Worcester morning daily spy., 1898-01-15
CURRENCY REFORM.
The Topic Interestingly Treated by W. E.
Cornwe al Buffalo,.

Buffalo, N. Y, Jan. 1.-THE National
League Of Commission Merchants of
the United States banqueted tonight at
the Hotel Iroquois. Among the speak
ers was President W. F. Cornwell Of
the City Bank of Buffalo. His subject
was Currency and the commission
men,"
He said he believed the accomplish
ment of currency reform was possible
only through the efforts of the business
men of the United States The victory
at the polls of 1896 was the declaration
that this nation intended to remain on
the gold standard and to pay 100 cents
on the dollar; but nothing had been
done to fulfill that promise. Continuing,
he said:
"If this country is ever swept into the
hell of anarchy and reputation and
national dishonesty the hell of business
ruin and commercial destruction, the
biggest red-hot paving stone In that
street of flaming fire over which we
will walk with scorched feet, will be
that milestone of this history making
time, the intention to make sure of the
gold standard, declared in the great
election of 1895. but never carried out.
"What is it that keeps the govern
ment dollar as good as gold? 1t Is
simply the option Of the president of the
United States, and If we had not in the
White House today an able, sagacious,
courageous, patriotic man upon whom
we can depend absolutely; if we had,
instead, weak, an unsound or a wick
ed man. he would direct the dollars
which are redeemable in coin to be PAID
in silver instead Of gold; and the nation
would be bankrupt from Maine to Cali
fornia and from Florida to Alaska, at
40 cents on the dollar"
The government, Mr Cornwell said,
if it had once paid its note, could not,
like a business man, thank God that an
other debt was paid; but the govern
ment must almost Immediately put out
that note again and get ready to pay 1t
over again. And it could not, like a
business man. pay in any kind of a
dollar. 1t must pay in gold; and when
gold was scarce, why then the govern
ment would be on the brink Of bank
ruptcy, and every business interest
would hold it's breath or give up the
ghost. Every condition in this coun-
try was favorable to prosperity but one.
We were on the eve of great revival
in business, but it could not come and be
permanent until our currency system
was on a sound basis. And now, when
the president came forward with a
good remedy and the. secretary of the
treasury came forward with a careful
ly prepared plan, sound in every re-
spect, were they not going to back
them up?
The report of the monetary commits
sion embodied mainly the things recon-
mended by the president and secretary
of the treasury, but carried further
along the same lines. And these were
the things that every expert in Europe
and America agreed must be done to
place finances on a firm basis. We're
they going to let congress fool with
this subject as it had fooled with it for
30 years, until today the United States
had the most unscientific, inadequate
and dangerous system of currency of
any nation of the earth?
The speaker called upon those present
to inaugurate an active campaign for
the passage of the bill embodying the
monetary commissions suggestions, and
to let their representatives in congress
know what they wanted. q,