The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-25
WOULD NOT AID LONDON.
Reverse Is True of American Gold
Basis, Says Mr.. Speyer.

James Speyer of the old established
banking house of Speyer & Co, of New York
is one of the most conspicuous men in the
conference. The house he represents ranks
with the ROthschilds' banks of Europe, and
while apparently young man, he is
credited with being one of the shrewdest
financiers in the country. He also takes
great interest in philanthropic work and in
all efforts to better the condition of the less
favored ones. On being approached for an
interview he evinced hesitation giving
q public utterance to his views, and that,
as he explained because he was a banker.
You see," said he, when the people want
their shoes patched they go to a shoemaker;
when they want their drainage pipes
mended they go to plumber. and on,
but when it comes to remedying defects in
the financial and banking laws there are
many who object to seeking the advice of
financier or banker. | do not know
why this should be so, but there
is a prejudice against bankers, and
therefore l am inclined to be slow about
obtruding my views on the public mind.
However, L will say a word or two since
you desire me to. There is one thing have
found out in my banking experience, and
that is that banker cannot flourish UNI
less the country flourishes. The bankers
interests are identical with those of the
farmer in this country"
Continuing, Mr.. Speyer said LAS for
bimetallism, | have been trying to under
stand what that means, and find that my
mental capacities are not able to grasp it,.
So far as | do understand it., however, /
am of the firm opinion that it simply
would mean going on silver basis.
One claim that has been made by the silver
party which to man experienced in tinan-
cial matters appears more untenable than
| the numerous other claims of that party, is
| that it would be in the interest of England
| for this country to firmly establish the gold
standard Financial history has shown that
| just the opposite would be the result. 1t
| shows that any Country that has d silver
| standard, like Mexico and China. must do
| its banking through London, and this be-
| cause the currency or those countries is so
unstable that ali foreign commerce must
| be conducted in pounds sterling. Every
| American knows how important is the for
| eign export of the countryS cereals and
manufactures, and the sureSt way to give
| England the greatest possible control of our
| financial markets is by going on a silver
| basis.
Even the silver party in general admits
! that the transition period in passing from
/ one standard to another would be accom-
panied by panic that would cause the
shutting down of factories and mills all
! over the country. There would be locking
up of capital and this would throw hun
dredS of thousands out of employment and
cause distress and pauperism to a degree
which cannot be foretold. This would ami
| thropic work for the last ten or twenty
| years.
But" said Mr.. Speyer in closing. with
| a firmly established gold standard and the
| means for providing necessary banking IA
| cilities and currency for remote sections of
| the country, we ought to have an era OF
| lasting prosperity unknown heretofore in
! the history of the country"