New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-24
CURRENCY REFORM.
Measures -4dOocated by Bankers
association

Inr rEuEcsArs TO THB TRIBUNE

San Francisco Oct 23.-on the last day Of its
session the American Bankers Association took
up the important matter Of currency. ana
adopted the resolution contained in the report OF
ne currency committee BY this action the as
sa-iafjop expresses its belief that proper RENE
disl measures for the currency system lie IN
eS,ah lsl7ng a single legal tender gold; the ces-
satior OF the coming of l,5oooeo silver dollars
. roopss. The maintenance on a parity with gold
az the sesaT tender silver dollars now outstand-
ing and the reooinage Of silver dollars into sub
,s,a,.,- cosn as public necessity may require
tn. CONVEX ton was Ioath to take a radical
stand or "a. savor any reform Of magnitude IN
she c,,rrercs laws In fact, considerable ele-
ruent Of tine convention was so conservative that
4, ,,rererred 10 assume no attitude whatever AT
this time TO investigate further and to aVod az
ser,hlance Of trying TO influence action Al tne
coming special session Of Congress. A suosu-
into resolution y'romulgated by these ulua-0on-
Ker,atives was voted down
The ma ioritv of the visiting bankers renecl
g sentiment which is understood 70 he growing
IN Eastern financial centres. u is that me
currency law must he tinkered with with very
,-as- care There is a strong feeling that
.oroe.hinS needs to he done but descriptive
tern, has come into use which was first en-
Moved hy the President himself in speaking
on the suhiec, He said that legislation was
necessary but that it should he remedial
IS opposed 70 legislation which would be radi-
csi The present system is declared 30 he too
stiff Desire is expressed for greater elasticity.
without running into what Mr.. Cannon has
termed "a rubber currency some system is
desired hv which in times of stringenCN. al
isss,e from the Treasury may he brought
relief which issue would be SO sateguarded
that when need a II passed. II would 10"
hack naturally its source.
That the bankers don't think their resolution
-sdiosl ~ thar they have done anything very
.pecfhc is apparent from the remark IF the
new president in adjourning the convention.
We quoted the late Speaker Reed in saving
when you don't know what - a. II Is very
GOOD rlsr not 70 do II
The address hv Ellis Il. Roberts. treasurer Of
re Tinted States on The Inflow Of Gold" was
heartily received. The convention closed With
he election Of TIE new officers named by the
.v-o nominating committees and the installation
~ President BiEelow and Vice President Swim
ney.
Many ~ the delegates were pleasantly SUI
rrised at the enterprise Of Atlantic City in send
ing two representatives. John J. White and
Postmaster Harry Bacharach, across the CONT
nent for the sole purpose OF bringing the con-
vention Of the American Bankers Association to
Atlantic City in 1904 To travel three thousand
miles simply 10 bring the attractions of re
sort 10 the attention Of convention rather
staggered some Of the bankers. but they were
nightly pleased with this display of energy.
No wonder Atlantic City IS booming" one Of
them remarked.
Nr Ro1erts's speech was m part as follows.
o-.k - Oc,Cber tbe lid IN tbe etrrL 81 ,,orsS
81 % 80 65l: the amount held by the Treasury
fiog in as smo19fI1E 70 seq 900 coo ihe tinted
culstio1 and in official holdings country sur
gain before this calendar year ends in stock Of
the yellow metal. will exceed that OF all European
countries. Rerae mber also that their population is
five times that Of the United States
our Treasury holds now ss55 600 fair com
psrison with foreign official holdings permits Us
,re on which our financial system is based sg77 e6o-
o08. hard on to billion dollars. The public and
private credit Of the British Empire rests on
Slee 5000 in the Bank az England; OF Germany. on
sIoS1l.ssl in The Imperial German Bank; Of Rus
sia, S4o4Ss6eo In the Imperial Bank; OF France.
on Sss4 $4,000 in the Bank OF France Exclude the
times more than the Bank OF England. 3.s times
more than Auetro- Hungary 90 per cent more
than Russia, and S26 per cent more than France.
ms plethoIa of The precious metal IN our coun-
r6rrant VIat IL - j ~ rt ' o7 s , ana I'M ,
relations?
Some critics complain that gold is not a cheap
currency. That is true and it is its merit II IS
secure beyond doubt Cheap currency may be de-
qualities Of oheapness: it viii be weak. unstable
GubioON Inc American people were urged make
nat money because il was cheap, and coin sill
Yer at IS 10 J. because IL was cheap They rose
above the temptation. and declared once. but
Twice. ana always. that they cheap
money, but the best in the world. And they have
Il, and the annual inflow OF 100000 assures IL
10 them and rewards their wisdom.
On fuN examination. the Employers Association
OF chicago finds that the Of living in this
country has increased Is per cent in i've years
Carroll y. Wright. head Of the Bureau Of Labor
viii al the data Of the Anthracite Coal Commits
sion declares the advance be from l5 to i
Ier cent These figures may be accepted : au-
thoritstive.
Advance in wages follows increase in cost of Nv
ING In recent years il has fast and strong
Large railway companies and other corporations
nave aoded ) per cent at one step wages paid
The drift had been downward in wages from lse3
70 lhso- since II has been steadily upward. In MANY
caSe& u has exceeded the rise in Of living
The general NAV safely be stated Al from
lnnoW Effs prices and wages incites activity IN
INDUSTRY ana trade and pushes enterprise forward
Nhlie II also tempts 70 undue imitation OF CONNER
clal and stock-lothing credit.
E0w do these influences bear upon our world re-
lsuc1sF First q sN. surprising wealth IN
600 mas placed our national credit a plane
sooFe mat ~ al other countries. and never before
heic by that of government. British cousols
bearing 2le per cent interest. long the foremost
type n credit have recently sold below s. while
CorEos n the United States bearing only per cent
range ron 10 20 ITO. and the loan % 1925 com
rnsnds l3s. This American republic alone among
nations always in time Of peace reduces its debt
sno after q war makes rapid payment OF the cost
tnlE unbrlCled FOLLY. not conceive BILE can shake
our national credit ADDS the strength of the re-
pubic IN commercial credit general esteem and in-
fernauonsl influence IN all the world We fear no
eFl from exports % gold. for well spare
cations, in merchandise or in any form OF securi-
ries