Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1892-08-06

THE U. p. rttroRAPHIRs W.
rimArUh.
Dcrvi,hes Amuse New Yorksrs.-A
War In Railroad Rates
Looked For.
Secretary Foster AddreSse. - Lars,
Ass.iDbiS.

NFHMtLLiON, ohio, Aug. O.-Re-
publican Presidential campaign was
opened here this afternoon ~ LIN.
wood Grove. In the presence oi n great
throng Of people, mostly iafmefs, and
Hon. Chas. Foster, Secretary OF the
Treasury, who came from Washington
for the purpose, delivered the principal
speech Of the day, On tie currency Of
the country.
Tie meeting was held under the
auspices Of the Enc County Agricul.
tural Society. In opening, Foster said
Il was not porn issiblo for him 10 enter
on n political discussion. Hio talk was
therefore largely historical and free
from partlsanship.
Said he. "Since | commenced the
investigation Of this subject, one great
party Of the country has IN effect de.
clsfed In favor Of rehabilitation VI Tia.
present discarded system of State
banks. IL his hearers should think he
exceeded the hounds OF proprlety Ia
what he should FAy ON the
subject, Of the proposed substitution Of
the State bank Hyricm, for
the present National Banks, the
blame, ~ any, should rect upon the
NNhNtNNitU hhA NV upon wv HltahfNH
The secretary then gave n historical
account OF American currency from
the revolutionary times. Speaking Of
currency he maintained that the ex.
peficnce with continental currency
showed the folly OF paying national
debts Ia gHcenbacks. Tho cost OF the
revolutionary war fell on patriotic peo-
pie who received the CURRENCY while
the tories who refused TO accept u,
were tho only ones who escaped ruin.
The speaker then reviewed the
condition OF the circulation prior 20
sixty; described the pnnics Of 1874
1897 and 1858 and said the arrangement
Of the paper currency was an Import.
aud factor In ench. Tho banks Issued
money encouraged by wild spccula.
lion, thereby greatly aggfayating the
results. Then he gave AN interesting
account Of the war circulation aud
means used by the government 10
raisc money TO carry ON the contest.
Next he dwell, NJ length on tho
national bank account Of 1864 anu the
change II wrought In the character Of
the cOuntry'a paper circulation,
and said that Instead Of be.
ing subjected 10 eNtortions OF
note sharers, M under the
State bank system, the holder Of the
national bank uote found II equally
good IN all parts Of the UniQn.
No money bad been lost ITO
the people through the failure
OF any national banKs. Tho secretary
next gave an account OF the resump.
ton OF specie payment, extolled the
wisdom Of Congress which provided
for II. The secretary then referred 10
the restoration Of tho standard silver
dollar, the Increase In volume OF
money In circulation and presented
tables showing the amount Of money
In the United States. On August lst,
1902, there was two billion three hun.
dIci aud sixty million ,hirty.four
thou,nnd four hundred aud eleven.
The amount in circulation Mt tho same
date was one billion six hundred and
one millions nine hundred and forty
nine thousand three hundred aud
twenty-five The money per capita
was 5000, anil In circulation per cap
tia s23.il.
This, he said, was the greatest por
capita circulation the country ever had.
Concluding the secretary said, 10 me
II seems perfectly clear, II this country
IL 10 have any Kind Of paper money
issued by banks, the national bank
system IL undoubtedly preferable 70
that Of the banks under State authority.
II more hnnk issues ARE needed they
can easily and safely he had. A.
present there ~ no profit ia the clrcu-
lHuon Of banks. II our five hundred
and my millions four per cent bonds
were extended ility yeAre at two
per cent, relieving the banks from tax.
alton beyond the cost ~ the govern
ment Of issuing the notcs, maintaining
bureau, comptrollsT Of currency anu
permitting them to issue notes up 10
par OF the bonds OF the banks. | think
Il would freely take these bonds, Issue
notes upon them, and thus furnish
currency to any amount required BY
the business Interests Of the county,
and at the same time reduce the rate
OF Interest one.half 10 the extent Of the
bonds taken for such purposes. am
not advising that this be done, hul
express my opinion as to the preference
Of issue OF bank notes by tbs national
banks Us against the proposed Tehabili-
tatiDn of the old Stute hank aystgm