Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-10-20

hthtuSOu Wu9 ~
We have already stated that Messrs.
Edward Atkinson. OF Boston. and VIZ.
ST. John. of New York. addressed the
American Bankers Association In ses-
sion In Atlanta, Ca. on the l6th instant.
We need not add that both men were
worthy OF the causes which they re-
spectively championed. Mr. Atkinson de-
clared Il was time for some one 10 say
plainly that the national banks nave NOT
been free from blame in these troubled
times. He held that IL was not ohiy 'he
rr,vilepe hut the duty Of those banks
% r,aca all their god at the command
of the Treasury. In other words. he heid
that the Treasury Is only one OF tne
national banks Of issue. and pelng the
bank Of largest issue. upon It's absolute
solyency and power to meet every oe-
mand for prompt redemption rests not
only ito own credit but the credit or all
the national banks. AS to the reserve
fund. Mr.. Atkinson made the strikihs
remark that the Withholding OF this gold
by the banks Is potent cause or the
distrust OF the ability Of the Treasury 10
maintain gold payments.
Mr. Atkinson also said that unless
some way is found for the withdrawal OF
whatever excess OF legal tender-notes
there is now In forced circulation. all
our efforts TO reform our monetary sys-
fem will be in vain. We quote one pafa-
graph from Mr.. Atkinson:
.oThe true way out Is simple and
reodv one" he concluded. '"Thc Urea
sury NAV provide itself with goid by the
Gale Of bonds so as to enable IL, III CO.
operation with the national BANKS 10
meet any possible demand or the people
for the redemption of government notes
az fast as they are presented. IN that
event. IL the volume Of paper-money Is
redundant, 1t will be reduced by re-
demption; IL 1t is not redundant II Will
continue in circulation
Mr.. w. p. ST. John, president OF
national bank in New York. spoke after
Mr. Atkinson. He said that according
% Mr. Atkinson the current antagonisms
in money were due TO two distinctly dif-
ferent schools of finance. One was the
speculative school or school or piausl-
bility. but he was a pupil of the second
the historical school. He holds that lump
gold or bullion and gold coin are equiva-
lente. but adds that the reason for an
fagonism Is to be found in the law ~hich
grants gold the right OF conversion INTO
coin. Mr.. st. John also made the striE-
ing remark on Mr.. Atkinson's demand
for the repeal OF the iegal-tender law
that II would leave the courts no power
TO enforce contracts, because they wouiu
lack the authority to determine what Is
money He also said that Holland Put
the scheme to test by the act o. lss''
ana that gold coins that were without
tho legal-tender function would not circu-
late as money.
Mr.. 81. John further said that the
market price OF silver reiative TO gold
was kept at about the French mint
price Just as safely when the annual
nroduction Of silver was fifty times the
nroduction Of gold as when II was only
six times the annual production OF soic'
MIR. St. John has been SO little quoted III
the South that we close by copying n
nortion OF the report Of his further re-
marks before the American Association
NJ BANKERS at Atlanta. We quote:
"AIr ST. John said he thought the
1-nited states had a sufficient use for
money 10 do what France could DO. lie
referred 10 the subject Of silver basis
IN the United States as result or open
Ing the minis to SILVER but SAID that II
a silver basis ensues ii may enable US
to duplcate the experience OF lndla'
whose foreign commerce. according 10
AIR ST. John, establishes d credit paiahee
Of trade. approaching Sl9Q00O,QW in a year.
which pays her gold liabilities OF W.
10000 and draws s55,oo0,OoO. The sus-
gosted exhaus,less supplies of silver are
10 be met. he claimed, with supposed
eyhaustless supply OF gold in 1895.
"Ue GAINED that the object OF the bi-
ra,olllrts is TO enlarge the worlds ag'
gregate Of money, while the worlds ag-
-regate OF everything else is enlarSlhR
and said that the tendency OF that "ou.u
he IN provide producers with q lait
share of the wealth which they produce
the result being a tendency in la" TO-
ward the dissemination. rather than 10
ward the aggregation OF wealth
"He declared that the bankers have TWO
| interests In this same directoh' one o'
which is profitable rates or interest vi
money invested In production; me othel
&c such prosperity among producers az
will enure to the gain OF railways etc
| and show in paying freights ana passeh'
| ger travel. ,,..u;s,, o,
| essential TO the safety of the so-caileo
Gvaj incomes. as well as to the certainty
~ che securities on which loans are
U,ade He said the parity between ou'
cold and silver money is not preserved
nv redeemlng silver coin and certificates
| in gold. but to the operation Of the legal
| tender function of the dollar. In view o.
| our great demand for money.