The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-11-04
A COLLEGE, LECTURE ON FINANCE
Mr. Cnnuon Talks 10 Union College Students
About Bnnkinr rad Currency,

|
| About Bsnkirw rnd Currency,
The second OF the fall series Of lectures In
| tho Butterfleld courso at Union College was
| delivered to tho students yesterday afternoon
| by Mr.. Henry W. Cannon. President OF tho
Chase National Bank OF this citr. and ex-
| Comptroller OF the Currency. Ills subject was
banking and Currency" and special interest
attaches to certain portions OF his lecture boz
cause Mr.. Cannon was q delegate representing
the United States at the last International
| Monetary Conference. and has been requested
| by President Cleveland to serve rs q delegate
should the Conference be rcconvened The
greater part OF Mr.. Cannon's lecture was. as
| might be expected. devoted to brief history
| OF his subject and a presentatio OF the theory
| functions, and benefits OF banking institu-
tons and circulating mediums. In conclusion
he soid:
1T Is not my intention to rohearse the his
tory OF the fall In the gold value OF silver dur
ing the past twenty years further than to say
that, starting with dom onetizinR OF silver by
Germany. growing out OF the LEGISLATION Of
1918. the mints OF Europe have been closed
one after another against silver coinage. until
at this time not q silver coin OF full debt-pay-
ing power is struck on the Continent OF Eu-
rope. For nearly century prior to
1873 the relative value OF silver to gold
In purchasing power In the commerce
OF tho world remained practically constant
at about .15H to ]. During this period
the minis OF most OF the countries OF Europe
u asa 20 @ rec rSwer n Sscs iD in ns
brief period OF twenty years and with the nints
eommersial value. as m measured by gold. has
deprecated over 70 per cent. In snite oil tho
iary isolation among the great sommercai ma
tons 10 use silver as money metal. .o-,
In Al ilra In ha 1tnl,
betWeen eod silver Whsh ha GkH pare 5
kept the price Of the former as measured ty
when this link was broken. the silver market
wSs penef to M Of all the asnts
The United states. with their natural and ae
Sumuiat ate, wealth with their large stock OF
silver as money throughout. the world. but
81 late years ays iou 10 their
and as the principal nations Of Eurore APP
parently distrust silver as currency and have
United States. believing It impossible to alone
fix and maintain ratio between gold and sill
yer for all the world. have gone ont OF the mar
poses and closed their mints to silver coinage
i ia proposed hereafter to use the white metal
to predict what will be tho future Of silver as u
Sad oRsr
gold monometalism will prevail. and. while
there may be a adherence oil opinion among
our peonl. on this question. believe that the
nctlon which has been taken by our Govern
ment wns the only wise course to pursue under
tho circumstances During tho last quarter Of
n century. careful and persistent researches
have been made as to he functions Of metallic
money. ami International conferences and
monetary commissions. conn posed OF the most
learned and distinguished men in monetary
discussed statistics. OF trade and tho precious
painstnkinE. and exhaustive inquiries which
Ia HnAn do l,v Iva RI ,f.arn
and commissions. and b. we'll known III on etary
authorities and experts. have been Of great
service in increasing the knowledge OF the
people OF the world as,to tho use Of metallic
money. and Ms to tho rotations Of gold and ell:
YER Unfortunately. however. the labor Of
conferences and the research hes of individuals
have not been sucressf nj in accom- fishing
md silver ns money OF n common interna.
tional basis is concerned and as the principal
nations insist uron single gold standard. the
United States cannot afford to inject into their
money to hazard in any way its gold standard.
or to havo my question about the payment Of
I'll or any part Of our international balances
There is nnnaton In the world whose people
are so favored rs ours. Our country. which
extends from the AT laniic to tho Pacific Ocean.
popu ~ Jon Of over G5,OuO.0nO OF Intelligent and
industrious citizens. who live under one form
OF general government. who speak Il common
language and have q common unit and stand
tenn so perfect TINT all Of our money is inter-
changeaple at par. and can lie transmitted
from ocean to ocean by telegraph at only n
pick monetary systems OF hurop. with our
own. cannot fail to he convinced that we
are tho most enlig Ut ened. progressive and
nrhsperou. neorle in our banking and cur
rency. matters. as well as in all other pur.
suits"