The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-10-18
A QUESTION OF MONEY
Tie American Bankers in Session at Atlanta
Devote Much Time In Discussion.
ARGUMENT FOR DOUBLE STANDARD.
Atkinson ana ~. john Make Fine
Addresses on the Important Sub
tcct-Thc Inttcr Sutd BimctullistS
Desire TO Enlarge the Worlds
Aggregate OF Money.

u
Bankers Association elected officers
to-day. L. II. Pullen. of New York. was
chosen president and X. }. Lowrey, of
Atlanta. was made vicc-president. The
features to-day were the speeches
made by w. Il. ST. John, of New York
and Edward Atkinson, Of Boston.
Mr.. St John made a strong argu-
ment for Il double standard and the Op-
cninS OF the mintS again TO silver. He
is one of the few silver men OF the as
sociation Mr.. Atkinson spoke first as
follows
Mr.. Atkinson said he thought exist
Ing laws We're adequate. and that as one
panic has suiiiccd, public opinion will
sustain effective action.
The true one is Il simple and ready
one he concluded. THE Treasury
may provide itself with gold by the snle
OF bonds. SO as to enable it in co-upera-
tInh with the national banks to meet
amy possible demand OF the people for
the redemption nf Governments notes
as fast as they are presented. In that
event. II the volume of paper money Is
redundant, ii viii be reduced by re-
uomption; If it is not redundant ii will
continue in circulation. Three sales OF
bonds have been made with this view.
but the first two sales did not accom-
llish the purpose, because the notes re-
deemed on the one hand were paid out
on the other. causing the deficiency in
tho public revenue. Tho revenue being
now equal To the expenditures notes.
which ar" presented for payment in coin
are not and cannot he rrisSucd even If
they are not cancelled They are and
must h" put aside subject to future
c"ncvlla ton whenever authority there
t. shall Toe given by Congress \ bc-
ginning has. therefore. been made in
the only adequate ana permanent
method uf removing our present evil
monetary systNn by redccmfug the
excess cl Government notes without re-
issue.
4
icge. but the duty OF the National banks
/" place hll their gold at The command
"I IN" Treasury. in other words. tin.
Treasury is but one OF the National
banks OF issue and being the bank of
largest iSsu" upon lis absolute solvruo \.
and power 10 meet every demand ion.
prompt redemption rests not only its
own credit. but that OF all the National
banks alike. If the banks cannot trust
the Treasury what is their own credit
worth; If they do not pool their gold
with the gold in the Treasury SO as I
protect the nations credit and disaster
"nSucs. what arc the securities wurtl,
and what would their own loss be .
Their interests ar" mscparulle and it
seems t. mo that National bank uniccrs
VINO do not recognize this fact and act
upon 1t are strangely blind To their OK u
duties. to their own stockholders ana
to the public y
1T Is time in my Judgment for some
on" TO say plainly the national banks
hay" not been free from blame i'm th,s.
troubled times They now have thc
opportunity to justify their titlc of
national. ana If they fail to meet il
they should bc deprived of that title.
1t Il tim" that this ample reserve
OF gold should bc 50 used as to sustain
~" treasury. In fact the Withholding
Of this gold by banks is a potent
caus" of the distrust of the ability Of
tn" treasury 10 maintain gold pay
mcn;s."
Mr. St John. who is president of the
Mercantile National Bank. New YORK.
replying to MIR. Atkinson said that uc.
c"rdinC to MIR. Atkinson. current an
tnEnoiSnS aS To- money are duo to a dis
tinctly different school of finance. MIR.
~. John calls one the speculative. or
school of plausibilty. and saws h. Is n
rupii of tn" historical school. and saws
that lump gold ana gold coin are rCuiv-
alentS as Mr.. Atkinson says: hut adds
that the reason is the law which grants
Soid the lIEht of conversion into coin.
ii" remarked on Alr Atkinsou'S demand
Tor the repeal OF legal tenders laws that
II "ouid leave courts no power to en-
Iorcc contracts. because thew would
lack authority To determine what is
money. He also said that Holland pui
the scheme To the test by act of 1874 and
the gold coins were without the legal
tender junction would not circulate rs
money. He condemned Mr.. Atkinson's
tNalEt OF injustice to tn. creditor in
granting the debtor the option of coins
with which to pay, ana declared that
the debtor choosing the more abundant
gives value u 1t by use. and deprived
the scarce of value to that extent hy-
lack of use. The operation I'm many and
large transactions. said he. is to reduce
the value Of the scarce. while enlarg-
lhE the value of the abundant with a
constant attraction of two to parity as
the consequence ana quoted the cxpe-
rience OF France TO confirm this prac-
tiCally
He said that the market price of sill
yer relative to gold was kept at about
the French mint price. lust as safely
when the annual production of silver
was iiity times the production of gold
rs when II was only six times the
annual production of gold. and claimed
to have answered Shaw's history of cur
fency on these points. MIR st. John
said he thought the United States had
sufficient use for money 40 do what
France could do. He resented the sue-
gestion of 4 silver basis in the United
States as a result of reoDeninE the
mints 10 silver. but said that If the sill
Yer basis cnsues ii may enable us to
duplicate the experience of India In
dia's foreign commerce. according TO
Mr.. st. John, establishes a credit bal
ance OF trade approaching $4,000 900 in
year. which pays her gold liabilities OF
Sill 600 900 and draws S55. U(D O0u s,f oil