St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-14
NATIONAL BANKERS.
Annual Meeting of the American
Bankers Association.
Suspension of Silver Coinage Favored---Nu-
mer0us Papers Read.
The Future of Banks of Circulation and
Government Bonds.

The Future of Banks of Circulation and
Government Bonds.
SARATOGA, Aug. 13-The American BANK
ers' association assembled in annual conven-
ton this morning, there being quite large
representation of prominent bankers. The
meeting was called to order by President Ly-
man j. Gage, of Chicago. Prayer by Rev.
DR.. Harper, of Philadelphia. Gage delivered
the inaugural address of the chairman and
received great favor. The applause at the
close was unbounded.
Treasurer Bakers report showed balance
of Sc, 1894.
mitted by the executive council, as follows:
RESOLVED, it is the sense of the American
Bankers association that the coming of
standard silver dollars of 41215 grains is
against the welfare of the country, and rec
ommend congress discontinuance of such
coinage.
Geo. Butler concurred with the resolution,
and thought they ought to suspend the coin
age of silver until other countries joined
with the United States.
Hughes, of Cincinnati, moved a commit
tee of three to wait upon and invite Hon.
VIM. Groesbeck to speak upon the question,
and Messrs. Hughes, Cole and j. j. P. o.
Dell were appointed as the committee.
Mr.. Groesbeck responded. He favored
bi-metallic currency, and went on to show
that for turtles gold and silver had been
of equal value as currency. The change
took place in 1871 or 1872. What had been
done in the past could be done in the fu-
ture. 1t might be impossible for one CEN
fury to carry gold and silver alone for its
currency, and he favored under the present
conditions the suspension Of silver coinage
in the United States until other nations took
action on the subject.
A vote of thanks was extended to Groes-
beck and the resolution then carried.
The following resolution was adopted:
Resolved That in view of the fact that the
articles of association of the national banks
of the country are rapidly expiring, without
sufficient inducement FOR renewing owing to
the constantly diminishing amount in the
high prices of government bonds, upon
which the bank circulation is based, thus
threatening a serious curtalment of the cur
rency of the country, and since the bank tote
circulation is absolutely secured and issued
under ample safeguards for the REDEEM ption
on demand in coin, is necessary for conven-
lent transaction Of the business of the cOun-
try, and such condition can be best provided
through the continued operation of the ma
tional bank act, as has been attested by ex-
perience OF at least twenty-one years, the at
tention of the congress of the United States
will be urgently called to the necessity of
immediate legislation to meetthe emergency.
Judge Poland, of Vermont, one of the
committee on commercial paper, made some
remarks on the subject of commercial pa
per. He said it is an important part or fac
tor of all commerce, and so far as negotiable
paper is concerned with trading congress has
full jurisdiction over it. He thought that the
bill went further than congress had power to
60. The present house of representatives
was not favorably constituted to pass on the
subject of national banks. The advice of
congress should be asked to pass law to go
to any extent that congress has jurisdiction.
The matter was referred to the executive
committee to press the matter to an early
action.
Secretary Marsland then read a paper on
the banking and currency system in its rela-
ton to the business of the country, furnished
by Hon. Hugh McCullock, who was unable
to be present.
B. B. Comegys, of Philadelphia, presented
paper upon the conditions of safe bank
ing.
e +oI
the Potter refunding bill. 1t proposes to
refund the existing public debt into two and
half per cents by means acceptable to the
government creditors and certainly
advantageous to the government. The two
and half per cents to be offered in ex-
change for the three per cents are to be pay
able at the pleasure of the United States and
the exchange to be made at par. The two
and half per cents to issue in exchange
for the four per cents to be paid at the
pleasure of the United States after 1907, and
the two and half per cents to issue for the
four and half per cents payable after
September 1891. The tax on circulation to
be reduced one half and hereafter the sur
plus moneys shall be applied to either the
calling of bonds or the purchase of those
not due, according as either course will
affect the greater saving of interest to the
government. The plan of exchange of the
four per cents and the four and a half per
cents is by government payment of such
sum in cash in each case as will equal the
present worth of the aggregate interest
obligation, from which the government is
released in the exchange.
Charles l.. Graham, president Of the Ninth
ward national bank of Newark, New Jersey,
read a paper on the continuance Of the ma
tional banking currency.
The paper of John Thompson of New
York on silver coinage was read as presented;
also Henry W. Yates of Nebraska on the
prevention of panics; also Z. Sutton of
Mississippi on our banking system; also n.
B. Sigh, of Texas, on banks and their uses.
The committee on nominations appointed
are Mr.. Comeggs, of Philadelphia; Mr.. Lind
sey, of North Carolina; Mr.. Mcdonald, Of
San Francisco; Mr.. Wheeler, of Chicago;
Mr.. n. B. Sigh, OF Texas; DR.. Simons, of
South Carolina; Mr.. lockwood, of Virginia
The convention adjourned until 1890 to-
morrow. The committee reported some very
interesting papers to be read Tomorrow even
ing at the banquet at the Grand Union no.
TEL
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