Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-11-12

fo3rrH ON THr FINANCIAL LTols
LArioH o. eoHaRrso.
Discussion Of 'The Ranking system
aud the Crrrcuey Of the
Future"
A Letter from Foster on Financial
Ouestions.

NANfNAANhNs
NEW ORLHAss. Nov. n. - The
American BsnRcm' Association began
itH annual convention today with
about three hundred delegates Ia NJ.
tendance, senator Raulall delivered
an address Of welcome. He delivered
brief patriotic address, referring ~
the necessity Tor fixed standard of
value ana giving the delegates a warm
welcome. After the presidents at
nual address John jay KNOX read the
report n the executive committee.
The principal matter was tho request
" tho State associations for representa-.
ton. The matter was finally referred
back 10 the executive committee,
which first reported adversely, ia order
that II might hear the views Of all
State associations, aud report back
ncNt year.
The committee on protection was
authorized 10 prepare a pin Tor pro.
lection against and the punishment OF
criminals, aud = standing committee
on schools, of finance aud economy was
also appointed.
Secretary Green's report showed
1893 members, against 300 last year,
the falling of being caused by failures,
death aud fesignations. A letter from
Hon. Charles Foster, Secretary Of tho
Treasury, was thun read on tho opera
ton Of the financial lcgislatlon OF the
last Cosgress. After rcolting tho pro.
vialons Of that legislation, the score.
tary sayG
Che amount OF silver bullion pure
chased with treasury notes under tht
provisions of the new law from Angus.
10, 1890, to Nov. I, 1891, has aggrcgat.
ed GLOSS, $50 fine ounces, costing SOS,
02d, b65, an average cost Of 81 .03 per fina
ounce. From this silver S27,si3. 40
have been coined and the remainder
IA stored In the shape Of iiue bars, In
the vaults OF the mints, M n reserve
against treasury notes outstanding.
While II IL true that the amount Of
money In circulation In this country
al the present time IL greater than
NJ any previous period Of our history,
aud more per capita than In any lead.
ing commercial nation Of the world,
with the single exception Of France,
] am Of the opinion that, owing to our
rapid growth Ia population and wealth
and the extraordinary development In
all kinds OF business, the yearly Ia.
crease In our circulAtory medium
somewhat proportionntc 10 our growth
In population Ia impcntiyely de.
manded.
The Issue Of treasury notes under
this act affords such increase Of per-
fectly convcntlonally and sound cur.
renoy, based on dollar for dollar upon
the cost ue OF silver bullion, re-
deemable ON demand In gold coin and
with the pledge Of the government TO
maintain 1t Mt par.
Another object Of the act was 10 pro.
Vide home market for the silver
pro ducts Of the United States by re-.
qulrlng the purchase OF quantity OF
silver approximating the monthly pro.
iucc OF our mlnes. Under the opera.
lions Of this law silver advanced from
% cents per Dunes on the lot Of Janu.
AIRY, 1880, 10 sl.9l ON August 10Th, 1890.
That II haaRgnin refrigerated In price
II owing In part 10 the fact that, be-
cause OF the liberal policy exercised
by the treasury Ia the purchase Of
sllvor both ~ TO the quantity pur.
chased aud the price paid, large
amounts or foreign silver were attract
ed 10 this market. Other causes ope.
rated to produce this result prominent
among which IL the large falling OF In
| Auf HhllAtlfhkN vi hllNtN W inulN anu
China. Tho shipments Of oliver from
London 10 India during the 1r8t nine
months OF the present calendar year
show reduction 0f over $4,000
~ compared with tho same period OF
the prior year, while the shipments Of
silver TO China show even greater
decrease.
II IL claimed by those conversnnt
"A
yer That when visible stock upon our
market In disposed Of, the monthly
absorption OF 81, 500, 900 silver by this
government Will have a tendency 10
etiectunlly and permanently steady the
price Of that metal. 1.-THE remonetlza.
ton OF sil,er Us fun legal tender money
il ever To- be accomplished, II can only
be done by the action OF nations OF
sufficient commercial Importance to
maintain some hxed rate in coinage
between the two metals. The new
silver act IL an Important step In that
direction, ntst became com.
puleoTy coinage and the is
intrinsic value than their nominal
value IL repealed, second, because II
provides much larger absorption OF
biNtt W 'fN NbhhAA1 hlau HttokpIuTt
for currency purchases; and third, be.
cause the new law declares II " the
established policy Of the United States
TO maintain the two metals at par
with each oher. IL seems To me that
the act under consideration 10 decided
Improvement upon the provisions OF
tho act OF 1873 which II repeats, In
that II has furnished sound currency u
meet the growing wants OF our country
and has tendency 10 reduce the dii-
ference In value between the two
metals, and thus help TO restore the
equilibrium 10 much desired.
THE TOPIC OF DISCUSSION TODAY
was "Thc banking system and the cur.
rency Ofthe future"
George s. Cox OF New York opened
the discussion with an able paper OF
the matter.
John Jay Knox read n lengthy and
able paper on the Fnmc subject. In the
course Of his speech he devoted some
space to the question Of permanent
national banking circulation, present.
ing In somewhat modified form, the
proposition he laid before the commit.
tee Of the House OF Representatives
two years ago.
Mt. Thadley OF Yale read paper
upon "Isecent railroad legislation and