The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-15

ton. The fear that one side or the o dhei
may make political 9aptai has caused muse SS C
Sssn in no Som %ss e Snaa defer
slderstion Of an adequate currency law,
pos 81 Spe soEto sSe as he das
SPHINX or the sauaflng OF the cree; .a nSo
have II IN your power 70 prove 70 we peoph, s
Sur sas Is IN S no "st
II In your power to so educate puplic OPINION
that Congress-. regardless Of section or 1 nc
iiosss @h &c T VII mot &c
besy Stsress 81 9 the swRe pcoe Ou'
Among other things. James Stllman'
president OF the New York Clearing House,
In his address on Cooperation said;
JAMES sTrLLsiANS SPEECH
The deeper significance Of this great ma a.
tional meeting Of bankers Il 70 Il, oe ionn n IN
eration Is Sndosbtedly re %oss ssn.d5ossShs
p phsss Of da hs
in the fields OF industry and transportation
eompetition1- that sort Of competition, which
has meant In the end direct ana dennite
los, to Ter, 81 e ss
In the mana cement OF the cogSHtrys great sat
hss se.a MADE S aeoess yea
ton Of harmonzins divergent interests. In
the, wiser comprehension OF the value OF
sneh psPe.s d diTe s
grafton has resulted in vast additions 70 b the
the making o Productive Of desert fields q t6s
q 9s% mn,eT. e new sources for the supply OF
ec On the ss d Of xh eSqsTy rs s
L. a IL, ion hox
In the held Of finance. however. there Is not
yet such Sssys tSere Of the
Important thing left FOR bankers 70 learn.
When We come IL. fully appreciate the great
more Clearly the waste which follows uniA-
such waste means as complete a loss Of wealth
crops. We shall have brought into the business
OF banking something Of the modern spirit
waSh ent %Sstfa sss DAY
President Bigelow told Of the growth OF
the association and then said:
LESS LIKELIHOOD OF PANIcs. Co.
We have greater wealth and more re- re.
sources than ever before, and the way we
this this UNUSUAL musf period of Reimbursement has
81 iss snd 1893 @S san hsrdy
s sals eonbinatons n the industrial and
commercial world, some Of which have oyer
stepped the marx but whs Sn the sny
thing else to this favorab BILE result.
One mission given BY the last c0nven i
ton to this administration was 70 work oG..
II possible q plan for some currency legisia-
ton along. simple and well dehned lines,
following The action OF re =. eI IRE com snn.
It were futile 70 try to interest CONGRESS- in any
needed amendments to the nat, national bank
or course with s34e, 900 900 OF demand
notes Of the Government outstanding and
iation is only enabled by the DEVICE Of silver
cured By Bonds, we can hardly be said to have
i At the same s' time we are not suffering
We are firmly on the gold standard level
world. and as crises do not generally strike
all nations at once. this, with our fret rate
credit would put v; IN better 9estS9i than
The subject Of the paper prepared by
A. B. Hepburn, president Of the Chase
National Bank, was "The Money Situa-
ton Mr.. Hepburn expressed his re.
grets to the convention that he could not
give what he had to say orally on account
was turned in TO the secretary to be printed
in the Conventions minutes. Mr. Hep
burns paper In part follows:
Mr. HKPsukN ON THE CURRENCY.
AS to currency. there Is little Akelihood
e aonS be oh s6s aps to- 81
In the light Of experience and along scientific
currency ss Aviation. But isrss lesislatvs
Their action = taken a some crucial period
TRere Is nothing TO suEEes. such demand in
the near future.
9 Ss vs so9SS sa sn
Ss S' e IN Sned States aoess
i ssufq tender and Which are in eseet forced
The greenbacks are ,redeemable in gold SO
that It's bonds can be sold for kold., They are
RStes. p and tn they have stay
for perfecting our currency. but as practical
men We should recognize facts and probabili-
ties The volume 81 IN the sgfre
period in our national existence, and is GER
tainly adequate to the public needs. The
any increased demand which may accom-
pany increase Of population and expanding
business.
draws from circulation the daily customs
receipts Of the government and locks them
in the Treasury, from which they can only
be withdrawn by an appropriation of Con-
Rress. is an arbitrary and ARTIFICIAL inter-
ference with currency conditions, enacted
at time when the Government profess
eddy was afraid TO trust its income funds in
the hands OF the banks. Whenever the Gov
ernments income exceeds its expenditures
ury becomes an important consideration
banker and business man in determining
his course OF action. The natural course
OF business is married or modihed by the
strange adherence to this
absurd provision Of law.
Its absurdity may well be Illustrated by
noting the consequences which would ensue
In case municipalities and individuals should
adopt the same cowardly conservatism,
Suppose each State each city, county, town
and village should hold all their receipts
for taxes In their treasury or strong boxes
until tho same should be paid out in regular
course in meeting their direct obligations.
The effect OF such q course upon the money
10 circulation and the violent fluctuations In
volume necessarily produced can easily
be foreseen. 90 q step further. and suppose
each individual and corporation should
adopt the same course, and 1t IA easy to see
that the whole superstructurc OF credit would
fall to the ground; Congress has eivcn some
the same was accompanied with provision
that the banks pay not less than 2 per cent
interest to the Government for the privilege
of keeping these funds In circulation,
The social feature OF yesterday was a
In the evening to the delegates
and the ladies accompanying them. and