New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-10-26
+. 7. OLCOTrS STAND.
WHY HE Is AGAINST CLEVELAND.
THE FINANCES OF THE COUNTRY IMPERiLLED
BY DEMOCRATIC sCHEMES-ENGLAND MADE

city WHO are connected Wltn nNhHcldl lnltI'SlS
Of importance and wide influence who have re-
fused to accept the Free Trade platform of the
Democratic party II Frederic =. Olcott, president
Of the Central Trust Company. Mr. Olcott is a
D,noc:at 3 urdy in his belief in the general
principles OF his party, and hitherto he has
always lent his support 10 his partys candi-
dates Willie in no sense "politcian,' when
the expression il used in rcproach, and while
utterly Indifferent to the attractions of office
holding he has always stood high IL the councils
Of his party ana has been one OF the men in the
financial community 10 whom the Democratic
leaders have often trrLed for advice and substan-
tial aid. It's record in this regard adds to the
seriousness Of his detection, especially as he rep
rercnts large element In the banking and
business world, which is being Influenced this
year by the strie considerations that have i'm
PEELED Mr.. Olcott to determine to vote for tho
Republican National ticket.
Mr. Ocott has wide reputation as fnan-
ca man Of slicwdness sound III 'gncnt and fore
sight His tlu,t COMPANY has an cnviable record
from it's connection with numerous successful
reorga nizations Of roilo I'd prop rte' and he wa'
rctive in the negotiations which I'D 70 the re-
funding Of the State debt Of Virginia this year.
Mr. Ocot''S attitue has been Influenced in the
present campaign. primarily, by his opposition TO
IN" iar z revolution thiea;enei h. the ID 'mocratlc
IaIty, and secondly by his recognition, us a
financial man, of the dan.er involved IN TN"
Iropo~i'io ion # the Chicago platform for In" re-
cetab IS mcnt Of an unsound currency. Mr.
Clco,t Ia- allowed .he us, of hi> name as one Of
the vic presidents of the Bankers and brohers
HoDubcar club. and in response 10 repeated re-
quests from The II ibunc h" yes erday consented
I, tic publication Of the following interview:
Inv in IA of a (:
Mr. OlcOtt Nas asked
For the following reasons The tariff was in
.titutcd for revenue, not for Protection. As re-
sult the man, featuring Industries of the country
grew enormously, and vast numbers Of labo;crs-
skilled n.cchancs-w0ncn ard young people. have
been given rcuuncratve employment, and c'ptal
ae well Ia. rid lis reward l. il fair to rutheasy
tear down that which the needs of the country
created and built up? The triumph of Free
Trade /, a blow aimed at both labor and capital
The tarn protects one as much 40 the other IN
fact it protects labor more than 1t doc7 capital
for the reason that capital can more easily ma
new channels for employment IL is entirely be-
yond my comprehension how patriotic citizen
of the United States can be an adv ocate OF Free
Trade our English enemies for enemies they
are are directly responsible for very consii ra-
bic share Of the tariff. During the war between
the North and the South, they aided the South by
every means In their power By their Efforts the
wur WIS prolonged. and rs a result our enormous
,oycrnurnt debt was created sHd hundre l. Of
thousands Of dead and manned soldiers created orr
equally large pension list. Tie tariff affords us
an opportunity of letting oar enemies pay their
fun share Of the burden. This condition | would
like to nee continue os long ae we have dollar
OF debt or n widow or orphan or manned soldier
a.. ia |
continue 1t as long ns have navy to build.
an army 70 pay Notifications 10 provide for, har
bors to deepen rivers TO improve or any internal
Improvement which needs money 10 carry ont
Nothing would please England more than the cleo
tion OF the Democratic candidate. She could then
hopc for Free-1rado in this country, which would
be LIE and prosperity for her and death and ieso-
lation for US. 1t is safe for the United States TO
keep on doing what England wants us to stop
A former president Of AN Eastern college IN his
baccalaureate sermon thus warned his graduating
class Re loyal to your country. Give no
countcnance 10 the crafty and selfish designs OF
Great britain upon our Industries and commerce
Never hc deceived by her hypocrtical and dis
gusting professions Of regard for our welfare anu
greater prosperity The United States for itself,
sounds much better than the United States for
Great Britain
What do You think Of the plank In the Dem
ocrstie plntform looking TO the removal OF the
tax on the circulating notes Of State banks :"
This tax was n war measure. intended TO
absorb as a permanent investment large amount
of Government bonds and To force State banks
into the National system. This 1t did, ard in
addition il gave 10 the people the best security
for banlnotcs this country has ever had The
present generation Of business men can know but
little by experience OF the currency existing he
fore the war. Several States. particularly New
York. had excellent laws looking to the security
Of bankuotcs, but the majority Of the States had
very poor laws or none Thus the currency was
Of very uncertain value. and the wis,st knew
but little about the value Of the notes OF banks
in remote districts II the tax WAS removed.
think it would be difficult to keep State Bank
notc@, in circulation. The public being used to
National Bank notes, which current every
where in the country, would refuse to take them
They might have local circulation where the
hanks were known to bc well managed, but they
could not have wide and general circulation
Assuming that the notes were amply secured, their
sue to any considerable extent would be Il serl-
Gus menace for the reason that in times of panic
or distrust they would be sent home for redemp-
ton and the bank issuing them would not only
have to provide for the payment OF consI'icrdOlc
norton of its deposits. but would a. well have to
provide for very considerable portion Of lts
circulating notes So great and we'll ncrted
s the confidence existing in the present National
banknotes that they never go home for redcmp-
ton until worn out. not even in the seyercst
pancs.
with the contemplated Issue il would be vastly
different They would undoubtedly 20 homo in
very large amounts. and the banks would he
,orccd 10 deny aid to their customers III or'ti
10 redeem their notes They would stimulate in
flation in times of ease and add fuel To the
lanes in times of panic. Panics are now LARGELY
confined to thr rich and well informed. SEEING
their securities depleciating in money value day
by day, they hasten to sell. throwing ON an
unwilling market more than it can absorb. Let
the very much larger proportion of the people
ihat is, those who ARE not well lniOr'"i-h"'i
in their pockets a bill of failed bank ana
the panic becomes very much wider involving
savings banks and all other deposltarles ior
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