The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-08
OUR FINANCIAL NEEDS
WILLIAM c. CORNwELL ON THE PRO.
LECTION OF THE CURRENCY.
Paper Read Before the American
Bankers Associations at It's Clos-
ing session-New Omcers.

CLEVELAND. o., Sept. 1.-THE closing ses-
sion Of the American Bankers Association
convention was opened this morning by
prayer by Rev. Paul f. Sulphen.
THE Possibilities OF Banking Cooperation
Under Uniform System of Credit Depart
ments and Standardized Property State
ments" was the title of an interesting pa-
per read by James G. Cannon, vice presi-
dent Of the Fourth National Bank OF New
York. resolution offered by Mr.. Cannon
in regard TO a credit information bureau
was unanimously adopted.
Colonel Myron t. Herrick. president Of
the Society for Savings of this city. was
the next speaker. his subject being The
Effect of Banks on the Peoples Progress"
The next paper presented was on the SUBJ
ject Of What Can Be Done to Perfect Our
Currency" by William c. Cornwell. pres
:dent of the City National Bank Of Buffalo.
n. Y. He said in part:
President Mckinley, although criticised
for not carrying out the sound money
pledges of the Republican platform ON
which he was elected is not the lawmaker.
In his first and second messages he urged
Congress to relieve the law from doubt
to the gold standard and TO impounc the
greenbacks, and In his New York speech
before the Manufacturers Association he
vigorously stated the case, averring that the
commission of the Republican party, under
which they held their present charter from
the people. made this action obligatory.
Until now, however, no measures OF this
kind could have passed the Senate.
The measures advocated by the President
are also the first steps absolutely necessary
for currency reform The basilar weakness OF
our monetary system is doubt about the sta
bility of the standard, That is TO say. the
government of the United States is not
to be depended upon TO redeem its obli-
cations in gold. 1t does redeem them now
In gold, but the secretary of the treasury
hn 0trfh nRft L.. g41ws and
he has the silver to do Ii WITH and the
silver dollar is a dollar I'm law. We have
always had secretary of the treasury who
was above reproach- We have one now
who is broad-minded and far-seeing. whose
SKILL training, honesty and good judgment
peculiarly mt him for the successful con-
and who is entitled to and has the entire
confidence of the people in his ability day
by day and in any crisis But. If the Pres
ident and secretary in office in 1898 had been
OF the same stripe as the Congress In power
at the other end OF Pennsylvania avenue at
that time the notes would have been re,
deemed In silver or not at all. and We would
have had the 5o-cent dollar and the smash
in values then that we fought so hard to
avoid by the defeat of Bryan in 1896
1.-The governments credit to-day depends
upon its keeping good the promise which
you may read on every greenback. TO pay
on demand in coined dollars. and (although
ii is not on the ereenbacks) to pay these
dollars i'm golo IL the holder demands IL.
And the governments credit would not last
to be broken. 1t all depends upon who is
in the government, and that depends upon
politics.
You may say there is no danger now.
But you must remember that less than
three years ago $4,000 people voted against
the governments keeping the promise. and
were willing, most of them not knowing
what they were doing, TO hurl US down the
embankment of national Reputation to de-
struction And we are In Just as much
existing tools and machinery TO do the work
over again are concerned. Three main
things need be done TO perfect our cur
rency:
"First-To establish the gold standard by
law.
"Second-to cancel or impound the green
backs.
''Third--To retire bond-secured bank notes
and substitute properly safeguarded bank
notes against assets.
The voters have not yet been educated up
to the third requirement. They have as to
the first two. That is what the victory at
the polls in 1896 meant. II these two pro-
visions are made law the Republican sound
money pledges will have been redeemed.
THE President himself has said that this
is the commission of the Republican party
under which 1t holds its present charter
from the people.
I'VE must look to our business men.
through their splendid Indianapolis organ
ization, to insist on this action.
Congress, for the first time since the
platform OF st; Louis Is Republican IN , po,n
That majority has no decent reason Tor ue-
Law in CARRYING out its pledges. 1t has the
power, and IL ii fails II means mat lie.
publican promises are not to be trusted IL
means that the party viii receive the con-
demnation of the rank and file who fought
so hard to win In 1896, and II means grave
peril for Republicanism in 1900"
How Can the United States Become the
Clearing House OF the World?' was next
discussed bE william rsv Trigg Presis ss1
builders, OF Richmond. Va. 49,.
Mr.. Trigg was followed by Gen. Alfred
c. Baines. of New York, who discussed the
The addresses having been concluded. the
election of officers for the ensuing year was
taken up and resulted as foliows: fr ,esna
president, Alvah Trowbridge, OF New York
city Members of executive council-Myron
T. Herrick, of Cleveland; Stuart G. Nelson.
Daniel Anon, of Maryland: T. l. Stevens.
of Nebraska: c. T. Linsey, Of virginia ;
George F. Orde. cashier Mort drdp nresi.
dent Norfolk National Bank; Norfok; va
J. W. whiting, president Peoples Bank;
Mobile. O.; J; p. nnserCTS;T nton Ia One
vice president from each State was also
elected. p.o.,s.r&
pnsseu was presented with loving cmp
nv the members of the executive councii.
for which he returned thanks In prleI
speech After the installation or omcsrs
and the passing of resolutions expressing
the APPRECIATION of the convention for the
courteous treatment extended TO the visit
ing delegates by the people OF CLEVELAND,
the convention was declared ao'ourneo si"e
Immediately after the adjournment OF the
association the executive council neio a
meeting NJ T. Herrick, of Cleveland, was
chosen chairman: ]. r. Branch. OF New
York reelected secretary, and Geo. IA.
REYNOLDS, Of Chicago. reelected treasurer.
al the call of the chairman and select the
time and place of the next annual cenyen-