The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-05-18
BANKERS IN CONVENTION
NINTH ANNUAL SESSION CONVEYED
YESTERDAY IN SAN ANTONIO.
President Woodbridge Gives Strong Reasons
Against Free Coinage Of silver-0fhcers'
Reports Considered and Much In
teresting Business Transacted.
Special to The State sman.

SpeCldl W uG OIdteSnldu"
SAN ANTONIO, May 16.-There is a
large attendance at the ninth annual
convention of the Texas Bankers as.
sociatior, which opened here today.
President Woodbridge of Austin pre-
sided. The address of welcome was
made by Mayor Paschal, and the re-
spouse by +. j. Groce of Galveston.
The annual message of President
Woodbridge came next on the pro-
gram. He congratulated the bankers
of Texas that in the midst of the
general apathy 81 characteristic
of modern cooperative associations
they meet for the ninth time
in increased numbers and with in
creased intent and ZEAL
He said: "In our local and national
affairs ale there any questions now
pending upon which we should de-
clare our convictions? | think there
are, and upon these issues l shall
briefly indicate my personal opinions
without pretending for an instant to
do more; and the first in Importance
and urgency, as | think, is the silver
question. Is it practicable tor the
United States alone to maintain a
parity of gold and silver with the free
coinage of both, and is it desirable
that alone she should make the expe-
riment? do not think it practicable,
because, first, think it impossible by
a mere. arbitrary act of government,
great as may be it's influence and
power to make equal what is not by
nature 80. Secondly, believe that as
civilization increases and confidence
and integrity grow less and less, and
money of any kind is required in the
transactions of men and nations and
for the actual metal money needed
gold will suffice. While 1 believe
this, also believe that with this
civilization and progress and perhaps
resultant from it as counter fact,
there is large and growing class of
people who do not use checks and
drafts, and whose pay is so
small that they cannot earn gold,
and for whom silver is the mere
vided. / must therefore concede the
necessity as well as justice of the large
use of silver as an auxiliary money,
but that necessity and justice l am
sure are greatly exceeded by both the
free coinage of silver and the "Sher.
man law,n and whatever the convic.
tions of this association upon this i'm
portant question may be, think they
should be expressed in clear and en-
phatic language.
l again do not believe it desirable
that the United States alone should
attempt the free coinage of silver. |
am sure it would lessen her financial
and political prestige as the foremost
nation of the world. [ am certain
that as a young and growing, but
debtor nation, more curtailment in the
actual supply of money and credit
would result from thus marring her
than the gain that would
age of silver, and her present policy
from my standpoint involves attempt
ing both an impossible and iDjudicious
thing and it ought to be changed"
The report of the secretary, j. E.
LongmOor of Rockdale, was then read.
The afternoon session convened at 2
p. M, and the report of the treasurer,
Mr.. E Tennyson of Dallas, was called
for. The report was read and referTe d
TO the auditing committee.
President Woodbridge requested |
that all bankers holding railroad
tickets hand them to the secretary
and have them cOuntersigned. He
announced that Mr.. McAshau of
Houston was unable to be present and
his paper entitled points On Banking
Upon Which the Public Should Be
bad not arrived.
Mr.. Levi said that he would be very
glad to see all the banks of San An.
tonic upon the roster of the associa-
ton.
In the absence of Mr.. McAshan the
next subject on the program, that of
J. G. Lowdon of Abilene, on "TDree
days of grace, should the practice be
abolished" was called and Mr.. Low.
don responded. In speaking of The
collection of sight items he stated the
words sat sight" should by law mean
payment at presentation. 1t was de-
cided to enter into a consideration OF
the subject, and the following resOlu.
tion introduced by Mr.. Groce
of Galveston: "That it is the
sense of this convention that |
a recommendation be made to the
next legislature abolishing days of
grace on sight drafts" Upon the
question being put as to who were in !
1t . L. Init II To- 20