The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-07-12
LL-STREET VIEWS,
New York Bankers Talk
on the Financial
Issues.
SILVER MEN DENOUNCED.
Abusive EpithetS Applied to
Champions of the White
Metal.
YATES PRONOUNCEs A EUL0GY.
The Omaha Capitalist Redundant
With Praise for the Gotham
Money-LenderS.

SARATOGA, N. Y. July 1.-THE Sec
ond days session of the New York State
Bankers Association was called to order
this morning by President Cornwall. Hon.
Michael II. Harter of Ohio was introduced
and spoke on Sound Money
'tThe bankers of London" he said, "do
the business of the earth, which the bank
ers of the United States ought to do. We
have had calamity after calamity, while
England has had nothing of this sort be-
cause the standard of value there is always
maintained"
G. w. Yates, president of the Nebraska
National Bank of Omaha, followed Mr..
Harter. After an historical discussion of
the financial history of the world Mr..
Yates paid his respects to the free-silver
men. He then continued as follows:
The result in the recent Democratic State
Convention in Kentucky is cheering sign for
the sound-money side and indicates the begin
ming of the end. 1t foreshadows the principles
which that great party will again promulgate
in the platform to be adopted next year. This
action for sound money on the part of the
Democrats. however, should have been ex-
pected from the history and principles of that
organization since its establishment q dis
tinct political party in the time of Andrew
Jackson. That portion of them who may be
called the old Democrats and who still control
its majority have seldom been misled upon the
money question and held sound money as
distinctive feature of their faith. These old
Democrats still rule in the West as well as in
the East. When the demand for fiat money
was at its height and was especially strong in
what are called the Granger States the Democ-
raey of Nebraska, under the leadership of one
of the ablest editors and writer's we have ever
known in the West-a native of New York and
an intimate friend of Horatio Seymour-de-
clared for sound money in their State eonven-
ton of 1875, just two years after the great
panic of 1873.
The free-silver craze, however, is not con-
| fined In the West to Democrats and Populists.
The latter are largely made up from the Repub-
lican party, and where so many have preceded
| them, others may follow. Silver Republican
leagues are being formed and silver talk among
Republicans is widespread, and perhaps more
dangerous from the fact that with them the
discussion on the sound-money side is prac-
tically silent, and the insiduous falsehoods
travel uncontradicted.
1t seems certain that q desperate attempt
will be made to capture the Republican Ma
tional convention by the free-silver side. The
politicians, of whom many admit that they are
unable to understand the question, are trim
ming their sails for any breeze. The question
may yet cause more trouble with the Republic
| can party than it will with the Democratic.
The campaign of education and discussion
must, therefore, be pressed as never before,
| and without regard to party ties. We can have
no return of the prosperity to which this coun-
try is entitled until this threatened danger to
all commercial and manufacturing enterprises
is removed from political discussion.
If silver is to be restored to It's lost place as
money like gold, it can only be accomplished
by international agreement. In National mat
ters, just as in all public matters of narrower
concern, some active energy must be exerted
to produce effect. The United States has the
power to invoke international action in the
matter, and its interest as a producer of silver,
as we'll as the fact that it maintains more silver
in circulation than any nation in the world
demands that it should take the initiative and
formulate some practical plan and press its
adoption.
The stock of gold is ample to transact the
business of the world and there is no actual
| requirement for the use of any other metallic
or standard money, altho1g no loss and some
benefits would follow the concurrent use of
silver aside from what have indicated. Free
coinage at this time at any ratio would be i'm
practicable. No Government could be induced
to open its mints to silver at the old ratio.
Equally impracticable would be coinage at
higher ratio.
So far as our National currency is concerned
it is not privilege of sufficient value to be
worth contending for. If the financial basis of
the country is assured we can afford to have
the note-issuing privilege repealed, with the
exception Of such limited volume as may be re-
quired to continue our National organization
as banks of deposit and discount These re-
suits, if accomplished, it is true, would be
the reverse of the policy of taking the Govern
ment out of the banking business by retiring
the legal-tender notes; but, on the other hand,
1t would take the banks out of politics, which
is of greater Importance.
This association, here present, represents the
Empire State of the Union-a State, which in
its financial and commercial resources, is to
the other States what this great country is IT.
self to the balance of the world-the power,
the lever, which may direct and control the
determination of these great public questions.
You 6re the leaders of the bankers of the
country. You may not be "Wal1 street" tthe
term so opprobriously applied by the enemies
of sound money, but you own and control
Wall street, and therefore the name may not
be improperly applied to you. The bankers OF
the country are not ashamed of this leadership.
Wear proud of Wall street; we see nothing
in your record which is faulty. You deal only
with facts accomplished, and you direct and
control the results of these facts as best you
may, and in it all you hold the business OF the
country on the true line of financial safety and
commercial prosperity. With you, and through
you, the Occident and the Orient meet-here
the clash of commercial activity occurs from
which prices are evolved. 1t is your province
and in your power to give force and direction
by word and example to local opinions which
combine to produce great public results. This
power, which is especially yours, is greater than
you realize. 1t has been exerted in the past
with Judgment and discretion, and it may be
depended upon in the future
The only criticism that may be offered is
that, conservative in your actions as bankers
always are, you may go slower than necessary,
and your influence may at times be passively
or indifferently exercised, while the active
propaganda of communism and financial
anarchy works necessarily, molding and form
ing what public opinion it can in favor OF its
destructive plans. The delay in final decision
means continued financial doubt and depres-
sion, commercial and manufacturing apathy
and decay. In the end your views must pre-