The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-09-23
BANKERS SEE RUIN IN BRYAN.
SAY FREE COINAGE OF SILVER
MEANS DEPRECATED MONEY.


ST. Louis, Sept. 22.-The twenty-second
annual convention of the American Bank
ers, Association was called to order in the
OLYMPIC theater this morning at 1875
o'clock by President E. H. Pullen Of the
National Bank of the Republic, New
York. About S75 delegates are in at
tendance, representing nearly all of the
principal banking institutions in the mid
die and eastern states. The south and
west have but few representatives pres
ent
Right Rev. Daniel s. Tuttle of the Epis-
copal diocese of Missouri invoked the di-
vine blessing upon the proceedings of the
convention. and was followed by Mayor
Walbridge in an address of welcome,
which met with hearty applause
W. H. Thompson, president of the Bank
of Commerce, and of the st. Louis clear
ing house welcomed the delegates on be-
half of the latter institution.
President Pullen then read his annual
address. In the course of his address,
President Pullen, referring to the money
question. said: "The issue to-day is not
exclusively honest money, but the very
existence of government and the preser-
walton of law, life and liberty are at stake.
Ninety-three per cent. of the business Of
this country is transacted by checks and
other negotiable instruments. Eliminate
banking facilities, national banks and
their circulation and substitute dishonest
money as the vehicle of trade, financial
chaos would speedily result. Many sim
cerely believe it is true and pity it's, It's
true. that the free and unlimited coinage
of silver at the ratio of 16 to l and the
payment of existing obligations, public
and personal, in that metal, would be for
the highest good of the country. We re-
spect their sincerity in honestly advocat-
ing dishonesty, but regret their hallucina-
ton on the subject and are surprised to
see them in such disreputable company.
The question has finally been referred to
the ballot box for settlement.
The report of Treasurer William H. Por
ter of the Chase National Bank of New
York showed a balance on hand of $3,61S
from dues and from the protective ac-
count $7,446. Total, S11OS5.
Secretary James S. Branch of New York
read a detailed report, in which he said:
THE close Of the year 1896 shows the larg-
est membership in the history Of this as
sociation. In 1889 this association had
1870 members The records show that dur
ing the last eight wears this association
has a gross average annual loss Of 200
members. In the past year. however, we
have only lost Al members, having regain
ed 50 of the 105 who were dropped from
the roll Dec. l, according to article l of
the constitution. A large proportion OF
the AZ lost members either assigned or
hqudated." The association has gained
LAS during the last year, and the total
membership Is nearly 2,10O.
Hon. Joseph c. Hendrix, president of the
National Union Bank of New York, and
chairman Of the executive committee read
pvrrf,,e 1,a
as adopted by the executive council: 1.-THE
American Bankers Associat tion in its
twenty-second annual convention assem-
bled and representing every section of the
republic, hereby declares that, in its opin-
ion, the existing commercial depression
is Immediately due to the attacks which
threaten to overthrow the present gold
standard of value, and that we further
DeheYe that our full measure of national
prosperity will not be gained until the
whole world understands that the dollar
oI the United States is one hundred cents
worth OF gold and that the nation intends
10 keep 1t at that value.
We believe that an opportunity is pre-
sented by the issue of this political cam
palsn to give lasting definition of the
uoIlar as a money unit, to permanently set
lie the foundation of an overturn of values
ana Iar-reaching ruin and distress which
descent to silver basis would involve.
we warn our countrymen against this
IaSh proposition that this nation should
sHgie-handed attempt to legislate silver
10 parity with gold at a fictitious ratio
we declare that the free coinage of
sHVer means monometallism, with gold at
premium, all other forms of our cur
Iency at a discount and the value of the
uoIiar an uncertain quantity. depending
edch day upon the gold price of silver bull
tIoh' with corresponding fluctuations in
'He value of all kinds of property
we pelleVe that before the mlnts could
pesln TO coin silver every dollar of gold
would disappear from circulation, thus
.lolehtly contracting our currency, and
l"at the value Of the remaining dollars
would be the bullion value Of the silver
tt mem, measured by the gold standard
Vi me chief money markets of the world.
81 we denounce as utterly false the claim
tutl the gold standard is a device of bank
l', creditors and fnanciers. They have
W WIo sucn power in human affairs and never
aa1. The gold standard is an edict of
SSG9.uInerce, translated into law. 1t was
uI'tated by those who conduct the com
,'1 OF the world rather than those
T." H"o handle the money Of the world. 1t
looJed IN preference lodged in the
human breast. A test OF the weight of the
~ metals in quantities of equal value,
S"oWs now and why traders decided In
0%ITy with the least burden and use
t%nereVer they might go to the best adyan-
- Gold commands all values, because
Is the most staple in value. 1t was
nrt Iegisltted into the worlds finance
on5H commerce selected 1t as a guage
o. iu II Will not be legislated out Of use
~ avs are changed. We assert that
So money changers have always
0aiIu eu more profit in n fluctuatng than in
r,,.1u .Neu currency, and that one source Of
Lue, which those who thus handle
'ney always had when the currency
ttt not stable, has been closed I'D in
s. tS country by the influence of the gold
H., Iuefd and that what they have lost
~, aucn revenue has been gained by pro-
1uJers and merchants.
,L Dut bankers are not mere money!
,tsi"users; they are trusted custodians Of
d1g ag money OF the world. As bankers, we are
I,,otors to the extent of our deposits. We
,,s received these deposits In money as
Goou as gold. We desire to return them
ln money of equal value It will be inn
i'oSalole for banks. life insurance compa-
Us mutual benefit orders building and
ioah associations to return to their cred
.ttors money equal IN value to that which
sney have received II our currency is de-
teclated TO the bullion value of the sill
fFI dollar "a ha N..es a..