The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1895-10-18
Hon. Edward Atkinson Addresses
the Bankers Association
at Atlanta.
Government Should Withdraw
as Many Legal Tenders as
Possible.
The Banks Should Furnish Suf-
ficient Gold With Which
to DO 1t.

ton was Hon Edward Atkinson, the
famous Boston statician.
! Mr.. Atkinson said i'll part: With re-
gard to this suggestion of general
kind for the appointment OF a commit.
tee or commission to cooperate with the
executive department of the govern.
ment, may be rightly supplemented by
some further practical suggestions for
attaining the purpose aimed at, neeo
not say that unless some way Is found
under existing laws for the withdrawal
by the government Of whatever excess
of legal tender notes there are now Ill
forced circulation, or unless congress
shall enact laws to that end, If present
laws will not permit the secretary to
act, all our efforts to reform our none
| tary system will fail In that event
| there c1n be 10 such cooperation be-
| tween the banks and the treasury as
hope for, and each class of money cor
porations must protect itself until,
through recurring panics and financial
cr.ses, public opinion is brought to the
point u
| Compelling Congress to Act.
Go not anticipate any such necessity
The existing laws are adequate, and one
panic has suficed--public opinion will
sustain effective action, and if that
power is used, no congress, no matter
how bitter it may be in its partisan
quality, will! dare interfere with the ap-
plication of existing acts to the remedy
of the evil We must first consider the
question of what is an adequate supply
of full legal tender money, money
which is Of full legal tender in this
Country now.
The fact cannot be too urgently or toe
often stated that the reason why the
II credit of the government notes has been
impaired, and the reason why the debt
bearing interest has lately been in
creased $16S, ,OOO, 600, and may soon be
increased 500, ,OOO, 900 more, is because
the government has incurred debt due
on demand, by means Of a forced loan
to the amount of over $500, ,OOO,O 900 fol
the purchase of silver bullion under the
Bland and Sherman acts.
There may be no present question
about the lawful power of the secretary
} Of The treasury to reissue the legal tend
, er notes of 1860 and 1868 under the pro
: visions Of the act, which has converted
l that loan into permanent loan, unit
? farther action of congress. There is
| however, very grave doubt of the law
} full power Of the secretary of the treas
t ury to reissue the lotes Of 1890, which
have been paid in COIN.
The way III which the banks may nov
co-opprate with the treasury so as to in
stantly remove ali cause for distrus
: and Hiscredit would be fer y combna
: ton OF the national and state banks t
: offer to purchase such amount OF the
: per cent thirty year bonds as would sui
9 ice to withdraw all the treasury note
c of 1890 which are now in circulation
s Less than 500, 900. coo of bonds would /
Il REQUIRED to cover III all the outstandin
notes Of 1890.
| hold that it is not onl
the privilege but the dut
1t outy Of the national banks to place a
y their gold at the command Of the trea
% ury; in other words, the treasury is bl
l. one Of the national banks of issue, al
" being that of largest issue, upon its al
N solute solvency and power to me-
j. every demand for prompt redemptic
K rests not only it's own credit but that
" all national banks alike. If the banl
cannot trust the treasury what is the
own credit worth?
Mr.. Atkinson closed by expressing Il
hope that a committee representing tn
u | o,c,o;o+;o,, will ho apr,oipto1 IN M =,
- crate with the government by whi,
~ N committee the several propositions ma
=, should he carefully considered.