New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-04
The CURRENCY PROBLEM.
DISCUSSION AT THE BOSTON MERCHANTS
ASSOCIATION DINNER
PRESIDENT HEPBURN cHIT1cIsEs THE CARLISLE
SPRINGER BILIe-oPINIONs OF OTHER
SPEAKERS.
IBY TELEGRAPH TO 1HE TRlBUNrl

lbN ihLbGRAPH TO THE TRIBUNE
Boston, JAM 3.'rhe annual banquet OF the Bos-
ton Merchants Association was given tonight at
the Nendomel where about 2Oo men. representing
most Of the large business houses OF tho city, were
present. The Subject discussed tonight The
Currency and Banking Systems of the United
States" An effort had been made to secure the
presence of Secretary Carlisle. but he was unable
20 be present The speakers who d!d come were
\. Il. Hepburn. president of the Third National
Bank. of New-Nork city: r. c. Catchings. Member
of Congress from Mississippi; W. Dodsworth. Ed
tor of The journal of Commerce and Commercial
Bulletin" of New-York City; J. =. Dolver. Mem
Der OF Congress from Iowa. and George Il. Leigh
ton. president of the Commercial club. OF ST. Louis.
Among those present. in addition to the speakers
already named there were ex-Attorney General y.
T. Pillsbury. Collector Winslow Warren. oE-Speakcr
w. $ Barrett Mayor Matthews and Lieutenant
Governor Wolcott. who welcomed the strangers in
behalf Of the State
After the cigars were lighted President Lane
made the opening speech. Referring TO the cur
rency question Mr. Lane remarked:
The N7S.cooo Of sreenbacks and Treasury notes
are our promises TO pay. our demand oOlg3tion ,,
for only that coin which will enable him TO settle
his balances ana pay his debts. Any such iegisla-
a moment merely TO crafty party feelings. Demo
Gratis and Republicans alike should remember that
serves his country iirsi, and / am quite sure no
member of the Boston Merchants Association can
action Of the Government in issuing its bonds with
out retiring any OF these demand liabilities is only
going deeper into the mire.
Mr.. Dodsworh OF New York. spoke at considera-
BILE length He favored the bank note as the ittcst
medium OF trade and said:
When say bank note do not mean any sort OF
note that any sort OF bank may choose To issue. or
that any authority may legalize. nor one that can
with Justice be stlgmatiZed wildcat money.
by the supreme authority Of the Nation: euaranteed
by ample assets ndefeasbly pledged for It's final re-
IL fe1 IN & Esl
ute protected against undue expansion by rigid
dempton. and watched its observance OF legal
requirements by "A Controller representing the Ma
tional Governments;
Congressman Deliver. OF Iowa. thought that the
speakers who had preceded him had ignored the
that the election of 1899 had been the cause Of
general suspension Of business. lie said:
Take The badges Of idene-s ana poverty, from rom
f mahag ,e TSse c on even without receyns
the blessings OF life on the Baltimore plan. hay"
TO these festivities but because We ought MT 10
allow problem which includes the Whole practco:
philosophy OF our industrial lives To D" dWarieI
ami shrunksn TO a mere question OF bank paper.
George T. Leighton, Of St Louis. in his address
took the ground that Government commission to
inquire into the subject necessary pre!im-
mary - any successful legislation the subject OF
a improved currency and banking system for the
United States Mr. Leighton preferred a currency
based up5n 4 low Understanding bond, rather IMAM
based upon assets. The legal-tenler ana the
Sherman notes should be retired and the $co.""""
gold reserve set free
Mr. Hepburn president OF the Third National
Bank Of New York said that the disastrous :. an
cial panic wholly due to unwIse Imam iai ]" si--
latiOn. The present currency system vas open -
criticism. he thought, but II had many soo1 ctah-
ties. Ii had reduced, counterfetns 10 minimum.
for thing. After reviewing the history q the
OF bank notes Mr.. Hepburn said thai Inc NS-
TEN In vogue acted as "A duplex pump 10 ara"
gold from the Treas iry without giving rrieI, IheTe
was no condition attached to the withdrawal oi ihe
god the Sigh, expense or udhspoItau '.i
Mr.. Hepburn advocated the funding OF IN" Hodtlhk
debt with long dine lOw-rate bonds ana me re-
enactment Of the law OF 1s6. with notifications 10
meet the present conditions. He was not IN favor
OF permitting the State banks To issue paper oney
10 be redeeinabie in other paper money. re was
the banks Of the country would not rush 10 the
rescue OF the Secretary OF the Treasury TO axe iIe
present bond off his hands. In the currency
bill prepared by the Secretary TO relieve the Trim
gencv there was serious objection 10 the claus" re-
ferring 10 the bank reserve The banks he aid
would look out for their reserves from selfish. II Tor
no other reasons and d!d not need any legislation
to tear down the bulwarks OF safety whirh AT pres
ent exist. The per cent safety fund was another
Objectionable feature OF the Secretary Oil. Mr..
Hepburn decidedly opposed 10 IN" estaD 'sli-
inent OF State banks. He thought that the rlnci-
pal cause for the export OF gold was the disifuHt
OF the judicial management OF the great CORPORA
lions IN America
Congressman Catchngs. Of Mississippi. was The
last speaker. lie attacked the elasticity or ne
presen: currency system. and declared .or an .nre
remodelllng Of the banking laws.