The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-06-13

at SnVannah-AbIe Papers Read
and Interesting Addresses Made.
Brunswick. Ca. June l2.-The conven-
tiou Of the Georgia bankers assembled in
the C.ylethorpe hotel parlors this morn
ing. with President Neal presiding and
large number in attendance.
After the opening prayer, Col. w L.
Kay delivered an eloquent and beautifully
worded address OF welcome. which was
appropriately responded to by l.. c. Hayne
of Augusta.
President Neal then delivered his an
nual address. which brought forth the
unanimous thanks Of the convention. The
report of the executive and legislative
committee reviewed the work done in
having laws passed for protection. anu
was well received, as was the reports of
the secretary and treasurer.
Able papers were also read by John II.
Reynolds of Rome and II. w. Weed OF
Brunswick The addresses Of c. Gunby
Jordan of Columbus and J. w. Cabaniss
of Macon on state banks were somewhat
similar. They were in favor of state
banks, and suggested the following method
for placing and keeping them in operation.
Repeal the 10 per cent. tax on the issue of
state banks and enact such laws govern
ing them as will make them safe all over
the country, laws that will make the issue
elastic and responsible TO the business de-
mands of the country. The legal provis-
ions advised to control the issue are that
notes should not be over 80 per cent. Of
Flaa auNa al ST. ant ia nv
treme cases of depression, when an addi-
tional issue of % per cent. should be al
lowed, to be withdrawn from circulation
when the emergency has passed. The Sc
curity should be a lien on all the bank
assets, double liability Of stockholders ana
each bank required to keep on hand Tor
redemption of its bills 25 per cent. of it's
circulation in gold; a regular examiner
should be appointed by the state TO visit
each bank four or five times yearly; tax
of 1 per cent per annum should be col
lected and deposited with the state as a
fund for the redemption of bills OF failed
banks. with a currency thus guarded ana
restricted, and each bank having re-
serve agent in one of the great New York
or other financial centers to re-
deem its bills, the currency
would be safe and good without
discount in any part Of the country Inc
above and below given extracts are ttom
resolutions referred 70 the committee 70
report on tomorrow, but they are the
sentiments Of the convention.
]. S Davis of Albany offered the follow
ing resolution:
Third. that we favor the use OF both
gold and silver as money, provided the
parity of the dollars OF both metals 'an
be maintained at equal and interchangea-
bic value, enther by international agree
ment or by statutory enactment.
would he I'M
possible and suicidal for this government
alone to undertake the unlimited coin
age Of silver at a ratio of 16 to /.
Fifth, that we are opposed to the issue
of any form OF money either by federal
or state authority, the redemption OF
which Is not made absolutely safe by stat
utory provisions.
A resolution was offered by r.. +. Bur
dell of Savannah citing the need OF an
assistant United States treasurer in this
section and calling upon all the members
to unite i'm having one located at Savan-
nah. This will also be acted on to-mor-
row.
Whereas, The rapid development during
the past ten years of the agricultural and
manufacturing interests of our section OF
the south has imposed. and is continu-
ing to impose, a heavy burden of expense
ON the banks in our chief money centers
to furnish the requisite currency and small
change in its various denominations to
meet the necessities Of harvesting our
crops. our factory and other pay rolls,
etc. and
whereas. The large number of banks
organized during the same period through
out the south are enabled to get their
supplies of silver from the treasury de-
partment free of cost, but have no out
let for the same, without suffering heavy
expense in express charges, and,
Whereas, It is self-evident that this de-
lay and expense falls eventually on the
producers of our exports and thus does
us an injustice, by comparisons with other
sections of our country, and,
Whereas, We believe 1t is the policy Of
our treasury department to furnish every
facility for easy distribution of funds
throughout the country, affording all adj
vantages in its power to every section,
without prejudice or loss to any; and,
Whereas, There is no Assistant Treas
urer's office between Baltimore, on the
north, New Orleans, on the south and
Cincinnati and st. Louis, on the west, and
the section Of country embraced by these
boundaries is daily increasing In impor-
tance and attracting large investments of
capital, which should be afforded every
facility at the least expense; and,
Whereas, The city Of Savannah is on the
only Reserve city" the natural distri-
buting point, and the chief financial city
in this section. as evidenced by its clear
ing house reports, and other statistics;
therefore,
Be it resolved, That the Georgia
Bankers Association prays the honorable
members of the Senate and House, from
the state of Georgia, to lend their hearty
aid and cooperation to the Hon Rufus
10. Lester of the First district. in present
ing before the next congress a suitable
bill TO establish an office of an assistant
treasurer Of the United States at Savan-
nah, Ga, and
Resolved further. That the members
of this association be and are hereby
urged to wait upon the representatives
from their several districts and inform
them of the necessities of the case, urg-
ing them TO do all In their power to as
sist the cause
Resolved further, That the secretary
be requested to furnish copies Of these
resolutions to the Hon. Secretary of the
Treasury, and to all the members of both
houses from Georgia.
The convention then adjourned until to-
morrow and took ride around Bruns-
wick.