The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-08-13
THE BANKERS CONVENTION.
Strong Resolutions Against the Continued
Coinage of Silver Dollars Adopted.

! BosroN, Aug Notwithstanding the ex-
| treme heat horticultural Hall was filled with
delegates when the second days session Of the
annual convention of the National Association
OF American Bankers was called to order at 10
o'clock by President Gage. The executive coun-
council reported in favor of amending the con-
stitution of the association to provide for the
establishment of an Office of first vice-president;
the selection of one vice president from each
State and Territory represented, and an execu-
| tive council of twenty-one members, none of
which officers shall be eligible to serve than
| three consecutive years. This amendment was
accepted by the convention, after which the c. M
mittee nominations reported the following
list of officers, all of whom were elected; Presi
| dent, Logan c. Murray, of New York Immedi-
ately after the election of the oficers President
Gage made a brief address, and called
the new president to the chair. President Muir
ray addressed the convention briefly, and then
introduced Judge John Lowell, Of Massachusetts,
who read paper on Bankruptcy Legislation"
Judge Lowell Eaid he had doubt that there
was general demand on the part of business
men for uniform bankruptcy law Some of
the States, including Massachusetts, had excel
lent 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 bankrupt law had numerous de-
fects, but it answered fairly well for local pur-
poses Judge Lowell suggested a bill which
would provide that a salaried supervisory officer
be appointed under the government TO supervise
all bankruptcy cases. just as the insurance Com
missioner serves. The Commissioners provided
| for in the recent bankruptcy law before Con-
gress should be salaried and should
have executive functions. together with the
ViSip off ar h1o
TO expect judge to sit upon bankruptcy
| cases and examine ex parte into them and not
become partisan ore way or the other This
was all executive function and should not and
could not be exercised justly by judge The
judge should not be expected to do justice in
such cases unless actually heard by him. Bank
ruptcy cases should be supervised by officers
paid for so doing In conclusion he advocated
the bill recently introduced into Congress pro-
viding for bankruptcy commission, believing
the supervising officer he had suggested should
be included in the commission. States might
pass similar bankruptcy laws and thus over
come many OF the difficulties of the situation,
but even that might leave other difficulties. and
national legislation would seem wise and bet
ter course. At the conclusion of Judge Lowell's
paper communication was read from g. n.
| Jordan, Treasurer Of the United States, which
| showed that the number of silver dollars coined
to June 30 1886, was 233. 1926. esti-
mated value of the subsidiary sill
yer $700000OO, a total of 1903, 723 1885,
Inc Vaue OIL the silver In the STANDARD dollar or
today's august l0) price is 81, while subsi-
| diary silver is valued at 81. Exclusive of
| abrasion the present value of the silver coinage
is $2l3 O6l3 52 1t cost to maintain this circula-
| ton $l4.4 per thousand dollars George
Hague general manager OF the Merchants
| Bank, of Montreal, read paper on the system
| of branch banking In Canada.
The executive council submitted the following
report:
Whereas, The American Bankers Association en-
braced in its membership of every political party
as well as those who acknowledged party obliga-
tons; it has in all its conventions carefully avoided
all mere party and political questions representing as
it does, the business well the customers and
stockholders of banks it again emphatically gives
warning OF impending danger to the whole country
t n the act mt 1875 % Of silver dollars under
the fact that both silver aud gold are re-
quired as the money of the land believe that
neither should be coined in such rates that the other
shall be driven out of general We repudiate the
idea often maintained that banks and bankers op
pose the continued coinage of silver dollars account
of sefnterest but. the contrary, assert that
they have special interest in kind of coin
than another long each discharges its legitimate
purpose as money. We believe all persons having
limited means and particularly of wages viii
most largely suffer when the threatened evils shall
come We therefore earnestly appeal to all boards of
trade, chambers of commerce. and civil and political
associations OF every kind to make persistent efforts
to repeal of the law suspension of the coin
age of such silver dollars.
The report was unanimously adopted An ad-
ditional resolution was adopted reaffirming the
resolutions adopted by the convention last year,
and further providing that it be strongly urged
that the coinage of silver be suspended and that,
if continued, efforts be made to secure an inter-
national uniform basis of value between gold and
silver
The resolutions offered yesterday in behalf of
Mr.. Horton. of Ohio, were adopted, and a COM
mittee appointed to take the matter in charge
Ex-Governor Hoyt had been expected to read a
paper this morning, but was too i'll tn be present,
and his paper was referred to the executive coun-
| Gil without being read.
The following resolution. which was adopted
last year, with slight changes, was re-enacted:
Resolved That the executive is hereby authorized
and requested to continue such steps are found
necessary by memorial othe in behalf of the
association to procure such legislation in the flu
ture will secure the return of fugtves from justice
who may be at large account of defects in the
listing treaties
The executive council organized, With John j.
Knox, of New York, as chairman. Various
votes of thanks were adopted, embracing those
for inequalities received, courtesies extended,
and to the press for its liberal treatment The
convention then adjourned sine die.