The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-08-13
BANKERS CONVENTION,
LAST DAY OF THE SESSION AT
BOSTON.
Logan G. Murray, Of New York,
Elected President-Judge Lowell
on the Bankrupt Law.

President Gage.
The Executive Council reported in
favor OF amending the constitution OF
the association to provide for the es.
Enlistment of an Office Of first vice
president; the selection OF one vice
president from each State and Terrific
nv represented, and an executive coun-
Gil of t%wenty.one members, none OF
which officers shall be eligible to serve
more than three consecutive years.
This amendment was accepted by
the convention, after which the Com
mittee on Nominations reported a full
list of officers, all of whom were
elected, including Logan O. Murray,
OF New York, as president.
Immediately after the election of
officers President Gage made a brief
address and called the new President
to the chair.
President Murray addressed toe
convention briefly and then intro
duced Judge John Lowell, Of Massa-
chusetts, who read a paper on "Bank-
ruptcy Legislation" Judge Lowell
said that he had no doubt that there
was a general demand on the part of
business men for q uniform bank
ruptcy law. Some CT the States, in
Guiding Massachusetts,, had excellent
bankruptcy laws, but these State laws
were absolutely local, and the laws OF
che State do not cover essential cases
in other STATS. Even the Massachu-
sets bankruptcy law had nero
defects, but it answered fairly well for
local purposes. Judge Lowell sug-
gested a bill which would pro.
vide that a aslaried supervising
officer be appointed under the govern
ment to supervise all bankruptcy
cases, Just ss the Insurance Commits
sioner serves. The commissioner pro.
vided for in the recent bankruptcy
law before Congress should be salsried
and should have executive functions
together with the supervising officer.
1t was not reasonable to expect a
Judge to sit upon bankruptcy cases
and examine expsrts into them and
not become a partisan n way or the
other. This vas an executive func-
ton, and should not and could not be
exercised Justly by a Judge. The
Judge should not be expected to do
Justice in such cases unless actually
heard by him. Bankruptcy cases
should be supervised by officers paid
for so doing. In conclusion, he advo-
Gated the bill recently introduced into
Congress providing for a Bankruptcy
Commission, be ieviug the supervising
officer he had suggested should be in
Guided in the commission. States
might pass similar bankruptcy laws
and thus overcome many OF the diff
Culties OF the situation, but ever that
might leave other difficulties, and ma
tional legislation would seem a wise
and a better course.
At the conclusion of Judge Lowell's
o a communication was read from
G.. N. Jordan, Treasurer Of the United
States, which showed that the number
OF silver dallars coined to June 80,
1885, was $233, 723, 236, estimated value
of the subsidiary silver $70,000,0 900, a
total of 1908, 723, 286. The value Of
the silver in the standard dollar Of to-
day august 10TH is 7l.21, while sub
sidiary silver is valued at 1851. Ex-
elusive Of abrasion the present value
of the silver coinage is $2l3, t6l ,352.
1t costs to maintain this circulation
$14 AZ per $1,000.
George Hague, general manager OF
the Merchants Bank of Montreal, read
a paper on the system OF branch bank
ing in Canada.
The Executive Council submitted
the following report:
WHEREAS, The American Bankers
Association, embracing men Of every
political, as well as those who aCknowl-
edge no party obligations; it has in
all it's conventions carefully avoided
all mere patty and political qussions;
representing, as it does, the business
public as we'll as the customers and
stockholders of banks, it again gives
warning Of impendip danger to the
whole country in the continued COIN
age OF silver dollars under the act Of
1873. While we fully recognize the
fact that both silver and gold are re.
quired as the money OF the land, we
believe that neither should be coined
in such rates that the other shall he
driven out OF general use. We re-
pudiate the idea 80 often maintained
that banks and bankers oppose the
continued coinage at silver dollars on
account of self interest; but, on the
contrary, we sssert that they have no
special interest in one kind Of coin
more than another, as long as each
discharges its legitimate purpose as
money. We believe all persons hay
ing limited means, and particularly
earners Of wages, will most largely sui.
fer when the threatened evils shall
come. We therefore earnestly appeal
to all boards of trade, chambers Of
commerce and civil and political asso-
Citations OF every kind to make persist
emit efforts to secure aIepeal Of the law
or suspension of the coinsge Of such
silver dollars.
The report was adopted uuani-
mously.
An additional resolution was adopt
ed r~eafirming the resolutions adopted
by the convent on last year, and
further providing that ii be strongly
urged that the coinsge Of silver be sus-
pended, and that if it continued eff
forts be made to secure an internation-
al uniform basis of value between sill.
YER and gold.
The resolutions offered yesterday in
behalf Of Mr.. Horton, OF Ohio, were
adopted, and a committee appointed
to take the matter in charge.
Ex.Gov. Hoyt had been expected
to read a paper this morning, but was
to ill to be present, aud his paper was
referred to the Executive COMMITTEES
without being read.
The following resolution which was
adopted last year, with slight changes,
was re enacted:
Resolved, That the Executive is here
by authorized and requested TO con
tinue such steps rs are found neces-
a by memorial OF otherwise, in be.
half of the association, tn procure such
legislation as in the future will secure
the return Of fugitives from justice
who may be at large on account Of de-
fects ia the existing treaties.
The Executive Council organized
with John j. Knox, Of New York, az
chsirman. -.
Various votes of thanks were adopted,
emhyaein0 those for h~Ospitalitiee re.