The herald., 1896-06-07
BUSINESS MEN ON THE
SOUND MONEY ISSUE

NOOlNU LII lOOOA
| The question of questions pressing for
| settlement in the United States today is
| that of the country'S monetary standard.
| This Is an issue which ii not to be put by
| or to be evaded by any devices of polit
| ical managers. 1t is not to be obscured
| or belittled by any policy of mastery
inactivity" or of "dignified silence"
| The people of the country want to know
| just where parties and candidates stand
| in relation to the question of none
| tary standard, and they have way once
in while of carrying their point, as pol
| iticians have occasionally learned to
| their discontinue. The business men of
| the country have taken occasion to bring
| the matter to the attention of the party
managers this year with degree Of
persistence that cannot have been with
out it's effect
1t is with especial pertinence that such
an organization as the Savings Banks
association of the state of New York
has put itself on record in relation to
the question of a monetary standard.
The savings banks have as their primary
object the supplying a means or system
of providence for the thrifty poor. 1t is
the man Of small means who will be most
seriously affected by any debasement of
the money standard, and it is to his in
terest to degree far beyond that of the
capitalist to have maintained a stable
and honest standard of value. The as
sociation referred to has, therefore, done
well to adopt, as it did at its annual
meeting on Wednesday, resolutions SOL
emnly protesting against any and all
eorts to change the gold standard now
existing, insisting that any departure
from this standard will not only impair
the prosperity of all laboring classes,
but that the only classes or individuals
to be benefited would be the capitalist
q yxyhn hn
quick to take advantage Of the rise and
ultimate. fall in prices sure to follow
premium on gold, and declaring that
the future prosperity of the country and
the welfare of the people demand not
only that the gold standard should be
maintained, but that the currency sys-
tenn now in use be SO changed and re-
modelled as to meet and adapt it to the
increasing needs of commerce and rem
der it equal in security with the best in
circulation by any Of the civilized ma
tf6ns Of the earth The association
| adopting these resolutions represents
the interests of 100000 depositors with
deposits aggregating over 0O,00O,0O0.
The declarations contained in the res
olutiOns were accentuated in the address
of President Rhoades, who said that the
return of prosperity could not be hoped
for until the currency question is settled
upon a basis which will place and keep
our credit equal to that of the most
favored nations of the world Whether
the time for this settlement is near, or
far distant, he said, will largely depend
upon the results of the coming election;
and. indeed, upon the issues at stake
rests the welfare of the people at large.
and especially of those so largely rep
resented by the savings banks, for, as
IS well known, those who gain the most
through sound currency, or lose and
suffer most through one that is inflated
and in a disordered condition. must be
the laborer and the producer President
Rhoades expressed the belief that the
judgment and good sense of the common
people, who have always been the
strength ana mainstay Of the country in
its time of need, and the great mass of
whom are not only honest, but think
deeper than is apt to be IMAGINED upon
all matters which affect the welfare Of
the community, will settle, at this COM
ing election, once and for all, this mo-
nentous currency question which, for
the past ten years, has disturbed our
| commerce and blocked our progress as
| a nation. and render at the polls a YER
dict which will determine for all time
the fact that the people of the Uuited
states of America will not consent un-
der any condition or through any com
promise, to depart from the standard of
value which is recognized by all the
civilized nations of the world as the
best and only standard to maintain.
or similar import to the resolutions re-
ferred to above are those adopted on
Monday by the New York Cotton ex-
change. These resolutions declare that
the continued uncertainty in regard to
| the monetary system of the nation has
caused widespread financial distrust
Gripping enterprise and paralyzing the
trade of the country; that sound and
| staple currency Is absolutely indispen-
sable to our national and commercial
prosperity and the chief means of re-
storing confidence at home and abroad.
that the New York Cotton exchange is
unequivocally opposed to any debase-
| ment OF the currency, and emphatically
declares in favor of and urges the main
tenance of the present gold standard Of
value. recognized by the great CONNER
cial nations of the world; that the ques-
ton OF the permanence of the gold stand
ard should now be settled, and that 1t
| should be considered the paramount is
sue at the coming election by both po-
litical parties, and that the conventions
OF the two great parties be earnestly
asked to clearly and distinctly declare
themselves in favor of the gold standard.
and against the free coinage of silver,
so that the country may enjoy the pros
perity which its mighty resources JUS
tify and warrant. The exchange di-
rected that copies of these resolutions
be sent to the various cotton exchanges
of the country inviting their coopera-
ton. This action has a significance
which does not appear on the surface,
for the reason that the cotton exchanges
are mainly confined to a section of the
country where financial vagaries have
recently found foothold. 1t will be
seen from the action o0 the bodies re-
ferred to above that the commercial
community is this year doing what it
can to put a premium on a clear defini-
ton of the principles held by candidates
and parties In reference to the none
tary standard.-Bradstreets
Miss Virginia Fair Is visiting the young
Duchess of Marlborough at Blenheim
and the English papers all contain notes