Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-09-23
AMERICAN BANKERS.
THE ANNUAL MEETING OF THEIR
ASSOCIATION.
DECLARATION As TO MONEY.
The Great Issue Now Before the
People of This Country-sccret"ry
ur,,cb Ucporfs n Larger Mcmbcr-
ship Than Usual.


American Bankers Association was cali
cd TO order in the olympic Theatre
Al 1885 o'clock this morning. by Picsl-
dent T.. H. Pullcn. of The National Bank
OF the Republic. New York, About q"
delegates are in attendance. represent
ing nearly all OF the principal banking
institutions IN the Middle and Eastern
States. The South and West have but
few representatives present.
Right Rev. Daniel $ futile, OF the
Episcopal Diocese OF Missouri, invoked
the Divine blessing upon the proceedings
OF the convention. and was followed by
Mayor Walbridge in am address OF wei
come. which met with hearty applause
Mr. ". H.. Thomson. president OF Inc
Bank OF Commerce and Of the ~. Lou'S
CLEARINGHOUSE. welcomed the delegates
ON bebalf of the latter institution MI
pnr., mon re3d his annual address.
In the course Of his address fres'u'h'
pulen. referring TO the money question:
said .,,,-,,.,i,.
"Tbe issue to-day IS not exclusively
honest money. but the very existence OF
Government ana the Preservation OF NV
life and liberty are ot stake. NI",ts
three per cent Of the business Oh ,i''
country is transacted by checks ana o'n'I
negotiable instruments. Eliminate Dhil"''s
facilities. national banks. ana 'heF cl'-
culetion and substitute dishonest money
as the vehicle OF trade, ana Hli''i''''
chaos would speedily result.
,rfanv sincerely believe 1t IS true-ano
,tt,, ais Ills true-that the free and uh-
limited coinage of silver at tho rallo
~ ie 10 1. and the payment OF cNistins
ALLEGATIONS. public and personal. In that
metal would Doe for the highest good OF
Tho country. We respect their sincerity
in honestly advocating dishonesty but re-
crct their hallucination on the SUBJECT
and are surprised 10 see them M such
disreputablc company. The question mas
finally been referred to the ballot-boX Tor
settlement
The report OF Treasurer Porter, OF the
Chase National Bank. Of New York,
showed a balance on hand September LIST
from dues OF S3.6lS and from the protec-
five account of 81. as. Total 81 Go.
Secretary James x. Branch OF New
York, read "a detailed report, in which he
said.
'"rhc close Of the year 1875 shows the
largest membership in the history Of this
association in 1889 the association had
SO members The records show that
during the last eight years the associa-
ton has had gross average annual loss
of 200 members. In the past year. how
ever. We have only lost a members
having gained JS OF the 10J who were
dropped from December lst according TO
Article VIII. OF the constitution. A large
proportion of the ~ lost members either
assigned or liquidated. The association
has gained GAG new members during the
past year. and the total membership Is
nearly 2lOO.'
Hon. Joseph G. Hendrix, president of
the National Union Bank, OF New York.
and chairman of the Executive Commit
tee. read the following declaration of
principles. as adopted by the EXecu-
tive Council:
DECLARATION OF PRINCIPLES.
"rhe American Bankers Association.
u its twenty annual convention
assembled. and representing every sec
ton OF the republic, hereby declares
that. I'm its opinion. the existing COM
mcrcal depression is Immediately due
TO The attacks which threaten TO over
throw the present gold standard Of value.
and that We further believe that our fun
measure OF national prosperity Will not be
gained until the whole world under
stands that the dollar OF the United
States SIS ion cents worth Of gold. and
that the nation intends to keep it at that
value.
I'VE believe that an opportunity is
presented by the issue of this political
campaign TO give a lasting definition Of
the dollar ats a money unit TO perma-
ucntly settle the foundations Of credit
and 10 prevent the overturn of values.
and the far-reaching ruin and distress.
which "a descent 10 a silver basis would
involve
I'VE warn our countrymen against the
rash proposition that this nation should
single handed attempt TO legislate silver
90 "a parity with gold al a fictitious ratio
we declare that the free coinage Of
silver means recommendation. with gold
go premium; an other forms Of our
currency at discount. and the value OF
Che dollar an uncertain quantity, de-
pending each day on the gold price Of
silver bullion, with corresponding fluctua-
lions in the value Of all kinds of property.
we believe that before the, minis
could begin 20 coin silver, every dollar OF
gold would disappear from circulation,
thus violently contracting our currency,
and that the value of the remaining
dollars would be the bullion value of the
silver in them. measured by the gold
standard of the chief money markets of
the world.
THE GOLD STANDARD.
eve denounce as utterly false the
claim that the gold standard is a device
OF bankers, creditors. and financiers.
They have no such power in human
sdalfs. and never had. The gold stand
ard l5 an odict Of commerce, translated
into Jaw. 10 was dictated 10y those who
conduct the commerce of the world,
rather than those who handle the
money OF the world. II is rooted In
preference lodged I'm the human breast.
a test Of the weight OF the two metals.
IN quantities Of equal value, shows how
and why traders decided IN favor OF the
money which they could carry with the
least burden. and use wherever they
might 90 90 the best advantage. Gold
commands AN values. because il is the
most stable in value. II was not legisla-
ted into the worlds finance until com
merce selected IL as gauge and 1t viii
not be legislated out OF use II the laws
are changed, We assert that mere
money changers have always found
more profit in "a huctuating Than IN "a
fixed currency. and that one source OF
revenue which those who thus handle
money always had when the currency
was not stable has been closed up in this
country by the influence OF the gold
standard. and that what they have lost
by such revenue has been gained by pro-
oucers and merchants. But bankers arc
not mere money changers; ,hey are the
trusted cust0dans Of the money Of the
world.
las bankers. We are debtors to the eN-
tent OF our deposits. We have received
these deposits In money as good as gold.