Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-06-04

demption), or maintain greenba
other money based upon the'so' 3
ise of the government to pay o fe-
sentation in gold, which< < :; IS
specie reserve fund obtat$ 8 a sale
OF bonds. and the mains of that
fund requiring furthe of bonds,
such as we have had y e past three
years. whenever our revenues fall be-
low our expenditures. 1t is not, how
ever. likely, that the value of silver
will 20 below its present market price,
and is likely to react without any
stimulus as soon as the present period
of general depression is over. IT, in
addition. such law were enacted, the
probabilities are that the use of thirty
millions of silver as money each year,
a large portion of the production OF the
mines Of this country, would enhance
its value. and it should remain in the
neighborhood Of the maximum price
of CSC. per ounce, if it did not exceed
it. The later event is most likely to
occur"
The reading of the paper, which was
quite long. was listened to with close
attention. but there was no discussion,
a number Of gentlemen probably look
ing upon the topic as dangerous
ground. and likely to lead to politics.
Discussion of Judge Browns en-
quiry as TO renewal of notes, was then
taken up and carried on for long time
in conjunction with a related enquiry
upon the point of discounting notes Sc
cured by real estate. Upon the first
point Mr.. Freeman said it was his prac-
tice 10 renew anything that was good.
this largely for the reason that If pay
ment of a good note was enforced the
money might possibly be readvanced to
parties not quite so good Other gen
tlemen deprecated the endless renewal
of accommodation notes, while ii was
the general consensus of opinion that
strictly commercial paper should be
paid upon maturity. 1t was also agreed,
however. that there could be no hard
and fast rule. In the course OF thlS'dls-
cussion several interesting incidents
were related. one being about notes orig
inally given by grandfathers and which
had been renewed again and again un-
I'll they had not only descended to sons,
but to grandsons. The eXpedients to
get such notes. or a part of them, paid,
were recounted. and were often very
funny. As to the question of loans on
real estate security. it was the general
verdict that such loans were not de-
sirable for banks, az being too slow and
TOO difficult to collect in time Of need.
Col. O'Brien introduced a live topic
in The duty of banks toward each
other in times of panics or runs and
the discussion was opened by Col. Chan
cellor. who thought banks should stand
by each other when the jeopardized in
s,itution was in anything ike a good
condition.
Mr.. Jolliffe, Of Warrington, agreed to
this. If all the banks were solvent -
and thought it would be a very bad
thing not to extend aid.
Mr.. L. E. Sands approved aid, and
gave an instance where such aid had
been very beneficial.
Col. O'Brien thought that before the
bank in trouble should get any aid its
officers and directors should give bond
and pledge their personal estates for ev-
erv dollar on deposit, and if the officers
and directors were unwilling to do this,
they should not expect outside aid. And
in addition. he said every officer and
director should know enough about the
bank TO be able to make such guar
antee in confidence.
There appeared to be no division upon
the question of aid from bank to bank.
Mr.. Jackson. of Clarksburg, invited
the Association to hold its next session
in that city.
Reports of Committees were then
called for. and they were read. The
Auditing Committee reported the report
of the Secretary and Treasurer, L. E.
Sands, correct.
The Committee on Express Company
charges for money, reported resolutions
requesting the representatives to the
sessions of the American Bankers As
sociation to advocate reduction in
such charges. They were adopted
The Nominating Committee reported
the following suggestions for officers:
President. ]. E. Sands, Fairmont; First
Vice President, L. Mallonee, Grafton;
Second Vice President, w II. Freeman,
Warrington: Third Vice President, H.
II. Moss. Parkersburg; Fourth Vice
President, J. X. Oney, Huntington;
Secretary and Treasurer, w. H. Fur
bee. Warrington. The report was
adopted
R. c. DalzeI was chosen delegate to
the session of the American Bankers
Association at Detroit.
President Sands was called upon fer
an address. and made few appropriate
remarks. returning his thanks for the
honor conferred. He also read a short
l,,o,.;r+ive of the scODe and aims