The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-10-18

ATLANTA. Ca. Oct. T.-Edward
Atkinson, of Boston, delivered an ad-
dress before the Bankers association
today, advocating the issuance Of $780,
100000 bonds by the government to re-
deem and retire the outstanding notes
o. 1890
The indirect references to President
Cleveland in Atkinson's speech were
loudly applauded The convention
adopted a resolution offered by H.
Rawhan. Of Philadelphia. that a COM
mittee of eleven Of each section of the
country be appointed by the Bankers
association to confer with the secretary
of the treasury with reference to CO.
operation of the banks in maintaining
the national credit.
AtI<inson's Idcas.
Mr.. Atkinson said in part:
The suggestion of a general kind
for the appointment of a committee or
commission to cooperate with the
executive department of the govern
1ent may be rightly supplemented by
some further practical suggestions for
attaining the purpose aimed at"
After outlining what constitutes our
present money system he submitted
the following as a remedy for existing
financial ills:
''First-The government might sell
Understanding bonds to such an ex-
tent for gold as to increase the gold
reserve mp to the point when the con-
3dence of the community in absolute
redemption in gold coin will be re-
Vlved; but no living man can deter
mine what that reserve of gold must
be-
The Way Out.
''Second-The true way out is
simple and ready one. The treasury
may provide itself with gold by the
sale Of bonds, so as to enable il, in CO.
operation with the national banks, to
meet any possible demand of the peo-
PIE for the redemption of the gov
ernment notes as fast as they are pre-
sented. In that event. if the volume
of paper money is redundant, it will
be reduced by redemption; if it is not
redundant it will continue in circu-
latiou.
There may be no present question
about the lawful power Of the secre-
tary Of the treasury to issue the legal
tender notes of 1928 under the pro-
visions of the act which has converted
them into permanent loan, until fur
Their action of Congress. There is,
however, very grave doubt of the
lawful power of the secretary of the
treasury to reissue the treasury
notes of 1890, which have been paid
in coin.
There is no question about its being
his duty to cancel and destroy all the
notes of this issue which are paid in
silver dollars. There is a clause in the
Sherman act which provides that the
amount Of silver bullion at its cost and
the dollars coined fherefrom under this
act shall always be no more and no
less than the amount of notes out
standing under the act. It has some
times been held that under this pro-
vision 1t might be the duty of the sec
rotary Of the treasury to reissue the
notes which are not paid in silver not
understanding the fact that it is left
entirely to the discretion of the secre-
tary TO pay these notes either in gold
or silver according to his judgment II
is urged that If these treasury notes
are paid IN gold and are not reissued.
Inc amount of silver in the treasury
at ITS cost and the dollars coined there
from viii exceed the amount of the
notes outstanding which were issued
under this act. What, then, shall the
secretary do with this silver? What
VAL congress do with it? Who can
tell? on
Cooperation of Banks.
F'The way in which the banks NAV
now cooperate with the treasury so as
90 instantly remove ali cause of dis
trust and discredit would be for a
combination of the national and state
banks TO offer to purchase such anonnt
OF the 4 per cent. thirty-year bonds as
would suffice to withdraw all the treas
ury notes Of 1890 which are now in cir
culatIon- Less than 0,0O0. 900 bonds
would be required to cover all the ont.
standing notes of 1890.
lege but the duty Of the national banlxe
TO place all their gold at the command
or the treasury, in other words, the
treasury is but one Of the nafiona'
banks of issue and being that of largest
issue, upon its absolute solvencv AND
power to meet every demand for
prompt redemption rests, not only its
own credit, but that Of all the nationa.
banks alike If the banks cannon
trust the treasury what is their owr
credit worth ?''
Mr.. Atkinson closed by expressing The
hope that committee representing
this association viii be appointed IL
cooperate with the government by
which committee several pronosi+ions
made should be carefully considered.
Mr.. William p. st. John, of New
York, addressed the convention ir
favor of free coinage of silver. He was
listened to respectfully, but without
enthusiasm, the delegates being almosy
unit in opposition TO the policy.
Eugene H. Pullen was nominated fo1
. president and elected by acelamati ton
ard Robert J Lowrey, of Alta nta. wa.
made vice-president. The convention
then adjourned sine die and this after
noon the delegates were entertained a
genuine Georgia barbecue.
CAR0LINA's CONVENTION.
COLUMBIA. 6. c.. Oct. 1.-THE SOS