The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-20


PITTSBURG, Pa, March 19.-The an
nual banquet of the Chamber of Com
merce of Pittsburg, given at the Du-
quesne club this evening, at which Ly-
man j. Gage, secretary of the treas
ury of the United States, was the prin-
cipal guest of honor and speaker, prov
ed the most pretentious and important
affair of the kind ever attempted by
this organization. Other banQuets Civ
en- by the chamber of commerce have
of tonight was of national character
and Importance.
The decorations were the finest and
most artistic ever seen in the Duquesne
club, and the menu was elaborate and
unique.
The banquet began promptly at
o'clock, with 225 guests at three long
tables extending the entire length of
the banqueting hall. The speakers We're
seated at the center of the first table,
facing the entrance. William r.
Thompson was POSTMASTER and PreSi-
dent John Bindley, of the chamber of
commerce, delivered the address of
welcome. responding to the toast, THE
Chamber of Commercials Duties and
Responsibilities.
Secretary Gage spoke Of american
Achievements" In part he said:
Credit the Corner Stone.
Money is not the main active agent that
operates to accomplish enormous vol
ume of production and exchange. 1t is true
that all exchanges are effected in terms Of
money, but the real operating agent is
credit and the instruments which embody
or represent it. l affirm it as fact, and your
own general knowledge of affairs will
firm 1t without detail in illustration or
proof.
1t is my purpose to emphasize the superior
power of credit in the affairs of men, and
to consider briefly those influences which
hinder or help its action. There is in sight
in our country a volume of money-gold and
silver alone considered all forms of paper
money themselves being credit instruments
something like one thousand million dol
lars; but in fairly prosperous times, like
the present the volume of credits, operating
in productivity and exchange, is equal to
at least fifteen thousand million dollars.
1t is not a misuse of language to say,
credit, with its multform instruments, is
the real money of commerce. AS transac
tons increase, 1t Increases; industry
halts, its volume is reduced. 1t is created
as transfers of goods and wares take place.
1t expires or is Cancelled in final settle
ments through the bank or in the clearing
house. 1t is always sufficient to itself. 1t
asks nothing from government, except the
maintenance of peace and order, the en-
forcement of Justice of equity, and the
largest conditions of liberty.
If, therefore, would promote pro-
ductiyity, commerce, and trade, we should
try to encourage and maintain those condi-
lions favorable to the just confidence of man
in man, and the confidence of man in the
future.
Distributing Factors.
Whatever disturbs these general faiths and
condolences unsettles commerce and DIS
turbs industry. Unhappily, the disturbing
influences are numerous and by their in
terposition from time to time, suffering and
ruin result. Wars. the fears of war, crop
failures, widespread industrial revolts,
shocks arising from the betrayal of great
fduciary duties-these are some of the ad-
verse influences. But none of these, nor
several of them associated, are as harmful
as are the doubts and fears which arise
from the apprehension Of radical change
in the money standard, to which all COM
modities and all credits stand finally re-
lated.
disregard of this fact, placing, as a foun-
dation stone to their political doctrine,
proposition charged with the most destruc-
tive consequ 'nces 20 our commercial and in
dustrial life This proposition is urged
upon the people with fanatic zeal which
would inspire admiration if enlisted in a
useful or noble cause. But it is zeal born
out of non-reason, stimulated by prejudice
and fed by passion. No wonder that con-
sentative interests unite to oppose it. Who
more than those actively engaged in pro-
welfare and prosperity of the social state?
And yet it is against these that the po-
litical leaders of discomfort illuminate their
burning denunciations They claim that
years our Industrial affairs have been re-
lated, is an oppression and hindrance to
prosperity. They charge that its mainte-
nance is the result of a conspiracy born of
Unsuitable sordid greed They seek to
push Industrial social fabric from the
good foundation of the worlds money on to
-1a. ,fa;p
solete silverism. They allege that we are
In decadence and decay, and that restora-
ton and prosperity will come by changing
the counters by which trade is finally set
tied.
State of Progress.
In spite of the unsettling influence of their
doctrines, which have again and again
alarmed the forces that make for progress,
which have more than once sent capital into
hiding, crippled industry, and sent labor
into idleness, the evidences are everywhere
that We are in state of progress, not de-
cadence.
Second only in Importance to sound cur
rency is banking system adequate or cap
able of self adjustment to the public needs.
Yet this proposition is not less offensive to
the three leaders Of the opposition, who
lately coalesced in joint effort to unite
all forces hostile to the present order
In proposing an improvement In the ma
tional banking law, have not been un-
history affords of the advantage which the
bank note possesses over paper money is
sued by the government. The Bank of
France is the largest note-issuing bank In
the world. Its notes are issued in proper
ton to the amount of its available assets.
1t is not required by law to hold evidences
of the public debt or any specific security,
and yet Its total circulation amounts to not
less than $4,000 eco. When, during the
Franco-German war, specie payments were
suspended the world was furnished an ex-
stability inv of
based on the assets of a sound bank
When peace had been restored between
France and Germany and radical change
had been effected in the very form Of gov
eminent itself, the Bank of France was
found to be as solid as rock. During the
war it had lad ady var ed to the government no
the commercial needs of the French people.
Lesson of History.
1t was blackmailed and partially plumber
ed by the leaders of the Commune; yet it
remained secure In its strength amid all
the reverses Of the government, even when
the armies Of France were driven back
from the frontier to the gates of Paris, even
when the state itself was a wreck. 1t
emerged from chaos at the close of the war,
and at the return Of peace it at once sup
piled the whole Of France with the means
for speedily reganing national wealth and
prosperity.
Sdu we HOI learn useful IeSSOHS from
others? Is the experience of the world to
be despsed? Can the stern DEGREES, car
ried by the laws of our economic life be
successfully challenged? Can they be re-
scinded or repealed by the wild impulses of
the inconsiderate?
In a free social state the individual man
is clothed with the power and responsibility
of self-direction. His wel-being depends
upon his ability to comprehend and his
Willingness to obey the physical and moral
laws with which nature has environed h m