The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1895-10-16
The BANKERS CONVENTION
New Scheme for the Relief of
the Treasury.
Fifty Per Cent. of the Banks Capital tn
DO invested In Treasury Notes and De-
posited-sixty Per Cent, Minus a Five
Per Cent Safety Fund, to be Delivered
to the Bank for Issuance,

ATLANTA, Ga, Oct. 15.-The Ameri-
can Bankers Association began its seq
sion In the Grand Opers House this
morning at 10 O'Clock with an unusually
large attendance OF delegates and a
liberal sprinkling of visitors and on
lockers. The association was welcomed
to the city by Mayor Porter King, and
to the State by Hon. G. Gunby Jordan
president Of the State Bankers Asso-
citation in brief addresses. To these
words OF welcome President John j. p.
o'Dell responded in behalf of the visit
Ing bankers and delivered his annual
address. The report of the executive
councit was then read by e. Ii. Pullen.
chairman, and the treasurer's report
was read and accepted.
President j. j. p. O'Dall. in tho
course Of his annual address. said. VA
year ago at your convention in Balti-
more plan for the reformation of our
national currency system was adopted,
and, while the recommendations OF the
association did not meet with universal
approval, the action gave rise to most
extensive agitation of the currencv
question. both IN and out OF Conpress
and O great deal of valuable discussion
followed
The effort of the association to deal
with this subject has not been fruitless.
ana 1t Is to be- hoped that the agitation
thus Initiated will continue until the
government shall abandon the issu.
ancs OF notes and more perfect our-
rency system shall be adopted. The
evils OF our present system were never
more apparent than to-day. During
the period since we last met together
our country has passed through an ex-
perlence that will not 500 u be forgotten.
Following season Of universal liouida-
ton and distress the country wac con-
fronted by national treasury forced
almost to the verge OF bankruptcy, and
by the sale OF large amount OF bonds
the Government recovered it's gold re-
serve. That this eXpedient offered but
temporary relief we have had ample
evidence, and the signs are not wanting
to indicate that we have vet more trou..
bic In store unless we shall depart
entirely from the present makeshift
ana pernicious systom OF governmental
note issues"
x'Governor Merriam, Of Minnesota,
read paper entitled The Currency for
the Twentieth Century," in which he
outlined currency scheme. His sup-
gestion was that, say forty per cent. of
the capital OF national bank be in
vested in United States bonds, and cir
cuiation be issued against the same, the
ollls remaining in the hands OF the
treasurer, and currency to an amount
equal 10 the remaining sixty per cent.
OF the capital stock be delivered to tina
bank for issuance when desired.
before the unsecured currency Is for
warded, however, each bank should paw
TO the treasurer sum equal to five per
cent. OF Its capital stock, as thank orr
culation safety fund" upon which money
the government shall allow interest at
the rate OF three per cent. per annum.
The government, in case tho assets of
insolVent banks be insufficient to reim-
burse 1t for the circulating notes OF de-
faulting institutions, may assess each
bank in the system pro rata, to an
amount sufficient to fully indemnify it
for any losses incurred, but in any one
year no institution shall be assessed
more than ono per cent. of the average
circulation for the previous year.
Inasmuch as there are likely to be at
least four thousand banks organized
under any national law, the treasurer
might act as redeeming agent for all tho
banks, and each bank should, at all
times, keep with the treasurer five per
cent. CT its capital stock as a redemp.
ton fund, which fund should be in eold
coin, and held in trust for the specific
purpose intended As fast as notes are
redeemed the bank should at once remit
sum that would repair any deficiency
made by redemption and new notes be
forwarded.
The government would receive sew
eral millions OF dollars per annum into
It's Golfers to aid in paying ite bills as a
return for the privilege granted the
banks. In addition. the interest on one
hundred millions of gold now main
tanned in idleness would be saved and
the gold put into active use instead OF
being out OF the channt Is Of trade, there
being no further use for gold re-
serve" The bulk OF the greenbacks"
and Sherman notes would DO absorbed
as basis for currency or ss a reserve
against deposits in banks. That all
the parts OF the country might have the
ADVANTAGE OF national system, banks
should be permitted to Organise with a
capital OF S25, 900 or even less, thus en-
nourag!nR State banks to abandon their
present charters.
THE United States Governments re-
IA