New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-06
LABOR THE MONEY POWER.
1T STANDS FOR AN HONEST DOLLAR AND
AGAINST REVOLUTION.
WILLIAM c. CoRNWELI. REPLIES TO SOME OF
BRYANs ALLEGED ARGUMENTS AND DEM
oNsTRATEs THE "BOY ORATORS" IG-
NORANCE OF FINANCE

NORANCE OF FINANCE
Buffalo, Sept 5-WiIliam c. Cornwen. president
OF the City Bank of Buffalo, addressed the School
, OF Finance here tonight on the money question
Mr. Cornwell used some of the arguments from his
pamphlet on "tireenbacks; the Silver Trouble and
l's causes, which has been called the hit of the
campaign lie spoke in part as follows
Il do not hesitate to say that the money power Is
Tor Mckinley and the gold standard. But | follow
this up with the inquiry What is the money power
III this country? and with this reply: The money
power Is the power that furnishes and controls the
cash and the cash credits of the United States
This power is concentrated in the hands of the
banks, the loan associations. the mortgage
panies and the insurance companies. There are
few individual bankers. but they are in a small
minority.
"A bank is OF the machines of business The
capital is generally furnished by hundreds of pco
pie most of them In moderate circumstances. who
take shares of stock and put in the money to start
with. The greater part Of the banks money is
however the property of small depositors and busi
ness men. hundreds and thousands of them for
each bank and the average amount placed on
credit by each Is small. Taken all together how
ever the whole makes up very large sum, which
the bank officer is expected TO loan out and invest
safely. but must always be ready to pay back TO
the depositor in cash. The banker then. against
whom We hear much abuse from ignorant quar-
ters is the paid servant who looks after the inter-
of the entire institution. the interests Of thou
sands of people In each institution. and. although
he must have experience than the man who
digs the man who takes Of horses. he is.
nevertheless. "A hired man.
when Mr. Bryan was in Buffalo he took special
pains to stigmatiZe bankers. but In his speech IN
NewYork and in all his speeches he has shown
such great ignorance the subject of banking
that am inclined TO think that II is his age more
than anything else that is at fault Youth is n
magnificent quality but is better ranch than
In executive chair especially II such things have
to be said have to be concerning Mr Bryan
namely. for instance. that what he knows about
finance is not So and that in all his ninety-seven
speeches in the 'encmy's country not one OF MS
arguments will stand the test of calm. cool investi-
cation. based facts and experience.
THE bankers OF the United States are NANNY
trustees of the peoples money, employed on sal
airy. and expected so to conduct the analrs OF the
bank that the greatest benefit will come to their
stockholders 10 their doposors. 10 the whole
business of the locality. by means Of careful loan
ing Each bank savings bank and trust company
is made up in about the same way Let us take
them all together and add the building and loan
associations, which come under the & same me Sass
by 10OOoO0J thrifty pcOpe-owning. many OF them,
about 500 ap"ce This is the money power.
Listen. II is carly morning in the grett AZ cry di
DO you hear that sound OF footsteps on the Coo'
stones-shuff. shun hundreds thousands stepping.
stepping regularly increasing. through the nafts S
they who carry the dinner-pai. the laborers the
shop girls the clerks. the vast army OF the en-
ploycd millions and millions OF them. This Is the
money power. They DO not drive on the bouIe-
wards. They do not live lives OF ease ana luxury
They do service wherever commerce needs VIKING
hand a clear head. thrifty soul This Is the
money power. All there Is OF thrift, INDUSTRY.
virtue the good. old-fashoncd qualities that make
a nation great-these are the qualities OF this great
army-'the potcntates Of the dinner-paH-' They
own the hundreds Of millions In our savlngs-banks
They hold the foremost lien upon the assets or
great Nfc-lnsurance companies. They are the
shareholders IN the loan associations. and. In the
aggregate each owning a little are heavy stock
holders in our great railway and Industrial cor
poration The country's wealth Is distributed
among them. they relatively rich. and there
never was time IN any age or any land when
Toll and could buy so much with what theJ re-
gold basis in the United States sure thing
and everybody thought so. They are the money
power; they are the Industrious thrifty. money
saving people OF this country They furnish the
cash and the cash credits which make the power.
and that is why the money power Is for gold-for
ar honest dollaragainst rcpudiation against rcvo-
luton
1T is a question Of self-preseryation An at
tack has been made upon their property. An at
tempt IS being made TO get them to consent TO
cut I'm two the savings Of years To take these
dollars for each OF which they have given 100 cents
I'm the sweat OF the brow. and lcgislate half OF If
awav-do YOU think they Will consent to this;
The honesty and the thrift Of the Green Mountains
has already answered the question. Their answer
Is 80 90 laundering noes