The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-08-12
THE BANKERS CONVENTION.
Mr. Horton, of Ohio. Talks to the Assembly
on the Silver Question.

BOSTON Aug. 1.-THE annual convention of
the National Association of American Bankers
was called to order at 10 o'clock, with more than
usually full attendance of delegates. Rev. Phil
lips Brooks opened the proceedings with prayer.
after which President Gage delivered his open.
ing address. T. w. Hart Of BOSTON. delivered
an address of welcome. He announced that the
members of the association would lie entertained
at a banquet at the Hotel Brunswick tonight,
and that an excursion down the harbor would be
made tomorrow and that the association would
be entertained at dinner at the Parker House
to morrow night.
The secretary reported that the present mem
bership OF the association was l,466, an increase
Of about one hundred during the year, the in
crease being the greatest in the South and West.
Good work was reported as having been done
during the year, in the way of procuring the
punishment of criminals whose ofenses had
been committed against banking institutions 1t
was then voted that committee upon nomina
tons be appointed to report tomorrow morning.
The president then read communication from
ex-Secretary of the Treasury Hugh McCulloch.
George S. Coe, of New York, was then an
nounced to read paper, but Mr.. Coe interposed
that there was gentleman present who was
competent to speak upon the greatest question
now before the world, nnmelv-the value of sill
YER as currency. This gentleman, he said,
knew more of this subject than any other man
in the country. He suggested that Mr.. Horton,
of Ohio, be called upon. The president then in
troduced Mr. Horton. who, among other things.
said that concurrent restoration of silver to its
former prestige was necessary to the preserva
ton OF our degree of civiiiz alton; moreover
this country was peculiarly ntted to accomplish
the restoration of silver. He appealed to the
common sense of the convention to whether
universal Endorsements would not give silver an
equal value with gold, just as the Endorsement
of government gave the greenbacks equality
with, Notwithstanding that gold was at pre-
MUM of 40 cents on the dollar This universal
Endorsement, including the commercial and
financial powers OF Europe and America. could
be asserted place silver at once on q par with
gold Mr.. Horton then offered a preamble and
resolution, which, as he was not member or
the association, was offered by Mr. W. g. Desh-
Ter, of Columbus, o. They were as follows
Whereas, The question of proper measures to be
taken in concert by commercial nations in order to
regulate metallic money has since the international
monetary conferences of 1873 and 1881, received
earnest and increasing consideration, while growing
divergence between the precious metals has caused
cumulative disturbance Of value and has injuriously
and threatens further evil in the future; and,
United State. in 1878. and by Pcance and the United
States in 1881 of restoring silver to free coinage by
a union comprising tho chief monetary powers, de-
serves universal support and
Whereas, II is important, in order to prevent in
equity between the different nations in the operation
of the monetary system to propose that silver bullion
and gold bullion should enjoy equality as well as sill
yer coin and gold coin: and.
Whereas Experience has shown that the provision
of the law Of Great Britain whereby it is the duty Of
the Bank of England to buy all gold offered to it at
fixed price ounce tends to establish fixed price
in gold bullion universally, and that analogous pro-
Visions of the Law in several nations of the European
continent tend to further relieve gold bullion from
the local fluctuations of prices and is evident that
similar provision applied to silver bullion. in sup
port Of its money, would give it similar pro-
lection from fuctuation; and,
Whereas Such provisions must become an import
ant part of any plan of international action and hence
deserves thorough and thoughtful consideration there
fore be it
Resolved, That the subiect-matter of this resou-
ton be referred to the executive council of this
citation.
Mr.. Horton addressed the convention in sup
port Of the resolution. and he gave his expert
ence as a delegate to the international Monetary
Conference in Paris.
Papers were also read by Judge Trenholm and
Geo. S. Coe, of New York. The convention then
adjourned until to morrow. Messrs. Tuthill
and Olmstead's papers were not read, but were
placed on the official record.