The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-12-16
DYKES NEED OF DOLLARS.
BANKERS OF THE SOUTH TALK 1T
OVER AT ATLANTA.

ventiOn PrOmuIEates Its views in
"A series of Resolutions.
Atlanta, Ga, Dec. 15-The southern
bankers convention met here to-day on
call of the Atlanta Clearing House Asso-
citation to consider currency reform and
recommend measures which will give an
elastic currency, ana to take the govern
ment out of the banking business
The session was opened in the bah room
OF the Kimban house at 10 o'clock by
George r. Desaussure vice president of
the Exchange Bank of this city, who in
augurated the movement. John A. Davis
of Albany, Ca, was elected president, and
Darwin G. Jones, manager of the Atlanta
clearing house, secretary. /. p. Hillyer,
a Macon banker, was chosen as assist
ant secretary.
Mr.. Desaussure welcomed the conven-
ton and spoke of the need of a system
which would give sound and elastic
currency and invoked a spirit of non-sec-
uonal patriotism in its consideration.
President Davis declared himself to be
in fun sympathy with the movement for
an elastic currency. but he said that the
standard must be that Of all nations.
Hon. Hoke Smith in his address of vel
come dwelt upon the resources Of thu
south needing currency for their develop
ment He urged that coin alone was in
sufficient for any prosperous country ana
that the provisions in this country fot
paper money were war measures now en-
tirely inefficient. He advocated the retire
ment of greeEback and treasury nOtcs
and the substitution of bonds Of issue uE-
der federal control. He urged that the
percentage of charge on the issue should
increase as the percentage of issue in
creased, thereby making a currency with
elasticity sufficient to meet automatically
the needs of trade. He insisted that the
government regulations should apply as
well to state as to national banks.
The next speaker was William w. Dods-
worth editor of the New York Journal of
Commerce. He condemned the national
banking system as inelastic and unsuited
TO the needs of the country and declared
the greenbacks a curse which vitiates the
entire system. He favored authorizing
state national banks to issue bills to Is
per cent of their capital secured by a first |
lien upon their resources and the double |
liability of stockholders under federal SUI |
pervisiOn, and redeemable at such centers |
as will make them pass all over the |
country. He declared the country needed |
a safe and elastic currency and this could |
best be supplied through an issue of such |
banks.
The convention adopted without debate |
by unanimous vote, the following resolu- |
tons:
Whereas, we believe that the time has |
come for southern bankers to successful |
~ demand better banking facilities from |
the congress of the United States; we, !
the bankers of the south, in convention |
assembled. hereby suggest such reforma~ |
ton in our banking and currency laws |
as will
a. Take the banking business out Of
politics
a. Take the government out of the
banking business.
80 Avoid the expense and danger al |
ways attendant upon government issues |
by the retirement and cancellation of the |
greenbacks and the treasury notes of 1890 |
(by the substitution of bank notes..
~ To demonstrate to the world that |
the credit of the United States is as high |
as that of any other nation.
% To demonstrate that our measure of |
value being definitely determined and per- |
manently established hundreds of millions |
of dollars from abroad and a home win |
seek investment here.
90 To keep every dollar of our currency !
good enough to pass current in every land. |
ID To increase the amount of gold and /
silver in circulation among our people.
L
age of better banking facilities, so that |
every honest man will have melted out to
him the credit he is entitled to.
o. To give producers of every kind and |
in every section ample currency at reason |
able rates of interest to handle and hold |
their crops or manufactures until they de- |
sire to dispose of them.
Q0) To give lower and equalized rates |
of interest throughout the United States.
Q1) To reduce our eight different kinds |
of money to only two, viz; specie and |
bank notes.
Q2) To protect note holders and depos- |
itors under a just and equitable federal |
law and supervision.
Q3) To make all banks equal under any |
law of the United States providing for |
banks of issue.
q4) To prevent bank panics and curren- |
cy famines:
Resolved, % that 1t is the sense of this |
convention that business men of every |
state should come together i'm spirit of |
harmony and reason, and agree upon such !
q financial and banking system as will |
bring prosperity and happiness to the ma
ton.
o. That we believe this can best be ac- |
eomplished by allowing banks with a cap
ital of $25,000 and over TO issue notes to |
circulate as money, on commercial assets. |
CD That our senator's and representa-
tiVes be requested TO use their best eff |
forts to nave the present congress active |
~ take up the question of better banking
facilities, and to urge the adoption or
such a sound and scientific system Of
banks of issue as will include all solvent
banks, state or national under a wise and
just federal administration and super
vision.
% That under any laws of the United
States permitting state or national banks
10 issue notes 20 circulate as money based
upon commercial assets, the banks should
be required to aid the government in the
retirement of the greenbacks and Sherman
notes in such manner as may be found
practical, and to the best interests of the
people and 90 the government.
90 That the bankers association of
each of the southern states be requested to
appoint a delegate of one TO go to Wash
ington and aid in securing federal legis-
laqon upon the line indicated in the fore
going resolutions
90 That the chairman Of the conven-
bon appoint an executive committee To
be composed of one banker from each of
The southern states, which committee shall
DC charged with the duty of
(a) Urging action by the state bankers
associations at once, as directed in reso-