The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-11-13

poets Hood OF foreign silver for our gold. In
opposition to Senator Shermen's pronounced at
utude as to silver money, st. John quotes Eng
lana present first lord of the treasury, support
Gu Dy the eminent professors of political economy
OF oxford. Cambridge Edinburgh and Lege uni
sersities He favored ou- adoption of free coin
age at all hazards, because in the event of pos
noie failure Europe would be greater sufferer
than the United States. The British finance
secretary recently recommended free coinage for
the United States independently. assuring sue
cess and urging that no nation of the world was
more independent of foreigners. Statistics fur
nished by the late Secretary Window tend to
confirm the British finance secretary.
ST. John furnished statistics OF the produc-
uon, consumption and coinage OF silver, show
ing that the present annual absorption was
ceedlng the present annual production, and that
the treasury was unable to continue obtaining
the silver now required by law at the maximum
price prescribed, hence that the act OF 1870 will
gradually cause a regular advance in the price
to 81 for 3711-I4 grains; therefore,
free coinage, by fixing that as the
minimum price at once, and thereby
establishing an even exchange between the far
East and Europe will greatly enlarge China's
ana midas absorption of silver annually. In
consequence free coinage will diminish the an
nuai silver addition to the currency, compared
with that addition under our present law, and
production of silver to meet the demands of
trade for money
At the conclusion of ST. Johns paper John
Jay Knox took the floor and said he fully agreed
with St John in some of his remarks. After
citing certain facts and giving figures, he said
that some time ago the Mexican dollar was to be
found in nearly every bank IN this country, but
today where were those coins? They have been
sent back to Mexico in payment for goods, being
accepted at the face value, less transportation
to Mexico. Why was this? Because the Mexi-
cans have the advantage of FREQ coinage We
have dollar which will not be accepted in
Mexico Tor its face value, and yet this is a coun-
try which Is unsurpassed by any in the world
st. John replied that it was mistaken idea
to compare the United States with Mexico,
because all of the latter's product was beneath
the soil, and though she need not consent all
her gold and silver would naturally go away
from her, while in the United States all the
products were above ground.
Johnston, of Birmingham, expressed salts
faction with st. Johns stand in favor of face
currency He said 1t was q war between the
white metal and the colored metal, aud he did
not intend to see the colored metal put ahead
OF the white metal. He announced himself in
favor OF reciprocity and against artificial laws
which limited ore product and excluded an
other.
William C. Cornwell, OF Buffalo, read paper on
their system with ours. The Canadian system,
he SAYS, is one of the best in the world 1t gives
Canada circulating medium fully meeting all
the requirements, both to elasticity and
safety. No bank can issue notes with
less than $4,000 paid-up capital The
notes are a first lien upon all the
assets of the bank. The stockholders are
doubly liable, and there is, in addition, q
guarantee fund contributed to by all the banks.
In brief, every dollar of the Canadian banks has
50 on an average and s. at the lowest in security
back of it. The American currency system ia
inadequate, unsatisfactory and dangerous and
the speaker thought the Canadian system one OF
the best extant Neither panics nor stripgencies
are known, as it never has been necessary to
issue more than about 60 per cent authorized by
law.
Dr. Van Slycke, Of Albany, offered a resolu.
ton looking to the formation by the executive
council of bill, to be furnished each state as
ISOLATION for presentation to the legislatures,
abolishing or making uniform "days of grace. u
He thought the country had outlived the
''grace" system. The resolution was referred
Richard NJ. Nelson, of Selma, Ala, was elected
president of the association and John Jay Knox
first vice president. After the usual resolutions
the convention adjourned.