St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-01-18

held and take off the per cent tax"
}. G. Pyle was next introduced and
said: "This is 4 time Of financial dis
turbance, and out OF the present chaos
is TO come the
System OF the Future.
The air is full OF projects. Every man
has his ideas rs to how currency reform
is TO be accomplished. and the re-
suit is that the man with set ideas
becomes bswildered. | do not think
anything will tend more to wise action
for the future than to sweep away the
details with which we are overwhelmed.
II do not think any of Us
would have mnch patience with
the man who would figure
up the bank deposits of st. Paul and
Minneapolis. and reason, therefore, that
the volume of money in these two cities
was too small. do not think the vol
ume of money has much to do with it.
And yet all the schemes propOunded
are based almost entirely on this as
sumption. We must consider the ques-
ton internationally.
"WhereYer there are financial transac-
tons between two countries they must
be settled according 10 the standard Of
the worlds money, whatever that stand
ard may be. Every intelligent man must
look to the Importance Of international
relations. Our own producers are COM
ing TO realize this.
Everybody admits now that the
price Of bushel Of wheat or pound of
cotton is not fixed in the United States
but in the markets Of the world. This
| matter of price Is a great world wide
ratio, and the rule by which th value
OF commodities is to be measured
must be fixed by the common consent of
the commercial nations of the world.
The standard is and must be interna-
tional. We may fix prices in conformi-
ty with local notifications, but they
must be primarily controlled by the
world's standard.
Banking is very OLD. 1t is one of the
oldest sciences. and yet there is less
force i'll expert testimony on the ques
ton of banking than there is in
any Of the other professions. In the
discovery OF any scientific remedy for
disease, you don't see every man run
nIng up and down the street proelaims
ing his ideas and theories on it, as they
do in the matter of finance and banking.
l think only experts should have inffu-.
ence when it comes to the changing Of
our currency laws.
at is not that politicians are anxious
to injure the banking business or make
our currency unstable, but the trouble
lies rather in the inactivity OF the bank
| erS in forcing their ideas to the front.
l think the future of currency reform
| lies more in the hands of the bankers
than it does in the hands of the poll
ticlans or any other class. And herein
lies the advantage of such associations
as this"
Hon. Albert Shelter
Was the next speaker. He said:
Il know that am to deal on very
dry subject-the subject Of dollars and
cents. One thing that makes it hard for
me to talk Oh this subject is the fact
that have no dollars myself, having
lost them in the crash. One
thing has occurred to me. and
that is this: Why should
| it be- necessary for us to have to go into
| a court and prove that a note given in
| the ordinary course of business has
| been given for value received. | think
| it should devolye upon the other side to
prove that it has not been given for
value received.
Another point is that after note
becomes due the principal comes around
and secures renewal, with the under
standing that the endorserS will come
around and sign. But they do not
come, and when brought into court, they
put up the plea that the note was re-
| newed by the principal and they have
nothing more to do with it.
Il think we have too many laws. We
care great deal for public morality IN
this country, but we care very little for
laws unless they suit US. If our laws
were little more in favor of the honest
| debtor and the honest creditor we would
fare better"
MIR. Eustis was then called on for an
impromptu speech, and he gave very
amusing one. He said, in part:
81 have had little experience on the
outside of bank the past two years, and
| you have had experience on the inside.
| Which Of us has grown gray the faster?
| When | have seen the bankers sweat
| during the past two years | have felt
| that preferred to be on the outside. Is
! panic confined to the illiterate and the
| ignorant? Didn't you get 1t little
! yourselves? Honor bright, now. Isn't
| it a fact that the bankers got ratified?
They have not fully recovered yet.
The other day l went to renew some
notes, and in them l saw the words
payable in gold coin,' instead of pay
able in lawful money as they were be-
fore. If, when these notes come due,
| the value Of gold has advanced, L
| questioned myself how l was going to
pay them, but the answer was we will
all be in the same boat. But does it not
| show
| Lack of Confidence
on the part of the bankers?
when we consider the wild financial
| heresleS with which a large portion of
the people have been seized, you cannot
be blamed for putting i'll the words
payable in gold coin.' Is it not time to
call halt? During the trouble in CHS
cago in the recent strike man in
South Dakota got fifty-six volunteers
to sign all agreement to 60 to
the county seat to pay their debts by
destroying the mortgages on record
there. But the fifty seventh nah had
more honesty and argued against it, and