Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1886-08-13
Z MORNING. AUGUST 13. 1885.
AMERICAN BANKERS.
Judge Lowell on the Bankruptcy Law
The Election OF Officers and Final
Adjournment.
.BosToN, Aug. l2


Adjournment.
.BosToN, Aug. IL.
Notwit standing the extreme heat, Horti-
cultural Hall was pretty well filled with del
egates when the second DAYS session of the
bankers convention was called to order this
morning.
The executive council reported in favor OF
amending the constitution to provide for the
establishment of the Office of first vice presi
dent, the selection of one vice president from
each State and Territory represented and an
executive council of 81 members. The
amendment was accepted by the convention.
The committee on nominations then re-
ported list of officers, all of whom were
elected for the ensuing year. The new pres.
ident is Logan c. Mu.ssy of New York. and
the first vice president is Lowell II. Camp oi
Milwaukee. The New England vice presi.
dents are as follows: |. p. Harrington OF
Portland, Hon. John Cummings of Boston,
6. B. Chandler of Manchester n. H., II. J.
Wells of Providence, r. l., and Charles w.
Woodhouse of Vermont. An executive com.
mittee of twenty was elected, including VIM
E. Gould of Portland.
Upon taking the chair President Mussay
addressed the convention briefly and then in.
troduced Judge John Lowell, who read pa
per on bankruptcy legislation.
Judge Lowell said that he had no doub,
there was a general demand on the part Of
the business men for uniform bankruptcy
law. Some States, including Massachusetts,
had excellent bankruptcy laws, but these
State laws were absolutely local and the laws
of one State do not cover essential cases in
other States. Even the Massachusetts, bank
ruptcy law had numerous defects, but it ans
wered fairly for local purposes. Judge Lo
well suggested that a saiaried supervisory
officer should be appointed under the govern
ment, to supervise all bankruptcy cases, just
as insurance commissioners serve Then the
commissioners provided for in the recent
bankruptcy law before Congress- should be
salarled, and should have executive function
together with supervising officer. 1t was
not reasonable to expect a judge to sit upon
bankruptcy cases and examine into them and
not become partisan one way or the
other. This was an executive func'
tion and should not and could not be
exercised justly by judge. Bank
ruptcs cases should be supervised by officer,
paid for so doing. In conclusion, Judge Lo
well advocated the bill recently introduced
in Congress, providing for q bankruptcy
commission, but believed the supervising
officer he had suggested should be included
in the commission. States might pass 8
similar bankruptcy law and thus overcome
many difficulties of the situation; but even
that might have other difficulties, and ma.
tional legislation would seen to be the wis.
est and best course.
At the conclusion of Judge Lowell's paper
communication was read from c. N. Jor-
dan, treasurer of the United States, givin &
statistics of silver coinage in circulation.
George Hague, manager of the bank OF
Montreal, then read paper on the system OF
branch banking in Canada.
The executive council then submitted its
report. The report says
The association embraces in its member
ship men of every political party as well as
those who acknowledge no party obligations.
1t has in all its conventions carefully avoided
all mere party and political question, repre-
senting as it does the business public as well
as the customers and stockholders of banks.
The impending danger to the whole country
is the continued coinage of silver dollars
under the act of 1878. While we fully recog-
nize the fact that both silver and gold are re-
quired as the money of the land, we believe
that neither should be carried in such ratio
that the other shall be driven out of general
use. The committee repudiates the idea so
often maintained, that banks and bankers
oppose the continued coinage of silver dol
lars on account of self interest. On the con-
trary they assert that they have no special
interest in one kind of coin more than anoth-
er, so long as 1t has discharged its legitimate
purpose as money. We believe that all per-
sons having limited income, and particu-
larly earners of wages, will most largely suf-
fer when the threatened evils shall come.
We therefore earnestly appeal to all indus
trial, civil and political associations of every
kind, to make persistent efforts to secure the
repeal of the law or suspension of the coin
age of silver dollars.
This report was unanimously adopted.
Governor Hoyt's paper was referred to
the executive council without reading owing
to Mr.. Hoyt's illness.
large number of papers were received
and referred TO the executive council without
reading. The usual reports of the secretary
were also referred without reading.
The following resolution adopted last year
with slight changes was reenacted;
Resolved, That the executive council is
hereby authorized and requested to continue
such steps as are found necessary, by memo
rial or otherwise, in behalf of the association
to procure such legislation as 10 the future
tice, who may be at large on account of de-
fects in existing treaties.
The executive council organized under j
j. Knox of New York as chairman, then re-
ported various resolutions in regard to th'
internal management of the association. Va
rious votes of thanks were adopted embracing
those for hospitality, courtesies and to thu
press for its liberal treatment. The conven
ton then adjourned sine die.
Nearly 800 of the delegates to the Ameri
can bankers convention were present tonigh
at the banquet rendered by the Boston mem
bers of the association at the Parker House
Asa P. Potter, president of the Maverick
Bank, presided, and the principal speech o.
the night was made BY Senator Henry L
Dawes, who dropped in unexpected. H.
spoke upon the silver question and nationa
banking system. Other speeches were mad
by President Potter, Comptroller Trenholm
Mayor O'Brien and others.
THE LAKE SHORE SWIrCHMEN.