The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-07-12
NEW YORK BANKERS
rOrscs DISCUSSED AT THE ANNUAL
STATE CONVENTION.
Addresses by Hon. Michael ID. Harter
and III. A. Yates-Antf-Silvcr
Resolutions Adopted.

SARATOGA. N. Y. July r--At the Sec
ond lays session OF the New York State
Bankers Association Hon. A. b. Hepburn.
of New York city, chairman of the commit
tee on sound money resolutions, offered
resolutions declaring for honest money and
opposing initiation by free coinage OF silver
at the ratio OF 16 to 1. Hon. Michael d.
Harter, of Ohio, made IN address on sound
money. lfstfsa -
The address was carefully considered and
occupied over an hour in the delivery. Mr..
Harter said, in part: IF the free coinage
men were compelled to organize a party OF
their own their numbers would prove ridic-
ulously small-only tolerable. perhaps. by
comparison with CCxey's army. Let US
make it safe and sure by redeeming and
canceling the g~reenbacks and getting the
government out of all banking business;
letting the people conduct their own bust
ness affairs and supply ali the paper money
they need, providing for its prompt redemp-
ton In gold, and let the nations know that
the United States is for all time a sound
money. honest-dollar Nation"
1.-The Money Question in the West" was
the subject of an address by H. A. Yates,
president of the Nebraska National Bank
of Omaha. He said, In part:
silver mas not vet keen QemOnetlZcQ. IL
is still money and is doing a large share
in regulating the commerce of the world.
But that it's existence as money Is threat
ened there cannot be the slightest doubt.
The metal silver has lost its character of
money in the gold-standard countries. and
the same destruction is threatened IN the
countries still holding to its use. The use
Of silver for fractional currency and per-
haps for money in sums of $40 and under,
while it would benefit silver to some ex-
tent. would not be sufficient to steady It's
value, for there is now more silver N ex-
istence than could be appropriated In this
manner. and production must go on. SILVER
must be made use of as money just as gold
Is money. or 1t Is doomed and will eventu-
ally go the way OF copper and brass. Is
the world prepared for this contingency,
through a century? 1t would mean the de-
struction of capital to the extent that silver
now represents capital. international action
and it may be depended upon to stay It's
progress downwards even II It should be
never restored to it's old ratio. This threat
ened destruction Of capital is the true and
only necessity for bimetalliSm. The STOCK
of gold Is ample to transact the business
quirement for the use of any. other metallic
or standard money, although no loss and
some benefits would follow the concurrent
Gated. Free coinage at this time at any
ratio is impracticable. No government
se sne be 1 dndua rsiid to open Eaua III m impra &c saaxse
would be coinage at a higher ratio. This
would either depreciate the value and
heavy loss of recoinage. There is, however.
no apparent objection to coinage on gov,
eminent account, and an international
possible and practicable. The profits of
the seigniorage In case silver should rise
in value would be an inducement which
would influence every. nation to Join In
the movement. To relieve II from the
changes of a variable market and the innu-
ences of speculation and combinations, the
tyx,a~ fnnfoad IF hafnU nhfQinad hU fnrpad
might instead be given an established mint
price. Just as gold Is now priced at the
be higher than the average commercial
value for the current year. At this price II
much of the bullion being coined at the
present ratio as would be required for It's
purchase and the remainder held In its
and, as all of the mints would be open to
ii, this bullion could be used the same as
gold in the settlement OF international pal
ances. We should in this way have free
mintage instead Of free coinage. The value
of silver would be made steady all over the
erabie addition u Il not w pUSIdi'P be made mad a to the Se' yoi-
ume of silver N the gold-sts Ddsrd countries
under this arrange ent unless is was want
to obtain ii, but the monetary systems of
these countries can easily sustain without
injury or risk a largely increased amount OF
The convention then took up several sub
jects for discussion. Jares G. Cannon. of
New York city, spoke on "Lfsses from Bad
Debts and the Part Taken by Statements
from Borrowers in Preventing Losses"
Judge Seymour Dexter, OF Elmira, dis
cussed Wasted Profits, Charges on County
Checks and County Clearing Houses for
Checks Judge Hanford Strubie, OF Penn
Yam. spoke on what Is the Best Method Of
Making a Bureau of Protection Against
FraudY'
The Hepburn resolutions were considered
this afternoon and adopted, W. 81;
John. president Of Mercantile National
Bank. New York, alone opposing them.
Judge Dexter, of Emira, offered a resolu-
ton, which was adopted. that the %associa-
ton favor the appointment by Congress of
a commission consisting Of experts and
business men to report to Congress a COM
prehensive currency system to meet the
Commercial needs of the Union. The report
Of the committee on constitution was read
and adopted. The following officers were
elected: President. James c. Cannon, New
York: vice president. George B. Sloane.
Oswego; treasurer, A. d. Bissell, Buffalo:
secretary Ledyard Coggswell. Albany. The
association will meet at Niagara Falls next
xyoop tH