New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-17
THE CURRENCY PROBLEM.
GREENBACKs PREFERABLE TO BANK
ISSUES.
ELLIS IT. ROBERTS ADDRESSES FELLOW BANKERS
AT sYEACUsE-DrFFIrULTI OF THE PRES
ENT FINANCIAL SITUATION


AT sYEAcUsE-DIFFGcrLTI OF THE PRES
ENT FINANCIAL SITUATION.
Syracuse ~ v Nov. "a meeting Of Group
No 4 Of the New-York State Bankers Association.
was held here today. The following officers were
elected AT the meeting this afternoon, at which
Senator Francis Hendricks presided Chairman.
Anthony Lamb. Commercial Bank. Syracuse: secre-
tarv T. : Tent. First National Bank, Syracuse.
Executive Committee. George b. Longstreet, Ma
tlonal Bank Of Auburn: Austin b. French National
Stale Bank Of Oneida. A. H. Bennett. Homer Ma
tiona, Bank: John r. Mott. First National Bank or
Oswego: y B. Wardwel. Watertown National Bank
Ellis H. Roberts president of the Franklin National
Bank OF New York delivered able address on
Banks and the Currency" James q. Cannon. OF
New-York president of the State Association. de-
llvercd an address on discounts to Depositors."
Mr. Roberts in his address said In part:
The conviction Is general that the time is al hand
for change In the currency All about us are sug
gesiions OF schemes, some very radical but
even i'm circles where the subject is most carefully
studied there is general agreement about The
notifications needed in the laws.
Foreshadowings from Washington indicate me
form in which the Administration Will propose to
deal with the currency Rumors apparently n,
the approval OF the President. will recommend the
cary withdrawal Of the greenbacks as the key Of
The great name Of John Sherman stands IN favor
OF United States notes as "A permanent FACTOR r OF
where and they bear no interest. Let MS always
promise to pay Thus the Government is borrowing
70 business comes from the instability in the fund
for paying these obligations constantly presented for
redemption. The cost Of maintaining the gold re-
serve l. much more than the interest on SO much
money.
much cheaper for the Government to borrow $50
100000 AT per cent on bonds redeemable in the
future than be Midget over the reserve for Its
neindnI I H. NO. o,ber borrower If the indivIduai
ffrr,lnC Y sol m FOL
convertible he may make demand loans with safe
~ he n danger 6 ol Beng ferCsd tho no
Government have not for many months been equal
Treasury has been forced 10 resort to meet its OBJ
legations. the warrants of the departments and the
United States notes. have not contributed to our
pride as Americans and have affected injurously
the whole financial situation
inent bankers. especially in New-York city.
opposed to the Withdrawal of the United States
II is that with those notes Withdrawn the Treas
Ty wno onG have 40 S by s2 or eXP2
banks and practicsliy all Of that burden would would
remttances come always IN paper why should
New-York furnish coin 10 pay for merchandise sold
try? Exactly But why should the Treasury do
that very thing This Is a dticuity which stands
The probability then. is not great that Congress
Will do anything on these lines the coming winter.
resentatives. they should consider how serious is
the problem. how various the counsels how post
even Of experts What then. H. the advantage of
discussion? To sft cOunsels to create clear Views
Of the situation, - search diligently for some COM
ground on which agreement can be reached
one obstacle In the way OF the final withdrawal OF
the United States notes is the failure to provide
a satisfactory substitute. No one would advise
the cancellation OF so many millions OF currency
without putting something else In its place. The
country will not tolerate such drastic measure OF
contraction.
should the alternative be presented between the
retention OF the greenbacks and the issue OF bank
notes under the authority OF forty five States,
including Utah. or even under National authority.
with only the security OF the general assets OF the
institutions. my own vote would be for the green
backs and so. | think. would be that OF the
try. That Is the alternative which Is likely TO be
presented
| trust, however. that discussion viii make IL
plain that wisdom requires a banking system uni
form in all the States with currency for all in
situations the same terms. based the obiga-
tons OF the United States or on actual gold. with
redemption at the counters OF the banks. well
as In Washington and at clearing houses in four
or 1--WE commercial centres