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THE BflllY GLOBE
Ts PUBLISHED EVFRY~OAY
AT NEWSPAPER ROW,
COR. FOURTH AWD MIJIIIaMOTA STS.
OFFICIAL PAPKII OF ST. PAUL.
Addross ell letters and telegrams to
THE GLOBE, St Paul. Minn.
EASTERN ADVERTISING OFFICB. ROOM
*t\. TKMPLE COURT liUILUINO. NEW
YORK.
WASHINGTON BUIIKAU. 1405 P ST. N. W.
Complete files of the Globe always kept
en fcnnd for reference.
SUBSCRIPTION RATES.
a
Payable* la> Advance.
llHtly and Samtaj. per Month .SO
Dally and Saater, "*»*"- MontUa - S*L 75
Dally and Sunday, One Year - ffi.Oo
DaUy Only, per Montis - - - - .40
Dally Only, Ss* Month. »I*.U5
Dally On!, . Oae Year 54.,»0
Sunday Only, One Year ---- fl.iSO
Weekly. One Year fI.OO
TOD • «T* W B Vl'HK ft .
WASHINGTON, Sepj. ft lAinwt for
Wednesday: Minnesota rlalr and warmer;
aontsMriy winds.
Wis< out-iii -Generally fair: warmer; winds
shifting to southerly, tnereaaiftg in force.
The Dakota*)— Generally fair during the :
day. warmer iv easier r, portion: southwest
erly winds.
Montana Pail . westerly winds; cooler
Wednesday night
G KN ERA L OBSE !1V A 'TONS.
t :i»Uhl States Department of Agriculture,
Weather l~ur<*iti. Washington, Sept. 22. 6:48
p. BY Ixxa.l Time, H p. n>. 7.lth Meridian
Time. — Observations taken h; the same mo
ment at time at all atstWms.
TEMPEKATI I'ES.
"la* ■<*. Ten*. Place. TenT
St. Paul 52 Qn'Awpe.lle 88
I'uluth 48 Minnedosa 62
Huron 18 Winnipeg 58
Bismarck .• 64 .
Witlistori 72 Boston 56-64
Havre 74 huff alo 46-54
Helena P CfceyoaasS 64-70
Edmonton 70 Claeiraati 52-62
Rattteford 76 Montreal 44-50
I'rin.-,. Albert 6S New Orleans 80-86
< algary 68 NVw York 58-62
Medicine Ha: 7*> Pittsburg 50-64
Swift Current .. . .70
DAlh\ MEANS.
Barometer, 30.38; therm* meter, 45; relative
humidity, 92; wind, northwest; weather,
*-ie r. maximum thermometer, 57; minimum
rhermometer, S3; daily range, 24; amount of
rainfiill in last twenty-four hours, 0.
11 1 VER AT BA. at*. «
G«.ui<e hanger Height of
Reading. Lin,-. Water. Change
•St. Paul 14 2.0 —0.1
La Crosse ;.. 1.6 0.0
Davt nport 15 2.0 — 0 1
St. Louis ::» 9.7 »l.i
fall. *fttae.
Note -isar.'m.rter corrected for temperature
aufl elevation. —p. F. Lyons, Observer.
— «&--
TUB GOLD WO\ KMEXT.
We observe that the Populist orator
Is telling hia audiences that the turn
in the movement of cold and the heavy
imports to this country are all a part
of (he manipulations of the money
power. He assures them that goldbugs
are able to make gold flow in or out at
their pleasure; that they have it com
pletely cornered; that they sent it
away from the United States, when this
•a as necessary tn order to force bond
-sales, and that they are bringing it
back again now to make things easier
before election, and prevent a free sil
ver triumph. We have no doubt that
there are some poop]** who believe this;
and to such, as well as to our high j
protection theorists, we would com
ment a brief study of recent* trade
reports. The condition of our foreign
exchanges is largely determined by
the relative volume of our Imports
and exports. It is affected, also, by the
state of the investment market,
.lust at the present time so
much money has been with
drawn from investments in this coun
try—so much of our own capital
wit !i c.in locked up in places of safety,
that a. demand for money has been
created, which operates on the foreign
money market, and tends to draw for
eign capital in this direction.
But the real force of the gold move
ment is explained by the reports of
the treasury bureau of statistics. For
the month of August the merchandise
exports of this country incr?ased $12,
--<;7"".**-18 over those for August, 1895,
while the imports for the same month
decreased $21,653,61*. Here Is an al
most unheard-of change of some $34,
--090.000 in the condition of the trade
balance for a single month of the
year. Whereas, in August 1895, we
had to settle for $21,000,000 worth of
the goods purchased in excess of what
we sold, this year we have over $12,
--000,000 balance coming to us. Usually
such a margin is covered by a flow of
capital to this country for investment.
As foreigners are not investing here
until the silver agitation Is settled,
are get, this year, the actual cash.
This change in the trade movement is
no t confined, however, to the month
of August. The imports of gold are
as steady and as large in amount as
they are because this is only the cul
mination of a trade condition that
stimulates them. —
The condition of the markets
has been favorable to heavy
purchases by other countries in the
United States. We have had a big
surplus of bread stuffs, while the
world's supplies are short. On the
other hand, circumstances have been
as unfavorable as possible to large
purchases by our people abroad. Dis
tress at home has forced economy
aiul restricted extensive purchases or
material. Therefore, our imports have
been decreased Immensely. Summing
up these effects for eight months. I
including the first three-fourths [
of the year 1895, the United
States imported something over $36,
--000,000 of merchandise more than it
exported. For the same period in the
year 1596 the process was reversed, and
our exports exceeded our imports by
only a little less than *100,000,000.
Here Is a difference in the trade bal
ance of $136,000,000 in a comparison of
Hgh: months of 1895 with eight months
of 1596. To compensate for such an
extraordinary change in the direction
of commerce, these imports of specie
are necessary.
While the balance of trade is a mat
ter of consequence to us principally I
Iseessise of our patched -up monetary
system. In which Imports and exports
cf gold are able to shake or establish
credit, the most impressive lssson of
these figures, after all, is their bearing
■pen tariff policies and tariff liieories..
-->
Just imagine for one moment that Mr.
MeKinley and a Republican congress
had come into power last year, and
had passed a high tariff act, going
into effect on the Ist of January. 1896.
Imagine the figures ten feet high, in
which the statistics which we have
just quoted would be placarded all
over the country. And people would
be convinced by them, too. Here your
high tariff orator would say, is the
absolute demonstration of the efficacy
of protection. A year ago we brought
from abroad "136,000,000 more of goods
than we sent there. This was because
of free trade. The farmer came in
and captured the home market. Now
we have shut him out. We have put
up the bars against Imports. \s a
consequence of it, see how we have
revolutionized trade, have cut down
the business of our foreign competi
tors, and have actually sold $100,000,
--000 worth abroad "--more than we have
purchased. All hail the glories of pro
tection! Hallelujah and amen.
Yet the fact is that this tremendous
change, one of the greatest ?ecorded in
our commercial history, lias come
about under the operation of a tariff
law which these same orators are
berating today from one end of the
country to the other as hostile to
American industry and as virtual "free
trade." Under this Democratic tariff
act, which we are told has protrated
American industry and substituted im
ports from abroad for sales of our
own products, we find a change in our
favor of $136,000,000 within eight
months of time, producing a gold
movement toward this country which
has stopped the sale of bonds, restored
the treasury reserve and done more
than all else to allay public excite
ment and apprehension. Hereafter,
we trust that this illustration will not
be forgotten when the high tariff ad
vocate begins to get in his work by
harping upon statistics of imports and
exports as affected by tariff legisla
tion.
THE FITIRE IS ITS OWN.
Last night the candidates of the Na
tional Democracy accepted the nomina
tions offered to them in speeches whose
every word rings true. It was a grand
and impressive sight when thousands
gathered to hear the two veterans ac
cept the trust confided to them, and to
raise the standard of Democracy as
we have known and followed and loved
and fought for it. It was impressive
and inspiring most cf all because it
proved that the force of moral ideas
still dominates the people of this
mighty nation, as it must until they
are ready to decay and sleep with the
governments that have perished of
their own un worthiness. It was be
cause, in its giant struggle against
slavery, the Republican party won this
title that it endured and triumphed for
so long after It had ceased to merit
the name or the honor. Fidelity to
moral ideas is the password to the
hearts of the American people. They
who dare tc speak it have but to wait
and trust for the future that is all
their own.
Here, at last, after years of disap
pointment and disgust, the American
voter may find once more a party that
stands for the moral idea in politics.
There is no lust for office in this move
ment. No man connected with it
hopes for reward. To many their alle
giance is won by a tremendous sacri
fice. They have had to cut away past
associations and hopes of future prefer
ment. Everything that is to be gained
by political association, in the material
sense, must be denied. Then, with the
corrupting hope and fear that the pros
pect of office hangs over the hearts and
consciences of men, see how brightly
burns the fire of patriotic fervor. No
man. no interest, no section, no cult of
selfishness can find a shelter or a bribe
or a hope of immunity in the Indian
apolis platform. It presents princi
ples as old as the philosophy of lib- '
erty. Equal right, equal justice, fa
vors and privileges to none. The re
striction of legislation to its properly
limited sphere. The removal of re
straints on trade and human action.
The equal protection of all, the destruc
tion of paternalism and class interest
in legislation together. These declara
tions mark the glorious return to the
faith of the fathers. They announce
the renaissance of Democracy. These
white-haired men, who give this old
new party to the people, sound out the
challenge that can never die. No mat
ter what betide us now, by this sign
we conquer.
FOREIG.VERS AND DROVES.
In the speech which Mr. Bryan de
livered at Wilmington, Del., on Mon
day, there were two points which are
particularly interesting, because they
are of the boomerang order. Mr. Bryan
is not careful to see that what he says
on any question will agree with what I
he said the day ~before, of what he
proposes to say the day after. On ■
this occasion, however, he took extra j
pains to demolish his own work. He !
has been proclaiming for the last
sixty days everywhere his hatred and
distrust of the foreigner. Is not the
American nation great enough, and in
dependent enough, he say 3. to manage
its own affairs? He has even asked
that the people who think that other
nations may know something about the
financial question should wear a ticket
in their hats Inscribed with that in
formation. Mr. Bryan read to his au
dience a letter from Prince Bismarck,
conveying his approval of bimetallism,
and intimating that it might not be a
bad idea for the United States to pull
Europe's chestnuts oat of *>.he flre.
If it had been England's prime min
ister or the German chancellor who
spoke, or If he had said that free coin
age at the present ratio was a myth,
and that it would be suicidal for the
States to attempt It, Mr. Bry
-
THE BA-lIOT' BmiL, GLOBE. WEDNESDAY, SEPTEMBER 23, 1890.
an's contempt for the opinion of such
a "slave of the gold power" would
have been too great for adequate ex
pression. When it is an opinion that
fits with his desire, Mr. Bryan accepts
it without question and laud"- the man
of hie >d and iron, who, whatever his
great qualities, is certainly least com
petent of all to understand or sympa
thize with the American idea. The step
from the sublime to the ridiculous la
taken in the next sentence, where Mr.
Bryan says that class is arrayed
against class in the United States;
and when asked to prove it, says that
class is arrayed against class in Ger
many, next after Russia, the most au
tocratic monarchy in Europe, and cites
Prince Bismarck to prove it. This pe
culiarly Bryanese logic needs no com
ment from us.
If Mr. Bryan is unique In his re
marks on foreigners, he is equally at
home in his division of the public into
"producers and drones." He makes
quite a speech, indeed, about drones,
which is mostly foolish where he in
tended it to be funny. There is this re
mark about the drone, however, which
we tind well worth quoting, "I will bet
you that if the drone were in politics,
party lines would not weigh very much
with him, where he had an interest on
the other side." This seems to us a
flashlight photograph of the speaker.
What has Mr. Bryan done to rank him
self with the producer instead of with
the drones? What has he been pro
ducing in all these years past, save
wind and words? If a drone be a man
whom party ties will not bind against
self-interest, is Mr. Bryan not a drone?
Did he not formally leave the Demo
j cratic party because he had an interest
jon the other side? Did he he not have
j the same reason when he declared last
March: "I am not a Democrat?" Do
not party ties mean so little to him
that he said, both before and since his
nomination, that he would have fought
the Democracy and its candidates if
they had not favored silver monomet
allism? In his word-picture of the
drones Mr. Bryan has admirably re
produced his own characteristics. His
| speech at Wilmington is really the best
of the many arguments which he has
advanced on the platform to show why
he should not be elected president.
YOUTHFUL EXI BERAXCE.
If Judge Flandrau is not misrepre
| sented by the reporter of the Pioneer
Press, his youthful exuberance has ap
parently caught him at a disadvantage,
in the rebound from rigid partisanship
into the liberty of the independent vot
er. It is not an uncommon phenom
enon for men of ardor to pass from one
extreme to another. The zeal of the
new convert, the unbounded delight of
the man to whom some unfamiliar
truth has shown its face for the first
time, have passed into proverbs. Only
when age has tamed the riot of the
blood, and many convictions of error
have widened the view to possibilities
of superior wisdom in others, do men
come to embrace tolerance and do rev
erence before moderation. That stage
has not yet been reached, clearly
enough, by Judge Flandrau; if he said,
as it is credited to him, that "a vote
for Palmer or Llnd by a sound money
Democrat is, in my opinion, worse than
a crime — It is a stupid blunder." The
judge is for MeKinley and Clough, and
thinks that every other man should go
and do likewise.
We beg to differ with our eminent
fellow-townsman in the matter of pol
icy, and to criticise severely his form of
expression. We need not repeat the
reasons why we longed for the nomina
tion of a third ticket in this campaign,
and why we believe that the obligation
to support it rests upon every true fol
lower of Jefferson. They have been
stated fully in these columns. Yet we
accord to others the right to think dif
ferently without implying that they
are either criminals or fools. We un
derstand why Republicans will vote for
MeKinley, why free silver men will
vote for Bryan, and why some former
Democrats even will support the Re
publican ticket, deeply as we regret it.
We know that there are sincere men,
i honest men, brainy men in all three
classes. To none has the Lord given
a monopoly of wisdom or of virtue.
And we can also understand why men
who believe that time-serving, and syc
ophancy before monstrous abuse, and a
timorous choice of evils, and the fear
to raise the flag of principle and stand
or fall with it whatever may betide,
have brought this country where it is,
and made Populism seem almost re
spectable and anarchy almost possible,
should welcome the Indianapolis plat
! form and its nominees as the bow of
' promise after a world had perished be
j cause it did not care whether right or
J wrong prevailed.
We think that Judge Flandrau did
not weigh his words, if he used them,
or that he meant less than they would
j seem to convey. For the question at
I issue is, at best, one of policy only as he
j sees it; and on that other judgments
I than his are competent. He should,
perhaps, feel complimented by the wel-
I come which his statement secured for
j him; for the Pioneer Press, in com
! menting upon his "clearness and
j force," says incidentally that "a more
| bigoted Democrat than he never ex
| isted." This burst of effusive grati
j tude is the meed of most who assist the
j Republican cause in these times, and
j we trust they are pleased with it. But
we beg to state, with equal emphasis
and certainty, that the men who are
urging voters to stand by the nomi
nees of the National Democracy are
not inferior in the patriotism of their
motives, and possibly not in the keen
ness of their Judgment, to any of their
fellows to whom expediency may dic
tate a different line of conduct. There
are men like Judge Wilder, for exam
ple, whose Democracy, whether meas
ured by the test of years or of uncom
promising allegiance to Democratic
principle, will bear any comparison
that can be suggested. They are as
honest as they are earnest. We think,
moreover, that theirs is the larger vis
ion which sees the true thing and
builds for the future, while the noisy,
brawling crowd thinks only of today.
Withal, we have no quarrel with Judge
Flandrau for doing his duty as he seea
It, or for talking about something so
very unpalatable if he finds comfort
therein; but as to reflecting upon the
motives of others, that is another mat
ter. It is probable that, after he has
bolted party nominations oftener-we
believe this is onjy nts second experience
—he will gambol less gaily in pastures
new and green, and will renounce the
habit, common tjO the exuberance of a
youthful tem*r)eVament*. of desiring to
pillory those who do not agree with
hlm ' ""'l''
VOTES BY KAfcSK PRETENSE.
There can be no objection to employ
ers, who regard with apprehension any
change from a gol'd 1 to a sliver stand
ard, explaining to their employes the
effects of such^a change on their busi
ness and on tbe employes, or to their
furnishing them with such reading"
matter as will give them accurate in
formation, but there is ground for em
phatic protest when they either at
tempt to coerce their workmen to vote
as they wish, or to try to obtain their
support at the polls by false pretense.
We have heard much of attempts at
coercion, but we have seen no proof
of it. Such .methods, )f any are
used, are as reprehensible as they are
unavailing and but increase the danger
they would avoid. Men rebel against
compulsion, and the secret ballot gives
them chance to make their silent pro
test.
But of trying to get votes by false
pretense there are instances galore. Al
most dally some mill or factory shuts
down with a notice to its employes that
it cannot operate until MeKinley ism is
restored. One of these is another Wis
consin lumber company, the Northwest,
crn, at Stanley. It Issues an "address"
to its employes in which it says it can
make no sales of the lumber that fills
its yards because of the silver agita
tion and because of free listing of lum
ber. It repeats that statement, whose
falsity we proved the other day, that
the millions ot "unaold lumber in do
mestic yards "vtere^here because of the
imports of luh%be4 rfrom Canada, the
fact being th%t t n%e imports average
no higher undjef fyee than they did
for years undetj ta%£d imports. So far
as this company tries to get MeKin
ley votes on that ground, it is trying to
get them by the falsest of pretexts.
But the address incautiously gives
away the real cause: of hostility to free
lumber. It confirms the statement
made in our comments on the lamenta
tion of that othar Wisconsin lumber
man, that the real ' party hurt is not
the mill man, but the owner of the
stumpage. The address says: "We do
not want to put the value of our stump
age as low as that placed upon the
cheap Canadian lumber." There is
where the shoe pinches. Under pro
tection it is the raw material man
who finds that he holds the key to the
situation, the owner of the ore in the
mine and the lumber on the stump.
Protected, he makes his prices within
the limits of the tariff and commands
them. It was the standing pine that
became the prize to get hold of, and it
was this and this only that had the
water squeezed out of it by the free
listing of the product. We can' under
stand why these men have no good
opinion of the law that will make them
let go their hold on the stumpage mo
nopoly. •**
They tell their workmen that they
must take Canadian wages and the
company must sell stumpage as cheap
as the Canadians do "or quit until we
can change the politics in the Wash
ington government." Here again Is a
false pretense. The election of MeKin
ley and the return of a Republican
house can change nothing, not even the
politics. No monetary or fiscal legisla
tion can pass the senate for two years
unless at the price of a dicker with the
silverltes. But what is the pusillanimity
of men like those composing this com
pany who say they; cannot meet Cana
dian or any competition; who whine
and cry to the government to permit
them to make the numberle&s consum
ers of lumber pay* a higher price for
it than that at which open, free com
petition would \et them have it. With
the millions of "farmers who use most
of the lumber selling their produce un
der a world-wide competition, how con
temptible is the- attitude of these men
asking for shelter behind which they
can coerce the farmer to pay protected
prices for theii* lumber. Very shame
should keep them still.
"MEW WHO FIGIRE."
"They say figures won't lie," said Mr.
Butterworth, in his recent speech here,
"but I say men who figure will lie." A
contemporary, with a weekly depart
ment that assumes to answer questions
and give facts, leaves us in doubt as ;
to which of the two of Butterworth's
distinctions it would be classed with.
A querist wants the receipts and ex
penditures of the general government
from 1891 to 1896, and It gives him the
following, the years being the fiscal
year ending June 30:
Year. Receipts. Expenditures. !
1891 $458,544233 1421.304,470*
1892 425,868,260 415.953,807 i
1893 461,716.562 443,975,651 \
1894 372.802.29S 421.675,509:
1895 390,373,204 414. 930.226 '
1896 323,808,139 352 386.811 j
Turning to the special report of the \
cecelpts, expenditure and debt of the '
United States "frorf": 1789 to 1896, pre- !
pared by the statistician of the treas- j
ury— for all thei|e "slatistics" given by j
Republicans thiß year neei verification j
— we find the following statement of the '
receipts and expenditures for these !
years :
Year. Receipts. Expenditures, j
1891 ,$387,193,973 $345,352,694
1892 ,35*1,073,015 344,373,533'
1893 >, 381 r 564,749 383,331,7-43
1894 „ 2»5,e64,360 365,989,808
1895 ft . 309 563,376 356.122,285
1896 a 323^*808,139 . 352,386,811
It will be noted that the figures agree j
only as to thos* for 1896, and we sup
pose their agreement with the fact j
was accidental.
H
Jndgre Will 1m at Cheboygan.
Cheboygan News.
Judge Willis, of St Paul, Minn., addressed !
the people of this city at the opera house j
last Monday night upon the question of bi- i
metallism. Perhaps never la the history of
the opera house has it been crowded as It
j was that evening. Standing room was at a
premium. Fully 800 people were turned away, !
being unable to find even standing room in j
. the auditorium.
TO WITH WEY
IN ATTENDANCE AT THE MEETING
OF THE AMERICAN BANKERS
ASSOCIATION,
ADDRESS OF PRESIDENT.
PORTION OF MR. 1H M.X VS RE
MARKS DEVOTED TO THE SII#-
VBR QUESTION.
PROGRAM FOR VARIOUS SESSIONS.
Officer** Will Be Chotjeu on tbe La»t
Dsiy of the Gathering; at St.
Lonla.
ST. LOUIS, Sept. 22.— There assem
bled in the Olympic theater today the
representatives of more wealth than
ever before came together In this city
at one time. It was the first session of
the 20th annual convention of tha
American Bankers' association. Dele
gates we're present from all parts of
the country representing the most
prominent banking institutions, whose
capital is at least $1,000,000,000. Tha
convention will be in session three
days, during which time there will be
a general discussion of the reports of
the various committees and of. mat
ters of a routine nature. Tomorrow
there will be a call of states when brief
statements will be made by delegates
of the general condition of banking in
their various localities. Following
this will be a discussion of at least 20
practical banking questions. On
Thursday, the last day, officers for the
ensuing year will be elected and in
stalled. The remainder of tho day will
be given up to the dlscusssion of clear
ing house questions.
Elaborate arrangements have been
made for the reception and entertain
ment of the visiting bankers. The en
tire northern portion of the Planters'
hotel parlor floor has been fitted up as
the association's convention headquar
ters. In addition, the St. Louis Noon-
Day university, Mercantile, Country
and Jockey clubs have been thrown
open to the delegates and their wives,
the badge of the association entitling
its wearer to a membership privilege.
About 200 delegates had assembled at
the Olympic theater at 10 o'clock, the
hour set for the convention to open.
On the platform were the officers of
the association and the local commit
tee of arrangements. President E. H.
Pullen. of New York, called the conven
tion to order shortly after 10 o'clock,
and Rt. Rev. Daniel S. Tuttle, bishop
of Missouri, led in prayer. Mayor Cy
rus P. Walbrldge delivered an address
of welcome on behalf of the City of St.
Louis. He was followed by Mr. W. H
Thompson, president of the St. Louis
clearing house, who welcomed the del
egates on behalf of the local bankers.
President E. H. Pullen then delivered
his annual address.
The past year has been an eventful one ln
our history. Our membership has largely in
creased during that period, the accessions be
ing about 500. Interest in our association and
its work has been aroused, and we confidently
expect a continuance of growth with greater
rapidity in the future than in the past. The
labors of the standing protective committee
have been exceedingly onerous, unintermltting
and phenomenally successful since the ad
journment of our convention held at Atlanta.
The success accomplished has far exceeded
our most sanguine expectations, and the re
port of the committee, which will be pre
sented, will doubtless afford you much grati
fication.
The labor involved in the diligent prosecu
tion of the protective work of our association,
the time and care constantly needed, the re
sponsibility of quick exercise of discretion,
the voluminous correspondence, personal con
ferences sought at. all hours, the pressing
necessity of economy, linked with unstinted
expenditure when apparently justified, cannot
be estimated except by the gentlemen consti
tuting the committee, who have unselfishly
devoted themselves to the task assigned to
them, and have found it and the responsi
bilities exceedingly burdensome and materi
ally Interfering with their attention to their
own legitimate professional duties.
The protective feature of our work has been
this year the greater factor in attracting new
members, and the extraordinary success that
has crowned our efforts not only stimulates
to Increased, energetic exertion, but guaran
tees that such redoubled effort will In due
time exterminate the professional forgers,
burglars and checkraisers who have for years
preyed on our banks and bankers. It is our
determination to wage an unrelenting war
against these criminals, who already under
stand that the American Bankers' association
is on their track, and they are rapidly appre
ciating and avoiding the great risk they incur
in attempting to defraud our members. The
cost of the work this year, managed as
economically as consistent with efficiency hrn
been considerable, but the results are worth
infinitely more than the thousands of dollars
expended.
Experience of similar organizations Is that
each year of such work faithfully and zeal
ously performed costs less than the preceding
years, and that after four or five years the
expense will be nominal in comparison. The
skillful professional bank criminals appear to
have ample means with which to employ able
counsel. When we secure their arrest and
incarceration, our work is far from complet
ed; we must watch their trial until closed
by their conviction, and only relax our efforts
when they are sentenced and securely behind
the . bars. It Is estimated that the Increased
schedule of dues for the present year will
yield from $30,000 to $32,0*"0. and that this
sum will be sufficient for the protective work
and other expenses of the association.
Many states have abolished days of grace
and tbe subject is being considered by the
remainder. We hope, with the co-operation
of the bankers' associations in these states
during the present year, to hare the pleasure
at our next convention to announce that days
of grace have been abolished in every state in
the Union. Uniformity in commercial laws
and usages in the different states is very
desirable. We have given much thought to
the subject, and made some effort in the de
sired direction. Forty-five states, with more
or less difference in their commercial and
banking laws, homestead exemptions and lim
itations, naturally attract attention and
thought. For example, in one state at least,
in cases of the failure of a bank organized
under its laws, the home depositors receiv
ing no interest are preferred creditors— in
others, possession as collateral of a certificate
of stock of a corporation organized under
their laws, standing ln the name of the bor
rower, ia valueless as security unless trans
ferred to the lender or noted on Its stock
ledger. In another, If payment of a demand
note, indorsed, is not demanded within four
months from its date and protested if not
paid, the indorsers are released. In another,
notes that are not .payable at a bank within
the state, protest Is not necessary to hold the
indorsers, but the maker must be sued at
the first court after maturity of note, unless
it can be shown that he was insolvent at that
time. I cite these few examples to illustrate
the differences that exist, and earnestly urge
that this association should take up this work
of harmonizing the commercial and banking
laws of the different states. A well-arranged
plan in co-operation with the State Bankers'
associations and our various vice presidents
would, in my judgment, be crowned with
success. Our relations with the bankers'
associations of the various states having
such organizations are close and sattsfactorv
Bd the repre entation they will have by v.rtue j
of the amendments to our constitution, at
our last convention, will give them a poten
tial voice ln our management and secure
their co-operation ln obtaining needed legis
lation and other measures to conserve our
common interest. The American Bankers'
association should and will preserve its pop
ular, democratic and representative character,
and at the same time can have within itself)
in Its executive council and its state vice
presidents, a compact, delegated body, in
which the state associations will be largely
represented, and which can be clothed with
discretionary power, which mey could exer
cise through each for the benefit of all the
members.
The American Bankers' association, during
its twenty-two years' history, has stood for
honesty— individual honesty, official honesty,
national honesty.
It has always stood for honest money— for
an honest, dollar, worth 100 cents and accepted
as such in all the markets of the world.
In the past It has boldly, unhesitatingly and
repeatedly given utterance to these views-
It has issued its declarations tn print and
scattered them broadcast all over our land.
We should occupy the same position today,
and, far from desiring to modify our past
record, we should confirm and reiterate it with
emphasis.
In times of prevailing business depression,
widespread discontent and general unrest, tho
various element* among the people that In
prosperity cannot combine their forces, readi
ly coaleae*.
Dishonest money because It Is dishonest,
attracts the disorderly, lawless and revolu
tionary element*— the socialist, the populist,
and the anarchist.
The Issue today is not exclusively honest
money, but the very existence of government
and the preservation of law, life and liberty
are at stake.
Banks, eapeclally national banks, have been
assailed by the vituperations of Ignorance and
passion.
The banks rallied to the support of the
government in the darkest hour of Its history,
and supplied the money necessary to defend
its honor and life.
Through the national bank system, subse
quently established, a market was opened for
United States bonds, yielding the money nec
essary for the prosecution of the war for the
preservation of our Union, and a eurrenoy
provided that has never been excelled for
safety, universal acceptance at par, and Im
mediate redemption.
Ninety-three per cent of this business of this
country Is transacted by checks and other
negotiable instruments.
Eliminate banking facilities, national banks
and their circulation, and substitute dishonest
money as the vehicle of trade, financial chaos
would speedily result.
Cotton and cereals could not be produced—
if produced, could not be marketed—trans
portation would be paralyzed, the wheels of
industry would cease to revolve, enterprise
and development be cheeked, and the whole
land plunged Into ruin and misery.
Many sincerely believe, it Is true, and pity
It is true, that the free and unlimited coin
age of silver at the ratio of IS to 1, and the
payment of existing obligations, public and
personal, in that metal would be for the high
est good of the country. We respect their
sincerity in honestly advocating dishonesty,
but regret their hallucination on the subject,
and are sorry to see them in such disreputa
ble company.
The question has finally been referred to
the ballot box for settlement.
We live in a land that has been and Is the
recipient of the Divine blessing. We live In
a land of civil and religious liberty— full of
churches, free schools and open Bibles— and
we cherish implicit faith ln the honesty* of
the American people, in their common sense,
their ready discrimination between right and
wrong, truth and falsehood, in their faithful
' performance of existing contracts, in their re
! spect for 'the law, In their unselfish devotion
to their country, their loyalty to her highest
Interests, and their willingness to sacrifice
their lives rather than suffer her honor to be
tarnished by dishonesty. •
There Is a God who presides over the des
tinies of nations. Let us do our duty and
then trust Him in the present crisis of our
beloved country, for the preservation of its
honor, and liberty Inseparable, for, as Burke
said: "What Is liberty without wisdom and
without virtue? Such liberty is the greatest
of all possible evils, for it is vice and folly,
and madness without tuition and without re
straint."
From liberty without honor or virtue, from
dishonesty, from lawlessness, from anarchy
and ruin, good Lord deliver us!
At the conclusion of Mr. Pullen's ad
dress, the reports of the executive
council and protective covni-n.'ttee were
read by Chairman Joseph C. Hendrix,
president of the National Union bank,
of New York. The report ot the ex
ecutive council was a declaration in
favor of the existing gold standard.
It states in its opinion the existing
commercial depression 13 immediately
due to the attacks which threaten to
overthrow the present gold standard
of value and adds, in part:
We further believe that our full measure of
national prosperity will not be gained until
the whole world understands that the dollar
of the United States is 100 cents worth of gold,
and that the nation intends to keep it at
that value.
We believe that an opportunity is present
ed by the issue of this political campaign to
give a lasting definition of the dollar as a
money unit, to permanently settle the foun
dation of our monetary system, and to re
move the menace of an overturn of value
and far-reaching ruin and distress which a
descent to a sliver basis would involve.
The treasurer's report was read by
Mr. Hendrix, in the absence of that
officer, William H. Porter, of the Chase
National bank, New York. It was fol
l»wed by the report of the auditing
committee. Secretary Branch then
read his annual report. The secretary
said that the close of the year 1896
shows the largest membership in the
history of the association. In 1889
the association had 1,870 members.
This was the maximum number until
the present time. The membership
had shrunk as low as 1,638, and the
association, by the secretary's report,
has made a net loss of 412 members
•from 1889 to and through 1895. Since
Sept. 1, 1896, 646 members have been
added to the list and 470 lost, a large
proportion of the latter having either
assigned or liquidated.
F. W. Hayes, president of the Pres
ton National bank, of Detroit, read
the report of the committee on express
money orders. There was no discus
sion, and adjournment was then had
for the day. The delegates and their
families then took carriages and were
driven to Union station, where lunch
was served, after which they made a
sightseeing trip.
This evening the representatives of
the trust companies attended the con
vention met in the Planters and formed
a national association of their own.
950,000,000 MARK.
It Mill Be Reached ln the Gold
Movement,
WASHINGTON, Sept. 22.— A1l in
formation received of late at the treas
ury in regard to gold imports indicate
that the movement Is likely to con
tinue for some weeks to come. Im
portations at Boston have begun, and
altogether the outlook is regarded by
government officers as quite favorable.
Already the gold engaged or on the
ocean, If added to that now in the
treasury, would make the reserve ag
gregate approximately $122,000,000. The
total importations since the present
movement began is about $38,000,000,
and it 1* fully expected that this sum
will be increased to $50,000,000 or more.
AT THE THEATERS.
Julia Marlowe-Taber and Robert Taber ap
peared for the second time last night at tbe
Metropolitan opera house in their magnifi
cent production of "Romola." They have
scored a big hit in this play, which they will
repeat tonight and Saturday matinee. To
morrow night they will present "As You Like
It," Friday evening "Romeo and Juliet" and
Saturday night, their farewell performance,
they will present "Much Ado About Noth
ing."
• • •
Standing room only is the rule, not the
exception, at the performances given by Digby
Bell and his splendid supporting company in
Hoyt's "A Midnight Bell," at the Grand
opera house. At the matinee and evening
performances yesterday -the Grand was packed
to the doors with enthusiastic and fashionable
audience, who rewarded the efforts of the
comedian and his company with hearty cur
tain calls and continuous laughter and ap
plause.
WITH IJfTEST TO AMI'SE.
Little Mendicant— Please, sir, give me a
nickel. Benevolent Clergyman— Have you no
parents? Little Mendicant— No, sir; I am an
orphan by birth.— Texas sittings.
Wheeler— l see by the papers that a Chi
cago bicycler was held up by two men.
Spocket (feeling if the courtplaster was ln
place on his face)— l wish to gracious I had
been.— Yonkers Statesman.
Caller*— Are the ladies at home?
Bridget (examining their cards)— Sure,
ma'am, it isn't them that live* here— it's the
McAdamses.— Life.
"Lemme see." calculated Mr. Philip Tank,
"as near as I can figure It, I only paid $11
for the whisky and $58 at the hospital. It
reminds me of one of your dresses."
"Why, dear?" asked his wife.
"The tremens cost so much more than the
goods."— Cincinnati Inquirer.
Yeast— Did you ever notice how busy the
bees are and how indolent the wasps appear
to be?
Crtmsonbeak— Well, I can't say that I ever
noticed It, but I have often heard of the
"busy bee" and of the "wasp-like waste."—
Yonkers Statesman.
Mr. Anstey, the author of "Vlee Versa,"
tells a story to Illustrate the Inappropriate
way In which Scripture texts are sometimes
used. At a small seaside resort in England
a generous citizen presented a number of
free seats for the promenade, each adorned
with an iron label stating that "Mr. Jones of
this town presented these seats for the public
use. The sea te his and he mad* it."—Ex
change.
!LJ Ji.. i .
SCORED BY flllili
THE SENATOR C HEATED A MUISAsj |
TIOIV BY APPKAHIM. j* \|.;\\
YORK.
CAME TO AID THACHER.
>
K\OI <ai TO SIPPOHT THE TK'KKT,
HE r>FT< I, VHKI); PLATFORM
TOO MICH,
ALL ACTION FIX ALLY POSTPOM**,*,
' oni promise Resolution Adopted to
Tide Thin a m Over for she Present
At Least.
NEW YORK, Sept. E -The Demo
cratic state central (committee held a
long session at the Hoffman hoiiae to
night. A sensation was created by the
appearance of Senator Hill, who arriv
ed from Albany late, bearing a proxy.
In the preliminary work, contested
cases were heard and the Hill men
were seated on a vote of 26 to 19. It
was very nearly 11 o'clock when the
fight over John Boyd Thacher, the
nominee for governor, was precipitated
by the reading of his letter addressed,
to Chairman Danforth and definin« his
position. The reading of the document
was listened to with very attentively
and then John B. Shea, of Tammany,
introduced a resolution calling upon
Mr. Thacher to resign his nomination.
In an instant there was a tumult from
a dozen members striving to speak at
once. Mr. Shea declared that Mr.
Thacher could have given his views
upon the financial question before the
convention had he intended to be
honest.
Senator Hill then took the door For
thirty minutes he he'd the attention Z
his auditors, skilfully avoiding any
reference to his ov.-n views upon ihe
indorsement of the ticket or the plat
form of the Chicago convention, but
basing his whole argument upon tho
ground that the candidate for governor
in the state this fall should be a strong
man upon state issues, an-j that there
was no need of forcing national issues
into the campaign.
State Senator Grady replie 1 l>*tterlv
excoriating Mr. Thacher. The resolu
tion was read again, and 3-nator Hill
again spoke at length, attaekfn? tne
Chicago platform.
"No man must be condemned for
disagreeing with the national plat
form," he said. 'It has things in it
that are in direct opposition to all c> c
Democratic tenets and beliefs. I hava
no objection to saying that there ara
things in the platform that no Demo
crat can support. To say that you sue
port the ticket Is enough."
Then Mr. Hill went a little further.
H:s voice was husky and he evidently
was overcome with his efforts, but he
still attacked the platform. "There is
altogether too much Populism in the
platform. Every leader and every
man with common sense in the party
knows this. Do you want to whip
them out in the manner you would
whip Thacher out? It is political cow
ardice. Don't do it. If we go down
let us go down with our colors flying
and our leaders at our head."
Senator Hill in all made six speeches.
Ihere were a number of amendments
proposed. They were all withdrawn
and a substitute was adopted by a
vote of 46 to 2. it was as follows:
Resolved, That a committee of five
be appointed by the chair to notify the •
candidates upon the state ticket of
their nomination and that such com
mittee report back to this committee
at a meeting to be held on Monday
evening, Sept. 28, the result of its ac
tion.
This is construed as a move to tide
over matters until after the Brooklyn
convention of the gold standard Demo
crats on Thursday.
THACHER TOLD TO GO.
Notified by Sheehnn That He Must
Resig-n.
NEW YORK, Sept. 22.— John C. Shee
han, leader of Tammany hall, and
representing the twelve state com
mitteemen ln that organization, has
Just telegraphed John Boyd Tha-cher
demanding his resignation from the
head of the state democratic ticket,
on the ground that his letter, issued
last Sunday night is a stultification
of the platform adopted at Buffalo.
Following is the text of the dispatch:
To John Boyd Thacher:
When the friends of the democratic platform
adopted at Buffalo, stood in doubt as to the
propriety of nominating a gentleman who had
previously occupied a position adverse to the
leading tenets of the party, as declared in
national convention, it was repeatedly assured
by your representatives that you would stand
fairly and squarely upon the Buffalo platform
which most ehphatlcally Indorsed the one
adopted at Chicago.
"No man who knows John Boyd Thacher,""
they said, "will doubt for an Instant that, be
fore permitting his name to be brought before
this convention, he has resolved his doubts turn
to the expediency of free silver and is pre
pared to stand in all fairness upon the plat
from this day adopted, copies of which the
Associated Press has placed in his hands."
In view of your letter to the public. I feel
sure that you are not aware of the pledges
then made in your name, and that once in
possession of the facts you will take the re
quired measures to prevent the stultification
of those who pressed your claims upon the
convention.
(Signed) JOHN C. SHEEHAN.
Albany, N. V., Sept. 22.— Mayor
Thacher was asked by a reporter of
the Associated Press today if had any
thing to say concerning the telegram
sent to him by John C. Sheehan, rep
resenting twelve democratic state com
mitteemen, asking him to withdraw
from the head of the state democratlo
ticket, on the ground that his recent
statement was a stultification of tha
platform adopted at Buffalo. He re
plied:
"I have nothing to say on the sub
ject."
"Well, Mr. Thacher, will you state
whether or not you have received such
a telegram?" was asked.
"1 reiterate," said Mr. Thacher, "I
have nothing to say on the subject,"
and then he added, "at present."
SATOLLI'S SUCCESSOR,
Something of the Plana ot the Sere
Alilesate*.
DUBLIN, Sept. 22.— Archbishop Martinelll.
the newly appointed apos-toltc delegate from
the holy see to the United States, is here oa
his way to hia new post of duty, and to a
representative of the Associated Press who
called upon him today he talked quite frank
ly «,f his mission and something of his plana,
"L an ?., v ? able to «**••" sald Archbishop
Martinelll, as to the length of my stay In
the United States. I go as any other dele
gate would go, and no opinion of any kind
can be formed by a delegate except in tha
case of a temporary and express mission. I
am to be there at the disposal of the holy
father. There ia no fixed term of office for a
delegate. I shall make Washington my head
quarters while on my mission."
Speaking farther. Archbishop Martinelll
said: ' I am traveling alone except for the
presence of an American provincial of our
order. Father O'Driscoll. of the Augustintan
province of St. Thomas, at Bryn Mawr Pa.
who studied theology under n»e at Rome'
I do not know exactly how long Cardinal
Satolh will remain. He will probably leave
j for Rome a week or so after my arrival, and'
he will there receive the cardinal's hat at tha
consistory to be held In November or De
cember."
Archbishop Martinelll will go from here
to Cork tomorrow, where he pays, a visit tn -
the house of bis order, and will embark for"
New York at Queeaatown next Sunday.
