New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-19
WOULD BRING CALAMITY.
.r,rps POINT OUT THE EVILS OF
FREE SILVER.

.o,,.rloxs PASSED PY THE STATE CONVEX
o> At NIAGARA LI.s-ADDREssEs OF
NrssRs GKIswOLD. SLOAN
AND TRIP.
>,osara Falls. y. V. July ls-The delegates 10
c,ote Bankers Convention spent TINS MORN
Wv ,,srecting the power plants of the Niagara
~s hydraulic Power and Manufacturing COM
f" ond the Niagara Falls Power Company.
p .,,rd session of the convention began a'
~" ~, o,c,ock this afternoon The following reso-
,.,ons we're adopted:
'r sa,,are that the bankers OF this state nave
'esssh or class interest in the estabnshnen' %, or
no srartlcu,ar standard Of value or any use Ior
sx y parucuisr kind Of money as cVrienoy i Of
ars meta as the standard TO the exclusion OF
sers The chartered banking h nS 81 ' az
S,s Of NewYork are 1feSied 70 me p nonEc a;
sss The ;,rm o ~ cS ite pubic ore in
he sum q e. -; ~ fSrm Of ,oans and discounts
tss'ss sum 81 81 2sloCocl0 Beng debtors IN THIS
Nv large amount, with our paya3ies .srsey sS-
ees1hs ,he mar, 81 honor for the United States
a0. maintain the present. gold standard OF Value.
We -, the most advanced and civilized ma
81: and Join China and Mexico upon The silver
sis In all countries whore ne gold stanialN pre-,
as,s HON goH and silver circulate as money; IN
W" Inc countries whore the silver standard pr
o. there 5 gold in circulation as iioney ne
vss image of silver means the reputation OF .
I,sc rent of Indebtedness. This would he true only
y Existing debts. The sigaclous INSTINCT OF rd,le
o. "a correct tbs wrong 20 future contracts by
va shSng the price OF commodities. Hence the free
conase ,S ~ Of prices without any increase Of
s.1ss Jusi n proportion TO this imitation would
ysu1 9,rshaslrg power of dollar be decreased
me sSsrS s,lver lnss and silver monometallism
! LIS that the $500 600 900 Of gold in circu-
sion wou 20 to premium would d cease s i0 Sly
T se con or upc2ined It would Prod aNtent
V.O.ss,b ro,5 now in circulation ceased 10 circu
e. as MONEY Il would no; only unsettle but
VOID s,l ,horoughly demoraze business Al classes
sv.- oSe ~ AXE care OF themselves; that Is the
ss classes The crushing effect upon business
w. n,blc morals and the public sense OF honor.
upon and INUNDATED as they would be by such
We believe it be the duty O. all good and pa,
- calamity We believe Il to be the duty Of
me government to maintain the gold standard and and
rr.serye no PARTY OF oil forms or currency whlch
4 allows 70 circulate money.
W. believe this to BE- indispensable IN order to
PIT s rrasr,e 10 the United states the paramount
position which she occupies in the sis'erhood OF
nations.
ADDRESS OF S NJ. GRIsWoLD,
tn. first address was by 5 NJ. Griswold, presi-
dent Of Ne Onion Bank, Of Brooklyn. on The
Prosperity Of Banks Insures the Prosperity Of
the People and the Government" Mr.. Griswold
said
The most important organization in the communi,
~ is our system Of banking II stands nearer 10
Inc Government, and all classes depend largely
upon it. The prosperity which has seherally at
tended the conduct of the banking business SHOWS
that IL IA an institution needed, ana II wisely man
aged will insure the prosperity OF the people AS
proof of this let TWO or three banks IAN IN
succession and al once distrust ana disaster loi-
low on the other hand how many times have the
banks stood like wall against financial panic ana
ruin and to-day.the position which the banks OF
This country have taken upon the question of a
gold standard and against the silver craze will do
more than all other influences combined 10 bring
10 A successful issue the sound-money question.
The development of the banking business Of the
country As an evidence OF it recall 10 your minds
TIE opening which took place recently OF that mag
nihcent financial palace Inc New ork Clearing
House; also OF the Spectacle presented a few
months ago OF Government asking for loan of
E01cale0 in gold and over $aool0."o was offered.
ftp re" 0' '"'S' ''''' WHO Cd" p'op'eS' TIE
There is one thing which wall allude to-the cur
great while. There is at the present time in cir
: .ia &f $1,000 lesal-tender or war currency
N@cnon Of various issues Of Treasury NOES: 80
e1oo National bank notes making a total OF %e6-
VnVN To meet the incrca sed business requirements
o. the country THIS circulation should be Increased
10 at least 500 10000 Our circulation IN the
United States Is only 81 per capita, while in France
III 81 Let the Government issue $50oCO0oO thirty
year per cent interest bearing bonds. retire the
egsl-tender and Treasury notes have congress
pass law allowing the banks TO issue the $l0Oo.-
0oeU bank notes secured by Government bonds al
par, aid you solve the problem.
The next speaker was George b Sloan, presi-
dent OF the Second National Bank. Of Oswego
who took for his subject The Uses and Use
fitness Of Banks" 1t was an instructive add
dress Of great interest to those present.
CURRENCY EXPANSION DISCUSSED.
The closing address was by James II. Trip
PRESIDENT of the First National Bank of Mara
,hon, on "Will the Business Interests of the
Country Be Benefited by a Further Expansion
Of the Currency" In substance. Mr. Trip said
A sentiment seems to prevail among large class
Of our citizens that il we had more currency, Il
ager volume OF circulating medium, our country
snd people would be more prosperous. Currency
coinage is the foundation upon which the adv coates
free silver build their arguments. III Is assert
ed and many believe that for years there has been
steady contraction, and thar the cause or Dusi-
less oppression and failures and nnancla disasters
n@agrea; extent The contraction OF currency ~, 1T
i also claimed. and for the same cause, mat the
nch are continually growing richer ana me poo
poorer. and also that the low price OF larh pIVu
ucls and the depreciation OF farming ahus are uuS
70 he same cause.
Now, propose 70 show that the people are being
;seived and misled-that there is no iOandatoiI
.r suca statements and no justification for such
Cams. For instead Of contracting for many years
asre has been a steady expansion OF the currency,
Since 1911 the year preceding the passage or the
sNer Coinage act OF 1873 our clrculatlon mas 'nole
eose OF the nscai year 1877 was S722.3l4ss3, and
Ne amount IN 1893 was 81 6O4 49, 7Gs. From 1873 TO
hS there WAS an increase of nearly ninety mlilohs
TIE next year one hundred and forty millions and
Ole hundred and seventy millions And the total
Increase from 1877 TO 1898 exactly Sssl slIoso
RON 1897 TO lsJ5 there was added 10 inc circuia-
uon in gold coins and gold certificates about I'VE
alndred millions Of dollars in silver coin ana SILVER
Certificates about four hundred and nifty Millions
ana Of Treasury notes issued under the Sherman
tc about one hundred and fifty millions more:
While the only contraction there mas beefl o
an! great amount has been something more tnah
one hundred millions of dollars In National bank
hoies. As for the per capita argument: Al the
5ose Of the fiscal year Of 1873 the per capita WAS
ts ~ In 1870 il so 90.
The great volume Of our business is done without
ne use Of one dollar in goa. silver or paper money
A done IN checks. drafts and certificates. ana the
afous forms Of bank credits in common use ana
Nhout which the transactiOn'Of the business OF me
01ntry would De- utterly Impossible IN iact, NOT
not than 10 per Of the business or the country
sNdnSa ted VITA what We term currency. Al lht
sFrency W. need Is Il sufficient amount, when use1
u connection with our other facilities. easily 10
~aAsdet all Our business. There Is a cause Tor ldll-
ates and depfessi1ns hu' investigation will show
aat none OF them have been caused by an insliifl-
~, amount = circulating medium In the country
d are fl-1a Welding