New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-15
BANKERS AND NOTE-RETIREMEAT

At the meeting of the Ncw-Yor Bankers
Association on Tuesday Mr. Ellis II. Roberts
deplored the unreadiness Of the bankers Of this
State to formulate a financial plan. expressed
a belief that II their earnest demands could be
nut in form upon which they could agree they
would quickly command Congressional action.
but regretted that no scheme has been preached
(which would command the support of a ma
"iority of the bankers" He feared they were
mot ready to formulate their demands OBJ
served a lack of unanmity among them and
thought it "the dlty Of every banker to create
"a sentiment as to financial legislation which
SHOULD finally lift the country's finances from
their present level" II Mr. Roberts did not
intend his remarks mainly as an emphatic re-
pudiatioa on the part Of Ncw-Iork bankers. OF
the grcenback retiring and State bank scheme,
which has been so obtrusively thrust forward
by those who labor in banking circles to help
Presiden, Clcveland's political plans. lie at all
events made ii clear that this particular scheme
had not the support Of a majority Of NewIork
bankers.
1t is true number OF them have expressed
more or less approval Of some of its features,
perhaps before they discovered why the scheme
was brought into prominence by the labor Of
certain bankers just before the President and
Secretary Carlisle recommended 1t to Congress.
Some of them have been strenuOnsy pushing it.
with much modification or none. as If 1t were
a patent medicine for all financial ills But Mr..
Roberts puts the case moderately when he says
that ii does not command the support OF ma
iorlty Of the bankers Much more than ma
jorlty listen in silence. inwardy reflect that they
are not clothed with lawmaking responsibility
or power and refrain from openly antagonizlng
the active promoters of the scheme because they
conclude that II will come TO nothing. In this
attitude they show a very correct appreciation
of the public temper
II is fact which many bankers know that
unanimous approval Of a measure by the bank
ers of This city or State, or even by all the
bankers of the country. would not exactly secure
its adoption by Congress. but would. in fact.
stir up Il tremendous hostility to it without any
regard to It's merits Quite unjustly, as respects
large number of bankers. the plain people have
the idea that those engaged in that pursuit are
not apt TO agree about a financial plan unless ii
is one which gives them Increased opportunities,
advantages and power over the interests Of
others; that bankers as rule are apt TO seek
the ACKNOWLEDGEMENT of the money-ending ele-
ment with not much regard TO the prosperity
Of the millions; that they particularly desire
currency the volume Of which they can expand
or contract at pleasure in place Of one which
cannot be controlled. This idea, however I'M
just to many bankers, has been in many ways
fostercd by the political party which the Presi
dent represents 1t has such strong hold on the
popular thought that it may be questioned
whether the unanimous approval Of any plan
by bankers would not suffice to cause It's de-
feat.
Scarcely any other thing Of late years has done
more TO nOurish this idea and give II power than
the apparent unanimity with which certain
bankers associations have given approval to a
plan which would have added from $500 900 900
to $10O,000,O00 TO the Understanding debt OF
the Nation, in order to retire the legal-tcnder
notes, which bear no interest and cannot he
contracted or expanded in volume by the de-
sire of bankers. The great majority Of the peo-
pie consider this National Observation-Disclosures
in amount but serving such important purposes
that It flows freely to any part Of the country
where II Is nceded-the best form Of paper
circulation in use, and they unable to see
why any banker should favor It's retirement I'M
less for the purpose Of making more room for
n circulation issued by the loans OF banks. The
report that The President and Secretary are
about to thrust this scheme again upon the at
tention of Congress, al q time when regard for
public prosperity would forbid further none
tary agitation. looks 10 the plain people very
like an attempt 10 crafty the passion for wild
cat banking in Democratic and Popuist circles
at the expense of the public welfare