The Portland daily press., 1895-10-17
AMERICAN BANKERS
Gather in Geodly Numbers al
Atlanta
AT THE CONVENTION OF THE Ma
TIONAL ASSOCIATION.

1t Is an Interesting and Quite sn o1atorl-
| cal Gathering-Hon. Edward Atkin-
| sons Paper-Irteresting Reports OF the
Proceedings.
| Atlanta, Ca, October 16.-At today's
session Of the.American Bankers Asso-
citation, the first order OF business was
| the report of therrexecutive council, pro-
posing important changes in the constl-
| tuition
| The most radical change was the admis-
sion of delegates from each state conyen-
tion on the basis Eof one delegate to
every 50 members. This brings the state
associations into closer touch with the
national organization. The scale OF dues
was agreed upon from $5 to $50, accord
ing to the capital stock of the banks re-
presented, instead of the smaller dues
heretofore paid. This amendment is to
meet the increased expenses of proscut-
ing criminals The amendments were
all adopted by the convention.
A paper was read by Judge George N.
Adrich of Dallas, Texas, and James L.
Howestein of Washington, D. C., the faith
or of the association, read paper.
| Edward Atkinson, Phi. D., LII. D., OF
Boston, read a paper upon practical sug-
gestions for a reform of the monetary sys-
tenn. The document was in the nature OF
a suggestion for the appointment CT a
| Committee or Commission. to cooperate
| with the Executive Department OF the
Government, supplemented by practical
| hints for attaining the objects aimed at.
The speaker said:
II need not say that unless some way
| is found under existing laws for the
withdrawal by. the Government of whatever
excess of legal-tender notes that are now
| in forced circulation, or unless congress
| shall enact laws to that end ii present.
laws will not permit the Secretary TO
act all our efforts to reform our none
tary system will fail. In that event there
can be no such cooperation between the
| banks and the Treasury as hope Tor,
and each class of money corporations
must protect itself until through recurr-
| ing panics and financial crises public
opinion is brought to the point OF COM
| pelling Congress to act.
He thought existing laws were ade-
ouate, and that as one panic has sutf1ced,
public opinion will sustain effective
action.
nThe true way out is q simple and
ready one," he concluded 1.-THE Treasury
may provide itself with gold by the sale.
of bonds, SO as to enable 1T in co-opera-
tion with the National Banks to meet any
possible demand of the people for the re-
demption of Government notes as fast as
! they are presented. In that event, if the
volume of paper money is redundant, 1t
will be reduced by redemptioni II it is
not redundant it will continue in c1rcu-
lation. Three sales of bonds have been
made with this in view, but the first two
sales did not accomplish the purpose be-
cause the notes redeemed on the one hand
were paid out on the other, to meet the
deficiency in the public revenue: The
third sale has partially accomplished its
purpose, but not adeq uately. The reve-
nue. now being equal to the expenditures,
| notes which are presented for payment IN
coin are not and cannot be reissued, even
| if they are not cancelled. They are and
| must be put aside subject to future can
collation. whenever authority thereto shall
| be given by Congress. A beginning has
therefore been made in the only adequate
and permanent method of removing our
present evil monetary system by redeem
| ing the excess of Government notes With
out reissue"
| 81 hold that it is not only the privilege
but the duty of the National Banks to
place all their gold at the command OF
the Treasury in other words, the Treas
ury is but one Of the National Banks Oh
issue, and being the bank of largest ISSUE
upon it's absolute solyency and power TO
meet every demand for prompt rodemp--
tion rests not only on it's own credit but
| that of all the National Banks alike. Ii
the banks cannot trust the Treasury,
what is their own credit worth? IL they
do not pool their gold with the gold IN
the Treasury SO as to protect the Natlon s
credit and disaster ensues, what are their
securities worth and what would their
own loss be? Their interests are lnsepa-
rable and it seems to me that National
Bank officers who do not recognize this
fact and act upon it are strangely blind
to their own duties to their own stock.
holders and to the public.
"It is time, in my Judgment, for some
one to say plainly, the National Banks
have not been free from blame in these
troubled times They now have the op-
portunity to justify their title OF Nation
al, and if they fail to meet it they should
be deprived of that uitle
"It is time that this ample reserve OF
gold should be so used as to sustain the
Treasury. In fact, the Withholding OF
this gold by banks is potent cause OIL
the distrust of the ability of the Treasury
to maintain gold payments
Mr.. William Hackett, Cashier OF the
Easton (Pa) National Bank, submitted
a plan for the creation of safe and elias
tic currency, for the withdrawal OF
United States legal tender notes from cir
culation, and the furnishing OF additional
security to the c1elitors OF national
banks. The scheme embraces a proposed
bill of twelve sections for the considera-
tion of Congress. The speaker explained
the provisions seriatim, and supported
them by argument, and answered oplec-
tions likely.to be made in advance.
Robert j. the Better Horse.