The San Francisco call., 1896-04-10
Enemies of Free Coinage Talk
About the True Interests of
the Nation.
COMPTROLLER ECKELs SPEAKS
Backs Up the Policy of the Demo.
cratic Administration and
Wall Street.

bankers OF Maryland to-day put them
selves squarely on record in favor of sound
money. In a convention, with delegates
representing almost every bank of any
size in the State, the following resolution
was adopted without dissenting vote:
RESOLVED, That we are unalterably opposed to
the free coinage of silver and to every de base
ment of our currency in whatsoever form 1t
may be presented: that we firmly and honestly
believe that the true interests OF our country
will be best served by its rigid adherence to the
gold standard OF value, the continuance of which
will not only preserve its financial integrity
and the future welfare of its citizens, from the
wage-earner to the capitalist, but will insure,
through the prompt restoration of confidence,
that rapid development OF Its resources which
Will eventually place it first among the nations
OF the earth.
James, II. Eckels. Comptroller of the
Currency, was the principal speaker of the
day. Among other things he said
"Our credit is maintained by what we
set up as our standard of value, upon
which we shall base the transactions and
the contracts which we are to carry out.
The people who are dealing with us abroad
not less than the people who are transacting
business here at home, take their estimate
Va Jul Dy luS lHaLCldi
standard of the Government which we
support, and which we control in i'm
portant details. If the United States should
set up a standard of value which cheapens
the present one, which makes q subject of
inquiry and of constant questioning
whether or not the Government shall
maintain the payment of its obligations
in the only standard of value which is
recognized in the com mercial world, all
the financial integrity of the individual
citizen in his individual capacity could
not save this country from a state OF finan-
cial collapse.
"If we are to maintain commercial rela-
tions with the greatest people Of the world,
and if our products are to be sold to them
and we are to secure products from
them we must have as standard of valu
not that which the law says is q
standard of value simply, but we
must have as a standard of value which
the commercial world recognizes as the
only standard OF value. Applause The
fiat of the Government is one thing; actual
value as approved of by the commercial
world is another, and in all the contests
which have been witnessed from the first
day that the first medium of
exchange was invented until the present,
the commercial world has been Indifferent
to what the law has said, and has had as
its sole rule and guide the value of the
thing which is used as standard of value
and medium of exchange, and
the record of the commercial world
from the first day until the present time is
that no article has ever been used for a
medium of exchange beyond the time
when, as an article Of commerce, it also
had the same value that it had as an
article of money. Applause.
Silver metal has passed from the world
OF commerce as a standard of value be-
cause the commercial world has set its
seal OF condemnation upon it and all the
laws placed upon the statute books in
Washington or Westminster, or in Ber-
I'm, or in Paris, cannot reinsta te
it. IApplause.l The silver people in
this contest will be beaten through
the struggle may be prolonged and ex-
pensive. Expensive from the very fact
that here at home there is ser ious sus-
picion that the standard of value which
has been so long in vogue shall be changed
is sufficient of itself to work the greatest
harm to the business world. 1t will be beat
en- because there never has yet been a con-
test before the American people upon any
great question, whether it was question
OF morals or a question of money, but that
at the critical time, no matter how far the
error may seem to have gone, the common
sense of the American people asserted it
self and the right thing always prevailed.
LApplause.j
ga free silver act never can pass both
houses of the American Congress at the
same period, tapplausel and if it did the
American people will never send to Wash
ington, indorsed by the vote of the people
sufficient to elect, a President who would
give official sanction to such an act"
The convention adopted a constitution
and bylaws, elected officers and adjourned
to the Hotel Rennert for banquet