The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-08-04
%. 3. Dean on
National CusrenCu

Mr.. w. B. Dean, of st. Paul, upon the
subject of Asset Currency and National
Bank Currency" Following is a full re-
port of the same, as given by the Duluth
Herald:
An invitation to speak to the Bdinneso-
ia Bankers association is an honor not
to be lightly esteemed. Its value is the
more complimentary when layman en-
joys that honor, and is asked to offer
his suggestions upon q phase of the bank
ing question, when his views may be sus-
pected TO be at variance with those held
by most of the members of the assocla-
ton.
The distinction your committee of in
vitation has conferred upon me may pos
sibly be attributed to my connection with
the work of the monetary commission of
the Indianapolis convention. May / speak
Tor few moments of this convention?
II was composed of delegates from TWEEN
ty-e1SEt states and territories, represent
Ing in its composition the vigorous and
Intelligent men in whose hands are the
commercial activities Of our country. For
years the business of the nation has been
ground between the upper and neither mill
stone or the gold and silver question.
The possible election of Mr. Bryan was
regarded as involving the most tremen-
dous ard terrible consequences. With
silver the standard of value and gold be-
coming commodity of merchandise, it
was believed that such a financial con-
Vulsion would shock the country in the
readjustment that must occur, that ruin
ana desolation would perYade all its bust
ness affairs.
The mon who assembled at Indianapolis
determined that il it were possible an
end should be put to all doubt as to the
standard of value by such legislation in
congress as would settle the question
so far as ii could he done by legislative
act. The convention ordered the appoint
heht OF a monetary commission of elev-
en- members, in the event of congress it
sell neSlectlnS to appoint one, and this
commission was instructed to prepare a
. do al
should be-hrst, that the present gold
standard should be maintained; second
that steps should be taken to insure the
Ill4nate retirement of all classes of Unit
ed states notes by Il gradual and steady
process and that there should be a sen
arallon OF the revenue and note-issue de-
iaTTlIn5nts OF the treasury; third. that
RANKING system should be provided
which should furnish credit facilities 20
every portion or the country, and safe
9Ed elastic circulation, and especially
with view of securing such a distribu
tlon or the loanable capital of the country
as would tend to equalze the rates of in
leEest III all parts thereof
II was my good fortune to enfov the
honorable distinction of associaffoD in
TINS important duty with such men as
ex-senator Edmunds ex-Secretarv Of the
LtIc1Sury talrohild, Prof Laughlin, Of
NHe ChicaSo university, Stuyvesant Fish
president OF the Illinois Central railroad
ana olher gentlemen Of conspicuous prom,
Mehce IN The localities from which thew
n
mission were held in the CITY of Wash
lngton, and after weeks of the most Sc
f1eus consideration of the questions sl1h
united TO them, their report WIS made r.
d second meeting of the convention. held
aDout a wear later in Indianapolis which
was attended by even a larger number
VI ueleeates' and of the same sterling
character as the first.
! he report Of the commission vvas ,,,.,,
1H'oGsly adopted, and commended in t.na
strongest possible terms. An extended re-
n
IT'S direction by Prof I.aughIin of IT,
CnlcaSo university, embodies the reasons
Wllcn lhHuenced the commission in reach
Us rs CONCLUSIONS As this report is
now BEING used by TWENTY-FIVE or fhir-t1
coIIeSeS, among which is Yale college as
- text book, the value of the services -
the monetary commission and the cor
tecIheSS OF the conclusions presented in
us report may be estimated If ma
sPtak OF the work of the members of tho
S|ii.iHisSloIl, ana desire to do so in
lie Itiiiier as wholly impersonal as posi-
pc, can say that the country was neve,.
90 ca py any of its citizens who were
IlotHpteu by higher and more patriotIc
r,' IS. Inc only conclusion sought was
one Ilat would best promote and main
tam the highest standard of finapciaI
concentrations 10 i0c-
mat the existing gold standard sbou1d
be maintained with the free coinsdt ~
6plu' no more silver dollars 10 he c9iy,,J.
-, ~ i't,IdIioh OF the monetary and fiscal
[LSt dtlehs OF the treasury; the redemn
tiou ana cancellation of all eOverny,1af,+
ECItS ana uhe payment of all syovern1l',1t
ot5ilsetionS IN gold, including The ~
1859 VI BOld for silver dollars and ,-ira
I'm de5ar,, Giip1tIhS the issue Of any notes
-. examinations OF less than 81 evcen+
tHs SILVER certificates. The aIthorify r.
RATIONAL banks to stabIish hrancbaeS ~
tjI,,I - ana the organization of ma
- DdIlAS Of $1,000 capital; the grad
81 cnanSe from the present e,,S+a - 1'o
80 GIilS pank notes by government 6or,71
S,5,e' ISSUES tlt depending for security UPON a
Suaidhly tund, contributed nv All So, =
ISSUING notes. together with fba ca o'I!AS
crs liability N oHe Slockhold-
l,c CouIhlsson in It's report made otba.
C"iiiLienu9tionS Of minor ir,-1o..t oSIor
YET all suggesting as If We GO pr {, IelIlcs,
49, -li'l.IGN eIent on existing condfffo,,e -
SaSiai Ol the recommendation W,
dsr lie ~ ~, ootsIess and became law I'M
,- lhe ACT OF March, 1900 If ie 70 -
iIslelleu that congress failed to 49,, pe
or iie olilIhendatlon for the exchaptge
esolG II yer er collars Tor gold, to place t6e
So1u Standard beyond question So Far '. &c
IHat could be done by Iegisla -" % "a DIS
20 not hesitate to declare 11iflro,,+
LeaI OF successful contradiction NV ' noI,
lario, 10 oI the racts, that this leris
tGuCH' imperfect as it NAV ha in -
n4sHIJ desirable respects. Womb rT n0tiae
ny not Vet have been obtained baG -
So. zen Tor the unceasing exertions 81
stint OF the gentlemen who took +bo "
dciNe part in pushing the wnrl S1S 90 ii tI
Indianapolis convention "oiK OF the
- mus recalling to your attention +b
e WIN " the monetary commission me me
.o~lr ne OF It's recommendations nust
commend themselves 10 vow .oIt' ItISt
Ion. II any gentlemen of the RanIlar a.
9~~cIalioh should be inclined 10 taxe 10
sue WIN any of the conclusions of 80;
Snh ii,itlsSIoHi It would probably be on the
supJecl MAlch you have invited mo -
PtSat uI TO you upon this occasion
But upon that may I not claim, ,,o,,
90 60 oIeFoIe presumption. pleading the care
~ ana SIudlous attention which the COM
t ms eeVoted to the study of the cues
tioil' ana us patriotic desire TO slIhuni+
BANKING plan conceived to be for RI a
SredleSt good, not to bankers only bnt
Oh ms interests of the whole country.
me we are accustomed to look up 10
pdnhers as the doctors of finance from
which is derived our instruction. in III
Inat IS SoundeSt and best in bankina ana
an matters pertaining to money still ex
PerIehce has taught us that even with
times found.
In series Of questions sent ont h.,
tllc monetary commission to about 600
bankers and Others asking for snsoeeo
IONS on the subjects named such 40
IL -, CC,hIlAueu coinage of the silver dollars
anu the retirement of the greenbackS il
was astonishing to find a large nunhar
VINO IN their replies. favored the nolicv
OF the government continuing To hny
SILVER ana TO coin silver dollars and q
large number. probably who we've on
posed TO retiring the greenbacks, nd 1t
to al sound thinkers on these two nrono-
slNons it does not seem possible that an,y
0lft ence of opinion especially amOnG
bankers, could possibly exist Thu silver.
dollars. With their so pei. cent fiat and
the greenbackS with their 100 per cent
hat, have given rise to the most perni-
clOuS financial heresIeS with which orr
country has ever been afflicted. The