Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-05-11
be equally honored, and this cannot be unless
they deserve to be honored

be equally honored, and this cannot be unless
they deserve to be honored.
MR.. J. D. BAKER.
The next speaker was Mr.. j. ID. Baker. presi-
dent of the Citizens National Bank Of Freder-
lex, who remarked that he was glad to find in
the new controller young man. One difficulty
the speaker had had to overcome when he first
became president Of a bank at twenty-eight
years OF age WAS that he was young man. He
knew the trouble young man had and he could
sympathize with the controller. He believed
that before long the controller would be as
much in love with the national banking system
as the bankers themselves. There err
roneous impression that national banks enjoyed
some special money-paking advantages from
the government. Invhis own experience he
failed to find that they enjoyed any such privi-
lege. But he had found that the people atlarge
we're benefited by the system. The sooner the
people realized this the better it would be both
for the people and the banks. Speaking Of the
talk OF financial strngency. he claimed that
there was no real cause for such stringency ex-
cept fear.
From my standpoint" Mr.. Baker continued
81 cannot fail to see why the year 1898 will not
be reasonably good year for legitimate WELL
conducted business enterprises. do not be-
iieve that the stringency in the money market
In the centers will be Of such character as to
seriously disturb the business interests of the
country. l represent, of course, the interests
the serious fluctuations in the rates for money,
and If We did not read the papers and know
that there had been monetary disturbance In
New York city We would not feel it IN the gem
eral course of conducting business.
II believe at the bottom of the whole question
rests the difficulty of restoring the confidence,
not SO much Of our own people, but of the peo-
pie OF the world, who are large investors in our
securities. AS long We find a country like
Great Britain, where the rate of return on
really good securities il barely 8 per cent at
the present time. we will always hold out great
attractions for their surplus money, provided
they firmly believe that when they send dol
lar here for investment a like dollar will be re-
turned to them and not a dollar with pur-
chasing power in the world of only GA cents.
We must conclude that whatever temporary
embarrassment has been brought about in ref
erence to our money has been largely due to
the government having paid from 1873 to the
end Of December. 1892, for silver S424, SIC, 495,
and had issued $3.50, 529,l27 of notes, and. by
depreciation. the value Of this silver has been
reduced to $3.50. l42 $50, causing loss of s7l.-
667, 6l5 to the country. or the 36l, sos. sos sill
yer dollars coined since 1878 only 6,454, 459
were in circulation.
The issuing Of silver certificates was only
scheme by which this silver could be placed in
the hands Of the people. We believe and firmly
maintain that the government now in good
faith. promptly and without hesitation. should
let the world know at all hazards that it pro-
poses to maintain the parity between gold and
silver, and, further, promptly repeal the Sher-
man bill. The Representatives of our next
Congress cannot afford to do anything but act
quickly and promptly in this matter and re-
lieve the country and the world from any ap-
prehension upon this subject. The silver
already purchased and coined and remaining
to be coined will not do the country any dam
age II we simply stop this matter where are.
Whatever stringency exists in the money mar
Ike ia We hay sai6
imagination more than from real causes.
believe that this is not the time for moneved
institutions to make money tighter by refusing
loans properly secured. This should at all
times be the first and important
point in making a loan, and there is no reason
now why this principle should not be applied
and the business interests Of the country move
on comparatively smoothly. OF course. specu-
lative stocks and securities will always during a
restlessness in monetary circles be pushed to the
wall, but there ought not to be. and there is no
reason why legitimate business enterprises
should not find the confidence they deserve.
The financial question. of course is one that
our government officials and Representatives
should approach from a standpoint of patriotism
and not of partisan politics, and any man who
AS a Representative. undertakes so to do ought
to be held responsible by the thinking and bus
mess interests Of the country. Prompt and de-
cisive action in the right direction will speedily
relieve the mind of those fearing a silver
standard, and the evil will be corrected and
business confidence fully restored" This speech
was heartily applauded.
MR.. BELL SPEAKS FOR TRUST COMPANIES
Mr.. Warner called upon Mr.. Chas J. Bell,
president of the American Security and Trust
Company, to speak of trust companies. Mr..
Bell said there should be no antagonism be-
tween the national banks and the trust COM
panies, for the trust company legitimately oc-
cupied field that the national banks could not
There were some fields not yet developed that
would undoubtedly be the chief source OF
revenue to the trust company This was the
management of the state. The trust COM
panies were new and unfortunately gentlemen
who write wills and appoint trust companies us
executors would not die. There were only four
trust companies in the United States. those To-
Gated here, that we're chartered by Congress and
tional banks. This gave the public confidence
in the institution.
Mr.. A. L BARBER.
Mr.. A. L. Barber, the president of the Barber
Asphalt Company. was next introduced, and
made a witty speech Speaking of the standard
of money, he referred to the gridIron pendulum
and suggested that some way might be devised
of combining the gold and silver SO as to con-
stantly preserve proper relation. He spoke
Of the situation in New York and said he be-
lieved that it was satisfac tory so far as the
900, 900 less money there than year ago. but
year ago a national election was pending and
business men were not disposed to put out
their money until the result should be known
New York was the great monetary center. a
treasury for the whole country. The hundred
millions that was there last year was so much
in excess of what there two years ago
From his personal inquiry among bankers of
New York he could say that they had no great
apprehension. Notwithstanding the furry in
cordage and one two other speculative
stocks. business men pursuing legitimate bust
ness could today get all the money they needed
for practical purposes.
The last speaker Of the evening was Col
John NJ. Wilson, the commissioner of public
buildings and grounds. who wound up the
evenings entertainment by telling several
stories, which evoked hearty applause and
laughter.
FOR YEARS A BANKER HERE.