The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-27
MIR. RHOADEs's SPEECH.
Utterances of the New York Savings
Bank President.

John Harsen RhoadeS, of New. York, was
called for and spoke as follows:
LAS l stand here during the closing hours
of this convention and realize what it has
done in the past and is prepared to do in
the future | take new courage and new
hope and new aspiration OF what there Is
to be. 1t is to me q source OF sincere pleas
ure to be present to day to share with you
the qualification that we all feel at the
great progress which has been made IN
drawing the attention of the country TO our
work and to bring you cheering words of
support from the members of the Chamber
of Commerce of the city of New York.
Whatever is for the welfare and PROS
perity of the whole country is for the well
fare and prosperity of the great metropolis
of the country, and the prosperity or New
York is dependent upon the prosperity OF
the whole country, and 1t cannot be other
wise. There are certain laws which govern
the operations OF trade and commerce when
are beyond the power of man to alter, and
we must be honest and true in our dealings
with our felloW-men or suffer with them
the evils which either they or we create.
IF gold has been deemed by civilized ma
tons to be the best standards of value on
which all mercantile transactions are to be
based, we must adhere to that standard
or falter grow weak and suffer in the
race for commercial supremacy with
onists. This is the law which ex-
perience and practice have proved over and
over again. while high credit can alone be
maintained through a fixed and unchange-
able standard of value upon which all mer-
camille transactions shall be based and high
credit alone can DuiIu the prosperity Oh Il
nation upon foundations sure and lasting.
What is needed in this country to-day is
not more currency, but better credit, which
alone can come from desire and Will on
the part of the legislator and individual
alike to deal in honesty and with honor
among our fellow-men. When this great
truth is recognized and followed in all sec
lions of the land, then, and not until then,
will it be found that capital will flow freely
into city and town and hamlet and peace
and prosperity will follow everywhere In
it's train.
New York may be the head or the body
or the feet, if you choose to can II so, Oh tns
sways with imperial force, but the one
heart beats for all and sends its rich cur
rents of trade through artery and vein for
the benefit of all, and no part OF the BODY
can suffer for lack of nourishment without
the returning flow carries with IL the eHect
of imperfect circulation to the great central
force of action which keeps life and vitality
in the giant itself. 1t is because we know
that this must be so that after thirty-hve
years full of experience with fiat money,
imperfect currency and a system OF banking
created for an emergency and entirely UNI
fitted for the needs OF great and growing
people, the business men or the country
have, through their boards of trade, sent
their delegations to this convention to en-
deaVor, ii possible, to unite upon some plan
of solution of the great financial problems
which confront us, which will appeal by
its force and its logic. to the Nation at
large and around which the thrift of the
people can gather, demanding from their
constituted authorities at Washington that
they shall hear and heed the voice of those
best fitted because they, themselves, are
the creators of all wealth and prosperity, to
| solve these intricate questions which dis
| turb US all.
PERILS TO WORKING PEOPLE.
az stand here to-day an officer of saw
ings bank in the city Of New York, having
$35 10000 on deposit, with 10000 depositors,
and an average deposit for each OF about
$500; and as president of the Savings Banks
| Association of the State of New York l in
| directly represent the interests of over
$500, 900 of similar deposits in the entire
| State and the management of this vast
sum is in the hands of trustees who give
| their service gratuitously, receiving no pay
| whatever for such service, ana giving IL Ioe
| the purpose of encouraging thrift ana
economy among the working classes; ana
| we officers and trustees, knowing that our
| depositors must suffer grievous loss and
| depreciation if the standard of value repre-
| senting their deposits Is lowered, are deeply
SolicitOuS over the situation now existing
| and feel the imperative need of arousinS
! which threaten them through nat money OF
| free silver coinage. We who are the
/ guardians of these great StOrehOuseS Tor the
| savings of the people must not stand ldle
| and allow the country to drift longer, but
! join hands with all who hold with US that
! the best interests of all-rich and poor ike
! demand and must have a dollar in clrcula-
| ton which will buy full dollars worth of
supplies and give q full dollars worth OF
| money in the payment Tor labor, allke IN
| this country and in every market OF the
world and any dollar inferior to that must
and will, in the end. impoverish the people
| and contribute to the growth of poverty and
/ pauperism.
| "Gentemen, it will interest you to know
| that the laboring classes in the State of
/ New York, as represented through their de-
/ posits in oar banks, are to-day the largest
creditors of the State of Indiana, holding
| through us, as trustees, millions of dollars
/ of its State debt and probably more than
| one-half OF the entire amount now in ex-
! istence. This money was loaned 10 the
/ State in gold or its full equivalent, and in
1 their name. these workers in the humble
| walks OF life / solemnly protest against
! this State ever being compelled 10 repay
them in any coin or currency which bears
J its face
| .'As / have said before 1 say again
theories are one thing; but when an indi-