T II E I r | B [ \ E

NEW -z0RK. E>DAY MORNING, JcNE $.
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A.rV .1elI,L- rr-USD.Y MORNING JrNE s.



77- y -.,5.-.. ,;. III. 4Dlsyicqn Institute On III


~ r.
'itr't- " T. ~ A- r.e''.ea t""' "OS l 4 49,
i,mjcr 81 P5~isnsH'-Ihi> Report contains much so''
,,aryso.,al eievrs IN relation national policy
7. ;-a.. .,s IT,, g. n r.. ,-o>t ENLARGED praciica


D., -, ,j,,
''-- u i- ''-'' - --'- '' 49, ~
5ae adopt. E-ee Ir1e aad another refuses what '
.rc I.s Committee prescribe counteryailne


49, .i, .,o-sA. ., f;r- r,sipro,j.y



Tins .doi : 7ur ont true lo'cy 1o"1Ius '' "'
ron, + E-1rs Who Systematically exclude almost every
-r.-. .;-..t .-7,, either f,lticate or crow


-,- .,7,i,,, =, Fro. Trad, ,,lrls, other

,a- 1r-.rt -ec-ic or oiItacH win hea'E "u''7
m so!. ,sn.iierei especially its hearings


- i ,l,r,,;, ,l,
17-aa. ---- '' -''' f ~


49,,
recommend ;l.e eHr- iiePort "' the Institute 20 t"'
.,...l .. l-7 .eades.:


.i ..,. ~ H.. Tni,eI Sto,es-a mere mass
r f y,,.iyc of real wealth in the hands of
3i Is 49,. ,l a. i,l, furnish, il and rarely exceed
m ~, amount, one. halt. OF the property upon which it rests
III ,, .I,.,;on. of eapi.a. and scarcely less
-i, I'll rs,.ii- of metal vet liable to be paral-
l an ,.,osi ;- a., hour iy an adverse condition of the
eia-c,arre. This adverse condition of exchanges


, f-,,r7 ,..r!5,,. causes. Excessive importation is
r,o ro..-,;.,,. European. wars inducing disposition
- hoard -hs 7ayr,nt of armies might bring this calanl-
- ror rs, from Il fact that we proer EurSpc open
.arae to which ae Will whenever She wishes to be
I'd OF fr .,irn, or desires to purchase gold. From this
rdr Il +. .po,ble tor u. by any other process than
couutt1nc duties. eNtIcate ourselves 1t we abandon
,ac v,-e " cannot abandon the "bl aticns wlct have
crown IN -pier IT, The Individual and public debt will still
..r-. II 80. deuo,ncc the banks and ruin their credit
,, l ,, 3D.. .,,.r..ud thcir own loans of credit. and
,i -is tioi. af the public for three hun
,l i ST.. p, jllio's the amount of their capitals 10
49,; - ,,,,,, without n currency which would sweep