davidaulloa/AmericanStories huggingface dataset:
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-06-05

trary effect would be produced.
Values could not be increased by an
influence of this kind, for the effect
on price would apply to everything
alike. Money can confer no value;
it simply measures value in ex-
change. Whatever influence its VOL
ume may have upon price cannot be
limited to primary or redemption
money; it includes all species of
money in circulation, and of this
kind Of money every nation can have
all it wants, provided the assets back
of the money have proper sustain
ing value based upon the primary
money of the world. Commodities
and property have certain relation
to each other which fixes the value
of each. Money defines or expresses
this value only by comparison. The
law of supply and demand is the
only influence which affects values,
and this attaches solely to each arti-
Gle affected. The money supply has
nothing to do with the operation.
Unlimited Demand.
1.-The proposition stated plsin is
that this act of refining, weighing
and stamping by the mint Of
the United States will at once
create an unlimited demand for
the metal all over the world, which
demand had no existence prior to
the act. No evidence whatever is
adduced from the history of any ma
ton to support this remarkable as
sertion, except the frequently de-
molished falsehood concerning
France. On the contrary. you can
show from our own experience the
futility of the operation. The evil
dence is unmistakabls that the sim
gle action heretofore taken by the
United States in regard to silver has
proven an entire failure in either re-
storing it to its lost place as money,
or in giving to it any increased
value, and any further action OF q
like character either bv free coinage
or increased use will only deprecato
world. and under more difficult the
possibilities Of it's restoration. The
only reasonable course we can now
adopt is to Join with other nations
in any plan that can be agreed upon
which will lead to an increased use
OF silver in the settling of intsrna-
tional balances, rs we'll as to in
crease the circulation among the
people,"
He spoke Of the completeness OF
argument and clearness of language
of Secretary John q. Carlisle's re-
cent utterances on the money ques-
ton, the address which he said
served to disarm criticism, and the
change of con victions on the part of
Mr.. Carlisle as cheering sign of the
times.
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-06-05

and trade, and with which we can
maintain comparatively restricted
trade relations. In that bible of free
silver-Coin's Financial School-at
page 4S We find:
".It was considered that silver and
gold were sufficient in quantity for
use IS primary money, bat il at any
time their combined quantity should
become too small, then some metal
would have to be adopted and added
to these two. The law of unlimited
demand by free coinage would tie q
third metal to these two
"Here is plain intimation of the
contention we may expect in the fu-
ture should the silver scheme prove
successful. Some claim that the
opinions of bankers are to be re-
ceived with distrust and we have a
selfish interest in the matter, the
proof of which is our unanimity. II
we are practically unanimous, it is
because there exists certain positive
facts in national and commercial life
which we must learn and cannot
ignore. Among these, none is more
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-06-05

ut the Harper house and transacted
the routine business pertaining to
the association. auditing accounts,
making alterations in the program
necessitated by the failure OF some
of the participants to be on hand,
notably c. f. Wilson. who is I'M
able to be here until tomorrow.
The convention was called to order
by the president, f. S. Dreyer, of
Chicago, and after an eloquent
prayer by Rev. w. S. Marquis. who
invoked the blessing of God upon its
sessions, Capt. L. j. Robinson made
a stirring address of welcome on be-
half Of the banking fraternity, busi-
ness men and citizens OF Rock
Island and Moline.
Welcomed t. the City.
Capt. Robinson's address was in q
happy vein. He felicitated the citi-
zens of the twin cities upon the
presence of such concourse of bus
mess men in their midst. He trust
ed they would enjoy not only the
convention. but the attention of our
citizens which was pledged to their
enjoyment and happiness while here.
He dwelt upon the institution Of
banking as an important factor in
commercial life, beginning with
the first bank ever established. that
at Orleans, 200 years before the
christian era, organized for the
maintenance Of the government.
Then again with the bank Of Vienna
in 1171. founded for the same pur-
pose. and the bank of England, es-
tablishcd for supplying the govern
ment with funds. So through all
these ages banks have been the bull
warks and the stay OF commercial life
and progress, and without them no
considerable commercial prosperity
can exist. In the early days associa-
tions like banks were formed, some
for and some against the government.
Their members were bound together
into a secret obligation and their
lives were pledged one to the other.
Nowadays no pledge is required; we
are all upon common basis. Each
member is free to act and free
to speak. We are bound to no theo-
ries or cliqaes. Our only object in
coming together is that we may
make acquaintance one Of the other,
renew old ties, and so consider the
matters Of common interest that
good may result to the banker:
throughout the state and to its citi'
Zens.
A hearty welcome was assured al
the visitors, and tho hope INDUCED
that their stay here he made 50 pleas
ant that they will leave the city
with regret and remember the
fifth annual convention above al
others In the courtesies enjoyed.
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-06-05
sage Of the two bills referred to in
the presidents report.

sage OF the two bills referred to in
the presidents report.
Mr.. Tracy said he had little to re-
port. He said the Baltimore con-
vention did one very great conpli-
mentary act to the Illinois Bankers
association by making one Of its
members the president OF the Amer
lean Bankers association, and that
OF the % members of the executive
council three we're from Illinois. So
great. indeed. had been the consid-
GRAFTON shown this great state that
the comment was made in the east
that the west was running things in
that executive council.
One feature Of the Baltimore con-
vention was particularized, and that
was the discussion of the monetary
question which has since so moved
the country, was there inaugured,
and the baltimore plan" there for
mulated has been the basis of all the
subsequent discussion. The speak
or elaborated on the Baltimore plan,
and suggested that The discussion
thereby created would undoubtedly
result in a definite understanding OF
these important questions by the
American people at a period wheu
these issues were not those Of a par
ty platform. but were separated
from the raneour and bias Of a spir'
tied political campaign.
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-06-05

clearly disccrned than that being ON
the standard OF the world in our
money dealings means being in the
life Of the world, aud that it is only
upon this standard our country can
earn and receive the benefits to which
it is entitled, that only upon this
standard large volume Of true
value recording money can be main
tanned and large bank deposits Sc
cured. The experience of the past
makes this apparent. The period
during which silver was our sole
standard, it cannot be claimed, was
distinguished by any remarkable
growth and prosperity.
The First Financial Renaissance.
1.-The acts of 1S34-37 changed our
standard to gold. The good effects
of the bill were Immediately seen.
Gold began to flow into the country
though all the channels of commerce;
old chests gave up their lords; the
mint was busy, and in few months
a currency banished from the coun-
try for 80 years. overspread the land
and gave Joy and confidence to all
the pursuits of industry. Prosper
ity followed, an immense advance
ment in national wealth and power,
and continued down to the period
of war. when the necessities were
thought to justify and require the
adoption OF an irrcdeemable paper
currency. The standard. however,
remained unehanged-the legal ten
der notes were a promise to pay. and
not either a partial nor total repudi-
alton.
1.-The second financial renaissance
resumption was always looked for
ward to as the fruition of patriotic
effort and the period which would
mark the turning from the destruo-
tive influence of the war. President
Grant in his message of 1874 says:
Steps toward return to specie
basis are the great requisites TO re-
new confidence, revive all industries,
and start US in career OF prosper
ity to last for many years, and to
save the credit Of the nation and of
the people, Congress acted with
practical unaaimity upon the presi-
dents urgent request, and the re-
sumption act of 1878 was passed, the
act which so far has preserved this
country from a relapse to a none
tary standard, worse than that from
which Gen. Grant succeeded in saw
ing it. President Grant repeats his
opinion in his message in December.
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-06-05

about 35 per cent Of all the banks in
the state, while the average mem ber-
ship of the rest of the United States
is about IS per cent. The finances
are reported to be in good condition.
As result Of the years work two
laws have been passed by the legis-
lature of the state-one abolishing
DAYS of grace and the other limiting or
determining the liability of endorsers
on commercial paper. Much praise
is accorded the former president, F.
w. Tracey, to j. j. P. Odell, chair.
man OF the executive council. and to
others in the legislature for their
united efforts in behalf Of these
measures.
As matters worthy Of considera-
ton by the present body. an amend
ment to the present garnishee law
was suggested; also that an associa-
tion be formed to protect the bankers
from check-rai.ers. forgers and 9th
ers who prey particularly upon
banks.
Tho Currency Question.
The currency question was also
touched upon. The danger of the
country being driven to silver basis
was pointed out and the many claimed
evils of mononetalism portrayed that
time have greatly improved. and that
we are entering upon an era of pros
perity was confidently asserted.
The duty of the convention to
speak with no uncertain sound upon
the currency question was urged
and the convention was recommen-
ded to pass resolutions that the
whole world may know where the
state Of Illinois stands upon this all
important question.
Other Reports.
The reports Of the secretary and
treasurer were then submitted. That
Of the secretary showed about 400
mem bers at present in the associa-
ton. Reports were then referred
to the executive council as an audi
ting committee.
The report of the executive coun-
ell was made through its chairman.
j. j. p. Odell. 1t bad reference to
several proposed changes in the con-
stitutiOn OF the association and. upon
motion, consideration upon the re-
port was postponed until tomorrow.
The president then appointed the
following committee on nominations
to report tomorrow forenoon: John
l.. Hamilton. +. W. Tracey, Frank
Elliott, L. +. Lacey and P. l.. Mitch
ell.
c. f. Wilson, OF Mattoon, who was
next on the program being unavoid'
ably detained, Frank ". Traceylat
this juncture made report from the
last convention Of the American
Bankers association, held at Balti-
more, Md. The delegate prefaced
his remarks by a detailed statement
of the work done by his committee
in Springfield in securing the pas
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-06-05

blings of the silver storm. which be-
gan in 1879. increased in vigor and
energy by the passage of the act in
creasing the monthly purchase Of
silver beyond our ability to main
tain the currency issued thereon at
parity with gold, and the storm
burst upon the country in 1898 with
the terrible results we yet mourn
and deplore. The free silver men
concede the advantages to be de-
rived from the maintenance of the
worlds standard, but insult the in
telligence Of their hearers by assert
ing that silver will rise in value
frsm its present low price ~ parity
with gold. and the way to prove this
SO is to do it.
The silver men have been making
4 great noise, and the sound money
men have been comparatively silent
until recently, but we have nothing
to lose by the discussion. In the
enthusiasm there are many men who
will shout for silver because under
the head of bimetallism there is
much to attract and much that can
truly be said in its favor, but more
careful consideration of the issue in
volved will cause those to properly
see and understand the fallacies and
falsehoods of the contention. In this
contest the true bimetallist must
stand with the gold mono-metallist
and say: AS between silver and
mono-metallism and the standard of
the world. we will take the latter.
even il this be gold
The Money Unit.
1.-THE falsehoOd concerning tho
money unit has been concocted for
the purpose of creating or encourage
ing a sentiment in favor of a coin
which has always been almost as
much unknown in actual business as
the gold dollar is unknown at the
present time. although the last has
been coined in greater quantity than
the silver dollar. Anyone who will
take the time to read the act of 1892
will see that the statements of Coin,
(pages 5, 6 and y are absolutely IN
true. Accepting Coins statement to
be true, see where it would carry us.
"In order 10 get rid of the undcnis-
bic fact that il any particular sanctity
attached to the silver dollar as the
unit established by the act of 1892
the same sanctity would attach with
equal or greater force to the gold
dollar, which the act of 1873 ex-
pressly designates as the sole unit Of
value. 1t is constantly asserted that
hA Ia OF
cretly and surreptiously, and there
fore being fraudulent. should not be
considered. Perfectly clear and sat
isfactory refutations Of this charge
have been made repeatedly, both on
the floor of congress and in published
papers.
The Coinage of France.
''In order to sustain the claim that
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-06-05

the United States can maintain free
coinage at 16 to without aid or as
sistance of any other nation, it is
constantly asserted that France was
able TO do this for 20 years from
1903 to 1874. Nothing could be more
positively untrue. When France
maintained free coinage every ma
ton Of the world, excepting Great
Britain. did the same, but the in
creased production of silver alarmed
France and that country was only a
short period Behind the earliest to
suspend free coinage. Coin ADMITS
this-page 20.
The Stamp Value.
The definition of a primary money
as submitted by all silver men whose
writings have come under my notice,
accord with the views of sound money
men.
1.-The proper description OF q sound
primary money could scarcely be
better given than Coin gives, page
As. but it is the stolen livery of
heaven to answer a present purpose
and to be repudiated ever afterwards.
Senator Jones gives the keynote OF
the fraternity when he says: The
logic of the situation aud the reason
ing of all leading authorities on
money lead irresistibly to the con-
clusion that its value does not reside
in the material, but in the stamp; in
ether words On the legal-teader
function impressed on that mater
ial.' Later on he saws the totality
of value that can exist in the shape
Of money in any country will attach
to anything upon which the sover-
eign authority stamps it, whether
the material on which the stamp is
placed be gold. silver. paper or any
thing else The proposition is alb.
surd and contradictory in Itself and
has many practical refutations.
Value and the Cumulative Theory.
The basis OF the silver argument
lies in the claim that the valHe of the
metal will be increased by free coin.
age to parity with gold. and restore
silver As money all over the world
upon the same basis it formerly en-.
joyed. This would increase tbs
total metallic circulation Of the
world. which would be expanded tc
the extent that silver could be pro.
duced. and whatever effect this ex
pansion would have on prices would
be realized. But we know the con-
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-06-05
"rREE SILVER PALACES"
Address of Henry W. Yates. Of Omaha,
on the Topic Of the Times.

Address OF Henry W. Yates, of Omaha.
on the Topic Of the Times.
Henry W. Yates. president Of the
Nebraska National bank, of Omaha.
then delivered an address on Free
Silver Failacies:''
..Sinee the time when our develop
ment began" said Mr.. Yates, "our
standard Of value has remained I'M
changed. Silver was over-valued in
the mint ratio adopted by the act of
1892. and was our sole standard
down to the acts of ls3i-37. These
acts changed the standard from sill
yer to gold. And this period marks
the commencement Of our national
development. 1t is now proposed
that by . legislative enactment this
standard shall be changed from gold,
at present the. sole standard of the
civilized world, hack to silver, the
standard now prevailing in a small
portion Of the world G. c a-;n,-ce
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-06-05
LARGE ATTENDANCE.
Promise Of the Most Successful C0nven-
tiOn Ever Held.

Promise Of the Most Successful Conven-
tion Ever Held.
The attendance is the largest that
has been present ut a convention of
the association, ald the prospects
are that the sessions will prove the
most successful yet held, all of
which is due to the hustling and able
secretary. Edward Tilden, and the
cooperation OF the local committee.
The first arrivals came last night by
special coach from Chicago, headed
by President Dreyer and Secretary
Tilden, many of the bankers being
accompanied BY their wives. This
morning brought others from all
portions OF tho state, and the at
tendance this afternoon numbered
nearly three hundred.
The arrangements were complete
in all respects. rejecting great credit
on the local committee composed of
Msssrs. Phil Mitchell, =. F. Robin
son. Carl Hellpenstsll, j. S. Gilmore
and c. y. Hemenway, while the
ladies' committee was on hand at the
Harper. the headquarters of the con-
veniion, to receive and entertain the
ladies who accompanied those COM
ing to the convention, the To-
cal ladies' committee being COM
posed of Mrs. Phil Mitchell,
Mrs. Joseph Rosenfield, Mrs. j.
N. Buford. Mrs. j. 4. Robinson. Mrs.
J. S. Gilmore, Miss Martha j.
Hemenwav, Miss Mary f. Ainsworth,
Miss Catharine Denkmann, Miss
Bessie Lee, Miss Mary A. Dart. Miss
Esther Rosenlield and Miss Carrie
Rosenfield.
The Excursion.
At 3 O'Clock the gallant flag ship
of Col. Alex Mackenzie's, Gen. Barn.
ard, placed at the disposition
Of the visitors through Col. Macken-
zie's courtesy, and in command of
Capt. C. w. Durham, sailed away
from the foot of Nineteenth street
for an excursion up the river past
Rock Island arsenal to Moline with
the visitors as guests of the local
committee.
Tomorrow.
lOmorroW program Will be as
follows:
Prayer.... .......................R Rev T b Wilson
leading Of the papers submitted iu compe TYSON
for the President Dreyer PRICES.
Award OF prizes TO the successful competitors
Report OF the delegate TO the last convention Of
the American Banksre' Aseo: iation At
president First National
Bank, sp ipgf.ld
vention VI the AnDricaa Ban kers'
Association
Report Of committee on REGULATIONS
The Monetary Problem 10 the United Stafes....
........Prof C Miller
the members, report OF the committee on
nominations and election Of omcefs
In:rodaction OF the pr>eident-elect
Tomorrow at $3.50 o'clock p. m. the
mem bers and their ladies are invited
to enjoy an excursion by special elec-
trio cars TO Black Hawk Watch
Tower. overlooking the valley Of the
Rock river near its junction with the
Mississippi. the grandest view OF
natural scenery in Illinois. Al
8 o'clock p. m. the members and
their ladies are to be rendered ban.
quet. Col. Henry L. Turner, Chicago
POSTMASTER, orchestra concert and
reception at Black Hawk Inn, TO be
| r.o,elnn~., nm Ryohsh pa~.N
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-06-05

1875 Nothing seems to me more
certain than that full, healthy and
permanent reaction cannot take
place in favor Of the industries and
financial welfare OF the country I'M
ill we return to 3 measure of value
recognized throughout the civilized
world. With . currency equivalent
in value to the money Of the COM
mercial world, we are enabled to en-
ter upon An equal competition with
other nations in trade and produo-
ton This was the second renais-
sance and the prosperity following
was continued to . degree never
dreamed of by the most sanguine.
and never equaled in the history OF
any country. This prosperity con-
tinued down to 1890, when the rum
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-06-05
President DREYER.
Returns Thanks for the Welcome and DE
Iiyers His Annual Address.

Iiyers His Annual Addr&s.
Upon the completion of the ad-
dress, the president. Mr.. Dreyer.
made suitable response. He
thanked the good people of Rock
Island for the warmth OF their re-
ception and their hearty greetings.
and said he certainly voiced the
sentiments of all the visitors when
he said that whatever doubts any OF
the members had as to the advisa-
bility Of meeting here. it was dis.
PEELED by the facts which confronted
them upon arriving. He referred in
glowing terms to the wonderful
natural advantages OF the locality,
its lovely scenery, its marvellous
Black Hawk Watch Tower. its man.
ufactories and prosperous business
houses, and the evidences OF thrift
and abundance on every hand. he
paid a handsome tribute to Phil
Mitchell, to whose untiring efforts
much Of the success OF the conven-
ton was due. This sentiment met
with general approval, and was
warmly applauaed.
The Annual Report.
The annual report of the president
was next read. 1t congratulated the
association upon its numerical
strength, its present roster being Ssl
Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-06-05
MONEY MEN MEET.
Bankers Association OF Illinois
in Session.
THE OBSERVATION-DISCLOSURES SESSION

Welcomed to the City by Capt. t. j. Rob
inson-President Dreyoi's Response. and
Also His Annual Addrsss-Report of ON.
eers-H. W. Yates. Of Omaha. Speaks On
"Free Silver Failacies"-The Excursion
ON the RIver-ProGr.m for Tomorrow.
The fifth annual convention of the
Bankers Association, of the State
Of Illinois, convened at the Y.
NJ. c. A. auditorium this mora ing
at 10 O'Clock. There was large at
tendance Of bankers and representa-
tives OF banks. both incorporated
and private, and the sessions prom
Use to be both interesting and profit
able.
Prior to the opening Of the con-
vention the several committees met
Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1895-03-20
NATURES FREAKS.

THE water of the oceans, notwith-
standing numerous local influences, is
nearly of the same composition in every
part of the world.
A WHITE rainbow was seen recently
at Westnewton, Aspatria, in Cumber-
land, during hard frost. tlasted for
more than half an hour and was much
broader than the ordinary rainbow.
Mrs. Newell CASE, of Battle Creek,
Mich, has a new pair of twin babies,
born on different days of the week,
different months and different years;
one just before and one just after the
New Year midnight
So POWERFUL was the force of water
elected from a geyser well on the farm
of John Sholl, in Bloomington, H.,
that it threw a stream one hundred and
twenty-five feet high. A half-inch
board held over the stream was cut in
two in twenty seconds.