St. Paul daily globe., 1896-04-18
THE TIME FOR sTEMPoRIZING
WITH THE MONEY QUESTION
IS PAST.
THE FREE SILVER FALLAcY.
1T is THE ONLY THING BETWEEN
THE COUNTRY AND PROS
PERITY.
REDEEM DEMAND oBLIGATroNs.
Leave to Banks Their Proper Duty
of Supplying the Business World
With Gold.

CINCINNATI, O., April 17.-In response to
a joint invitation from the chamber of COM
merce, the clearing house and the CONNER
cial club, Hon. James H. Eckels, comptroller
OF the currency, addressed an audience Of
representative business men at the Grand
opera house tonight, on Finance and Cur
rency." His hearers were not exclusively
Cincinatians. Representative business men
were present from all neighboring cities and
towns. He was introduced by President ]. D.
Hearne, of the Third National bank, and was
received with liberal applause. He said that,
owing to the oppressively not weather, he
would abbreviate his remarks somewhat. He
was often applauded. He said in part:
81 consider the first and great essential to
the return Of prosperity to the American
people to be the complete elimination of the
free silver fallacy and the equally emphatic
and unequivocal reafflrmation Of our adher-
ence to the single gold standard of value. AS
Part of that work l deem it necessary that
the outstanding demand obligations of the
government shall be at the earliest practical
BILE moment paid in gold and Cancelled, and
that assurance thus be given that we have
entered upon an era of flnanciering that is
based upon correct and sound monetary
principles. AS contribution to all this
every note of issue to circulate as money
should be issued by the banks, and every
bank that issues such a note should stand
ready and capable to redeem the same In
gold upon presentation. The government OF
the United States ought not to occupy the
position of being the one great source of gold
supply for this and every other country
During all the years prior to the civil wal
the country's banks without inconvenience
to themselves, and without working disturb
anee to the business world, supplied what
ever gold was needed to transact business al
home and to settle International balances
the part of duty or of wisdom for the genera
government to take upon itself so great 6
burden. Nor was the task placed upon the
treasury department after the resumption o
specie payment until the passage of the Sher
man silver purchasing art. 1t was only theI
transferred when 1t became manifest that
policy had been entered upon, through the
increasing of the demand obligations OF the
government payable in gold without CORE
sponding increase in the gold reserve, thai
made doubtful the ability of the government
to continue gold redemption.
81 am confident that If the government
should give sufficient proof, through proper
enactment, that this policy would be changed
there would be at once a return to normal
methods, and the banking institutions of this
country would, as they did in the years tc
which I have alluded, with profit to them
selves and with benefit to the people, con-
tribute to the business world every dollar II
gold which 1t could possibly use or need. II
however, it is still insisted that we shall have
free coinage Of silver that there shall be ne
lessening Of the demand obligations of the
| government, and the secretary of the treasury
shall be denied power to properly protect tbs
governments credit I cannot see how it car
| be expected that there can be other than c
| hestancy on the part of either banks or in
| dividuals to lessen resources, which a govern
| mental policy makes a necessity for purpose:
| of its own self-preservaton.
"I trust that in the contest that is nov
being waged between the forces Of free silver
and fiatism on the one side, and those wht
| take their belief in monetary affairs from
| that which the world of business and of com
merce holds to be controlling principles, tn,
outcome may be definite and the settlemen
conclusive. There is now no room for com
! promise or means of avoiding definite issue
Today the American business world stand
eager and expectant, prepared, if doubt ant
| indecisfon comes to an end, to set at worl
forces which will make this country again tn
home of a new and greater prosperity. 1t
resources are ample, the energy of its peopl
unbounded, its opportunities would be world
wide. 1t only needs such financial and none
| tary laws and policies as will again inspir
| the worlds confidence and again draw to
| the worlds idle capital"