Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-06-25
AS BANKERS VIEW IT
Opinions Differ Regarding the
Mosstay Situation.
THE SHERMAN ACT REPEAL
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Cu,cAno. Juas il.---Paid admissions
u tho fnir today. l4b3a
One u the large rooms u the art pal.
ace was crowded q nooo today with the
delegates In sttsndsacs st the interna-
tional cougses u banking and dnsn-
eisl aituation IN this country. The
opening sddrsm vss dclivercd BY
Logas Z. Murray ~ New York. he said
that such storm and uavs u liquidation
had paced over the country beginning
in New York snd now extending itself
30 the Pacific coast. - would seem that
the present low tide was 4. most sppro-
pirate time tor the bankcrs aud financi-
crs of the country 10 discuss the root of
the trouble. IL could not be denied
that the banking institutions of the
country he'd met the CRISIS with . won
dcrful show of strength. The detcrm-
ination of tho president 10 convene con
grcse for the purpose of graphing with
the root of the evil. the continued pur
chase of silver. was to he commended.
The congress should give no uncertain
sound 10 tho sentiment that this evil
must be eradicated from the commercial
system.
For and Against Repeal.
The idea Of putting out an interest
bearing debt IN time Of peace and pros
perity simply for the purpose Of forging
a silver chain about the necks of the
commercial world, was suicitlal and un-
patriotic. and a wrong to the people.
The country had barely escaped day
of reckoning. and further delay in meet
ing this question might mean. greater
disaster. The speaker impressed upon
the congress tho necessity OF reassuring
foreign investors 30 that they would not
turn back the great avalanche OF securi-
ties now held across the Atlantic for
fear that the United States will reckon
their value in silver instead OF in gold.
W. =. Wills Of Gettysburg. Pennsyl
vania. approved everything MIR. Murray
had said and advised the repeal OF the
silver purchase act
Congressman w. J. Brian Of Texas
said bi-metailism was the remedy for
the present financial trouble. and bi-
metailism could be accomplished only
by free coinage Of silver.
Treasurer Lon V. Stephens Of Mis-
souri, favored the free unlimited coinage
Of silver as q solution OF the present dif-
ticulties.
T. G. Sherwood's Idea
J. w. Vernon OF Providence. Rhode
Island. was not opposed TO silver IL a
method could he deviscd OF putting 100
cents in silver dollar aud kcepit there;
otherwise the silver purchase should
not be repealed and q strictly gold
standard maintained
In the opinion OF ID. 4. Walker Of
Toronto, the financial troubles in the
United States are due to defects in the
banking system and the fact that the
currency of tho country il government
currency. The banks should Issue
their notes based ON their assets
II. j. Cohccn. of Wyoming. spoke for
silver. and 7. c. Sherwood, bank exami-
ner of Michigan. said the financial
trouble was due topostponementb by con-
gress Of action on the silver question.
Joseph ]. Moore. superintendent OF
the PhiladeIphisc clearing house said that
silver cannot be forced on the world
unless it will he received the world over
as dollar. ID. T.. Miles Of Massachu-
setts. believed in the gold standard
and that when the Sherman bill was
passed the people needed silver. but not
now. A motion to adjourn was carried
and with brief address by Chairman
Parsons. in which he defended the New
York bankers from tho attack on them
by Mr.. stephens Of Missouri. the Co
lumbar congress Of bankers and finan-
ciers adjourned sine die after passing a
resolution praising the worlds fair.