The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-20

The question. What Legislation is
Needed in Respect to the Currency?' %
was discussed in an interesting paper
! by N B. Van Slyke, president of the
/ First National bank of Madison, Wis.
/ The speaker thought reforms, TO be
permanent, should be gradual rather
! than radical and in this direction ne
suggested as the first important step a
currency reform by evolution-the re-
I tirement of the troublesome greenback
and treasury notes, d f1oatlng dept and
| the practical business method OF fund
| ing this debt into per cent govern
nlent bonds in denominations from s9J
| to 81. coo each Such per cent bonds,
| if payable in so years., said MI. Van
| Slvke. and irredeemable before, Wouid
| take up the present bonds as lhey
mature and if permitting banks TO IS
sue their circulating notes upon the
par of such 8 per cent bonQs III Inc
! same proportion only as the govern
! ment's circulating notes, might be re-
| deemed and then forever retired, II
would keep the volume of all the cur
renew undisturbed by the gradual de-
crease of one class and corresponding
| increase of the other until man 10
| ing away with the government pahh-
! ing business and placing it with me t,
! banks, where it legltmdlelY peAo'-S-
SAVINGS BANKS.
The subject of Mr.. Byron E. Merrlck,
! of Cleveland, was savings bdnhS'
| He said III part: .,.-- So. fur
| There is no apparent Necessary Loi 49, 10
| tAer arguing economic questions d. 10y
| relate ITO savings banks, Dor the e'ldoi =
! ZINC facts connected WISH thef pIcooal.
! history tell the whole story year aso
our 5000 coo of depositor5 We're Just emeer.
in~ the financial school Tor tlle pui 80 80
! of making a serious study OF tnS eco-
.uom1c questions, 50 far, at Ied9t as
| those questions affected Nnelr more IMAM
| 81 Geo. GEO. 600 of deposits. -, ~,
V1nev graduated from that Sca0od NOV.
1895. and their verdict reflects foti0r
and credit on the nation. On their lpeel,
ligent decision rested the national $50
name, and with the fact before tllelii
thai their earnings and savings. depoS-
lied in less than 600 banks IA sum great
er 1iaarl our national debit, were Vnredt-
ened with a depreciation of one-halt, the
conclusion reached by them coui9 no5
have been other than for sound ana
stable currency. Benevolent motives
prompted the establishment of savings
banks in the early part of the country S
DEVELOPMENT, resulting in creating one
of me most noW1erfur 'fArusts" or money
powers in the world, for in only ST. mu-
tu9a savings banks there are neaTly
81, 100, GOO 600. While this vast accumula-
ticn is owned by more than 5,0OOO00 peo-
pie, a. per capita of the entire population
eexceesltnr. $50 It is controlled by COM
paratively few men. and Vt IS a remark
able fact that in all the years past phey y
power repoSed in Them. On thu contrary
/ It is universally admitted that they have
exercised the power justly and ever be-
this government is of 100 vast impoI'--
ance is entirely too sacred, to be the
foot ball of party politics.
The, people demand a currency 50 aa-
Tod tn1r,r r1o,crG1 s0T
or paper, it will be acceptable to all
classes maintained at a par With gold All
home and abroad.
1T may be said with respect to its
savings bank deposits that the United
St7tes stands alone. European coun-
tries when contrasted with ii make
very different showing. 1t seems to me
that an argument for government as
sumption of the guardianship of the
peoples money must be based en- the
plaa' that the government could employ
as does Great Britain and cther coun-
tries. But She debt of our country is
not permanent in its nature. and in
prosperous times 1T has been speedily liq-
idated- l am confident that in the flu
ture, as IN the past, the people will view
with mfsgivings any movement in that
direction. Besides, this scheme is in
consistent with the spirit of our form OF
government. With nations abroad the
tendency and policy is to make the peo-
pie Subservient to the government Our
Tihslcry looks 10 making the government
subservient to the people. The 9SS say
ngs banks. together with trust compa-
MES and like Institutions, practically
own all of the municipal and state debt
ana, together with individual holdings,
some nlne+tentbs of the national debt
Iney also carry the real estate loans.
and IN large part probably one-half tho
, fSa3lroad debt OF the country. Are not
tfleSe unmistakable signs pointing to the
TACT that the United States Is en,ter-io1e
upon a new era of prosperity and thai
IL is soon to become a creditor instead
ID ~, ID, d Geotor, nation? Do. not the growing
Dan1 oasanceS at this time and the fan
Nn9 our financial institutions are EN-
aoieu pracncally to absorb most our en-
o oI1 :s indicate that 1T is largely
question: OF rate of interest when n Sy7a II
become a creditor natfor-jn Ave - ,e a.laiI
IL may De or it may in % years. fr,U-er1t11
years IS but a day in the life of n nn
U uron, hi II the hard times through which
We we have 9oo passed since the memorable
year OF 1893 has SO little affected the ceno
4 9an OF savings banks <eer-osits ana has
.sslts 10 IeSSen the confidence of our
d 5.see Isl. INSTITUTIONS. the future seems in
..d bright with promise for their aras4
the savings of the people.
= Harvey j. Hollister, president of tqe
, 1d Raplds clearing house, smoke IN,
organized Capital, its Privileges and
Duties 70 anu
Bradford Rhodes, of Manafoneck. n
T., discussed the question: 'Ars clear
ing Houses for Country Checks Prac-
tlcal? He said: Country Checks are
sueh important factors in effectllner t,ha
exchanges of the country that any at-
tempt materially to reduce their nun
Der or to eliminate them altoGether viii
rot succeed "ii
Mr.. Rhodes submitted an exhaustive
pan, accompanied by diagrams, show
ing his proposed method of facjIjtatjne
the collection of country checks.
u Gunby Jordan, president of tibe
Ihlrd National bank Of Columbus, Ga.
gave an address on the subject. "How,
would National Banks With a Canlta1
OF Less Than $4,000 be of Benefit to t,bgs
Country?"
Would Branch Banks be Beneficial
or THE Reverse" was discussed BY VIII
liam c. CornweH, president of the CITY
bank, Buffalo, n. Y.
Frank w. Tracey, president of tho
First National bank of Springfield. Ills
read paper on the subject, What can
Be Done to Increase the Usefulness of
the American Bankers Association p,
Papers followed on Currency Shin
mentS of Registered Mail" by Charles
r. Harmon, president of the Iowa
Bankers association, and Express
Money Orders by L. p. Hillyer. sec
rotary of the Georgia Bankers asgo-
citation
A CURRENCY COMMISSION.
A resolution was adopted by which
congress was urged promptly to pro-
vide for a competent. non partisan cur
rency commission, to the end that
sound legislation may speedily be Sc
cured.
Regret at the death of William P.
st. John of New York was expressed
in a resolution offered by n. B. Van
Siyke