Los Angeles herald., 1891-10-19
THE BANKERS.
They Manage to Straddle the
Silver Question.
The Matter of Irrigation Dis
trict Bonds Discussed.
j. NJ. C. Marble Tells About How to
Increase Money.
The Construction of the Nicaragua Canal
Favored-UnIimited Silver Coin
age CONFERENCE.-THE Opposed
to Silver at Its CONNER
cial Value.

Yesterdays session OF the bankers con-
vention was called to order by President
Brown at 10 a. M, says the Chronicle
of Saturday.
H. l. Wiley, formerly surveyor-gen-
eral OF the state, was granted an oppor-
tunity to speak upon the sub ject of irri-
CATION district bonds. He called atten-
ton to the provisions OF the Wright act
and urged that the bankers should take
such action in their individual districts
as would direct irrigationists in remedy
ing defects, if any there be, in the
Wright law, so that every possible legal
technically might be overcome or cor
rected. He also suggested the organiza-
ton of guarantee company, which
should accept the bonds of all districts
and issue therefore its own bonds, bear
ing interest at about per cent. per an
nun. This plan he thought would ere.
ate gilt-edged collateral, which would
be readily accepted by the financial in
situations of the state.
George H. Bonebrake said all legal
questions heretofore submitted to the
supreme court affecting the bonds had
been decided in their favor. There was
now case before the United States su-
preme court, and if that were decided
favorably to the bonds the last possible
obstacle to readily placing them would
be removed.
After discussion Frank Miller, cashier
of the bank of ID. o. Mills & Co., of Sac
ramento, presented the following resolu-
ton, which, under suspension of the
rules, was adopted
Resolved, That the California Bank
ers' association favors the construction
of the Nicaragua canal, and that the
United States government furnish the
means for the enterprise.
S.P. Young, of the San Francisco
Safe Deposit and Trust company, read a
paper setting forth the usefulness and
advantages of trust companies.
George H. Bonebrake, of Los Angeles,
read a paper on An Adequate Supply
of Currency. He said silver and gold
should be maintained at equal value.
He favored an increase in the circulat-
ing medium, contending that, as a result,
business throughout the country would
become more active and the people
would enjoy a greater degree of pros
perity.
AT the afternoon session ] Reichman,
of Fresno, read paper on Co-opera-
ton of Banks. He urged the adoption
of uniform system of reciprocity among
the banks OF the state relative to collec-
tons and exchange.
John M. @. Marble, president of the
National Bank of Los Angeles, read
paper on the subject: What Is
Money, and How to Increase It? After
considering the question thoroughly in
all its forms the speaker proposed as
conclusions:
First-That the government retire
every note it has out not represented by
coin in the treasury.
Second-That it establish free coinage
OF the precious metals, both of gold and
silver.
Third-That the standard gold dollar
remain of the same weight and fneness
that it is today.
Fourth-That the silver dollar be in
creased in weight to such an extent as
to cause the metal in it to be equal to
the value of the gold dollar in the
markets OF the world.
Fifth-That the government receive
gold and silver on deposit, and issue
legal tender certificates, redeemable on
demand in gold or silver at holders OPP
ton.
Several speakers urged that the con-
vention should take some action on the
subject OF silver coinage, after which j.
*. Wilson, OF the Sather Banking COM
pany, offered the following resolution:
Resolved, That it is the sense of this
convention that the unlimited free COIN |
or Of oil ko IoA-
the business interests of the country.
The resolution was adopted. E. f.
Spence said that the action of the con-
vention might be construed as against
silver coinage. He therefore offered the |
following resolution:
Resolved, That we, endorse the pres |
ent action of the government in coming |
81 500 900 per month in silver.
This caused heated discussion and |
the resolution was defeated by vote of
% noes to 26 ayes.
R. M. Widney, Of the University
bank of Los Angeles, said that under the |
present action the opinion would 90 |
forth that the bankers were opposed to |
the use of silver for coin. He offered |
the following resolution:
Resolved, That this convention is not |
opposed to the use of the silver product
of the United States at its commercial |
value for money purposes to such an
extent as may be needed.
This was adopted by vote of 40 ayes
to noes.
The chairman appointed A. G. Henry.
Bryant Howard, W. P. Harrington. W.
Eddy, F. V. Mcdonald, E. F. Spence
and Frank Miller committee to exam
inc and report upon the lands of irriga-
ton districts, for the purpose of deter
mining the sufficiency OF security in the
placing of the bonds among the banks
of the state.
1t was decided to hold the next an
nual convention at Fresno.
Last evening r. M. Widney, of the
University bank of Los Angeles, deliy-
cred an address before the convention
on the financial interests of the country.
The speaker commended that the free
coinage of silver would not give any re-
lief to either the real or fancied difficult
ties of the time.
Commendable.