The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-25
EXPRESSIONS FROM NEW YORK.
Views of Banker Rhoades and Mr.
COrnyyelI. of Buffalo.


egation is composed of six of the best
known financiers in the country. They are
Incorporating body of men, and the vast
interests they represent as well as their
profound knowledge of practical finance
naturally makes their opinions and advice
invaluable. The delegation is headed by
John Harson Rhoades, president of the
Greenwich Savings Bank, an institution
which has deposits of SIS, 1000 belonging 10
the workers of the metropolis. Mr.. Rhoades
is also president of the Savings Bank AS
sociation of the State of New York, an as
sociation which embraces institutions hav-
ing an aggregate of $500, ,000O 900 in deposits.
with 10000 depositors, which means on the
average an account with every family in
the State. The savings banks of New York
are conducted entirely on the mutual plan,
and one good thing about them is that they
never fail. Mr. Rhoades, in speaking about
the convention, said:
THE reassembling of this convention is
meeting with increased attention in New
York on the part of both banking and mer-
camille interests 1t Il being realized that
the promises made as TO the work to be
done when the convention first assembled
have been carried out. The men at the head
of the movement are better known and bet
ter understood and the unsefish and patri-
otto manner i'm which they have continued
to work is winning for them the respect
and confidence of the public. The plan sug-
gested by the monetary commission meets
with much favorable criticism, and is re-
garded as both able in thought and sound
in theory. The very boldnesS of solution
proposed is attracting to its support many
who have felt that government issues must
be retired, but have sought temporary ex-
pedients as the only method possible at the
present time. There is also a growing dis
position, especially among business men, that
at last a plan has been evolved around
which the sound-money sentiment of the
country can rally and present united front
as opposed to free silver and fiat money.
Il anticipate a harmonious convention,
and an enthusiastic Endorsement of the plan
proposed, to be followed by active and earn
est work for the cause of sound money, and
in this work the merchants of New York
will be found doing their full share, real
lzlng as they do that the well-being and
prosperity OF the whole country are at stake
in the contest"
MR.. CORNWELLS VIEWS.
One of the solid men in the convention,
if such a term can be used where there are
none except solid men, is William c. Corn
well, of Buffalo. N. Y, president of the
City Bank, the largest financial institution
in that city. Mr.. Cornwell has been a lead
ing writer and speaker on finance for many
years and his judgment on this subject is
widely sought. The following interview ex~
presses very comprehensively the views
that are indorsed by the business public in
general:
mo country can do business successfully
for any length of time if the value of the
dollar in that country is in doubt. The
value of the dollar in the United States has
been in doubt ever since 1890, when the So
called Sherman compromise, compromise
between free coinage of silver and the gold
pile up government obligations to an almost
unlimited extent, obligations and dollars
which must be kept equal to gold dollars
The doubt as to whether the government
could Keep them equal TO gold began 10
arise then and has continued ever since
The doubt exists to-day. This doubt is the
great prosperity. The doubt about the
United States dollar, as to whether it can
is Wba vi W we pe ns 70 ne T6g goa Is one
the objects and the first objects of cur
rency reform. The Monetary Commissions
plan accomplishes this object:
First by declaring that the standard of
the United States shall be gold; second, that
all obligations of the United States shall be
specifically payable in gold coin; third, no
more silver dollars to be coined; fourth, no
more 'endless-chain' business. This is ef-
fected by creating a department into which
greenbacks once paid can never be paid out
again except for gold; fifth, the gold re-
serve to be maintained, and providing
way of maintaining it-something we never
have had before-namely, by means of is
suing one-twenties, that is, one-year-twen-
tyyear gold bonds; sixth, by canceIing at
troubles the greenbacks and treasury
notes, this process to go forward gradually
until all these disturbances are wiped out.
AS to the banking reforms to be accom-
plished by the plan, they are indisputably
in the right direction, giving elasticity to
our currency preserving absolutely it's
safety, making a currency which will sure
ly relieve the distressed conditions South
and West. conditions brought about by cut
ting off the natural circulating medium of
commerce. l am thoroughly convinced that
the business men of the East who are the
ones that | have met mostly, will hold up
the action of the convention and will insist
that the suggestions of the commission be
put into law. l do not regard the fusillade
over the Teller resolution amounting to
anything. 1t is mere fire-crackng on the
part of the silver people and should not
scare anybody. The business men of this
country are in earnest about this currency
reform business. They regard it as business
and not politics. and they will bring it about
no matter what the majority against it in
the Senate, just as they did in 1893 when
the commercial interests accomplished the
repeal of the silver purchase clause against
much greater Odds