Fisherman & farmer. [volume] (Edenton, N.C.) 1887-19??, 1900-10-04

Richmond, Va, October 2-The
American Bankers Association con-
Vened in annual session here this morn
Ing at 10 O'Clock and was In session
until after 3 .. m.
On the stage during the opening ses-
sion were President Walker Hill, of ST.
Louis; Secretary James r. Branch. OF
New York: Hon. Ellis II. Roberts.
Treasurer Of the United States; Cover
nor J. Hoge Tyler. Mayor Richard NJ.
Taylor. Colonel John B. Purcell and
others. After the association had been
called to order and an Invocation offer
ed by Rev. Carey Morgan, Mayor Tay.
lor delivered a short address OF welcome
on behalf Of the city. This WAC follow.
ed by the reading Of the address OF
welcome by Mr.. Vrginius Newton on
behalf Of the bankers Of Richmond. and
graceful response by President Walker
Hill. Of the association.
In the course of his address Prest-
dent Walker Hill said:
think that all the members OF this
association Will agree with me that
variable standard of value Is to be de-
plored and avoided Il possible, though
we may not agree as to what would
constitute such a standard and how 1t
could be best avoided. Furthermore,
few dispute the proposition that gold 10
the most unVarying money standard,
though some contend that 1t Is not tbs
only or best standard to be had. Mr..
Bryan says ne first desires to preserve
"greenbacks" from legislative destruc-
ton, and that he will then consider
whether they should ever be paid. and
IL SO, how. would frmly establish
gold as the only standard money Of
this country. as the past and present
both teach that 1t Is the best standard.
I am always in favor Of Improvement.
but do not believe that every thing SO
called is properly named.
Since our last meeting a step
though not as long one as l had
hoped for-has been taken toward hx-
ing gold in the monetary scheme OF this
country. 1 refer of course, to the Act
Of Congress approved March IL. 1900.
1t authorizes an increase in the national
bank circulation. and leaves undissuro-
ed our ten different kinds OF money.
and II should. therefore, not offend.
though It may not satisfy, the mono
tary expansionist. This action leaves
the standard silver dollar a legal tender
to any amount IN payment OF all debts.
public and private. except where other
wise expressly stipulated by contract.
1t provides that nothing in it shall be
construed to affect the legal tender
qualities "as now provided by law,
OF the silver dollar. or of any other
money coined or issued by the United
States" Therefore. all private con-
tracts merely providing for the pay
ment OF silver dollars. Sherman certih-
Gates. and Ereenbacks: that is. 1t has
not affected the standard OF private
contracts. II has. however. provided
that something over $685., s,00o. 900 out OF
about Sl.026, ,000. 900 Of Government
bonds bearing 3. and s per cent. IN
tersst. and payable in 'coin." may be
refunded into . per cent. gold bonds.
That Is. to be assured OF gold in pay
msnt OF the interest and principal Of
these bonds. they must be readjusted.
40 It were. into per cent. obligations
on q 16 to ] or so per cent. basis, ae
yeu may say. 90 far as interest Is con-
ceFnsd. In other words, the act de-
olares that coin" in the bonds referred
to shall mean geld" II the holder will
accept Ia exchange for his present 3. 4
aAd s per cent. bAnds. others bearing,
en- the average. less than half the in
tSrset ke 10 now receiving. and II he
wiH not accept such Tead1usted bonds
hs N1ay still be paid. both as to princi-
pei and interest, In silver.
There stili remains unfunded into
these 2 pey cent bonds about $3.50. 900, =
300 OF the ss3s. .oo0. 900 that may be ex-
phAngsd for 0 per cent. gold" bonds.
RAving provided for the possible issue
sf seas. .oo0. 900 Of gold bonds. common
serve should be strengthened. and this
the act has done. but 1t falls far short
Of establishing the gold standard in
this country. and does not secure It
against the policy Of President and
s%Oretary OF the Treasury hostile TO
ksid. The passage Of this act means.
IN my judgment, one thing which we
lheuld realize II We would understand
the sentiment Of this country on the
question Of currency legislation. and
that Ia. that there 10 no hope in the
hear future. IL at ell. IN the lifetime Of
ibis generation OF any elaborate cur
FAncy enactment along the lines of the
Baltimore Plan" or any other which
sentemplates the issue Of money by the
banks. Before we can hope for any
legislation os that kind the people at
large. the masses must be made to
knderst tand the necessity of it. and the
luAdce and wisdom Of it's specific pro-
Visions. And I care not how the value
q this bank money may be secured.
nor now fair may be the compensation
pad by the banks for the privilege, 1t
Will be difficult work. and take a long
time to persuade the people that the
bankers are not getting an undue ad-
vantage and profit through their right
20 issue money. The unreasona Bile
hastilHy with which so many people
stu view the right Of national banks
Ia this respect should convince the most
panguine Of how almost hopeless will
be the task OF reconciling the people
to anything worth attempting Of the
kind under consideration. And Is any
thing along these lines worth attempt
lnH? Everything of the kind which has
been suggested involves q greater or
less Abandonment of the most essential
features Of true or redemption money,
namely: Intrinsic and fixed value. And
the closer we keep to true money and
the few substitutes for 1t we have. the
better.
The industry. capacity. commerce and
wealth Of che people are all proper ele-
ments OF their credit: but credit. which
means after ali hope. relief. expectancy.
mould be eliminated as far as possible
&fon money. For q thousand years be-
lore coins ws1e invented money passed
by weight alone. aad during that period