The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-10-18
MR.. A~TKINSON'S PLAN
He Thinks the Secretary of the Treas
ury should Have the Advice of n
Commission Of Bankers.

after the assembling of the American Bank
ers' Association this morning Mr.. James T.
Howenstein. of Washington. the father of
the organization, was introduced and adj
dressed the convention. The presence in the
hall OF ex-United States Treasurer Jordan
was discovered and he was invited to the
stage amid great applause. President O'Dell
introduced Mr.. Edward Atkinson, OF Boston.
as a gentleman distinguished in the world
OF economics, who was listened to with
pleasure wherever he was heard. Mr.. At
kinson was received with applause and adj
dressed the convention at length. In the
course of his address he said:
This suggestion of a general kind for
the appointment OF a ommitte or commits
SION to cooperate with the executive depart
ment OF the government may be rightly sup
piemented by some further practical sug-
g%estions for attaining the purpose aimed az.
l need not say that unless some way is
found Under existing laws for the with
drawal by the government of whatever ex-
cess OF legal-tender notes there are now in
forced circulation. or unless Congress shall
enact laws TO that end, If present laws will
not permit the Secretary to act. all our eff
forts to reform our monetary system will
fall. In that event there shall be no such
cooperation between the banks and the
treasury as l hope for. and each class Of
money corporations must protect itself until,
through recurring panics and financial
crises, public opinion is brought to the point
Oh competing congress 10 act. Il 10 not
anticipate any such necessity. The exist
ing laws are adequate and one panic has
suficed. Public opinion will sustain eifec-
tive action. and If that power is used no
Congress, no matter how bitter Ii may be in
its partisan quality, will dare interfere with
the application OF existing acts TO the rem
I'VE must first consider the question of
what is an adequate supply OF full legal
tender money. The lawful money which is
or full legal tender in this country now
consists of four kinds: First, of gold coin;
second, of silver dollars of full legal tender
represented in circulation by silver certif.
Gates, which are not themselves a legal
tender; third. the legal-tender notes which
were issued for the collection of a forced
and 1863: fourth. the legal-tender treasury
notes which were issued under the act of
1880 for the collection of a forced loan for
purchasing additional silver bullion.
The fact cannot be too urgently or too
often stated that the reason why the credit
OF the government notes has been impaired
and the reason why the debt-bearing inter-
est has lately been Increased 1858. OOO.oo and
may soon be increased 800, 900, 600 more is
because the government has incurred a debt
to the amount of over 500. 900. 900 for the
| purchase of silver bullion under the Bland
and sherman acts. The mine owners and
bullion dealers have put the silver on the
government. which was forced to buy IL I'M
der the Bland and Sherman acts. The gov
ing its demand debts $50 100000 in legal
tender notes. The silver miners and bullion
dealers have been enabled to force these
notes into circulation under the legal-tender
provisions. TIE mine owners and bullion
dealers have secured their profits and the
community must pay the debt and interest
Bland and sherman acts have cost us
SEQ. 900, 900. less the value Of the bullion in
the treasury and in the dollars coined.
| There are now but two ways out OF these
| evil conditions:
"First-The government might sell inter
gold as to increase pSpas 70 the su gold A rese sr,e" up ' TO-
the point when the confidence of the COM
munity in absolute redemption in gold
coin will be revived; but no living man
can determine what that reserve of gold
must be-.
ans mse rsssr The true rue way way %, out m is n simple
itself with gold by the sale of bonds SO
as to enable it, in cooperation with the
mand of the people for the redemption OF
the government notes as fast as they are
presented In that event If the volume
reduced by redemption: If it not redundant
it will continue in circulation.
about aTaere the @ay la Ss no pcsssnt S %spest tRa
i sssrs'at the iesal Iae r1 notes Of 1862
which has converted that loan into a per-
manent loan, until further action of Con-
G gfr Ss T Fl gfs,l is; na n1wev % We, yery s sraSe doubt 6f
Treasury to reissue the treasury notes OF
1890. which have .beeen paid in coin. There
II hO qucStiOI dDO0t is OCiLS bS ~ ~
cancel and destroy all the notes of this
issue which are paid in silver dollars;
w whice rs nroS a csa1 fbat IN the en smo Snerin of silver ver
bullion at its cost and the dollars coined
therefrom under this act shall always be
notes outstanding under the act. 1t has
sometimes been held that under this pro-
vision It light be the duty of the Secre-
which are not paid In silver. notwithstand-
ing the fact that It is left entirely to the
notes either in gold or silver. according to
his judgment. 1t is urged that If these
treasury notes are paid in gold and are not
reissued. the amount OF silver in the treas
ury at it's cost and the dollars coined there
from will exceed the amount or notes
outstanding which are issued under this
"what then shall the Secretary do with
the silver? What will Congress do with II!
Who can tell? The way in which the banks
may now cooperate with. the treasury
so as TO instantly remove all cause OF dis
trust and discredit would be a combination
of the national ard State banks to offer to
purchase such amount of the 4 per cent
thirty-year bonds as would suffice to with
are now in circulation. Less than 10000
600 OF bonds would be required to cover
in all the outstanding notes Of 1890 hold
duty of the national banks to place all
their gold at the command of the treasury:
the national banks of issue. and. being the
bank of largest issue. upon its absolute
solvency and power to meet every demand
for prompt redemption. rests not only Its
own credit but that Of all the national
banks alike. II the banks cannot trust
the treasury, what is their own credit
worth %.
At the conclusion of Mr. Atkinson,s adj
dress, the convention adopted a resolution
offered by Mr.. w. H. Rhawn, of Phila-
delphia, that a committee Of from seven
TO eleven from each section of the country
be appointed by the bankers association
to confer with the Secretary of the Treas
ury with reference to the cooperation of
the banks in maintaining the national
credit.
Mr.. William P. st. John. of New York,
addressed the convention in favor of the
free coinage of silver. He was listened
to respectfully. but without enthusiasm,
the delegates being almost a unit in OPP
posing that policy. Eugene II. Pullen was
nominated for president, and elected by ac-
clamation, and Robert J. Iowrey; of Al
lanta. was made vice president. The con-
rantion then adjourned and this afternoon