New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-16
BANKERS IN CONFERENCE.
THE AMERICAN ASSOCIATION MEETS IN
ATLANTA.
ADDRESSES BY PRESIDENT oDELI. EX-GovER-
NOR MERRIAM or MINNESOTA. AND

NOR MERRIAM or MINNESOTA. AND
WILLIAM H. RHAwN.
/ Atlanta. Ga Oct I5.-The American Bankers
Association. holding its twenty-nrst annual SEES
sion. met in the Grand Opera House this morning
n ~ O'clock The auditorium was filled with the
members O: the association. while the Executive
Council occupied seats the stage. The women
who accompanied the delegates occupied the boxes
At 1870 o'clock the president. John p 0deii' OF
Chicago. formally opened the conVehAoh ana
prayer offered by the Rev. f.. H. Barnett Of
the First Presbyterian Church Of this city. Mayor
King. IN welcoming the association, spoke OF At
lanta's appreciation OF the honor conferred on her
by the selection Of this city the place for the
convention. on account Of the illness OF Governor
Atkinson who was expected to welcome the bank
Georgia, Mayor King also performed the
duty. G. Gunby Jordan president OF the Bankers
Association. welcomed the association on behalf OF
the Georgia association.
PRESIDENT ODELLs ADDRESS.
President Odell then delivered his annual ad-
dress In part follows:
year ago, at your convention In Baltimore.
a plan for the reformation of our National cur
tency system adopted and while the recon-
mendatiOns of the association did not meet with uni
versal approval the action OF the convention gave
rise to a most extensive agitation OF the currency
deal OF valuable discussion followed The effort Of
the association deal with this subject has not been
thus Initiated will continue until the Government
shall abandon the issuance OF notes. and more
perfect currency system shall be adopted The evils
OF our present system were never more apparent
than to-day.
country has passed through experience that Will
soon be forgotten. Following season OF uni
fronted by National Treasury forced almost TO the
very edge of bankruptcy, and was saved from this
and courageous President. For weeks uncertainty
and confusion prevailed and were not aayed until
La Of hnn he
ment recovered its gold reserve That this expedient
offered but temporary relief we have mad ample
evidence and the signs not wanting to indicate
that we have yet more trouble in store, unless We
shall depart entirely from the maken w anS
a scientific monetary system, based upon a stand
ard which has received the Endorsement OF the most
telgent and energetic people OF the United states
Will develop and utilize TO an extent pey9nu ,ne
sources which Nature has with such generosity be-
P0r f h T naon t Of the earth the
in material prosperity and moral worth wnicn WIZ
sciences and in the daily life Of our people. To-day
1t not for our uncertain currency system, Te
might we'll congratulate ourselves upon the condi-
ton Of affairs
The next half-hour was devoted to routine busi-
ness. several reports being read and adopted
WHAT EX-GOVERNOR MERRIAM SAID.
Ex-Governor William r. Merriam. president Of the
Merchants National Bank OF St. Paul Mimi, de-
livered an address The Currency OF the Twen-
tieth Century" speaking in part as follows
think 1t can be assumed that in the future We
are to have some kind Of paper currency Dassn
upon the credit of the institution emitting H. Inc
problem then before JUS Is to evolve plan that
will first OF all be adapted to the conditions which
with the Approval Of the w-making power It
must be remembered that there exists IN many parts
of the country an unreasonable prejudice against
banks in general and National banks in particular
and the Legislature will look askance at any scheme
eges TO banks So In considering any system lor
furnishing currency. this fact must be borne IN
mind. Any banking plan providing Tor CIR
culatlng notes must be National in It's character
The very condition Of the trade of the country
wsnd fe to a5 and West Heh and South
have bound us so closely ana trade between m ~
bank currency would simply clog the channels
the greatest confusion. do not believe we shah
return to State issues Of currency ,
The conditions absolutely essential to the further
ance OF any proposal for the issuance Of paper
money are: First-It must be safe and properly se-
cured second-It must be redeemable IN gold or IL
equivalent either at the place OF Issuance or az me
great financial centres Of the country: Thlrd-lt
sSes Fourhf should be Sufficiently elastic in its
character to accommodate itself 10 the varying con-
t trs ,n ~ the active movements when the
products Of the soil being transported from
and returning in a natural way. and retiring when
It's duties have been fulfilled
He then outlined system by which 10 per cent
Of the stock OF National banks should be invested
urer and currency to the amount or the remaining
so per cent be issued each bank TO contribute .
per OF It's capal SAFETY fund In the Treas
vrers hands.
At the close of Mr.. Merriams address Mr.. St.
John of New-York City. asked for the privilege
OF replying % his arguments. This granted,
and Mr. St John will speak IN behalf OF free
coinage on Thursday.
REMARKS OF W. II. RHAWN.
William H. Rhawn. president of the National
Bank of the Republic Philadelphia, read paper on
the utilization Of Lawful Money Reserves Through
Bank Clearing Houses in Relieving Money Strin-
gencies and Preventing Panics" He said in part:
Throughout all this increasing stringency, finally
running into panic and disaster, the banks have been
struggling comply with the law by holding on 10
H. cir reserves far possible for them TO do So
condition that fully warrants Mr.. Carlisle In hi-
structures upon "a reserve that cannot be utilized
even at a time OF the greatest stringency and dis
trust" but does to justify his remedy OF
repeating the law requiring the reserve, and thus
leaving each bank to the prudence OF It's officers as
TO the amount OF reserve IL may keep IL is believed
that a better way is to retain the law requiring
fixed reserves, with such amendment as Will permit
their utilization in emergencies TO an extent that
would check stringencies and panics I'm their
incpiency. Four times in the history OF the Ma
tonal banking system resort has been had 10 the
strngency and panic. and I'm each with the
effect of relief and restoring confidence The emer
gencies becoming frequent. and the issue OF
these certificates is not provided for by law
My chief object in this paper is not to suggest any
change I'm the law relating 70 banknote circulation.
but 10 demonstrate the wisdom of such amendment
will authorize and permit fuller and freer
the entire of currency held by the banks as
exgencies may from time 70 time demand that
may thus better guard against violent and pro-
tracted stringences and panics
The convention then adjourned until 10 o'clock to-
morrow morning.