The record-union., 1898-02-13

associated banks had advanced Sl00,-
| 600, 600 in gold to the Government with
out endangering specie payments. IN
deed, the record shows that so rapid
were the Governments disbursements,
and so strong the circulating current.
that with the payment of S1oO,OOO,OOO
completed. the gold reserve of the banks
had been depleted only S7,OOO,00O.
I'VE have seen that the interjection
of Government notes into the field of
cireulation-excusable as it may have
been-crowded bank note issues back
for redemption, filed the bank vaults
with Government notes in place Of spe-
Gle, and led to the suspension Of specie
payments by both the banks and the
Government. Viewed from the present
point of time, there is concensus of the
| best opinion that had there then ex-
lsted banking system uniform in its
general features, operative in all the
States, the deranging influence of Gov
ernment notes would not have ap-
peared; that specie payments would
have been maintained; that prices OF
commodities would have remained not
far from a normal standard; that the
sudden fortunes won from Legitimate
industry by speculative craft and cum
ming would not have appeared in daz-
zling nlockery of nations distress;
that hundreds of millions lost through
depreciation of Government notes would
have been saved to the people.
If this be true or approximately
true, the inquiry may be repeated. Why,
out of the infiowihg surplus were not
these notes, as the most dangerous
part Of the war debt, returned and
cancelled? +. Was it considered. is ii
now considered, that our war banners
have been forever furled? Resting as
we may in sense of security as to
peace at home, have all the nations
given US satisfactory pledges against
unjust aggressions from without? Why
| do We. build warships and spend mil
lions Oh coast defenses and maintain
an army? Experience. bitter, costly,
humiliating experience, has taught US
that behind the army and the navy
must be a strongly intrenched treas
ury and an unquestioned credit. A
| floating debt. payable on demand, is an
element of weakness. 1t Is the very
| opposite Of strength.
In pointing out the dangers Of Gov
ernment paper money. Secretary Chase
emphasized the ever-present liability
to be called on for redemption beyond
the means of payment however care
fully provided and managed; the haz-
ard of panics precipitating demands
for coin, concentrated on few points
and a single fund
1T requires but little reflection to
convince the mind that this danger to
which for many years We have been
exposed would be realized to its full
est extent in the initial movement of
great war. In such a movement the
| folly OF our present situation would be
fully revealed. The immunities OF
peace cannot be accepted as safe con-
ditions against the contingencies Of
war It is this. which justifies navies
and coast defenses. 1t is this which
not only justifies, but demands that in
its finances the Government shall pur-
sue that policy which shall be safe,
mot only IN a time of peace, yet one so
tg,farded and projected that no surprise
can throw ii In confusion-a policy
which will always be able to reinforce
the army and the navy with the sup
porting power of an impregnable
credit" ~ ssss ss.
Great applause greeted Bishop Pot
| ter of New York when he arose to de-
| liver an address on THE Humor of
Lincoln The reverend gentleman
told many anecdotes of Lincoln in a
most happy manner, and contributed
greatly 10 the enjoyment of the even
Ting.