The Providence news. (Providence [R.I.]) 1891-1906, 1892-04-21

market price Of cotton when it was 10
cents per pound in New York, correspond
ing substantially In ratio TO the presene
price to the ratio which the price OF silver
bore to It's present value when the Uuiteu
States began its purchases OF silver o"'-
lion.
well aware that this agitation for the
purchase of silver has no foundation in
right or reason in this country. Iney
are thoroughly well informed ana tney
know that the agitation ~ superuciA,'
but that 1t has been carefully ,promo.cu.
stimulated and sustained by the owners
OF mines and representatives OF the silver
mining States with the free use OF money.
They are as well aware as we are, tnat the
people Of the United states VIII not per
nit their unit OF value TO become silver
instead Of gold, and they are now Well
assured that, whatever party Is In power,
or whoever directs the affairs OF the gov
eminent or whatever Congress may be
in existence at the time when the danger
becomes apparent e., when the DANGER
of the debasement OF the unit or value
becomes obvious to every one-a way Will
be found to stop the coinage and to main
tain the present unit OF value. Even our
present acts make 1t the duty OF the Sec
retary of the Treasury to maintain the
parity Of silver with the lawful units Oh
value. .
"Suppose it had been cotton instead of
| silver, what would have been the effect
| of the accumulation Of ten years, or OF
| five years, or OF two years, upon the price
| Of each years product Simply to bear
| down the price in fear OF the time when
| the folly of such action should become
apparent. It. is the same with silver
| our accumulated stock bears the market
lower and lower.
''There is but one product which 1t
might have been judicious for the United
States to store away as security for It's
notes. There is one product OF this coun-
try that improves by aye and that might
| have been adopted instead OF silver; each
series of notes issued In each year being
made convertible into the security de-
posted for that specific series, That pro pro,
stored by the United States Government
| as security for it's notes, the first series OF
| notes would long since have been ABOVE
| par in gold; IL those who had access 10
the vaults--members. of Congress and
others-had not already consumed it.
| "When had the honor 20 visit Europe
/ as the commissioner OF the government
| in 1887 to report upon this question. IL
| became apparent to me In every interview
with the financial officers OF every country
that visited that they looked with dis
trust and suspicion upon what purported
to be our offer TO promote international
bi-metsllism. They knew that we were
| piling up this lot of silver upon our backs,
and appeared to be very sure that we
should not carry it very long. Therefore
they regarded our effort to induce them
to consider the subject of bi-metallism as
simple trick TO put part OF our own
heavy load over upon our backs Until
we stop our purchases all efforts to pro-
mote international bfmetailism will he
utterly futile.
but as have said, we must seek to
| Cul .oy ,,rnnnds uhich may eyISt 70
Justify the demand, especially OF our
Southern brethren, for more money. IL
is true that ever since what Is called the
panic of 1873 which came coincidently
with the act for ceasing to coin silver dol
lars, there has been a reduction In the
price of the leading commodities; at frs,
IL was natural reduction succeeding the
huge stimulus and abnormal advance IN
prices to the detriment OF the wage earn
ers that eliminated in the great panic ol
1873. Wages on paper basis had not al
vanced coincidently with prices In the
period preceding 1873, and the workmer
had become poorer and poorer. Then came
the long and difficult struggle between
1873 and 1873 after the restoration OF spe
Gle payments.
Specie payment was restored on Hoie
basis in 1879, although the so-called Blanc
act, calling for the coinage of &.OOO,OO
worth of silver had been passed in 1873
1t was not the Bland act that passed.; tn
Bland act OF that date which passed TIT
House was stopped in the Senate ant
amended, so that the coinage was Limited
to s., 100000 and not exceeding 4,UV,oO
per month. This was the Allison act
safer than the Bland act, by far; It was al
act that gave time for consideration. AM
so long AS the coinage was limited, tn
dollars coined became convertible or re
deemable at gold standard through tn
treasury of the United States; through
this indirect convertibility the dollar
have been kept even in spite OF the IN
crease in the coinage under the act OF lS9
How long the secretary OF the treasur
who Is instructed under the iawNo main 2
tain the purity of the silver dollar With
the gold dollar can do so Is one OF tn
burning questions of the times.
, 81 think that the cry for money, NOR
money, more money OF any kind, may b
, attributed to the very prosperity and pre-
! grcss which the people Of this Souther
, section have made in their productlv
energy, since it has not been accompanie
, by any sufficient increase in the bankin
) facilities in the same sections. 1t is fe
. this reason that in this meeting OF banl
ers and bank officers l have directed th
3 whole course OF my arg lment to the tru
: problem which must be taken up an
. rightly determined, after we have stoppe
the effort to destroy the credit Of I'll
country by burying the Bland act and n
of its kind so deep that they can neve
come up to the surface again"
Ex-Postmaster General James.
The Hon. Thomas L. James, presideu
of the Lincoln National Bank of Ne
. York and ex-Postmaster General, VI;
t next introduced and spoke few words
4 encouragement to thes present. Sad ht
"A sin agreeing to make ali address to-nigf
4 thought il was TO be delivered to pc
' haps fifty young clerks, but on rising no
n find myself confronted bv, as / may sa
a the 400 of Providence, and you can rea
o ize my embarrassment. Nevertheless,
4 want to congratulate you on the succe
y of your association, which has bee
$ brought to its present condition Of exec
J. lence by faithful aud arduous work {
II the part of its officers. We have rigl
r to be proud of our calling; banks we
l. nurtured bv the free air OF the countr
= a d are imbued with its healthfulness.
# The majority of bank presidents an
o cashiers co nc from the ranks. They hay
# won their position by faithful efforts al
= earnest work. From am ing you mu
Q come the fu ure bank presidents and 9th
l, officials high IN the institution, but th
70 will only be accomplished by a strict d.
D. yotion tO duty and n stern integrity III