The sun. [volume] (New York [N.Y.]) 1833-1916, 1891-09-25

member that in 1879, when the tegislatnrc
was SSSn,derTg the PHI Which %
cutlery against It's sem enactment on the part Of
bankers appeared Before the Legislature. at
tons that capital would be driven out OF the
bin was fully discussed In both branches Of
1 made Is asiae Mas nap %Ts
t14; and in tIe Assembly By q vote OF ~ to u.
what actually occurred let me read to you the
York city. the ipm,n~riai and fiaancia isron.
ic'e. which. on Jan. r. 1891. in reviewing tho
years financial record. said:
SeT n".k sss 20 cent 5"m az, ~, .
money On hrsclass securities was greater than one
appeared boiore the Senate committee in this
ST. Srssiss = ,fs ~ Ss!t aSs%ss4 Il
slS Mns Fss b. s%h q sy !S
eieat Of Tie S SHf or he Would not
have have been S present mist assume eo alf 10:
money centres OF our state. am surprised
errand: ior ! remember that not Ynite, two
tno Set9 b H. asd IN
W%ishts ana Measures IN OPPOSITION I" tie
his speech before the, committee in combat;
Ing the proposition that the country needed
more currency, he spoke as follows:
no lack Of currency IN the SrsH, conner IN r
~
New York to-day a. to ~ per cent am director IN
n, ss.
Erssa. comwsrs.I ce9.Ie, than we want, rnr,snryl.
srssy %Scvs on! T..srys II: Frs.iasn. .. the fouT
snnI Xsw ss ss and not Be n sd T
n.Ss hs easiest Ss money make. ina, the United
That last sentence. gentlemen. is the key
that six per cent. .is too hi9i. legal rate OF
which have prevailed during the last five or
six years. and in view Of the tendency Of money
ts w9Td to nd
Of interest is advocated its advocates are often
accused Of being with ,s.ySmpath-
having at heart tho best interests Of the whole
n R their a sssn DssIs are else bsy
factor in business. the credit system is. In the
notes.
S%S s9
people. comprising majority Of, the popula-
borrow money at lower rate OF interest ''' "
Now. II we assume tho right and preroga-
e xs e. Ma sss t. hs ssa s e
it should be no higher than average normal
monetary conditions Justify: have under
possible what money has been worth In the
az tysos Of New York during ot ths sst ten or
te9Sss.sa90' and P' ss 'e csro Mex ''fn
x Dsfs sSsss ysa ssnd 5sss Of
paper for each week. aud from these have
s Average sysrs ss Of sss
e tS 1850 inslSsISe Va; az pr GeGt that
rs %ops per ees
FIJI fight you Of nHk s State having o AZ admitted ta
rate Of interest. and having established
the principle, that this. legal rate. OF
view OF this showing from standard financial
sts Of n9 edu
figures show that. with the exception Of last a
nnces Of the currency. the rate Of interest Tor
loans on good security has been steadily de-
creasing..
would he one Of the last to suggest any
best interests of n majority Of the people in
the State. hut am not one OF those who nre
which have their origin In the timidity Of cap
italists."
: II Gov; Hill had any doubts about his recep-
PEELED by the hearty applause that greeted his
remarks. Coy, Hill then held a reception in
Floral Hall. Mr. Gilbert and Mr. Porter intro.
duced tho franklin county people to him. and
squad Of the Twenty-soventh Company kept
noon Gov. Hill drove ont to the deaf and dumb
asylum and made short speech. which was
interpreted to the children in tho sign Ian
guage by one Of the teachers.