Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-12-16
SOUTHERN BANKERS.
Thsy Meet in Atlanta and Consider
Monetary Reform.
REMIND FOR AN ELASTIC CURRENCY.
Innor,ancs Of Taking Government Out
Of The Banking Business.
,r7,nrMExr OF GREENpAcKs.
,-,ttutton of Banks OF Issue
,-dcr TcdcrnI Controi-GoNcrn-
ment Protection OF state "s Wen
national Bank-Note Holders.

4 \ A. L
s...,-srn Bankers Convention met here |
...s.v at the call OF the Clearing House |
.....,..stion. 10 consider currency reform. |
.t commend measures which will give |
~. elastic currency. and to take the gov
.-,.o.st out Of the banking business.
--.. session was opened by George r. |
,,. ssussure. vice-president of the Ex-
-,.-se Bank Of this city, who inaugu-
-.,.i the movement.
1,r. 4. Davis, Of Albany. Ca, was
l.-tsd president. and Darwin C. Jones,
.-.r4-er OF the Atlanta clearinghouse,
...-.,srv. L. Z. Hnlyer. a Macon bank
y. ,.ss chosen assistant secretary.
,rr DE Saussure welcomed the conven-
,.-r ard spoke Of the need Of legislation
,---, which would grow a sound and
,,,s.ie currency. and invoked spirit
=, r5n.sectlonal patriotism in its con-
adeution.
r-.s,5snt Davis declared himself in
,,l sympathy with the movement for
,- elastic currency. but said that :he
...r5srd must be that of all nations.
Hon Hoke Smith, in his address OF
,,,r,ame. dwelt upon the resources OF the
S.l.h needing currency for their ueVelop-
~..rf He urged that coin alone was
,7syrlclent for any prosperous country
s-s that the provisions in this country
~ p7uer money were war measures,
now entirely inefficient. He advocated
,rs retirement OF the greenbacks ana
treasury notes, and the substitution Oh
ts-ts of issue under Federal control. he
ur-ed that the percentage OF charge on
-bs Issue should increase as the percent
eya Of issue increased. thereby making
currency with elasticity sufficient 10
meet automatically the needs OF trade
us insisted that the government regula-
lions should apply as well TO state as
90 national banks.
William w. Dodsworth, editor Oh the
Now York Journal Of Commerce. con-
-.r,red the national banking system as
urslastic and unsuited TO the needs OF
tbs country. and declared the greenbaeks
,lrse which vitiates the system. He
f4vo-ed authorizing State and national
hanks to issue bills 10 IS per cent. OF
tr.ir capital. secured by first lien upon
trair resources. and the double liability
rf stockholders under Federal superVi-
sion. and redeemable at such centres as
will make them pass all over the couh-
+rv He declares that the country needs
q safe and elastic currency, and that TINS
could be supplied through the issues Oh
such banks. -,-...
The convention adopted by unanimous
vote the following resolutions:
"Xyhereas. we believe that the time
has come for southern bankers to success
g,Ilv demand better banking facilities
frrra the Congress Of the United States
SIG IESIED REFORMS.
"ye therefore, the bankers of the South,
an c,nvention assembled. hereby suggest
ercb reforms in our banking ana cuiIeH-
ev laws as viii: enc
% Take the government out Oh TIC
banking business. -,
"2 Avoid the danger ana expense az
,r.ys attendant upon government issues
t,. rbe retirement and cancellation OF
,b. greenbacks and the Treasury notes
~ rs>l by the substitution Of bank notes..
.7 Demonstrate 10 the world mat lhe
,-a4i, Of the United States is as hlgh as
that Of any other nauon. =,
.t Demonstrate that our measure %
,.Irs being definitely determined ana pei
r-.rentlv established, hundreds OF mn
lions of dollars from abroad and at hoIle
Mil seek investment here.
.- Keep every dollar of our currency
good enough TO pass current IN every
lall -, o,a ell.
&C. Increase the amount OF Solu anu SA-
w. in circulation among our people.
- Give smaller towns the advantage
~ h.-far banking facilities, so that every
honest man will have meted out 10 INN
i5a credit he IS entitled TO- ,-., 3,
3D., Give PRODUCERS of every kiild III
fr.-- section ample currency, at reasoii
able rates OF interest, 10 handle anu NJ
rlsr rr9r, or manufactures until they ue-
size 90 dispose of them .,. or
o. Give lower and equalized Fales %
interest throughout the United states;
40 Reduce our eight different Ainus
Of money 10 only two-Viz'' sIoo'o ''''N
IN project noteholders and depositors'
under ia lust and equitable law ana sup
vision. .ao. any
y. Make all banks equal under any
Law Of the United states proVldihe O"iA'
'1s. Prevent bank panics and currency
taMl-s
ACTION IN EVERY STATE
"Re.rIyed I THAT it is the sense VI
This convention that businessmen u
every State should come togciher III 9
spirit OF harmony. and agree upon SUN SUI,
a financial and banking system as W. w
bring prosperity and happiness "
nation. .o,,,-
o. That We believe this can be accom-,
nEs4ad t,. sllou,irq, hanks with a capl-dI
Of s..U. ers over to issue notes, 70 clreu-
late ass money on commercial asse's
o. That our Senators and Represent
tlyes b. requested to use their pest
forts 10 have the present Congress ac-
uyely take up the question Of better PAM 70
lrs facilities. and TO urge the adoplion " "
such a sound and scientific system ..
banks of issue as will include all solVent
banks. State or national. under WIS.,
and just Federal administration anu S'
pevsion. r.,,.d
g. That under any laws OF the Cni.Se Cl',.l
States permitting State or national e''',, pa''Ng
90 issue notes 10 circulate as n'Ol','
based upon commercial assets, the -',a,,, 49,.
should be required 10 aid the governhlen.. |.
IN The retirement Of the greenbacks anu
Sherman notes. in such manner as may
b. practical and 20 the best interests oi
The people and the government.
% That the bankers association oi
each OF the Southern states be requested
10 appoint a delegation Of one TO go 70
Washington and aid IN securing Federai
legislation upon the lines indicated In the
foregoing resolutions.
g. That the chairman OF this conven-
Ton appoint an executive committee u
b. composed Of one banker from each Oh
The Southern States, which committee
shall be charged with the duty
First. or urging action by the state
bankers associations at once as reques'e"
iu resolution No. g.
Second. OF carrying out the purposes