The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-11-12
BANKERS IN SESSION.
Representation for the State Associa-
tlon advocated.


NEW ORLEANS, La, Nov. II. The
American Bankers Association began lis
seventeenth annual convention to-day.
There are about 300 delegates in attendance.
including large number from the southern
country. Senator Gibson welcomed the
association.
G. A. Levi Of Victoria, Tex, and John
c. Russell Of ST Louis urged a change in
the constitution so as to give state
associations representation in order TO
encourage and assist the state bodies in
giving more effective local protection. The
matter was finally referred lack to the ex-
ecutive association, which first reported ad-
versely in order that il might hear the
views Of all the state associatiocs and report
next year.
The committee on protection was author
lied to prepare a plan for protection against
aud punishment Of criminals.
FOSTER ON THE SILVER LAW.
letter from Secretary Foster iu reply to
a request for information as TO tue work.
ings of the recent silver law was laid before
the association. The secretary says, in
part: "The law makes net annual addition
IN our circulating medium of S24. 900. 600.
While it is true that the amount Of money
In circulation in this country at the present
time is greater than at any other previous
period in our history and mora per capita
than in any of the leading commercial ma
tions of the world, with the single
exception of France, am Of the
opinion that, owing to our rapid
growth IN population and wealth
and extraordinary development in all kinds
OF business, yearly increase in our crcu-
lating medium, somewhat proportionate to
our growth in population, Is imperatively
demanded. The issue of treasury notes
under this act affords such an increase of a
perfectly convenient and sound currency.
based dollar for dollar upon the cost value
of silver bullion, redeemable on demand In
gold coin, and with the pledge Of the gov.
ernment to maintain it at par That this
addition to our circulation has proved
beneficial was forcibly exhibited during the
spring and summer of the present year when.
through the necessities Of Europe, gold was
withdrawn from this country ia large
quantities, aggregatlug In brief period of
five months over S72,000,000. But for the
substitute provided for domestic trade, in
the form OF treasury notes, issued by the
government in the purchase Of silver bull
lion, it is probable that this country would
not have been able to stand this enormous
drain of gold without producing stringency
in the money market and serious business
disturbance"
A HOME MARKET SCHEME.
Another object of the act, the secretary
writes, was to provide a home market for
the silver product OF the United States. 1t
was believed the monthly purchase of
quantity of silver approximatinR the
American production would rapidly en-
hance the price of silver The reason for
disappointment on this point he attributes
to the attraction of foreign silver here
and the large falling off in shipments
to China and India. In conclusion
the letter says; "If the rernonetization of
silver as full legal tender money is over to
accomplished, Il can only be done by the
action OF nations OF sufficient commercial
Importance to maintain some fixed ratio in
the coinage between the two metals. This
act is an important step in the right direc-
tion, ~ because compulsory coinage aud the
issue of silver dollars Of less intrinsic value
than their nominal value is repealed; !;
~ because it provides for a much larger
absorption OF silver by this country than
heretofore for currency purposes; and t3l
because the new law declares that it is the
established policy of the United States to
maintain the two metals at parity with
each other.
1T seems to me that the act under con-
sideration is decided Improvement upon
the provisions Of the act of 1878 which it
repeals in that it furnishes sound currency
to meet the growing wants of the country
and has tendency to reduce the difference
In value between the two metals and thus
help to restore equilibrium so much desired u