Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1889-09-27
The BANKERS, Convention.

| KANSAS CITY, Mo, Sept. 26.-The
bankers slept late this morning after
last nights banquet, and it was after
II O'Clock before President Parsons
called their second session to order.
| Various papers on subjects of interest to
| bankers were referred without reading
| to the executive council, with instruc-
! lions to report at the next annual meet
! ing.
a resolution from the New York dele
| cation, recommending to congress that
| such action be taken as will revive
| the American merchant marine, was
adopted.
This brought out a resolution for adop-
! ton from the Kansas delegation, which
wanted the convention to indorse the OBJ
ject of the deep harbor convention
| which is TO be held in Topeka
on October l. Mr.. White of
! Cincinnati objected TO the passage Of the
resolution. Matter was not of national
Importance. 1t was sectional. 1t was
in the interest wholly of the West, and
he moved that the resolution take the
usual course, that Of reference to the ex-
ecutive council.
MIR. Mulvane of Topeka regarded the
construction of a deep water harbor on
portance to as many people as the re-
vival of the merchant marine. If his
resolution was to be referred he moved
that the former resolution take the same
course. After much discussion both
resolutions went to the executive council,
the vote on the former being reconsid-
cred.
A resolution offered by Mr.. White of
! Cincinnati, calling on congress to provide
for at least one more regular statement
yearly of the condition of national banks,
was adopted.
The secretary IS report showed net in
crease in members during the past year
of l57, the total membership now being
1870.
MIR. Sneed Of Kentucky offered reso-
luton that it was the sense of the con-
ventIon that section 5198, of the Re vised
Statutes of the United States governing
national banks, should be so amended by
congress as to eZpung the clauss govern
ing the forfeiture Of interest. Mr.. Sneed
defended the resolution in long speech,
and CONDEMNED the usury laws in general.
The resolution also proposed that all banks
should be amenable to the state laws of
the state in which they were located.
1t was not just that a heavy penalty
should be melted out to national banks
for usury when state banks were not
amenable to the same law. All should
be put on the same basis.
The New York delegation opposed the
resolutions. In their state, the speaker
said, the state Law was much more severe
in its penalty than the national law.
They did not want a change.
Mr.. Butler of Connecticut condemned
the law. He thought there should be no
law governing rates of interest. They
ought to be allowed to be governed by
themselves. Supply and demand was
the only law that would operate justly to
both loaner and borrower. He urged the
adoption of the resolution.
The resolution was referred to a special
committee consisting of J. R. Melvane
of Topeka, Kan, W. p. Johnson of
Birmingham, Ala, and j. D. Chick of
Kansas City. The committee reported
recommending that congress be requested
to amend the law in question so that the
penalty would be forfeiture of only the
amount of interest over a legal amount.
The liveliest discussion of the conven-
ton occurred over the report of the
executive council recommending that the
paper read By Mr.. st. John yesterday,
outlining q proposition to require the
treasurer Of the United States to coin
81 900 900 of silver each month, and res
tire in the same proportion United States
legal tender notes without affecting the
amount of currency circulating at par
be referred to the next executive
council. The recommendation provoked
a long debate, the question being whether
matter should be referred or submit
ted to immediate discussion by the
convention. After discussion the plan
was adopted to fully consider Mr.. ST.
John s proposition and take vote By
mail after the executive council has sent
its report to delegates.
This evening many delegates who did
not take night trains home attended
receptions at various clubs OF the city
given in their honor.
Union ProhibitOry League Convention.
HARRISBURG. Pa. Sept. 20. The first