The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-04
CURRENCY DISCUSSED
SPEECHES AT A BANQUET OF THE
BOSTON MERCHANTS ASSOCIATION.
Mr.. CarIisle's Scheme Criticised by
President Lane, Ex-COntrOller Hep
burn and Mr.. DOIliver.

BOSTON, Jan. 3.-The annual banquet of
the Boston Merchants Association occurred
at the Hotel Vendome tonight, with over
two hundred guests present At the head
of the table sat the president of the asso-
ciation, John A. Lane. On his immediate
right were Hon. A. F. Hepburn, president
of the Third National Bank of New York;
Thomas c. Catchings, Congressman from
Mississippi, and Hon. William Dodsworth
of New York. At his left sat George e.
Leighton, president of the Commercial Club
of st. Louis; Hon. Roger Walcott, Lieuten-
ant Governor of Massachusetts, and Hon.
William F. Barrett, Congressman
from Massachusetts,
President Lane opened the post prandal
exercises. Turning attention to the Banking
and Currency System of the United States'
which was the subject of the evening he
suggested that new banking and currency
bill should be constructed. ut should be
strictly national, every note issued bearing
the stamp of the Controller and having
the added security of guarantee fund.-
he said. This means no State banks. We
cannot part with a national currency on
any consideration, however"
Ex-Controller of the Currency Hepburn
began his address by saying that our cur
rency system is wrong, i'll conceived un-
responsive to the various interests of
great nation and prejudicial to renewed and
stable prosperity. He then entered into
a history of the greenback. the outgrowth
of war exigency, and also sketched the
career of the national banking system
Under the Bland and Sherman acts" he
said. fixed amounts of currency were put
into circulation monthly in exchange for
SILVER purchased-a fixed, arbitrary amount
the need of commerce, nor diminished, how
ever great the plethora OF money Since
eon IN Ga @ for deb or IN
exchange for value, this criticism
Of sIbsqls,ts bsputs st want aoa,v Of hesi0tH ~
government currency. AS long as revenues
exceeded incomes, funds accumula ted in the
un s would eney
up matters by purchasing bonds in the
open market--a sort of 'steady-by- jerks
penditures exceeding income, we have the
novel spectacle. of the government bor-
strengthening its credit individuals pay up
to strengthen their credit. If circulation
Is to continue, based on United States
should not be allowed to take out circulation
as well. Let them deposit the bonds, main
tain the 5 per cent. redemption fund. and
have circulation issued by The Controller on
the same terms as national banks.
!, Mr Hepburn referred to Secretary Car
ing some good features and some decidedly
Objectionable ones. Its provision for. the
ample. Currency should be issued against
all the assets of bank not any specified
portion. The proposal to relieve State
banks of all taxation while levying tax
OF one-half OF ! per cent. on national bank
circulation was discrimination which
would place the national banks at dis
advantage, similar to the restriction upon
national banks against notes of less than
State banks. Every consideration of public
safety required that institutions issuing cir
culating notes should be under one central
rft.I Ilx v1yaiF
quirements and uniform usage. III con-
clusion he said: 1--WE want honest money
and we want honest administration of pub
lie trusts, and we should strive to obtain
the same by influencing legislation and by
arousing the coercive power of public SEN
timent."
Hon T. C. Catchings, of Mississippi was
the next speaker, and was followed by Hon.
william Dodsworth, of New York. and
Congressman Dolliver, of Iowa. The latter
said: .'1t Is not necessary to discuss the
wisdom OF the changes proposed. Even the
paralyze trade, at least till people got time
to see what genuine millennium looks like,
and. OF course, a bogus millennium, looking
more like the crack OF doom than the dawn
worse Give back the prosperity of 1892,
and the American people will so joyously
on their way without any further sug-
gestions from the Secretary of the Treas
erty fromsthe working people of the United
States and they will manage to struggle
on even without receiving the blessings
of life on the Baltimore plan."
Col. George r. Leighton, of st. Louis, was
the last speaker. He recommended the ap-
pointment OF a nonpartisan commission
TO formulate plan OF currency reform
and had figures to show that state banks
commercial field. He also advocated max
ing the national banking system fy re-