The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-07-16
For a Safe Currency.


The bankers of California have spoken
on the monetary question. In no uncer-
tain tones they have given their views of
what constitutes a safe currency system
for this country, and the unanimity of
their verdict for the policy advocated by
the Republican National platform is so
are enthusiastic in their adherence to the
gold standard, were surprised.
A few weeks ago the executive com nit
tee of the California Bankers Association
passed q strong resolution on the money
question. The committee, speaking for
the association, declared its unqualified
opposition to free coinage or any other IS to
1 proposition, and called upon the bankers
OF the State TO seize every available oppor-
tunity to explain the fallacy of the silver
theory and to labor for the adoption of
sound monetary policy in this country.
These resolutions were embodied in a
circular which was sent to every bank in
the State, and to few prominent banking
institutions in other parts of the country.
Accompanying each circular was q postal
card addressed to the officers of the bank
asking if the sentiments expressed in the
resolutions met their approval. To these
cards 106 answers have been received from
banks in California. OF these 1903 heartily
indorse the resolutions. One lodges the
issue by saying it is a question upon
which there is division of opinion, and
two, the Bank of Central California and
the Petaluma Savings Bank, refuse to in
dorse the resolutions.
Answers were received from few of the
communications addressed to Eastern in
stitutions, though these were not expected
TO respond. The object of the Bankers
Association was TO feel the pulse of the
California business men, whose interests
they believe are voiced by the bankers.
They also wished to show financiers of
other parts OF the country that California
had been to some extent misreprese nted,
and that there was in this State a large
element decidedly in favor of gold stan
dard.
Interesting responses were also received
from other States of the Pacific Slope. For
instance, Ladd & Titon, the most promi-
nent banking establishment of Port
land, Oregon. write: I'VE heartily
accord in the action OF your executive
committee as expressed in a circular of
May 25, 1896. The late election does not
state Oregon's position on the money
question. 1T was more Mitchell and de-
sire to throw of a certain controlling ele-
ment in the Republican party"
Answers in a similar strain were re-
ceIvsd from the Citizens National Bank of
Tacoma, Washington National Bank of
Tacoma and the National Bank OF Seattle.
These all expressed the opinion that the
Northwest, If the matter was put to the
test, would vote by a large majority to
sustain the single standard.
One of the most interesting communica-
tons received was from Lyman ]. Gage.
one of the foremost financiers of the age.
Mr.. Gage is president of the First National
Bank OF Chicago, an institution having
$50 900, 600 assets a most remarkable show
ing for commercial bank. Gage writes
CHICAGO, Ill, July 1, 1896.
r. " Welch. Secretary California Bankers As
socidttoR-DEAR SIR: l am much gratified with
the expression maze by the California BANK
ers Association on the money question. It
has been an aggravating paradox to US that
California, where the gold standard las been
main tanned through all currency vicissitudes
should side up with the advocates of repudi-
alton and dishonor. L. J. GAGE,
+. c. Miller, of the United States Ma
tionaI Bank of Portland, Or, was emphatic
In his Endorsement of the resolution. 'Tne
resolution, as passed by the California
Bankers Association" he writes, "covers
the situation in very comprehensive
manner, and will be Endorsed, believe,
by every banker in Oregon. If Oregon
was to vote upon the proposition to-day
there would be a substantial majority for
the gold standard"
Inc great mass OF responses were from
California bankers. OF these alone there
were l06, and as previously stated all but
three were in favor of the gold standard.
In the majority OF instances the largest
banks throughout the State contented
themselves with merely indorsing the
committees action in emphatic terms.
such expressions as Eyes, heartily" I'VE
emphatically approve" Action of COM
mlttee Endorsed" 1--WE entirely agree with
you, Our directors are opposed to free
silver, etc., were the answers sent by
many of the banks.
Many Of the presidents and cashiers who
responded, however felt fhat the 0upefjnn
called Tor more extended expressions of
thelr views. NJ. ]. Daniels, president of
the Orange-erowers' Bank of Riverside,
answered in the following vigorous man.
ner: 1T has my most emphatic indorse-
inert. II there is any State in the Union
mat should indorse the gold standard it
should be California, which is known as the
Gold State"
The directors of the Citizens Bank of