The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-08-24
rHB CURRENCY QUESTION
DISCUSSED AT THE NATIONAL
BANKERS CONVENTION.

Number OF Papers on Important finan'
c,.l Questions Rcad-National Banks oil
Small CAPITAL Advocated by 4. q. JORDAN
of Ga.-APpointment OF .
Monetary Commission by Congress-En
dorsed by the Convention-Sociai fsrtoi
the Programme.
Detroit. Mich. August 1a.-The twenty
third annual convention OF the anieH. -
Bankers Association came To an emu -
I o'clock this afternoon AccoruinS U "a
precedent. First Vice President Joseph y
Hendrix. of New York. was raised 10 tas
office of president. George .-husseti, OF
Detroit. received a large majority OF me
votes cast for first vice president, al,
though the nominating committee haa
recommended +. W. Tracy, OF iihhNs' ioi
the honor. $50, To
dav a number of papers having oeeh
carried over from yesterday. Several pa
| pers were ordered printed without oeihs
read. -,
| Hiram Walker & Sons at Walkerviiie.
| Ont. and a boat ride to Des Chree-Snos,
| Ia, this afternoon wound up inc soet"i
features of the meeting.
While at walkerville several impromplu
| speeches were made. Retiring Presioehs
Lowry responded 10 repeated cans anu
| was followed in rapid succession os
Nessrs Hendrix. Russell. feathers, Pow-
| ers. Jordan and others. Then the tWeh-
ty-third convention OF the American
Bankers Association terminated in a COM
| bined burst of patriotism and good lello~-
shin cries of acclamation for the stars
| and stripes and God Save the queen,
| rising together from a thousand tnroats.
| The band played Dixie and Yankee
Dood,e" alternately and the delegates
| from all sections Of the country united IN
| pronouncing the convention OF 1891 an uh-
qualified success.
| promptly at 9 o'clock. and the reading OF
| papers left over from yesterday taken up.
! The question: What Legislation Is Need
ed in Respect to the Currency! was ms
| Van Slvke. president of the First National
bank. of Madison. Wis. The speaker
| thought reforms to be permanent shouio
| be gradual rather than radical ana III TINS
| direction he suggested as their hrst I'M
| portant move a currency reform by evo-
| %iution-the retirement of the troublesome
greenbacks and the treasury notes, noa.
ing debt and the practical business
method OF funding this debt into ) per
cent. government bonds in denominations
from SO to $1,000 each.
Savings Banks was the title OF a paper
read by Myron T. Herrick, of Cleveland.
Harvey ]. Hollister. president OF the
Grand Rapids clearing house spoke on
Organized Capital; its Privileges ana
| Duties"
Bradford Rhodes. of Mamaroneck. n. Y.
discussed the question:: Are Clearing
Houses for Country Checks Practicalc
Mr.. E. Gunby Jordan, of Columbus, Ga,
discussed the question: Whether Ma
tional Banks of Less than $4,000 Capital
Would be a Benefit to the Country. lie
answered it ~affirmatively. Things Inan-
cial are sadly out Of joint he said. III
slight amendments to existing laws Will
help to right the wrong, in heavens name
let us urge them. If we are to continue
| the unScientifc basis of bonds for note
issues, let the banks issue par on the
bonds. If the people actually need banks
/ let them demand a reduction in the tax
rate on the note issue feature and allow
N hoolthU avpanSion from the X221. lo1 .46D
out standing July 31st. Then with Slo,0ou
as a minimum OF capital there would be
inducement enough to plant a natlonal
bank wherever one was needed and out
work.
''That the needs of the country require
statistics of their organization. Since
January, 1893, 245 National banks have
been organized. OF these so per cent.
193 have been 800, 900 and under, and
the minimum capital allowed by law,
namely SIC, 600. The pessimist alone.
Othello-like, is without an occupation. In
fairness, in business and in wisdom, let
our law givers settle this currency Ques-
ton and the south. at least, will blaze
it's own road to riches"
Would Branch Banks be Beneficial or
to the Reverse?' was discussed by Will
liam c. Cornwell. president of the City
bank, Buffalo. N. Y.
Frank w. Tracey. president of the First
National bank, MS, read a
paper on the subject: What Can be
Done to Increase the Usefulness of the
American Bankers Association"
A resolution was adopted by the con-
ventiOn urging congress promptly to pro-
vide for a competent, non-partisan cur
rency commission, to the end that sound
financial legislation may be speedily Sc
cured.
After E. H. Pullen, of New York, had
presented the retiring president with a
handsome gavel, the installation Of Off
GERS took place and the convention ad-
journed sine die.