New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-20

10,
sary way. lie Is really a dealer in credit He has
no raw material. he has no manufactured goods
he has only the promises 10 pay, which evidence
the creation and passing OF products and wares
from one industrial class 10 another. For these
evidences Of debts made. perhaps, by the compare
lively unknown, he exchanges his obligations IN the
form Of open credit his books or by his notes
OF convenient size which may pass from hand to
hand through the community. He thus makes nuld
and useful in the work Of reproduction and ne"
exchange those general credit instruments which
! have already denominated as the real money oi
As factor in this grea, movement. the banker
must look two ways. on the one hand he Is a
debtor always and always answerable IN the legal
money Of the land TO all who present their claims
demands and the question of his final responsibility
rest upon the quality and convertibilitN OF the
undertakings and obligations ne has acquired from
the community. II these represent real values
convertible in the market If the conditions OF IN,
dustry and commerce are GOOD, he IS secure; ~
they are bad. II new and dangerous conditions
really evil. a certain sufferer, Who more than ne
and those to whom | have alluded thus actively
in The welfare and prosperity OF the social state?
And yet it is against these that the political lead
tons. They claim that the money standard, 10
which tor sixty years our Industrial affairs have
prosperity. They charge that it's maintenance is
the result Of conspiracy born Of 'insatiahe sor;
fabric from the good foundation Of the worlds
money on to the shifting uncertain sands Of oo5o
cadence and decay. and that restoration and pros
perity Will come by changing the counters by
TO traverse their pernicous logic.
PROGRESS OF THE NATION.
In spite OF the unsettlng influence Of their
doctrines which have again and again alarmed the
forces that make for progress, which have more
than sent capital into hiding. crippled in
dustry, and sent labor into deness. the evidences
are everywhere that We are In state Of progress,
not decadence Let cite a few OF the evidences:
Within twenty-five years according 10 them. the
period Of our decline our population has increased
b2 per cent wealth mas increased IN 4 ratlo 'hnee
trbution Of Increased wealth has been general is
proved by the savings banks, the number OF whose
deposltors and their aggregated Accommodations hav
ing grown ratably with the increase OK wealth
sand miilions-has increased in its ratio to popula
ton During these twenty-five years the foreign
that Of the United states 81 per cent Compared
with Mexico, the idyllic land OF the silyerte. our
Increase in Mexico Of q per cent. What Of our
domestic affairs? our railroads have increased in
w Win reduction in cost Of freight carriage OF
s. per cent The mileage Of telegraph lines has has
TO over 10000 miles. with an average reduction in
raw iron has increased from less than 100000 tons
per annum TO about 1000 80 tons coal. from q oO-
." tons 10 100000 tons; petroleum, from $780,"
The new South mas become new manuracturlng
empire. our average annual eXportable surplus Of
wheat is from three 10 four times greater than in
any year in our history prior to ls73-the fateful
the number OF tons Of freight carried railroads
increased rs per cent while the number OF pas
sengers increased = per cent. .,., -,,
DO the most common prudential cons'dera-
tons dictate adhesion to a money standard when
has been contemporaneous with THIS great progress;
II efficient factor therein? Benton ana
Jackson; more than sixty years ago argued rs
came into practical with us. Are We, who
seek to preseTye the good they secured to be con-
craftsmanship and far-sighted wisdom Of Webster
at leas. safe guides as the economic heresies
OF Democracys leader?
THE NATIONAL BANKING SYSTEM.
Second only in Importance TO a sound currency
IS a banking system adequate or capable OF self
adjustment 70 the public needs Yet this proposi-
ton is not less offensive 10 the three leaders OF the
opposition. who lately coalesced in joint effort
to unite all forces hostile TO the present order.
In proposing an improvement in the National
banking law. l have not been unmindful OF con-
spcuous example which history affords OF the ad-
vantage which the banknote possesses over paper |
France is the largest note-issuing bank in the !
world. Its notes are issued in proportion to the
amount OF its available assets II IS nor required
by law to hold evidences OF the public dept or any
amounts to not less than 100000 When during !
The WsF specis AN Of
the stability and security OF notes based on the
assets Of a sound bank. ,
when peace had been restored between France |
and Germany and a radical charge had been !
Effected In the very form or government ltSei1 me
A. Q q
rock During the it had advanced to the |
Government no less than $3.50 100000 besides satisfy
ing an Tho commercial needs OF the French people
II was black mailcd and partially plundered by me |
leaders Of the Commune, yet II remained secure IN
IS s,renVfh amid an the reVerses or the Govern |
mcrt even when the armies OF France were driven |
hack from tho frontier TO the gates OF Paris. even
" hen tho French Emperor was a prisoner OF war |
and mis- capital IN the possession or the enemy ana
even when the State Itself was wreck. II emerged
return OF peace II AT once supplied the whole OF
France with the means for speedily regalmhS !
national wealth and prosperity
can We not learn useful lessons from others? Is /
: no experience Of the world 10 be despised? Can |
The stern DEGREES. carried by the laws OF our |
c~on9nlic ne he successfully challenged? Can |
NOV Le rescnd-d repealed by the wild I'M
rulses Of the inconsideratc;
H. a free social state the individual man Is
clothed with the power ana responsibility OF sen
dircction His wel-be.ng depends upon his ability !
10 comprehend and his willingness TO obey the
physical and moral laws with which nature has en-
,.ironad him In a government IKE our own
sirilar mower OF salfdirection exists. IL s nigh
yilege and carries with Il great responsibilities
7 i've mo individual man, the Nations wel-being
. In mon It's ability to discern and obey the
economic and moral laws which environ It, We
may congratulate ourselves that In our pasI
wonderful history have so well perceived ana
followed the ways OF wisdom ,, -,
NJ We continue 20 he thus guided amid the
o-nuine complexities of the great future.
Tho sneech was listened to with the closest at
,.,,,on and the speaker was heartily appauded.
Mr. Gage was followed by number Of local ora
tor. md the dinner ended about midnight.
Mr.. GERRTS ADVICE TO ACTORS.
F,rbridre T Gerry sat on the bench in the Jsfer
..r,t.. bal "a. N.cUa-