metalsts, debtors and creditorsal shades OF opinion
rrh men who are purely creditors and there are some
poor men who are purely ~ both CLASSES a.
the same time The banker and the broker keep books,
with the debit side balancing the erat s,ae s t
borrower owes the banker aud 1t is with the stock
broker His clients owe him and he owes the banker sa
,Dinr noliticaI opinion keeps the Wall street man
evenly poised in mind and judicial in character. ,.,
Doubtless there is agreement there, however, tnH S
contracts should be kept that properly rights m d Sbe
be iespeced and that honesty should rule IN all The
Finally the rejection should not be overlooked thst
Wall Street adapt Itself TO changed conaions n S,
readily Than almost other class 81 o.hss 10 ,a,
ii has no exceptionally hA7crful motives 10 mpose any
q Its IDEAS upon the country essaH riii
az n did from California when the nood,um ana me
sand lot atator exercised their banefu sway 0'er pun
Street itself is largely composed of brokers VINO
act as agents for their principals VINO nay D ronS
faSurer as well local capitalist. TIE shares ;h S 81
tie great corporations widely distributed There se
over 20 900 Stockholders In the Pennsy v4nis ha
or about oneeleventh Of the total number Of slaf9
bolders in all the National banks Of the county ~
tie Western farmer or Southern planter thinks that
TIE rail road running through his section maing more
money than It should let him economize ana invest ns
aceumulaOn In the property, and thus become behe
fciay Of its prosperity As matter OF fact however
sxpn and eoa1y have sHG not sesed an Undue
pSrtfon OF the reward Of industrial and conimercla
growth during the last thirty or forty yeaEs. ACco4n
Inc 70 Poors MANUAL the total capital investment N
railroads in 1890 Slo,122 oooo the gross earn
ngs being los per and net earnings "a per cent
Thus over two-thirds Of all the earnings went e. aoo
and supplies the capital CITING for It's shsIe les .han
10 per cent. whereas In England. where lower inter
Sst rates generally prevail the return on railway cap
ital Is 4 10 per cent The reward OF capital shond
lie proportionate the risk involved and IL Is mani
testify tyranca abuse Of legislative authority to limit
m. Interest returns the exploitation OF new ran
way or industrial enterprises to tho rate currently re-
oeiyed on old established and tested forms OF invest
ment The truth is that labor and LEGISLATION nave
been encroaching upon railroads That II proper
charges for main made much OF the present.
small apparent profit would be swallowed up. Inc
western ohtecor that the railroad has watered
its stock that its original cost Is fully represented ov
rs bonded Indebtedness and that the capital stocn
upon which 1t would pay dividend II II could is All
fictitious and represents no value expended rms ~
true perhaps IN most instances bui Is II not equally
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