Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1891-11-13
NEWS By TELEGRAPH.
From All Quarters.
BANKERS GATHERING.
W. P. St. Johns Paper on
the Silver Question.
PROGRESS OF AFFAIRS IN BRAZIL.
Conspiracy to Overthrow
the Grecian Dynasty.
DARING TRAIN ROBBERY IN The WEST
A Very Interesting Budget
From Chilli.
PROGRESS OF AFFAIRS IN BRAZIL.
DARING TRAIN ROBBERY IN The West
THE SILVER QUESTION.

MIR. w. p. St. Johns Paper on Its
Solution at the Convention of the
American Bankers Association.
New ORLEANS, Nov. 16.-The American
Bankers association resumed it's session
to-day and Mr.. W. P. St. John of New
York read paper on the solution of the
silver question, and made the following
proposition: Cease buying silver bullion
and restore the United States coinage sys-
tenn founded with the mint in 1902 and
only abrogated in 1873 That is, reopen
the minis to equally unrestricted coinage
for gold and silver. AS the best method
allow owners Of gold and silver to receive
legal tender notes and coin value instead
of coin at their option, the notes to be re-
deemed in either coin at treasury option
but the secretary redeem in bullion at not
less than the coin value thereof on request
of note holders; moderate coinage to be
prescribed all remainder to be coined or
not at the secretary's discretion; all
the gold and silver bullion and coin re-
sulting to be held as dollar for dollar
metallic reserve for the notes outstond-
ing; all treasury notes of the act of 1890,
ceived to be replaced by the proposed new
notes secured as provided and re-
deemable as prescribed; the presi-
dent of the United States to be
required to proclaim our adoption of
the European coinage ratio for gold and
silver when continental Europe reopens
her minis to silver; our mints thereupon
buying up our silver dollars then out
standing at premium of three cents each
and then replacing them with silver dol
lars containing $50 grains pure silver. By
such provision of our statutes and with
out international ENHANCEMENT we assure
Europe against flight of our silver dol
lars for recoinage at their mints and assure
ourselves against such contraction of
our current money whenever Europe re-
opens her minis to silver.
Mr.. St. John dismissed the alleged i'm
pending avalanche of Europe's silver with
statistics of the financial condition of all
European nations in detail, showing their
need of their present silver money in
every case.
His proposition contemplates the refu-
sal of gold for the legal tender notes and
their redemption in silver only if ever the
secretary of the treasury suspects flood
of foreign silver for our gold.
The British finance secretary of India
recently commends free coinage for the
United States, independently assuring
success and urging that "no nation of the
world is more independent of the foreign
er."
Statistics furnished by the late Secretary
Window tend to confirm India's finance
secretary. Mr.. st. John furnishes statis-
tics of production, consumption and coin
age of silver, showing the present annual
absorption exceeding the present annual
production and the treasury 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 one
for 3714 grains. Therefore free coinage,
by fixing that at the maximum price at
once, and thereby establishing even ex-
change between the far east and Europe,
will greatly enlarge China's and India's
absorption of silver annually. In oonse-
quence free coinage will diminish the an
nual silver addition to our currency COM
pared with that addition under our present
law and necessitate a material increase in
the worlds production of silver to meet
the demands of trade for money.
Mr.. st. Johns paper was loudly ap-
plauded. John Jay Knox said he fully
agreed with Mr.. St. John in some of his
remarks. He stated that some time ago
the Mexican dollar was found in nearly
every bank in this country, but to-day
where were this coins. They had been
sent back to Mexico in payment of goods
being accepted at their face value, less
transportation to Mexico. Why was thisa
Because the Mexicans have the advantage
of free coinage. We have dollar which
will not be accepted in Mexico for it's face
value. And yet this country has credit
which is unsurpassed by any in the world.
Mr.. st. John replied that it was mis-
taken idea to compare the United States
with Mexico, because all the latter's prod
ucts were of soil, and though she need not
coin cent, all her gold and silver would
naturally go away from here, while in the
United States all the products were above
ground.
George Rutledge Gibson, banker of New
York, read a paper on "Wall Street." Mr..
Van Slyke of Albany,N. Y, offered reso-
luton looking to framing bill for presen-
tation to the state legislatures abolishing
days of grace. The resolution was re-
ferred to the executive council Richard
NJ. Nelson of Selma, Ala, was elected pres
ident of the association and John Jay
Knox vice president. The convention then
adjourned.