Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-09-20
STATE FlNANCIERS.
SECOND DAYS SESSION or THE
VIRGINIA BANKERS ASSOCIATION.
N'eS""" OF omcers-The Ten Fer Cent.
Tsx-The Ante-Beiium system
Work Cut Dat.


GERS for the ensuing year made the fol-
lowing report, which was adopted: Pres'-
dent II. $. Trout. Roanoke; v!ce-presi-
dents. Charles NJ. Blackford, Lynchburg'
J. III. Schoolncid Danvillc; 10. w
Burke. Staunton: II. c. Hardy. Peters
burg: w. II. Lambert. Alexandria. G. Is.
Anderson. Clifton Forge: ". J. johnson.
Richmond: {. NJ, Braxtcn, Newport
News; Caldwell Hardy. Norfolk Secre-
tary and Treasurer. S. G. Wallace, Rich
mond.
Mr.. Trout thanked the association for
the honor 1t had conferred upon him in
electing him president
The Executive Committee for the onsu-
ing year was announced as follows. w.
II. Palmer Richmond IL. NJ DarnalL
Roanoke: II. II. Fuller. Winchester. j..
W. Leigh. Norfolk, J. Il. Pace. Richmond;
&. II. Fishburnc. Charlottesville; ". ~
Jones, suffolk. T. 7. Stearns. Lynchours'
Henry EaSlcy. South Boston.
on motion OF Colonel Palmer. the salary
Of the secretary WAS fixed at 500 Ter
annum.
LAID on THE TABLE.
The secretary read "a letter from Mr..
GREETING that he could not appear before
the association and deliver an address,
enclosing COPY of his address before inc
State Bankers Association OF New ON.
which he requested bc read and enclosing
also a resolution protesting against the
'Hnlcgitimate" business Of eNprtss-c0m-
panics In money-ordcrs.
Colonel Palmer stated that this subject
had been before the Executive Commit.
oh
express money-or1cr. II was business
the banks did not care 20 have. am!
supplied "A want Of the people
on motion Of Mr. Hardy. OF Norfolk.
the communication was laid upon the
table.
The questions Of country collections ana
free collections were referred To the COM
nlittce on Banking and Jurispruicnce'
with Instructions TO arrange for their us
cussion at the next annual meeting.
RE1vTrR COLLECTION LAWS.
rr. Darnan offered the following. which
was adopted:
Whereas. the laws regulating tho col
lection OF debts I'm Virginia adnit oil 50
much delay and uncertainty IN the on
forccment Of the payment OF "hus3u "i9
as 20 seriously affect the hanklnS lht't
esis retardng the growth ana develop
mcnt OF our stat and d"tcrIinE cuisine
capital from seeking investment In our
midst: ~ IL
Resolved. That the Committee on Rank-
ing and Jurisprudence be-, and 1t IS hereby,
instructed TO take this matt = under CON
sideratfon and prepare such hili or h'iiS
rs will accomplish a revision OF our COZ
lection laws. ard submit the same q" '''
next meeting Of the association
STANDING COMMITTEES.
The secretary announced tn following
Committees
Finance NJ Hin. Richmond; \. 5.
Asherry. Roanoke; ". /. Nicholas i"-
laski
Christian. Richmond. l.. T. NaitS' tpI U.s.
mouth: j. : Elicit. Richmond; 'Nan"'r
Hamilton. Petersburg. a. H. ioul var
Richmond; \. \. PhieE1r 'nilS'i", S""' D
r. r. Fishburne, ROANOKE. ~. -
Schcmtz. Hampton; J. y. Taylor Ffcdc-
THE STATE-BANK TAN.
Colonel Palmer moved tnat AN article
in the Gast-Pu, Bankers Reporter on
the monetary system of Canada con-
trasted with that 81 the tnitei states be
read. as it bore upon the question OK
State-bauk Issues.
MIR Burk. OF stanton. objected re
cid not want any discussion Of the I'D
per cent. tax. "a moved that considera-
ton Of this subject J." posip'"'a uhul
the next aunua! ne ting.
Mir Fishburre. Of Charlottesville. IA
vored the reading Of the article. The ass
ISOLATION. h. said, wanted Information.
Mr. Burk withdrew his objection. DIV
contend' that Congress HAVING declared
against the rel.cal of tn 10 per cent tax
discussion was useless.
Colonel Farmer said If the subject was
not 10 be discussed there Was DO ccs-
sity for reading the article.
Mir. James Il. Wcrth held that mere
should be a discussion. Tho subject az "A
change in our banking system was on
We had to meet.
The secretary read tho article, and ON
motion of Mr Darnan IL was ordered 20
be spread upon the records ~ th' assoc
citation. ..
GREATER ELASTICITY.
Mr.. Hardy stated that be did not Pro
nose 70 discuss The subject treated IN the
paper. hut d. would say for the inior'l-
ton Of the association that a plll ON ln'
lin. OF the paper. designed 10 give greater
elasticity to- tho currency. hal been pre-
pared for the consideration of u" Am'Il-
can Bankers Association. Mr. Hardy cN-
plain,d at some length the provisions 'I
the bin. II embraced a double lidmNty
feature. and any bank could avail lScH
OF its provisions
Major Scott said H. all not think it com
petent for tho association 10 discuss me
There was a great misunderstanding IN
rerari 70 the old Stlte-banNnS system.
Many persons had IN idea that the VIII
cat system prevailed IN NIiginit before
the war That was a mistake. 80 hoie-
holder over lost hy a Virginia bank be-
fore the war. lie was IN favor "l re-
ferring the matter 10 committee VINO
would prepare q bin for subiHle @l"h TO
the association at its next meeting 4
he
the people. lie favored state banks Of
issue. ana thought the committee should
embrace a majority who Werc IN favor
OF state banks
Major Scott moved the appointment of
n special committee for the purpose ne
had outlined.
Mr.. HARDY opposed the motion on the
ground that the old State-banNuS sya-
TEN was not a sound one.
Major Scott contended that it was. and
gave some interesting facts regarding the
old state banks and their operations.
Incidentally Major Scott pad hiSh COM
pl,mcnt 20 the ability and integrity of
the Virginia Legislature.
JUDGE CHRISTIANS VIEWS.
Judge Christian said be- had listened
10 the discussion between Major scott
and Mr.. Hardy with great deal Of IN
terost lie thought il the issue OF all
the banks was (Nutipll Z ~ "a - -l'I ~
law that would meet the necessities O!
The people lie believed that something
after tho principle Of the Canadian bank
Ing law was what was wanted. ~
favored Major SCOTS motion. but did
not think the question should be con-
sdored by "a packed committee. but by
the best committee that could be secured
from the association
Major Scott said he had no objection
10 accepting Judge Christians suggestion.
Judge Christian read tho t,l Mr.. Hardy
had stated would he presented h the
American Bankers Association.
Major SCOTS motion, ass amended by
the suggestion OF Judge Christian. being
adopted. the Chair appointed the follow
ing committee under Major SCOTS motion.
+. X. Scott Caldwell Hardy, George l..
Christian. W H. Palmer. g. VI. Black
ford. \. \. Phlegdr. and -. l.. Terry.
Major Scott announced that the Amerl-
can Bankers Association would meet in
This city next year.
The usual resolution % thanks for cour-
tesies was passed. and the convention a1-
Journed sine Gle.