New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-10-12


.,o,sr Observation-Disclosures OF
CONTROLLER EcKEI.s. c. c. HOMER
AND A. h. HEPEURN-NEw
OFFICERS ELECTED.
,.,,,o-s oct 1.-THE second day Of the
Bali Bankers Convention opened with
A" srnshine and a much larger attendance
p''s" .nreared at yesterdays sessions. Several
'' dslegates who were particularly Interested
- subiect Of currency reform, and who could
m,ob here earlier, were in their seats this
"' President White appointed the Nomi-
.,., committee. and then James II. Eckels'
'.r,,,ar OF the Currency. was escorted upon
...ge and introduced by President White in an
a 1e.,onrate speech Replying thereto MI EcKeiS
n,,., II was suggested that ] should prepare a
paper 70. ~ Tho last annual convention of address
ne ~ Fanke,s Associate N At sOme lehSth, Mou'
upon ihis remarks felt i should IKE TO meet
p mere present because the great majority arr
y tSe system over when nav te nSsitv ca,,sea
IA, That system sprnging out OF heCSss,'S si
sde ra war has grown 10 include $50 Natohal
snks scattered Throughout the mon s WI Of a.
e ~ 100000. Those banks are p0SSesse1 "a ga, a.
Is amounting TO more than $vp'"'VV, anu WIS .
:tions extend not only over inns sredt h.
is'@ ms but reach every place on the soDe "heIe
oinmerce is carried on - , ,,,h
COME ms been successful system II has done mucn
~ nnite ana simplify the business transdcuons o!
70 nv Mord II has given a currency when az leas.
tns Ssn sound in the fact that every biii wch mas
h ~ issued by il is of the value when IL putpoI's
been ISL Whether that system now that changes
wNa,roing upOn the peop.e. Will meet 'he lePHlIc
are ~ 2aV Transact n IN the matter or the issue
menus ~ ~' is a question which is open to dis
G co. Whether or not any system OF issuing cur
clsslon; ,mSni unon the deposit of securities has
Isac! ,ber e0ual requsite-a quick response to the
lA1i ~ the people in business as we'll as saleE 10
~ NJ bolier-is a question which can De disCusseu
1rn a
VIII pnrrencv question is not question for poAti-
al debate In and OF itsen IL Is sli iibEHeb;Fni a.,
n,on Of not only bankers, but OF an VINO are VI
rageS in the various channels OF business me anu
So Iahoring class but above all OF those VINO
q ne U;fh the SURFACES Of the people. are
nsIgd with the duty Of formulating into laws sucn
e. So,rce Of qualification that an intelligent Doiy
:, men brought from all sections OF tne county,,
mas ciiies In the Union. whose very name Is
te,,n az home and abroad city or financial
Strength Of n2pf aa for more than hsf century
Sot failure has been known among us pahhhs
Thsls u nothing so deserving of attention. there
IA nothing so deserving OF candid thought ana m
cnsston touches not alone people. but those of
VERY country that is carrying on financial transac-
soas tng Of unless it is evidenced by facts
nstead OF theories that this particular money VIII
bo,S AZ home and abroad this country cannot afford
10 enter upon the use Of it, lApplaul;se1 ~ o,r
.rusf
rency which ! understand will be handled to-day
may be profitable to the whole people
THE BALTIMORE PLAN PRESENTED.
Some reports from the Executive Council were
read, and then Charles c. Homer. president Of the
Second National Bank Of Baltimore. read his
paper outlining and commenting upon the pro-
posed amendments 10 the National Banking act.
The paper follows:
The subject which we have determined to give
the most prominent position in our deliberations
this session is that has occupied the closest
attention Of the STUDENT Of finance LOT many years
and which from the occurrences Of the last eighteen
months has forced Itself upon every man and woman
creation Of safe and elastic currency is the out
come Of the careful thought and practical expeTenC
OF the observant business of conservative 5ati-
more as expressed through the members OF me
Baltimore Clearing House Association. after most
a plan which il feels confident VIII meet the re,
qulrements Of the times. 1t is not an individual
carries with ii the unanimous Endorsement Of our
sntire Clearing House l am not presenting soiey
ec; but am the chosen mouthpiece. the channel
through which its solution. as unanimously recon,
through the land.
To the practical conservative Baltimore banker
he logic Of finance and commerce points TO but one
way out Of the existing wilderness ana mat we
ave endeavOred 10 bring succlnty and clearly be-
ors you in our proposed plan. Ill.,, T. ,,-,,,. -,
The solution Of the currency problem Is justly en-
Tiled TO the greatest prominence. for modern MS
ory demonstrates that upon the character ana
stability Of It's finance depend the sohdity ana pros
'ery Of the people Commerce is the bond of
lnion which ties together the nations Of the earth
md we.ds the links that Keep destructive war
hained captive to the chariot OF peace. Money il
he hanamad Of commerce. and wneresoever the
after wan1ers in her search for heatnfU CeVeop-
nent there her servant must be present ready and
be to respond 70 her commands. How important
hen the role OF the dollar II be above suspi-
ion: its character must be unquestOned; It's value
,nchanging; its credit impregnable. How far much
4 our currency has been lacking in these necessary
history
eibe marks upon the pages OF 1893.
From the birth OF the first greenback the patriotic
student Of finance has watched with solicitOus eye
ne questionable assumption or constitutional power
~ our Government, and while love OF country
md minqfulness OF its dire needs softened the
ones Of warning. invountarily the cry OF anguish
ould not be restrained when constant violation Of
y B& Standing upon the brink OF that year,
commerce and credit. Of keener vision than arbi-
rary legislation foresaw their threatened ruin.
ose imperousy, commanded halt in our destruc-
I'VE career, and bade us mend our financial ways.
season pointed out clearly the path along which
~ the safety and prosperity OF our country, and
Iamonished that any deviation from the authority
su I'ucn praise cahho; De bts,o"eu upon tIIe Iai
seng wisdom. the incisve Judgment OF our fore
~ AS each particular section has been applied
3 : us particular role in the great drama Of our
sted approvngy at the close of each trial scene;
re. s Done TO coin money, regulate the value
u,nority granted our Government by this inspired
asuument. Had its behests been regarded. the
ulsUtSS ana mental anguish we nave just
Sasseo through, and whose sufferings are still with
VI, would not have befallen our land.
we claim no novelty or originality for the plan
n.cn our Clearing House Association has dele
s'ed me to present TO you and which 1t hops may
with the approval and advocacy OF yourselves
~. OF our entire country. 1t is 10 some extent
S-nssn"ork, into which conservative Baltimore has |
what seemed to IL to be the safest and most
~ ca Of the many suggestions OF iinanciers upon
hss important subject. In our Investigations, We
comns used as our searchlight the requirements Of
Of off"onefce. and have applied test the demands
tb,,v.ui people. Having lived and prOspered for |
Ina y years under the influence and blessing OF |
~ NATIONAL banking system. which supplies every
s;rr.ssement except that OF elasticity. have |
55 rase, 70 outline an amendment which would not |
;ba us good features, but which would supply |
isc. one lacking Ingredient make Il as per |
rsn,; as lay within the limited power Of human in
boz ana experience and which would be 50 |
VINE within its folds
The BALTIMORE BANKERS PLAN
, .au'he Of the proposed amendments to the Ma |
80. Banking Act for the purpose Of establishing !
s e ana elastic National currency:
Act rs The provision OF the National Banking |
a,5n curing the deposit Of bonds to secure clrcu-
See so. yes. hereafter issued. shall be repealed.
TO the Anow the banks to issue circulation notes |