Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-08-24

ciedllHS mousse, lot tne bankers OF the
city and state.
Gov. PinErec's Address.
After few words of cordial greeting
the governor said:
Whatever mems ideas may be upon the
subject as to what .-lcney metal Of ultimate
redemption Is best in the worlds COM
MERGE and monetary systems, I believe 1t
Is conceded that when silver gradually
ceased to be part of the stock used for such
purposes in the balance of trade and other
wise. the available amount of primary
money was reduced about one-half. To
remedy this state of affairs 1t Is sought to
effect an agreement among nations where
by the unit of measure may again be in
either gold or silver at certain ratio
called bimetallsm.
Should II be possible to effect such an
agreement, or should the people Of the
United States decide to hereafter use gold
alone for money Of ultimate redemption,
condition of affairs may be imagined when
such large proportion Of the worlds an
nual gold product shall be used and con-
sumed in the arts that an Increasing
stringency in gold coin will occur The use
Of gold In the arts is now increasing from
year to year. AS ] understand 1t, the
principal purpose of remonetizlng silver,
either with or without foreign assent, is to
increase the available supply OF ultimate
redemption money"
AS one method of increasing the stock
Of the worlds coined gold. Gov Pingree
suggested that some way be devised to
prevent the increasing use Of gold in the
arts: for instance.a tax upon manufactured
The coneiuded kfia 'f iiabi sfs
Of the stockholders to the amount Of their
stock In addition to the amount invested.
and the stringent holding Of directors to
watchfulness and duty, makes a national
bank perhaps the best model OF corpora
tion that has thus far been worked out.
One grent cause of complaint against
the laws tempt the people to organize
them for the purpose oe escaping RESPONSE
bility for the debts that are to be contract
ed. Many Of these debts are in conscience,
individual obligations. They ought to be
the same in law.
But believe we ought not To aton
until the responsibility to be honest rest
ing upon corporations. which exist by vir-
tue OF franchises granted by the public, is
as great as that which rests upon a first
class honest business man. If something
in the nature OF responsibility imposed
by the national banking law upon banks
could be applied to all private corpora
tons, l believe that much Of the odium
which now attaches to corporations in
general would be removed.
.'As regards the taxing of banking capt.
tai: AS long as We apply the principle
that ali property in whatever shape 1t
may be, whether real or personal, shall be
equally taxed. property in the shape or
money should certainly bear Its just pro-
portion of the public burden, and hence
banking capital which has an earning
power should also be taxed but at the
same time not Disseminated against by
any method Of double taxation.
IAN amendment to the national banking
law permitting national banks to lend
as state banks do upon real estate could
n hot IA han lre.ro
those who borrow from them"
George IL. Russell, as spokesman Of
the Detroit clearing house, admins
tered mild rebuke to the governor by
saying that he had only been in the
banking business eight or nine years,
and would not therefore, attempt to de-
liver Il homily on the silver question or
the evils OF corporations. The applause
which greeted this sally showed that
hit at Michigan's anti-corporation
governor was understood and appre-
GATED
President Lowry's Address.
President Lowry combined his re-
spouse with his annual address. After
making eloquent response to the ad-
dresses of welcome, he said:
"One year ago this association in annual
convention at St. Louis declared most en-
phatically that gold was the only safe
standard OF value and that this great couu-
try, ranking as one of the foremost COM
mercial nations Of the world, could not Join
with other nations of lower commercial
rank in fixing on a baser metal as the
basis on which sound currency should
rest The recent discoveries of rich de-
posts of gold throughout the world and
renewed energy given to the gold mining
interest in Arizona, Colorado, Georgia and
other states of the union indicates the ap-
prevail of our action by Providence. 1t Is
matter of congra tulation that after a
heated canvass and discussion of nearly
year the people of the country, through
the ballot box, fully and completely in
dorsed your position. The results that
We're reasonably expected to follow this
action of the people are being slowly but
surely realized; confidence, the foundation
of all commercial prosperity, is being re-
stored.
This assertion needs no argument to es-
tablish Its truth: it can be seen and felt
by all who are not blinded by prejudice and
whose Sersibilities are not calloused by
ignorance. No one will deny that our coun-
try for the last several years has been
passing through the deep waters of de-
preston. This we all know and fully
realize, yet while we hope and feel that
we are now where the bottom can be
touched. and while we earnestly wish to
reach the shore of prosperity, we want that
prosperity to be based on the firm founda-
ton Of confidence. We want nothing spo-
radio. nothing sectional; no prosperity of
class, but general prosperity; prosperity
not only for the banker. but for the mer-
chant. the manufacturer the farmer, the
mechanic and the laborer: in a word, we
want prosperity which will reach out and
toucn every section, industry and business
In this great country. To this end, gen.
t!emen. we are working, and this end we
vii! most certainly reach by honest, united
and continued effort.
y recognize the fact that returning pros
perity' has not yet arrived. know that 1t
is ON the way. and believe that it is not
SO far off as some would have us think
ms belief Is warranted by the fact that
under the blessing of God abundant crops
are assured; our agricultural products are
In demand by less favored peoples and
when the surplus grain of the west and
cotton OF the south shall begin 10 move to
the coast on their way to supply the wants
of other nations we shall see the great
cloud of depression begin to lift and let
In the glorious sunshine of prosperity,
which will warm into new life the enter
prise OF our great country"