The Providence news. (Providence [R.I.]) 1891-1906, 1896-10-01
DECLARATION OF rnE BANKERS.

| "decaration OF principles" adopted ny
the executive council OF the American
Bankers Association that the position OF
the banks is not aniagonisiic 10 com-
mercc and trade or to the Interests OF
the people generally. That such
declaration should be deemed s.. all
necessary is passing strange, but the
situation presented by the National
Convention at Chicago makes it cx-
pedient that every point made by the
| Popocrstie speakers and writer's should be
met and fairly and openly discussed for
| the benefit OF the thouR htless ii not for
the enlightenment OF Intelligent ritizens. .
Perhaps there is so much in human
nature that prompts II to chase rsinbows
that the worship Of false gons does not
necessarily imply that in their Ordinary
every day pursuits the worshippers are
ignorant or prone TO folly.
OF course, the formal address OF the
bankers declares for the golc standard,
but not, as is set forth, that the bankers
want that standard for themselves, but
because the powers OF commerce nod
trade, OF producers and consumers, OF en-
ployors and wage earners demand a
stable standard OF money for their tran
sactions and that gold, to say the least
OF IT, has very many advantages for the
purpose. II Is false. the assertion that
the goli standard is q device of bankers,
creditors and Hnanciers. The bankers,
indeed. are usually debtors. But
whether they are or not, they have no
such POWER as that alleged by the nsssil-
ants Of values represented by BRYAN
and the silver crowd. After all, the
bankers are but the instruments, the
hirelipgr, we might say, to apply q
favorite term OF the demagogue OF the
trade and commerce OF the world. As
the declaration sets forth, the gold
standard "was dictated by those who
conduct the commerce OF the world
rather than those who handle the money
Of the world. 1t is rooted In preference
lodged In the human treast. T,st OF he
weight Of the two metals in quantities II
decided in favor OF tho money which they
could carry with the lease burden and
use wherever they might go to the best
adv Dtage.. Gold commands all values
because il ia the most stable in value. Ii
was not legislatod into the worlds finance
until commerce selected il as q gauge,
and Il win not be legislated out OF
use II laws arc changed" And 1t
ought TO be perfectly clear TO an iu-
different intelligence that as mere
"money changers the bankers nave al
ways found more profit in fuctuatIng
than in a stable currency, and that one
source of revenue which thoss who thus
hendls money always had when the money
was not stable ,lat been closed up i'm this
country by the irfiueuee OF the gold stan
dsrd, and that what they have lost by such
revenue has been gained by producers
and merchants.
Bankers evidently have NJ interest in
particular money STANDARD that is no,
shared by every business nan, every en-
plcyer, every wage Garner. They a Q debt
ors tc the extent Of their deposits. They
naturely desire to receive back their
money In kind as good as they pay out
and may admittedly be desirous OF return
ing money entrusted TO them in kind. The
banking business does not depend on
standard OF itself, But in so far as the Gus
toners of the bank demand sound dol
lar OF unvsrying vslpe, based on stan
dard that does not huctuate, that is the
kind OF dollar that the banks want to
deal with--a dollar that "has the power
to mako markets, sharpen trade, invite
capital, develop resources and extend the
national power and influence.
And by the way, can anybody inform
us who, under the most favorable ,ir-
cumstances, would be the gamer by sub.
stituiing for a substantial currency OF
world wide value, lxe and determined,
worth its face among the great nations
OF the earth and double its face in the
silver countries, a currency based on a
cheap and fuctuating basis--thc com
modify, silver, in a word?
Who, indeed? Not the merchant, the
business man, the manufacturer or the |
wage Garner, be the latter the high.salari-
ed president Of railroad or the sales
man on a modest competence, or the mill |