Arizona weekly citizen., 1893-07-22

said hs did not see the street car until
it was on the track and so close that i.
was impossible for him to stop. The
tower man did not see the passenger
train until after the gates were raised
and the street ca started ahead.
New YORK, July 18.-Comptroller
of the Currency Eckels was the guest Of
his predecessor, ex-Comptroller A. B.
Hepburn at,dinner at the Union League
club this evening. The affair was stat
ed TO bs purely social, but owing to the
gathering of many leading fnanciers of
this city, it was generally regarded
more as a conference on the monetary
situation and prospective measures for
relief than purely social meeting. The
dinner was given in the names of Presi-
dent Cannon of the Chase National bank
and President Tappen of the Callatin
National bank. AS Hepburn lis not a
member of the club, President Williams
of the Chemical National and also pre-
sident of the clearing house association
presided. In response to few words of
welcome from the host, ne made brief
speech.
During his speech he said il part:
"Ihe condition which confronts the
American people deserves the thought
full attention of every citizen. Ii is not
a time of panic but Of slow liquidation,
the result Of undue speculation aud
unwise financial legislation. II the
citizens would study the character of
the institutions that have failed, the
causes and localities in which they
occurred and then view the solvent IN
stitutiOns elsew here also about them,
the CONCLUSION that must follow is that
the legitimate life of the country IS not
threatened but instead will come out OF
the present turmoil stronger for ha, ing
passed through it. The bad banking
must inevitably bring disaster upon
those who engage in it. The present
stTingenCy has simply fastened the
closing of some banks because they
were inherently weak. Others closed
as result of k eping alive the specuia-
tons of speculatJrs IN the extreme west
and portions of the south. The act
has not been discovered OF making
something out of nothing and the
tiuancier who stakes his all upon an
Unbuiit city, -c-chin- ont i-to waste
places, must bring about the ruin OF his
own and kindred institutions which
trusted in him and pinned their faith
to assets get unborn. New England and
tue states OF the east and northwest
have thus far escaped and will, because
the foundations upon which they are
built is rock and not SAND.
NEw YORK, July ia Washington
special to the Times says: The silver
men will not relish the contents of
letter written to Secretary OF Ayricult-
ura Morton b. j. Lawrence Laughlin,
professor Of political economy at the
Uniyersity of Chicago, which is con-
tanned in this dispatch. Mr. Laughlin
was, previous to his call to Chicago, as
si5tant professor of political science at
Harvard. He is the author of History
of Blmetallism in the United states"
standard authority on financial matters.
Here is the letter which Secretary Nor
ton has permitted the correspondent TO
make public:
THE UNIVERSITY OF CHICAGO, HYDE
PARK, July IL, 1S93-MY DEAR Mr..
MORTON: In my last letter, cent you
few days ago, ventured to urge the
reasons for an early call of congress.
That letter was written just before the
news came of the action of thu Indian
government. It seems to me that the
situation now is extremely favorable for
getting rational action. The fGtes seem
to have thrown into the lap of the ad-
ministration events which must in no
small degree aid in helping out of our
present monetary difficulties. The action
of AustrO-Hungary finally decided the
case in Europe against bimetallism, and
the action of India is but the logical
consequence OF the monetary move
meDts of Europe. The action regard
ing India, however, is so striking as to
draw especial attention to the fact that
certain things could be done now that
could not be done before. In my judg-
ment the action OF India indicates a sit
uation in which an International none |
tary conference might serve an import |
ant part IN helping US. 1t is perfectly |
clear that no sane man would urge bi- |
metallism any longer at the European |
rate Of fifteen and half 10 one, out at |
this price the Latin union purchased |
and now holds hundreds of millions of |
silver. They are worse off than We are, |
and now if they should he led tn take |
soma steps to get out OF their difficulty |
it would end the so-called silver ques- |
ton forever. Their expectant attitude |
cannot 60 on.
There are these and other possibilities |
that an international conference will be |
called. In any event its action is Ger
tain to support any plans We have here !
for the repeal of the Sherman act and |
the repeal of foolish silver Legislation. |
Ii the conference were called at once, |
it would not only strengthen the hands |
of the administration, but if it were |
called on no account should it be loaded |
with ultra silver partisans; that party |
should be represented, but It has been a |
provision OF judicial fairness to which |
this country has been seemingly blind |!
10 the past, that the whole diplomatic !
influence of this great country has |
been put into the hands of the sill |
yer fanatics to do with as they /
please. Moreover, we have al |
ways compromised our action |
by sending linen abroad already COM
mitted to an extreme position. There |
was no pretense of discussion of the |
question. The men would rot discuss. |
In short, the government and its print
ing presses have been in the past used |
by the silver party as a means of dis
seminating their views as it were, by !
skilful advertising and at no expense |
to themselves. That we should have !
to this kind of hoodwinking |
is to me inexplicable. 1t would be
like a dash of cool rain on a dusty road !
to have the present administration |
send To the conference men who are