The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-11-29
BANKERS IN SESSION
Second Annual Meeting Of the Virginia State
Association Yesterday.
PAPER CURRENCY ABLY DISCUSSED.

/
PAPER CURRENCY ABLY DISCUSSED.
MIR. II. II. Tunstall Entcrtains the Az
socintion With " Talk or This Sub.
Jcct-A Visit TO Newport News Ira
tile Afternoon md IL Reception at
Night ut the virginia Club.
The second annual convention of the
Virginia Bankers Convention met in
the amusement hall of the Y. NJ. c. A.
yesterday ut ~ o'clock, about fifty
prominent bankers being present. Mr..
Ii. S. Trout. of Roanoke, president OF
the association, occupied the chair.
After prayer by Rev. Beverly ID.
Tucker, d: D., OF ST. Pauls Church.
Capt. w. II. White delivered the ad-
portance OF banking system, and well
coined to Norfolk the representatives
OF the banks of Virginia. He. suggest
cd that the association while here need
have III mind days Of grace that the
only curse the members will have in
iiicted upon them here will be that
which was referred to by Dickens when
on his visit to this section-hsh and
President Trot replied In well-chos-
on speech. bespcaking for Norfolk u
great treat.
The presidents report was then read,
that official feeling that there has been
a dawn OF prosperity and that rcuc-
ton has set III In favor of q sound
currency. What is wanted he says is
dollar that will be worth It's face
value In all of the markets OF the
world. He noted good condition OF
the banking system In Virginia.
After the reading of the sccretnry's
report MIR. II. b. Tunstall. OF Norfolk
was introduced, and delivered an ad-
dress on Paper Currency" He illus
trated his remarks with n series OF
paper notes, representing the present
paper currency of the country. lie cx-
pressed the opin'Sl that as long as the
| outstanding. so long will we have in
stability and cries. He thought II was
not the province of tho Government to
go into the banking business. us II does
! in issuing It's notes or promises to pay.
! We cannot. he suggested, say that the
| Government VIII at all times be In posi-
| ton to redeem it's notes. He criticised
| causticnlly the Governments endless
chain OF Issuing and rcissuing notes.
| which he said deplctes the reserve
fund, and as consequence confidence
| is shaken. He would advise us u REM
edy for the situation, that the Govern
mcnt go out of the banking business
at once, and that sufficient bonds be
notes. The question of money. he said
should be made one OF business" and
not of politics." that we have had too
| much Of politics In 1t already. He
ala not believe that deposit OF securi,,
| ties fct' the circulation rrf National
! Bank notes lis necessary; that said
| notes can be circulated safely without
n deposit of securities with the Gov
| eminent He named IL number of bank
| ing systems that issued notes on -
assets. and u redemption fund for
failed" banks. Under the present
system In this country. he said, the
| assets of the national banks are tied
up uselcssly He predicted that II
change for the better In this particular
will surely come. MIR. Tunstalrs pero-
ration was striltingly fine, and at the
conclusion Of his address he was up-
plauurl.
Richmond, a vote OF thanks was extend
ed Nlr. Tunstall and the Secretary was
instructed to have the address pub
lishcd with the proceedings of the Con-
rcntion
On motion. II committees. with Judge
Christian, of Richmond. as chairman,
was appointed to report suitable rcsolu-
ton of respect to the memory OF Frcsl-
dent Johnson. OF the Citizens Bank of
Richmond, deceased.
Convention endorsed the address made
by Mr.. Tunstall. and directed that n
copy OF 1t be sent to each of the Vir-
ginia members in Congress.
Thanks were extended the y. NJ. &.
a., the Virginia Club and the Merrima,
Club for courteSieS.
The President announced the follow
ing committee on nominations 6? OIL
GERS of the Association: Messrs. Quarles.
Of Richmond; Taylor. Of Norfolk: Oar
nall, of Roanoke: Fisliburn. OF Char
lottcsville, and Smeltz. of Newport
News.
Judge Christian after stating that the
Clearing House Association of Rich
mond had been discussing the question
OF a Saturday half holiday ava saying
that he favored it, moved that tlc
State Legislature be memorialiZed TO
enact 4 law on the subject.
Mr. c. Hardy seconded the motion.
and read IL number of letters received hy
the clerks OF the Norfolk National Rank
from banks in different cities which had
the law IN force, and III which the pl;tE
Is said to work with success
Col. Taylor, Of Norfolk. said that
while he favored more holidays. the
lack OF which was a curse to the Amer
lean people. yet he was MT in favor Of
the motion as II stood. He thought
that the patrons of the banks should
be regarded and this was II great iEno-
walton which this community would
disabprove of. The various Industries
of this section called for more hours
rather than shorter hours. lie was OPP
posed to the half holiday. but favored
more general holiday. f1r exnn.plp tbo