Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-06-21

Nr. He, $50 whites Paper on tho Financial
Situation.

r
Situation.
bankers and railroad men frs.ernized to-
ssthsr ct the art palace at Chicago yesterday
morning. The bankers had invited the rail-
road men to be present at the opening session
Of their congress. and the railroad men had
consented on condition that the bankers came
to the opening Of theirs, and the two bodies
made an audience large enough to comfortably
oil the hall. An interesting feature was the
presence OF over q hundred ladies, fact that
induced q veteran banker to observe that he
had lived for seventy years and had only just
found out that there were many women run
ming banks and railroads.
Interest in the opening session has been
largely concentrated upon the announcement
that the principal address would be delivered by
Senator John Sherman. who was expected to
make an important speech concerning the pres
ent financial conditions OF the country: but the
Ohio statesman absent. and a brief tele-
gram explained that pressing engagements kept
him away In the front seats were bankers
from about half the states in the Union. together
with representatives Of financial institutions in
Paris, Rome and Nova Scotia
The task Of welcoming the delegates WAS
assigned to President LYMAN ]. Gage Of the
First National Bank Of Chicago. Nature 5
all-powerful protest against the falacious
methods Of finance has. he said. been mani
tested in the vast wave that had Just swept over
not only this land but the world. and which had
Drought ruin to macy and anxiety to millions
more. II was the most appropriate time for
tbs present congress to meet. They could bur-
row into the calses that caused the recent
FURRY and learn lessons for the future. The
speaker deprecated stringent methods on the
part OF the banks daring n financial scare, and
cited several instances where solvent institu-
~ A~ov, hvU ,xhf fvta dan
iniity to q suspension, simply because the man
sgement had been over conservative when there
.was little mistrust or furry in The commu-
nity.
Charles Parson Of st. Lonis was Introduced
- permanent chairman. On behalf of the
President J. J. p. Odell Of the Union National
Bank. and responses were made by several Of
So dalegates-
HORACE wHrrss PAPER.
Mr.. Horace White read paper on the
financial situation He began by saying that
the most impressive fact in the world of finance
was the dominance Of the gold standard 1t
began in England nearly century ago. and
had conquered one country after another until
all civilized nations were brought under its
sway. Three international conferences have
been called to stav its march. and none have
been held to assist but the movement has been
a. little impeded ocean steamer would be
by the action Of debating society in its own
cabin. Was all this due to human perversion
or had il a rational cause founded in the needs
q mankind?
Beginning with the experience Of England.
Q sketch was given of the coinage ratios estab-
lished between gold and silver, showing how
the government and society had strenuously
sought to keep both metals in circulation, but
had failed in every instance, and never sue
ceeded in having q staple currency until they
l.
periences of the United States. France, Ger
many. Holland and Austria were next given.
Vow" Mr.. White continued. IF We find a
movement Of civilized mankind going on
steady for a hundred years. working out. in
different countries. uniform results. which
commend themselves to successive generations.
the prescriptions are all in favor of that move
ment being beneficial" The speaker so
well convinced of this that il all power were
placed in his hands he would not do any thing
different from il. He would consider it pre-
Oumptuous to interfere with an obviously natu-
raj evolution in human affairs. Such an attempt
would be futile. because it would be necessary
to alter the preferences and likings OF indi-
vidual men. The secret thought which para
lived the Brussels conference. and all otser
conferences. was. what would happen the day
after international etalism il individual men
should continue to prefer one ounce OF gold to
sixteen ounces of silver!
The speaker thought that the scramble for
gold would be more pronounced the day after a
bimetallic treaty than the day before. because
everybody would suspect somebody else of
gratifying his secret liking for gold a. the ex-
pense Of his neighbors. He considered the
gold standard beneficial to all classes. and he
examined and answered the various arguments
adv snced to show that it was detrimental to
some. The present silver law. commonly called
the sherman law. was not bmetallism. 1t was
based on the idea that the purchase Of silver.
and the issuance OF treasury notes against 1t.
increases the supply OF money in the country,
whereas ID diminishes il.