St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-08-12
AMERICAN BANKERS.
They VIII Meet In Regular Annua.
Convention at Boston, Mass.
The Question of Restoring Silver
Brought Up by Resolution
The Bankers, Convention.


BosToN, Mass, Aug. 1.-THE annual
convention of the National Association OF
American Bankers was called to order at 10
o'clock this morning with more than
usually full attendance of delegates Rev.
Philip Brooks opened the proceedings with
prayer, after which President l.. j. Gage
OF Chicago delivered his opening address.
u: W. Hart of Boston delivered the address
OF welcome He announced that the men,
Ders of the association would be enter
tanned 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 tomorrow
nlght. The secretary reported that
THE PRESENT MEMBERSHIP
of the association was l, 1855. an increase of
ABOUT lO0 during the year, and the increase
oelng the greatest in the South and West.
GoOd work was reported as having been
done during the year in the way of procur-
Ing the punishment of criminals whose Of
lenses had been committed against banking
! institutions. 1t was then voted that com.
| mittee upon nominations be appointed to
report Tomorrow morning. The president
then read communication from ex-Secre-
tary of the Treasury Hugh MCCULLOUGH.
George S. Coe of New York was then an.
nounced to read a paper, but Mr.. Coe in
terposed that there was gentleman pres
ent who was competent to speak upon the
greatest question now before the world.
namely:
THE VALUE OF SILVER AS CURRENCY.
This gentleman, he said, knew more OF
this subject than any other man in the
country. He suggested that Mr. Horton
no coll cd
then introduced Mr.. Horton, who. among
other things, said that concurrent restora.
Ption Of silver to its former prestige WA
necessary to the preservation of our degree
of civilization. Moreover this country wa.
peculiarly lifted to accomplish the restora.
ton OF silver. He appealed to the common
sense OF the convention as to whether uni
Versal Endorsement would not give silver an
equal value with gold, just as universal in.
dorsement gave the greenbacks an eoua
value with gold notwithstanding that colo
was at premium OF forty cents on tn,
dollar. This universal Endorsement, in
Guiding the commercial and financial DOW
ers of Europe and America could, he as
serted, place silver at once on a par with
gold. Mr.. Horton then offered
PREAMBLE AND RESOLUTION,
which as he was not a member of the asso
citation, was offered by Mr.. NJ. w. Deshlet
of Columbus, o. They were as follows:
Whereas, The question of proper measures
to be taken in concert by commercial nation
In order to regulate metallic money has sine
the international moletary conferences il
1873 and 1881 received earnest and increasing
consideration while the growing divergence
between the precious metals has caused cum
ulative disturbance OF value, and has injur
1ously affected business relations in all part
OF the world and threatens further evil in tn,
future; and
Whereas. The policy proposed to the ma
tons by the United States in 1878, and b,
France and the Unied States in 1881 of re
storing silver to free coinage by q union com
prising the CHIEF monetary powers deserve
universal support; AID
Whereas, 1t is important in order to pre-
vent inequality between the different nation
in the operation Of he monetary system t
propose that silver bullion and gold bullion
should rank equally IS well as silver coin AM
gold coin; and
Whereas, Experience has shown that tn
provision of the law If Great Britain where
by it is the duty OF the Bank of England t,
buy all gold offered at a fixed price De
ounce, tends to establish fixed price in gol,
bullion universally aid that analogous pro
visions of the law in several nations of tn,
European continent tend to further reliev,
geld bullion from Local fluctuations of price
and it is evident thata similar provision ap
piled to silver bullionIp support Of its use al
money would give it ssimilar protection from
fluctuations: and,
Whereas, Such provisions must become al
important part of any plan of internationa
action and hence deserves thorough ant
thoughtful consideration; therefore, be it
Resolved, That the subject matter of thi
resolution be referred1o the executive com
mittee of this association.
MI Horton addressed the committee il
support OF the resolution and gave his ex
perience as a delegate to the nationa
monetary conference II Paris.
Papers were also read by Judge Tren
holm and George S. Cple of New York
The convention then adjourned until to
morrow. Messrs. Tlthill and Oldsted'l
papers were not read, but were placed OF
the official record Ina letter to the asso
citation Hugh McCulloh says the associa
ton should declare in favor of the follow.
ing:
A suspension of silvercoinage for an I'm
definite period.
The dscontnuance ofthe issue Of notel
under SIS.
The recoinage of part of the dollars nov
In the treasury into fractional pieces.
The maintenance of thepublic faith, not in
latter only. but in spirit.