The daily morning journal and courier., 1895-01-04
AN IMPROVEMENT NEEDED.
LEIGHTON TELLS RHAT IS NECES-
 SARK IN THE BANKING SYSTEM.

u
 Would be Worthy of An Inquiry.
 Boston, Dec. S.-The annual reception
 and banquet of the Boston Merchants
 association, always the most elaborate
 of the dinner feasts for which Boston is
 notable, was held this evening at Hotel
 Vendome, and was unusually remark
 able because of the ability and stand
 ing of the invited guests, and the fact
 that the meeting was designed to fur
 nish an opening of discussion of "The
 Currency and Banking System of the
 United States" which discussion is ex-
 pected to be continued by similar meet
 ings in other cities. There were nearly 200 prominent gentlemen present. From to 6:90 reception was rendered the in-
 vited guests in the hotel parlors, dur ing which many of the gentlemen avail
 ed themselves of the opportunity of
 meeting those who were to address them later. At the close of the reception
 a procession was made to the dining haIl which had been elaborately deco rated with banners and streamers.
 At the guests table presided Hon. J. A. Lane. At his right sat Hon. A. B. Hepburn, president of the Third Ma
 tional bank of New York, Congressman T. c. Catchings of Mississippi, Hon. William Dodsworth, editor of the New York Journal of Commerce; Hon. John R. Lesson, Mayor Nathan Matthews, jr., of Boston, Prof. D. R. Dewey, of the commission on the unemployed, and Assistant United States Treasurer M. F. Kennard.
 On his left were George F. Leighton of the Commercial club of St. Louis, Con gressman J. w. Bolliver of Iowa, Lieu tenant Governor Walcott, Congressman elect w. E. Barrett, Collector Winslow Warren, Hon. A. E. Pillsbury and Hon. H. V. Poor.
 Among the other gentlemen were Hon. H. o. Sprague, General A. P. Mar tin, Oakes Ames, General c. s. Law renee, Hamilton A Hill, secretary of the National Board of Trade Hon. A. s. Aldrich, T. Jefferson Coolidge, jr., ex- minister to France; Congressman L. D. Apsley; Charles E. Adams, president of the State Board of Trade; x-Mayor Hart, George H. Connors of the New York and New Haven road, John Wales, John H. Holmes, president of the New England Associated Press General 0. H. Taylor, Hon. G. G. Crocker of the subway commission; President Lucius Futile of the Boston and Maine road. A. Shuman, John c. Paige, c. c. Jack son, J. B. Moors and Hon. Homer Rogers.
 During the reception and dinner the Germania orchestra discoursed national airs and the popular music of the day. After coffee and cigars had been served President Lane arose and introduced he subject of the evening He closed ty introducing Lieutenant Governor Palcott, who extended a hearty New England welcome to the guests Hon. A B. Hepburn spoke upon the cur rency system and the remedies pro- posed for existing endorsements. Mr. Hepburn was followed by Congress- man Catchings, who received a warm welcome, to which he happily replied | before beginning his discussion of the | evenings topic.
 Addresss were also made by Editor | Dodworth, Congressman Deliver and Hon. George E. Leighton. Mir. Leigh | ton in the course of his address took | the ground that a government com l mission to inquire into the subject was | 8 necessary preliminary to any sue cessful legislation on the subject of ar | improved currency and banking system | for the United States. MT. Leighton | preferred currency based upon a low interest-bearing bond, rather than one based upon assets The legal tender and the Sherman notes should be re- tired and the $100,000,0 900 gold reserve set free. If assets were to be made the basis of circulation at all MT. Leighton would insist that this be an elastic and temporary element only, | The large place occupied in western and southern commerce by the state banks made those institutions a com mercial necessity under the present system. A new national system should be more comprehensive and should provide for a full development of l zations is desired.
 In the course of his address, MT Leighton said: "To mention state banks in an eastern atmosphere is a good deal like waving a red flag You ku ow great deal about savings banks and trust companies, but you will eE- cuse me if I tell you that you in the east, since the national system has been established, know very little prac- tically about the state bank of deposit and discount, the strictly commercial bank as 1t exists in the west and south It is not the mushroom growth it is so ofter styled. It is perfectly natural and healthy growth in the western and southern states, in no sense hostile to the national system, but supplementing it and designed to meet commercial conditions which the national banking system does nor { meet at all. I do not hesitate to say that it will show record on the whole for conservatism, wise management { and safety, not materially different