Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1894-06-28
PRESIDENT VAN SI.YKE FANORS
THEIR ISSUE,
GOOD PURPOSES WHICH THEN
WOULD SERVE.
Bankers in Session ut Milwaukee,
The MiSnamed lnduStrials Briefly
but Sensibly Observation-Disclosures
Responsibility.

leIuaN WITH Il SbOu dltcuudnCe, n, II.
Van Slyke. of Madison, president of
the association, gave an able opening
address during which he said speak
ing of the panic, Not today, this week,
nor perhaps this year, but when this
cruel war is over when the labor
troubles cease and work takes the
place of worry; when the Coxcy, mis-
named industrial or 'commonweal'
armies, retire from the tramp'S field of
idleneSs to that of productive indus
try; when the restless discontcntS
learn that honest labor begets more
comprehend the meaning Of their cry
that the world owes them a living
protection of life and property by en-
forCcment of law can be more relied
is when they earn 1t, and when the
upon than now, or, whenever congress
adjourns, and we can-mtil it meets
again-know upon what to depend:
then, but not before some of these dis
turbing elements subside, need we
hope to regain that confidence so essen
tial to all business especially ours. 1t
is not the want of money, hut of more
work, and our fears arc doubtless
greater than the danger, We are
strong, and should keep so.
"lf asked what has been the cause
of this depressed state of things" he
continued, "thc politician will tell YOU
it's the tariff but there's been no
change in that and might say no like.
lihood of being, and, countries without
the tariff scare arc suffering the same.
The banker says it's the currency, the
cheap money with which our country
is afflicted but our money is all OF
equal purchasing and eXchangable
value, and nations with their single
gold standard are similarly effected:
the so-called workingman, he who
works without mental effort and buys
with his days wage more than he ever
could before, he complains OF want
of employment vet neither works
himself nor permits others to who are
willing. Is it not then, the prevailing
rebellious, lawless spirit that pcrvadcs,
antagonzing capital everywhere, I'M
mindful of the fact that without cap
ital no employment can be given. that
general prosperity requires money to
employ, and labor to earn II, with as
surance of labor being worthy of it's
hire and capital of fairly remunerative
returns? The mistaken idea of indie
pendence by either class, needs to be
corrected, controlled by laws, which by
their enforcement when necessary
shall protect all-capital, labor, and the
citizen not Immediately Interested In
either"
Later President Van Slykc declared:
"'rhc point | wish to Impress is the
present need of legislation to improve
existing laws or of further cnactments
To govern capital and labor alike for
mutual benefit, with the certainty Of
power to enforce it. This Is the coun.
try's greatest need. rather than the
advancement of any clase or party"
aside from the vagaries Of populists
and their kin, there are several
thoughtful measures presented in con
gresS to provide n currency to take the
place of what we now have, but so far
as developed, none sufficiently cover
the four important requisites named
by the distinguished and lamrnted rX-
Comptroller Knox-safety, elasticity,
convertability and uniformity. Our
present bank currency is safe, convert
able, and uniform in respect to it's pur-
chasing value throughout the country,
4 L., Il
ticity-the readiness Of contraction or
expansion according to the require
ments Of business.
Mr.. Van Slyke argued as a remedy
that the average rate of interest paid
by the business public one year with
another, quite equals six per cent
while the government can readily Dor
row-issue bonds-at less than half the
rate. We know the sentiment prevails
in opposition to the text of Jay Cooke
that "a public debt is public bless
ing" but Mr.. Van Slyke was inclined
this Is true. II SO, is 1t wise to reduce
the amount, while those for whom IL Is
done, the people, are taxed though in
directly, at a cost to them OF double
the interest? Why not authorize the
secretary Of the treasury to issue a
fifty year bond. irredeemable before
maturity? These bonds would afford a
safe and permanent inyentment Of
many trusts, estates charitable and
other endowment funds where the
rate Of interest Is less considered than
the permanency OF the Investment;
would take up the outstanding bonds
as they mature: would at the same
time furnish basis for bank circula-
ton, that might be given TO state as
we'll as national banks.
| A resolution was introduced
fayoring the creation by the
next legislature OF the Office Of
state bank examiner Efforts were
made to have the resolution amanded
so that the proposed state bank in
spection would include private and
savings banks. The resolution was
| adopted.
At Elkhprn Miss Emma L. Prisk and