New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-13

II properly settled the coinage will take Of IT.
self The practical question Of this convention 10
existing evils OF financial system. / answer
We ought TO be satisfied with nothing that does not
relieve the Treasury Of the United States abso-
iutely and forever from any responsibility for the
current redemption" OF any form OF paper money
and that at once. We must Danish bends from any
connection with the monetary system: Bankers
must be allowed 10 manage tho banking business OF
ing. the cotton manufacturers the cotton business
the woollen the woollen business, and as every
otter business Ia managed. and independently OF
the Government other than In the supervision OF
the banks as now. The National Bank act must
sistently with safe banking
II seems to me the only practical solution Of the
legal. tender notes and OF every form Of currency
nropor' :, s upon the banks Oh me country
/ them and to- compensate them for the service. AL
an amount equal 10 the amount of the legal-terder
notes they assume the current redemption OF The
people never Will consent 70 the issue OF any cur,
by the United States Treasury.
At the conclusion Of Mr. Walkers remarks
the convention took a recess until O'Clock this
evening.
PLANS OF REFORM PROPOSED.
The evening session was called to order by
Chairman Patterson at $50 O'Clock. NJ. E. In
gals was recognized to move that the Commit
tee on Resolutions should be permitted
! tire and sit during the session II
/ dered
J. Harsen Rhoades was then recognized and
/ allowed twenty minutes present the views
/ ~ The New-fork Chamber OF Commerce, which
/ he represented He stated that II the country
! is allowed much longer 10 hold the present
! financia course. disaster and wreck will
| tainly result He said that what the country
needs is stability Of all kinds. stable tariff. sta
! bic government and stable currency. He said
! that prosperity can only he restored by the
tablishment or sound monetary system.
Mr. Hhoades was applauded when he said that
]
/ should not base all its issues upon the gold
standard, and replace all notes by coin certih-
Gates protected by a - per cent gold reserve.
In closing. Mr. Rhoades denied with much feel
! ing the charge that there is hostility in New
! York and other cities of the East toward the
/ West.
Mr.. Dausman. Of Chicago. presented the first
| proposition for the consideration Of the conven-
ton 1t provided for the appointment Of
| committee Of nine members to be appointed by
the President Of the United States within thirty
days including one member from the Senate
/ Committee on Finance and from the House
! Committee on Banking and Currency. The COM
| mfttee shall investigate the financial subject
| sitting In Washington. and make report 70 Con-
| gross Of their conclusions by bill otherwise
The members. other than the Senator and
/ Representative named shall he paid for their
services hv the Government Three shall 10
bankers. thre" merchants manufa cturers.
| and one political economist. representing The
several geographical sections Of the country.
Some Indiana delegates. through F. F. Clay
! pool presented a scheme prefaced by a review
Of banking experiences in the United States.
the reading of which occupied all the time
allotted to It's presentation. and II 10
the Committee on Resolutions without being
disclosed to tho convention.
Mr. Chadwick Of Brooklyn offered a resolu-
ton directing the Committee Resolutions 10
take into consideration the expediency ~ incor-
porating into the National bank system the
principle of Scottish branch banks.
NJ Peat offered the resolutions adopted by the
St Paul Chamber Of Commerce. advocating the
maintenance Of the gold standard. withdrawal Of
the Government from the banking business and
the extension Of the National bank system by
the establishment Of branches and the reduction
OF the minimum capital stock required of such
institutions 10 S2JpW.
George G. Tanner OF Indianapolis. offered a
series Of resolutions declaring in favor OF A re-
funding Of the National debt. the retirement Of
greenDacks. more expansive system OF Ma
tional bank currency. and the imposition Of Sc
we're penalties upon National bank directors fol-
failure OF duty. he presented To Congress by
a committee Of the convention
MR. HANNA's PLAN
H r. Hanna Of indianapolis. presented
scheme for the appointment Of A monetary com
mission 81 eleven members 10 be named ny this
convention. and 70 work at the expense Of the
convention. in investigating the financial sub
iect their conclusions 10 he reported TO adj
journed meeting ~ the convention with view to
their presentation 10 Congress II legislation
should be deemed desirable. The reading Of this
plan was greeted with applause.
Eugene Levering. If Baltimore. representing a
community noted for its conservative bank ing
methods as evidenced. he said by the fact that
Baltimore had had no hank failures for the last
sixty years presented a series Of resolutions from
that delegation declaring that legislation was
necessary for the maintenance of the eold stand
ard cancellation Of United States lesal-tendeI
notes the simultaneous creation OF safe ana
expansive currency upon the basis Of the balti-
more plan ,
< r Scudder Of Texas. offered resolution
ravoring the establishment Of postal savings
banks.
T b Tedrum. Of Savannah. Ga, presented
what ne described as nodif' alton OF the bai-
tir,ore plan on the line Of addition Il safeguards
around the issue Of notes. 1t constitutes a De-
partment Of Finance. consisting Of thre" Con-
troers. with p deputy in each state. 70 nave
charge Of the issue OF notes. AM with authority
to examine all banks Of issue.
Joseph : Wood. Of Mount Vernon. y. Y.
offered a resolution declaring that international
himetallisrn was impracticahle and could not he
maintained: thai silver dollars be legal-ender at
par value for no larger sum than $50: that sill
Yer dollars. silver certificates and sherman
Treasury notes may he exchanged for bonds
bearing 2i2 per cent interest. convertible on de-
mand irto notes which shall h. received for
Custom debts that silver bullion now in the
Treasury shall he sold within the next five years
THE FATE OF SILVER SEALED.
VI L. Crawford Of Texas. submitted paper
conceding that thr fate Of silver as redemption
n,cnev was sealed. that II occupied the same re-
lation 70 tho commercial world that slavery did
10 the civilization 81 the nineteenth century.
He proposed nothing new in his plan for Con-
gressional action.
r J. Lowry. Of George. presented a scheme
prepared by a bank official o; Atlanta. which IN
cuded a revival Of state banks as banks OF
issue 10 be under the control Of tho states.
while Congress should pass laws which would
keep all kinds Of money upon rarity
Joserh Wharton. Of Philadelphia. offered A
?. Soluiion declaring against any reduction or
currency or the exchange ~ any currency nov
in circulation for any other that should not
command public confidence. He said T. was the
duty Of the Government TO provide good sta bic
currency. il cannot go out Of the banking bust