Part 1

A TRIP TO THE ROCKIES

BY B. R. C.

NEW YORK The Knickerbocker Press 1890

The Knickerbocker Press, New York Electrotyped and Printed by G. P. Putnam’s Sons

TO THE “DALMATIA” PARTY

THE MOST INTELLIGENT AND CONGENIAL COMPANY OF TOURISTS THAT THE “SKY-KISSING CLIFFS AND PRAIRIES PRANKED WITH FLOWERS” EVER WELCOMED

WHOSE ASSOCIATION WILL EVER BE CHERISHED AMONG THE “PLEASURES OF MEMORY”

THIS BOOK IS RESPECTFULLY INSCRIBED

Journeys are memoried in light or shade; This one in sunlight, when, by chance, Strangers to most, all ages and all whims, We for a fortnight sojourned far from home; A memory, where the heart and eye Replete, lie still and dream again. God gave the view--a human heart the feast. What star of fortune brought our lives In happy contact? Here we trace The secret of our rare content-- The outline of each happy day.

E. H. S.

A Trip to the Rockies.

For three months--since my first visit to Kansas in June last--the anticipation of another visit had been uppermost in many minds.

The writer was authorized by Mr. Blanchard to select a party of bankers and business men of New York and Brooklyn to attend the annual convention of the “American Bankers’ Association,” to be held in Kansas City, September 24th and 25th. To add to the growing interest, already manifested in the trip by the elect, a telegram was received, as follows: “Hutchinson, Kansas, July 23d. Each guest will have a section, and is cordially invited to bring his wife.--Ben Blanchard.” This telegram was the keystone to the arch. Had the Pullman Company been able to furnish a larger car, our number would have been doubled. As the car was too long to go over the B. & O., via Washington, Harper’s Ferry, and Cumberland Gap, on account of the short curves, we went via Pennsylvania through Harrisburg, Johnstown, and Altoona.

The ever-watchful reporter was on hand, and the following description from the Brooklyn _Standard-Union_ was a very good report of our car and company as we left Jersey City, September 23d.

“A large party of Brooklynites crossed Fulton Ferry early this morning, most of the men carrying gripsacks and the ladies satchels. It was evidently a party of tourists; and the wide-awake wage-workers, who were crossing the ferry at the same time, recognizing some of the best-known people of the ‘City of Churches’ in the party, wondered what was going on. They dismissed the subject from their minds eventually, arriving at the conclusion that they were a small party off on a little pleasure trip. In one respect they were right. The party was off on a pleasure trip, but it was not a little one. In fact it was a very large one, and the _Standard-Union_ reporter learned all the particulars. He ascertained that the American Bankers’ Association hold their annual convention at Kansas City on Wednesday and Thursday next, and the party who started from Brooklyn were bound for there. Among the party were Ben Blanchard, President of the Empire Loan and Trust Company, of Hutchinson, Kan.; Hon. Darwin R. James and Mrs. James; Hon. John Jay Knox, President Bank of the Republic, late Comptroller U. S. Currency, accompanied by his two daughters, Miss Carrie and Miss Bessie Knox; Edward Merritt, President Long Island Loan and Trust Company, and Mrs. Merritt; Hon. D. O. Bradley, President Tarrytown National Bank, and Mrs. Bradley; Capt. Ambrose Snow, President New York Board of Trade; Frank W. Shaw, M.D.; Crowell Hadden, President Long Island Bank, and Mrs. Hadden; Miss Louise I. Shannon, Miss Jeanie S. Corwin, Miss Jennie S. Brush; Major B. R. Corwin, Eastern Manager Empire Loan and Trust Co., and Mrs. Corwin, and others.

“They went in Mr. Blanchard’s special car, the Dalmatia, which was attached to the fast express of the Pennsylvania Railroad. The elegant car was most magnificently decorated with silk flags and flowers, and every possible provision was made for not only the comfort but royal entertainment of the tourists. An excellent library, beautiful portfolios, dainty note-books bound in Russian leather, checkers, chess, dominos, and other games, and in fact every thing that could possibly be thought of to fan the leaden wings of time, were placed at the disposal of the party. One of the sets of dominos that were in the car was made of genuine shell pearl, and is the costliest set in the country. They are the property of Mr. Blanchard, and have accompanied him on thousands of miles of journeys. The flag decoration of the car was done by Fred Aldridge, of this city, and the floral decorations by Florist Weir, of Clinton Street. The party left Jersey City at 9 o’clock this morning, expecting to arrive at St. Louis Tuesday evening, and Kansas City Wednesday morning.”

As our party entered the “Dalmatia” there were expressions of delight from all. It was a perfect bower of roses. We laid aside our wraps, had a moment to say good-bye to friends and then our train rolled out of the depot and rushed on westward bound.

We were very much disappointed that E. H. Pullen, Esq., Cashier of the Bank of the Republic, and Mrs. Pullen could not go with us,--we could not have both the president and chief executive officer. We would have included Asst. Cashier Stout if possible. James P. Stearns, Esq., Cashier of the Shawmut National Bank of Boston, and Mrs. Stearns, and John A. Nexsen, Esq., Cashier of the Fulton Bank of Brooklyn, and Mrs. Nexsen, General C. T. Christensen and Mrs. Christensen, Wm. H. Hazzard, Esq., President of the Fulton Bank of Brooklyn, and Mrs. Hazzard, and Mark W. Stevens, Esq., President of the Schoharie County Bank, and Mrs. Stevens, were among the invited guests, and were detained by circumstances that could not be controlled.

The day was beautiful. Our party were charmed with their surroundings. The morning hours vanished all too soon, and lunch was announced. It was our first introduction to the cuisine of the “Dalmatia,” and one that will not soon be forgotten. Speeding along at sixty miles an hour, seated in a luxuriantly appointed vestibuled Pullman palace car, surrounded by a party of congenial friends, enjoying a lunch second to none, is an experience peculiarly well fitted to make one in good humor with himself and all the world.

At Philadelphia the railroad officials met us at the depot to see if any thing had been forgotten that would add to our comfort.

The afternoon flew away from us fully as fast as we were flying from New York. Dinner was called. Such a dinner! We spent over two hours enjoying it, and only stopped to take a view of the ruins of Johnstown. It was dark, but the electric lights and the many torches of the workmen gave us a weird view of the desolation never to be forgotten. We crossed the Stone Bridge of dreadful memories safely, and soon after retired to our comfortable sleeping apartments, and slept soundly while we continued our journey at undiminished speed.

At Indianapolis we were met by the General Passenger Agent of the Bee Line, who extended to us every courtesy. After holding the train nearly an hour for us, that we might get a glimpse of Indiana’s capital, he gave us a rapid run to Terre Haute at a mile a minute gait. After a beautiful day we ran into a heavy shower just as the lights of St. Louis came into view across the Father of Waters. After crossing the wonderful structure over the Mississippi, second only to the Brooklyn bridge, we rolled into the St. Louis Union Depot exactly on time. “What crowds of people!” was the exclamation from each of our party. The General Agent of the Missouri Pacific Railroad came with us from Indianapolis and had our car attached at once to the fast express on this favorite line to Kansas City. After a second night’s refreshing sleep, morning found us steaming into the city five minutes ahead of time.

We were to attend the convention of the American Bankers’ Association. At the depot we were met by the committee, ex-Governor Crittenden, and leading bankers. The convention was large, and its discussions were interesting.

The most important topic for consideration before the Association was the proposition to substitute Silver Certificates for “Legal-Tender and National Bank Notes.” The speech of ex-Comptroller John Jay Knox, who was one of our party, was unanswerable, and should be recorded as an incident of our journey. We say, like the boy blowing the organ to the professor at the key-board: “We did that nicely, sir.”

“The proposition of Mr. St. John involves the withdrawal of the legal-tender notes, the disbursement of the $100,000,000 of gold, pledged as security for the redemption of these notes, the increased issue of silver coinage and of silver certificates from $2,000,000 worth to $4,000,000 per month, and finally the giving of these silver certificates the quality of legal tender.

“Mr. St. John, we all know, is sincere, is honest in the advocacy of his opinions; but to me it is as clear as the light of day, that every one of these propositions is unwise and impracticable, if not grievously, flagrantly wrong. Do the gentlemen of the convention know that the proposition giving the legal-tender quality to circulating notes was discussed by the people of this country previous to the adoption of the Constitution; and that it was, perhaps, the most difficult question that was considered by the Fathers in the convention that prepared and finally adopted the Constitution of the United States.

“The question involves such serious, such far-reaching consequences that its discussion has been avoided by all the great financiers, by all the public men of this country from the outset. From time to time it has been brought before Congress and laid aside as impracticable and unwise,[A] but finally placed upon the statute-book, not as a measure of choice, not because any considerable number of members of Congress believed in it, but because they reluctantly came to the conclusion that it was a measure necessary to provide for carrying on a civil war unequalled in the history of nations.

“Does this convention propose to decide in an hour or a day, a new question of legal tender when it is known that the original proposition has been under consideration ever since the organization of this government, and finally passed only as a means of salvation in the midst of a great war? Does this convention in a moment propose to consider and decide a new question of legal tender, when it is known that the original question was before the Supreme Court of the United States for consideration for weeks and months? The Supreme Court of the United States, presumed to be composed of the greatest men in this country and of the greatest jurists of these times, have twice reversed their own judgment on this subject. First, they decided that the legal-tender act was unconstitutional; secondly, they decided that the constitutionality of the legal-tender notes was based upon the war powers of Congress; and their third decision--to the surprise of the country--was that Congress has power to issue legal-tender circulating notes to an unlimited extent in time of peace as well as in time of war.

“The legal-tender note which we have is a promise to pay. It is a promise to pay one hundred cents in gold, and every man in and out of Congress knows that it is a promise to pay one hundred cents in gold, and also that we have held almost from the date of the issue of the legal-tender note to the present time $100,000,000 of gold in the Treasury with which to pay or redeem these notes. This $100,000,000 of gold was first set aside for that purpose by a Republican Administration, but subsequently by a Democratic Administration, so that both of the great parties of the country are thoroughly committed to it. First, a Republican Administration has set aside this $100,000,000 in the Treasury sacred for the purpose of redeeming every dollar of legal-tender paper money which may be presented for payment. Secondly, the Secretary of the Treasury, Daniel Manning, and Conrad N. Jordan, the Treasurer of the United States, devised a new system of debt statement. The Treasury statement prepared by John Sherman was not satisfactory to the Democratic Administration of President Cleveland. For that reason his Secretary of the Treasury and his Treasurer of the United States devised a new statement, and took this $100,000,000 out of the general fund in which it was placed by their predecessors, thus proclaiming to all the world that it was not to be even thought of as available for general expenditures thereafter, but was to be left there as a sacred fund in gold to be paid to every man in this country upon the presentation of these legal-tender notes.

“And what now does the gentleman propose to substitute for these legal-tender notes which are secured[B] not only by $100,000,000 of gold, but by your property and my property, and by the property of every citizen, by the resources of the whole country. What does he propose to substitute for this promise to pay? This promise made by this great nation, which it is bound to keep or be disgraced, as you or I would be disgraced if we should not meet our obligations? He proposes to substitute warehouse receipts--these are his words, not mine--warehouse receipts, which he himself acknowledges to-day to have an intrinsic value of but 71-1/2 cents.

“He proposes a new doctrine, never before heard of either in or out of Congress, to make, not a promise to pay (of the nation) a legal tender, but what he calls a silver warehouse receipt, a legal tender, which you and I shall be forced to take in full payment no matter what may be its value.

“This is a new doctrine, gentlemen; it is a doctrine that we should go slow about; that should be well considered by the best financial minds of this country. I venture to say that if it goes before Congress it will not be decided in one session; it will not get out of the hands of committee in one session; it involves the financial history of this country from the time of Thomas Jefferson down to the present date. Gentlemen who suppose that they can, upon hearing one paper read with a few figures, come to an intelligent conclusion upon the subject, deceive themselves. Such a subject should be considered seriously in all its bearings, and if so considered, mark my words, it will be declined.

“Furthermore, what else does this proposition seek to do?

“The proposition is that we shall issue certificates which the gentleman calls warehouse receipts, based upon a silver dollar now worth 71-1/2 cents, and then keep on buying silver bullion until it advances 28 cents on the dollar, making the dollar worth intrinsically 99-1/2 cents.

“Was any merchant in the history of the world ever known to go into the market and buy wheat or corn or oats, or any marketable property, and to continue to buy it day in and day out, week in and week out, month in and month out, year in and year out, upon a rising market created by himself! We have all heard of corners in stock in New York, and corners in wheat in Chicago, where speculators not infrequently raise the price of stocks or of wheat to a high and false value by a trick, and then oblige other people to buy their accumulation at fictitious value in order to fulfil their contracts! But no man ever before heard of an individual or a nation making a corner upon himself or itself and obliging himself or the nation to buy other people’s commodities at high and false values created by the purchaser! Gentlemen, do you propose to do this foolish thing? I hope not. This Convention of Bankers has from the beginning shown itself to be a conservative body on all these questions. I beg you to remain conservative. Let the Congress of the United States consider these subjects and take the responsibility. I know of no question that has ever been introduced here and sent to Congress for consideration of which I would be ashamed. But it is not for us to say that we can comprehend in an hour these great questions of legal tender which the Supreme Court has taken years to consider. And I hope their last decision will not long hence be again reversed by a new court that may arise. I believe with George Bancroft,[C] that some day or other it will be reversed, and that it will be held that legal tender is a thing to be issued in time of war only. Kings and crowns have clipped the dollar; they have cut it down one half and two thirds and three fourths. Nobody but tyrants can force a poor man to take 70 cents for 100 cents in gold, or 30 cents, or any sum less than 100 cents exactly. Gentlemen, I entreat you to go slow on this subject. Nothing is lost by a little time. You might not decide in a day a transaction involving but $10,000 in your own banks. You would not decide in an hour unless you knew every thing about the subject. Let us consider these four great propositions wisely and diligently, and then be able to give an intelligent reason for our decision.”

Mr. Knox was frequently applauded. Then Mr. Sneed again came forward. “Gentlemen,” he remarked, “I had not intended to say any thing more on this subject; I am not going to make a speech. But my friend Mr. Knox, known to all as a man of the very highest character--and I say that there is no man among those who compose this body for whom I have a higher regard; I have served with him in these conventions since their organization; I know him not only to be fair and generous and just, but he is more, he is a man--and I say it without disparagement to any other man in this convention--who has given this subject and other subjects of finance his most careful consideration. But we are all inclined to run in a groove; it is natural. And I believe that Mr. Knox is just as honest in his view on this question as I am in mine. But Mr. Knox is a monometallist. Mr. Knox believes there ought to be but one coin, and that gold. Now a great many, and very great many men in this country believe that; but I tell you, gentlemen, the time will come----”

Mr. Knox: “If the gentleman will allow me, I wish to make the statement that I am not a monometallist in the sense which he means. I wish to remain on the gold standard, but nevertheless I am willing to agree to as free a use of silver as possible, while still maintaining that standard. I am willing to increase the coinage of silver from $2,000,000 to $2,500,000 per month. But I want the silver certificates which are based on the silver dollars to always remain so close to the value of the gold dollar that no man, rich or poor, can hereafter lose any thing by their depreciation.

“I want this silver certificate to be always worth 100 cents in gold. I believe in a single gold standard, supplemented by the use of all the silver dollars that can be kept at par in gold. This is not monometallism in the sense used by the gentleman, who would give the impression that I am against the use of any silver whatever.

“I have therefore introduced a resolution providing that hereafter in the issue of silver certificates, such certificates shall be secured by silver bullion worth in the market 100 cents on the dollar. So long as we remain upon the gold standard, so long as the present legal-tender silver-dollar coin remains worth 100 cents, these silver-bullion certificates will be redeemable with the standard-silver dollar. But if we suspend gold payment then the standard-silver dollar will decline in value, and in that event the holder of these silver-bullion certificates shall be entitled to receive the full face value of these certificates in silver bullion at its market value. Use both gold and silver for our currency, but maintain the silver dollar at par with the gold dollar. I want to keep the two metals as close together as possible, so that a man who has debts to pay can pay them in gold value; and you, gentlemen, who have money loaned out can receive back in payment an equivalent to a dollar in gold. This is my proposition; these are my views.

“I wish all the bankers of the country to be able to pay their depositors, like honest men, in the same coin which they have received; or, at least, to return them the value of the money which they received on deposit.

“The issue of silver certificates hereafter based on their bullion value will prevent, without the possibility of doubt, loss to either debtor or creditor.

“I thank the gentleman from Kentucky for giving me the opportunity for expressing my views upon the resolution which I presented to the convention. I intended to have made this explanation at the outset, but these remarks upon the resolution were inadvertently omitted.”

* * * * *

It is proper to say that the proposition under consideration was subsequently considered by the Executive Council of the American Banking Association, to whom it was referred, and resulted in a vote of 16 to 3 against the measure. The report of the Council can be obtained upon application to the Association.

The Secretary of the Treasury in his very able and interesting report just issued (December, 1889), proposes to issue certificates based upon the market value of silver. He declined to recommend that these certificates should be a legal tender between individuals, and believed that such an issue would be unconstitutional.

He said: “While our circulation now embraces gold and silver coin and four kinds of paper money, there is in reality, since 1873, but one standard. Section 3,511, Revised Statutes, provides that ‘the gold coin of the United States shall be a one dollar piece, which at the standard weight of 25.8 grains shall be the unit of value.’... Our legal-tender notes have behind them, in the vaults of the Treasury, a reserve of $100,000,000 in gold provided as a guarantee for their redemption. Our bank currency is based upon United States bonds, the principal and interest of which are payable in gold. Our gold certificates are expressly made redeemable in gold coin.”

* * * * *

Kansas City is the first point of interest west of St. Louis, just on the border line between Missouri and Kansas, situated on the Missouri side, but in acknowledgment of the fact that the city is built by, for, and from the products of the “Sunflower State,” it was named Kansas City. The growth and prosperity of this city is phenomenal. The immense stores, packing houses, and railroads--steam, cable, elevated, and horse-car lines,--all combined to amaze us beyond expression. It is difficult to convince a New Yorker that there is any thing solid west of the Hudson River. We found substantial prosperity west of the Missouri. Kansas City hotels are not surpassed in this country. Our host had secured for the party elegant rooms and parlors at the Coates House; but to give us evidence that “The Coates” was not the only first-class hotel in the city, he invited us to breakfast and dine at “The Midland.” We were served in the private dining-room. Would any of us decline a breakfast like that served on Wednesday morning, Sept. 25, 1889, at the Midland Hotel? After two full days of enjoyment and sight-seeing we returned to our house on wheels, and retired to rest, realizing that we should be transported during our sleep to another city and another State--Kansas,--one of the youngest of the sisterhood of States, and also one of the seven surplus-producing agricultural States of the Union.

For the purpose of giving us ample opportunity to witness the growth of Kansas in material wealth and moral power, Mr. Blanchard invited us to make a careful inspection and tour of the State, and see for ourselves if its prosperity and wonderful resources had been fully stated, or even approximately understood, by the bankers and business men of New York.