Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-11-13
AMERICAN BANEERS.
Discuss Financial Qassliars Il
thsli NeV Orleans MstiD6.
III. 81. John Of EsT York On lhs SOlu
ton ei The SilYsf QllS;ien.
National Encampment, e. A. r., al
WsAshington, sept. 20, 1892.

NEw OELEASs, Nov IL The American
BsEAers' Association resumed their session
Iedsy. W. P ST.. Johr, New Ytrx, read .
paper on the solution OF tie silver question
and made the following propositions: To
cease buying sisvsr buli:or, and re open
mites 30 equally unrs slrieted coin for gold
and silver. As to hest method: allow
owners Of gold AID s.4yer 10 II csive legal
tender notes ~ coin value, Instead Of cuin
ar their optioJ, the notes to be redeemed Ia
ellher coin al the treasury option. bot the
secretary may redeem in bolton. sI not less
THAI the clin va.us thststf, on the It guest
Of note holders; moderate coinage 10 be
pr. sctit.d ali The :, N Ill der 10 De coined
or not, at the secIe,ary's discretion; al
gold and .iver sul ion AZ coin resulting to
be held 8. collar for dollar mstsllic reserve
for rotes outstsaei~ g; ali treasury notes Of
the act Of 1890, o. d gold and silver certifi-
GATES WHEN received, to be Ys placed by the
proposed new notes, secured a. provided
and redeemsble IS prescribed; the Presi-
dent Of the United States TO be required 10
proclaim ous adoption OF the Earopean
coiasge ratio for gold snd silver when Con-
tiDent.l Eur o Pc re.opens its mlnts TO silver /;
our mints th,reupon buying up cur silver
dollars then Outstanding ct 9 premium Of
three cents each, and replacing them with
silver dollars cont lining $50 grains Of pure
SILVER. By such provision Of our statutes,
We assure Europe against the flight Of our
silver dollsrs for Pa en!nsse ss heir mints,
and assure ourselvee sgainst su:h contrsc-
'tion Of our current money whenever Europe
re- opens her hints 20 silver.
Mr.. 81. )hn d!,mlssc. the alleged i'm
pending avalanche Of Europe's silver with
ststislics of the financial condition of all
European nations in detail, showing tteir
need Of their present silver money ia every
case. His proposition conts mplstes the re-
fussl of gold for legal tender notes, and
their redemption in silver, only il ever the
secretary Of the treasury suspects the Il jod
of foreign silver for cur gold, MIR. st.
John furnishes satisfies showing ,has free
coinage will diminish the annual addition
TO Out currency. compared with that addi-
ton under the present law. and necessitate
q material increase in the worlds produc-
ton of silver to meet the demands Of trade
for money,
Mr.. S.. johns paper was loudly sp-
plsudei.
John J. Knox said he fully agreed With
Mr.. st. John in some Of his remarks He
stated that some time ago the Mexican dollar
wss to be found in nearly every bank of
this couLiry, bu. has b.en sent back to
Mesico in payment for goods, and sccep.s d
at Their face valu., le.s the transportation
to Mexico. This was because the Mexcsns
have the aivanisge of free coinage. We
have dollar which will not be accepted in
Mexico for it's face value. Yet this coun-
Try has credit unsurpassed by any in the
world.
Mr.. st. John replied that 1t was q mis-
taken idea TO compare the United States
with Mexico, because all the lstter's prod
ucs we're beneath the soil and though she
need not coin cent, all her gold and sil-
yer would na'ufsily 60 away from her.
while 10 the United States ali the produces
were above ground.