St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-09-26

opened the convention WITH PRAYER.
Joseph s. Chick, on behalf of the Kan
sas City clearing house, extended
the bankers welcome to the dele
gates. Mayor Davenport welcomed
them on behalf of the city and
President Parsons responded on behalf
of the delegates, and delivered the
opening address. The president pro-
ceeded to trace the development OF
banking in America from colonial times
to the present. The progress had been
wonderful, but many Improvements
were still possible in facilitating the
business of banks and making the con-
duct of their business more economical.
He recommended in this connection,
that the convention consider the follow
ing topics. International circulation,
uniform bill of lading, uniform paper
for the drawing of bills of exchange,
and national clearing house. Presi-
dent st. John, of the Mercantile National
bank, addressed the convention on
LEGAL TENDER COINAGE.
The speaker had one proposition to
make on the subject. 1t was that an
act be adopted by congress which should
do away, as rapidly as was convenient,
with the United States legal tender
minis to the free coinage of silver.
William P. st. John. of New York, then
read an able technical paper on legal
tender. He expressed himself as op-
posed to a free coinage, and outlined as
substitute the proposition that the
secretary of the treasury be required to
buy and coin S4,000,000 worth of silver
bullion each month; providing that not
more than 991s cents. or forty-two and a
half grains or silver. be the amount of
silver to be contained in silver dollar;
that with the coinage of silver the legal
tender notes of the government be with
drawn, dollar for dollar, as the silver is
issued, and that gold and silver certifi-
Gates be made legal tender. Mr.. ST.
John eontended that the plan solved
the great question of retiring the legal
tender notes of the government rapidly
and without diminishing the
sum of money in circulation.
In a careful argument he eX-
planned and defended the plan.
A motion to recommend to congress
such action as was outlined in Mr.. st
Johns paper was referred to the ap
prOpriate committee. At this point the
interstate commerce commissioners
who were holding session in the city,
entered the convention hall, by invita-
ton. They were escorted by Maj.
William Warner and G. Ii. NettletOn.
Judge Cooley was called upon to speak
and being introduced by President Par
SONS, he said that he and his colleagues
wished they might attend all the seS-
siOns of the convention. "But we are
entrusted to certain extent" he con-
tinued. "with the management of a
business that we wish could bring
under like rules and into the certain
regularity of banking business, which,
very much fear, it will be some time
before we are able to do" MesSrS.
SchOonmaker, Morrison, Weary and
Bragg also responded with short
speeches. locals made upon them by
the delegates. In answer to loud calls
for Warner" the ex-congressman was
introduced by the president as a man
who
DON'T WANT AN OFFICE.
The major thanked the delegates for
their kindness in calling for him, but
he pleaded lack of experience in public
speaking and asked to be excused from
making a speech. Hon. Logan I'll.
Roots, of Little Rock, Ark, moved that
as The executive council had several
amendments to the constitution to pro-
pose, the chairman of the committee be
heard and the amendments voted upon.
The report was made by John Jay
Knox. of New York. the president of the
executive council. The principal
changes recommended were for the pro-
vision of an article divididing the exec
utive council into three parts, so that
one-third of it might be elected each
year. the term of office being made three
years, aud that the different state bank
ers' associations be given one delegate
leach annual meeting of the national
association. The amendment prevailed.
The associations were instructed to re-
port their selections to the president
before O'Clock, and the convention adj
joured to meet tomorrow morning at 10
O'Clock. This afternoon the delegates
were given ride over the various cable
lines of the city, which passed most of
the points of general interest. This
evening banquet was rendered to the
delegates and visiting bankers at the
Den of the Priests of Pallas. The ban
quet is believed to be the largest ever
served in the West, covers being laid
for 2,000 guests.