The times. [volume] (Richmond, Va.) 1890-1903, 1897-12-16
A SOUND, ELASTIC CURRENCY
Is Asked For By the Southern Bauker'
Convention 10 Supply a Great Need.
Mr.. CARR'S PLEA FOR STATE BANKS
10 Endeasor To Secure tho Passage Of
Laws. Upon tho Lines Suggested 10y
the Convention Federal super
vision Asked for Banks OF Issue.



Bankers Convention met hero to-day at
the call OF the Clearing House Associa-
ton, TO consider currency reform. and
reconmend measures which will give
an elastic currency and to take the Gov
ernment out OF the banking business
The session was opened by George n.
DeSaussure, vice-president OF the Ex-
change Bank. OF this city. who inaugu-
rated the movement. John A. Davis. OF
Albany. Ga, was elected president and
Darwin G. Jones. manager OF the Atlanta
Clearing House. secretary. l.. l.. Hill
year, Macon banker. was chosen as
sistant secretary.
Mr.. DeSaussure welcomed the conven-
ton, and spoke OF the need OF legislation
from which would grow sound and elas-
tic currency, and invoked spirit OF nom
sectional patriotism in its consideration.
President Davis declared himself I'm
full sympathy with the movement for an
elastic currency. but said that the stand
ard must be that OF all nations.
HOKB SMITH.
Hon. Hoke Smith. I'm his address OF
welcome dwelt upon the resources OF the
South needing currency for their develop
ment. He urged that coin alone was sum
oient for any prosperous country. and
that the provisions in this country for
paper money were war measures, now
entirely inefficient
lie advocated the retirement OF green
backs and Treasury notes, and the sub
sttuion OF banks OF issue under Federal
control lie urged that the percentage
OF charge on the issue should Increase
q n
thereby making currency with elias
ucity sufficient 10 meet automatically IN,
needs OF trade. He insisted that thl
Government regulations should apply a
well to State as TO national banks.
william w Dodsworth. editor OF Tn
New York Journal OF Commerce. con
demned the National Banking system q,
inelastic end unsuited to the needs OF the
country ana declared the ereenbacks 4
curse which vit!ates the system. lis
favored authorizing State and national
banks to issue bills TO 20 Per cent OF
their capital secured by first lIei
upon their rerourccs and the double liza
bility OF stockholders under Federal SUI
nervision and redeemable at such CEN
tres as will make them pass all over tho
country. He declares tho country need
ed a safe and elastic currency ond tht
could be supplied through the issue Of
such banks.
The convention adopted by unanimous
vote the following resolution;
FOURTEEN SUGGESTIONS.
Whereas. we believe that the time hal
come for Southern bankers to success.
fully demand better banking facilities
from the Congress OF the United States.
We, therefore, the bankers OF the South
IN convention assembled. hereby suggest
reformation I'm our banking and currency
laws as Will:
"second-Take the government out OF
the banking business.
'Thrd-Avoid the dapgcr and expense
always attendant upon tho government
issues by the retirement and cancellation
OF the greenbacks and the treasury notes
of 1850 (by the 81 tstitution OF bank notes).
Fourth Demonstrate 10 the world that
the credit OF the United States Is as
high "a that Of any other nation.
"Fifth-Demonstrate that our measures
OF value, being definitely determined and
permanently established. hundreds OF mil
lions OF dollars from abroad and at home
will seek investment here.
"Slxth-Keep every dollar OF our cur
rency good enough to pass current In
every land.
"Seventh-Tncrease tho amount OF gold
and silver In circulation among our peo-
pie.
SMALL. TOWNS.
"Eighth-Give smaller towns the ad'
vantage OF better banking facilities so
that every honest man Will have meted
out to him the credit he is entitled 90.
"Nnth-Give producers Of every KIND
I'm every section ample currency at rea-
nd
hold their crops or manufactures until
they desire 70 dispose OF them.
"Tenth-Glvo lower and equallzed rates
OF interest throughout the United states.
Observation-Disclosures our eight different
kinds OF money TO only two. viz: specie
and bank notes.
"Twolfth-~Protect noteholders and de-
positors under just and equitable law
and supervision.
"Thirteenth-Mak all banks equal un-
der any law OF the United States prov'd-
ing for banks OF issue.
"Fourteenth-Prevcnt bank panics and
currency famines.
Resolved. I, That II Is the sense OF
this convention that business men or
every state should come together In a
spirit OF harmony and agree upon such
a financial and banking system as will
bring prosperity and happiness to the
nation.
"2. That we believe this can be ac-
compished by allowing banks with cap
ital OF t25 900 and over 10 issue notes. 70
circulate as money on commercial assets
FEDERAL SUPERVISION.
"3. That our Senators and representa-
tivcs be required 10 use their best EFFORTS
to have the present Congress actively
taka nm the ouesff0n Of batter banking
facilities and 10 urge the adoption OF such
OF issue as will include all solvent banks
State or national. under wise and Just
Federal administration and supervision.
-. That under any laws OF the United
States permitting state or national banks
20 Issue notes 10 circulate as money based
upon commercial assets. the banks should
be required 10 aid the Government In the
retirement OF the greenbacks and Sher-
man notes in such manner as may be
practical and 10 the best interests OF the
people and the goyernment
"Fifth-That the Bankers Association
OF each OF the Southern States be re-
quIred 20 appoint a delegate os one 70 go
10 Washington and aid In securing Fed
eral legislation upon the line Indicated IN
the foregoing resolutions.
"Slxth-That the chairman OF this con.
vention appoint an executive COMMITTEES
10 be composed Of one banker from each
OF the Southern States. which committees
shall be charged with 'he duty;
"FIrst-Urging legislation by the state
Bankers Association at once as directe<
in resolution No ;.
''Second-Carrying out the purposes OF
this convention IA expressed In the reso-'