The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-10-11
LOWRY FAVoRS A GOLD BASIS.
THE METAL THE ONLY ONE SUTrA-
BILE FOR A UNIT OF VALUE.

Stability in Value, IndestructibiIity
and Ease of Portability Three of
the Peculiar Properties Which
Make 1t Especially Desirable as a
Money MetaI-An Increased Ma
tiOnal Bank Currency Also AdvO-
Gated.
Atlanta, Ga, Oct. 10.-Capt. r. ]. Low
ry, president of the American Bankers
Association, to-day made the following
statement on the financial question: 1T
is my opinion, after long and careful
study of the financial question, that all
classes of people will be greatly benefited
when a basis is fixed, and 1 am of the
opinion further that the basis must be
gold. 1t is the only metal known whose
peculiar properties alone make it suitable
for a unit of value for settlement of differ
ences in barter between individuals and
nations. 1t is stable in value, indestruc-
tible and portable. We, as one of the
greatest nations of the world cannot af-
ford to have a basis of a metal of less
value than that used by the other civilized
great nations of the world, whose basis
is gold.
After the basis is fixed some further
legislation is necessary. That such ne
cessity exists is admitted by our greatest
inanciers. The first thing that should be
done, looking to a proper adjustment of
these questions is, IN my opinion, for
the government to issue low interest
bearing bond of 21a per cent, and compel
the national banks to buy these bonds to
the full extent of their capital. These
banks should then be allowed to issue
circulating bills to par of their bonds,
the government charging only actual ex-
penses of printing, paper, etc, and ad-
ministering the office of controller OF
the currency. All banks should then be
under the same governmental superv!s-
ions that exists under the present system.
This would not only place the government
in a position to call in large amounts of
now outstanding bonds bearing a greater
rate of interest, but by Issuing large
amounts of currency by national banks,
our circulating medium would be greatly
increased. The government could then
call in and cancel the bills known as
greenbacl1s, and thereby cease to do
banking business.
Il think direct supervision of ali these
banks by the controller general of the cur
rency of the United tates, just as he su-
! perViSeS the present national banks, lS
| necess ssary in order to make the currency
more current. If these questions are left
to business men and business principles
are allowed to prevail all will be speedily
settled to the best interests of the whole
| country.
! Il believe also in a wise tariff for the
! main tenance- of the government and for
| the protection of the industries requiring
! it, especially those in their infancy.
wise tariff and sound, stable currency
go hand in hand. In my opinion tariff
such as l have stated, is absolutely neces-
sary. Especially is this true as regards
the south, just now in its industrial In
fancy and on the eve of the development
of the varied industries that will give
employment to so many of our laborlng
people A wise tariff will stimulate AMI
foster home industries, which, in turn,
will employ idle iaborers. The farmer
finds a market for his product and the
dealer a buyer for his goods. The pro-
ducer may pay little more for what he
buys than he can get them from foreign
markets, but he is at the same time sell
ing his own products at an advanced price.
Foreign countries only buy from US when
they can buy as cheap or cheaper than
they can buy elsewhere, and then only to
the extent of their actual needs. Hence
is the great necessity of building up
home market for home products"