New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-04

"Tur QUEEN OF TABLE WATERS
"The customary drink
with prudent people"
british MEDICAL JOURNAL.
4 LECTURE BY A BANKER.
HENRY W. CANNON AT UNlON Coi1l'r"E'

.,,xr,xc AND CURRENCY" THE THEME OF
THE PRESIDENT or THE CHASE NATIONAL
| THE FINANCIAL INSTITUTIONS OF
EUROPE AND AMERICA REVIEWED.
Schenectady. ~ Y. Nov. Notwithstanding that
Union College closed to-day for an election RECESS
and that many OF the students were ANXIOUS "
| ro,cb home a full attendance greeted Henry W.
| - nres,dent Of the Chase National Bank
| xov Work. CITY when he appeared in the chapei 10
,;er one OF the lectures of the Butterfied course
Resides the members OF the faculty their wives "'
tho Students there were several Dank o!nchs pres
| emit The lecturer was accompanied by Coio"e
| f,harIes r Sprague of Ncw-York. an alumnus Oh
| Union College President Webster turned over 10
| o,o,o,e srragie the Office of introducing the
,oc,urer colonel Spraguc briefly referred to the
| e,rerIence and ability OF Mr. Cannon He said that
| General ButterIod had detailed him to-day 10 10
service at Schenectady. The orders that ne haa re-
ceived reminded him Of the orders the General usa
TO impose upon hira in the army, during the re
belllon only the duty Of to-day was far more
nlaasant than some OF the duties Of the war TO-
dev in bringing Mr.. Cannon to Union College ne
was moving on Schenectady with some OF Gchera
| Butterfelfs artillery. tA"-iause).
When NJ Cannon rose to speak he was greeted
with hearty applause, and he prefaced his interest
W. oc,re With the sliggegon that Colonel Sprague
should be invited TO lecture on savings parh'' W,
Whi
tn,,rer rScciveI earnest attention and hearty APP
pause. aIr Cannon offered 20 reply 10 n i,n III a1
drnss To- him AT his home the subject OF finance
and for this very kind offer President webster
Ths lecture was entitled Ranking and curr en- "
In this course addresses have Desn i,ayerd Gov
ernor Mckinley. OF Ohio and by Charles a. ~, Dana
Mr Cannon gave clear snG G nndpprle the bus
ness OF banking lie described AT lcng'h me o's
izatons OF the great banks OF Eirop, inner ~
| nd
banking system in the United states Mt Naii"S us
misbed y lucid idea OF the banking ana currency
conditions this country Passing 10 inc bins
! question Of banking as a profession or ouS'"e'''
he said:
I, may no. t inappropriate 70 con.id briefly some oil
thc quiinra..on. necessary to success In BANKING.
,t,,.rnt intending become banker should sudS p''
,cno,v and should become familiar with the REQUIRES
q, III. con,ry STATE city or town In when ne co'""
hi rus.o.-- If. must 10 acquainted with the genera
condition ~ trade and commerce In hi, nceho'r'cu Nv
should s clrriny The hi tory OF b'hhlS' anu '"o''"
himself regarding tho'r stur an'es 10 c'i "'0" '''
often ref rrd To- ~ ranics aud vhh prodi'iY' curing
The mr. cent century. have ntcerel with the fesu'ar
conduct # bgslnes, and disturbed aud d>ryd ''ei.
Tho student hoI b. well weed III IN" Nlu'h' aN ~
the law. Of the several States under which bah.hg i
c,,duc,cd and would ii, well TO huiaiire himself with
,,,f,er III law plr'l,ulary that ltns TO Iri's'or3
o,e. and hs o., exchange Tho banker must BE- abe 10
anal,z. baancc shccs OF corporations ana i"d'Vd''S a
! 4, conrccnt e. determine from statement ta"eh from
OF merchants manufacturers, 't'- W
nt their business properly conducted and whether they
a.. co,,.a Ia credit He should have general ana
t. hulcal KNOWLEDGE Of accoHn's ani cohpr'hcn'No
knowledge of 81 form. u rroni~~iry not' ana DIS o '
ch,nec IN all their varieties lie shonii d. a"iuh"U'"
Win eonsd money hf rapr 'nh '"ihaT z'n'r
ally win t,-lne-. usage. Ia addition 10 lat grity anu
general ability ban> oniccr mus b" arcni IT, PROMPT
,alrssknr and be able T. cconomze time ana con-
ccntrate mind upon the duties Of tie "onh' ON"
oniccr occupies a responsible potion He - to
all nt.uts and purp1s, a trustee. h1.inc IN chaig' other
,,e's aoncy Their credit and tie business pro'Ic Is
- An entire community frequently 1T urn Lac @asacity
and .u.ines. copleity OF bank managers
on the liv. question Of the merits OF the exist
Ing National banking system Mir. Cannon said In
! part:
Rank not which circulate the people money
shonld De- -i,d u.doi stringent rules AID rccuI-
to-. maze II impossible Tor thc holder 10 sustain
rny Tor OBJ, ou' a>ons cola cannot lie uSei ~
! ,a.l. for bank note circulation No profit would be-
made by lagk putting out circulation against CON. and
the thod would not provide additional currency. a.
! coin can a any time b. u-ei money. Next coin
and bullion debt Of sound government Is considered
bc', basis FOR circulation Government bonds can
readily converted aid bank notes redeemed from
their no ccd-. The REDEMPTION Of tn debt Of United
and the gradual reduction OF Interest the'e9a has
Tor years reduced and fcstr, I'D tn OF
CIRCULATION Nv National tnss. FURTHERMORE under
ing statutes banks pr"te 4 issue circulation only
thr extent Of 80 cents dollar OF bond, deposited.
| and compelled 20 paw t1y Of per Irr annum
on circulation out-,aadng Insmueh the least the
Government do i redeem it, securities ar.
there would b. risk in permitting National banks to
Issue ccuot III u the value OF their bonds and the
prrsent tax circulation (, excessive and frequently
restricts new Issues 10 cot siderable extent Ii 10
necessary during certain period. Of each year that large
GmorntS Of currency from various should be
distributed throughout the country In oIdcs ad.
y,nec> maturing CROPS aud for other purposes At
other certain the return flow currency the
centres make. possible for our business be properly
safely conducted vita less volume OF currency
standing. For this aud Other believed that
bank notes should forr large Of the circuln0n
country the theory thai notes be Issued when
needed and redeemed when they hay, performed their
! function. The direct issues Of PAPER money by the
Government Immediately paid out after their redemp.
on and Therefore do Furnish "A Nlbc CURRENCY for
! the uso OF the PEOPLE.
Recently discussion has arisen as O. whether or not
the prohbItoiy OF ~ per imposed bank
should not Le repealed in orer that may
be iud by banks organized under the laws OF the
various States. In my opinion such would not
lc wise under existing cOnd tions. IL f. that the
redemption o. the deLt OF the Unit States and gra na
reduction OF Interest thereon and the tax imposed has
ducei and restricted the Issuance of circulation by Ma
cna banks. but from present indications. while the In.
the public debt Is not liable materially
redemption and payment OF the bonds now outstanding
Will be postponed and. likely the Of The GOV
ernmnt may be somewhat curallcd and IL may be-
sary for the United States 10 make further issue OF
curs. At all the bonds existence amount
10 a very considerable and would a basis for
National bank circulation .or time TO come and II
permitted issue circulation to tho par OF he
bonds and tax somewhat reduced our country would
continue TO b. provided with large OF flexible eur
rcncy the shape a bank notes. which would probably b.
sufficient In volume, IN addition 10 the direct issues by Gov
eminent outstanding to NEE: requirements for
some In future, and In my opinion bank based
upon Government bonds issued under general law
under the supervision OF the National Government. furnish
bet han my
which might be issued under the various Stltes
no matter how well the latter might be secured.
LONG STRING