The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-01-13

I system. MI hnOdQcS " do
/ aDplauded when he said that he could
see no reason why the government
should not base all its issues upon the
gold standard and replace all notes by
( com certificates protected by % per
! cent gold reserve. In concluding, Mr..
! Rhoades denied, with much feeling,
/ the charge that there is hostility in
/ New York and other cities of the east
! toward the west. He declared that
/ the interests of one part of the coun-
try are the interests of all.
Mr.. Dausman of Chicago presented
/ the first proposition for the considera-
/ ton OF the convention. 1t provided
/ for the appointment of a committee of
! nine members, to be appointed by the
president of the United states within
J 30 days, including one member from the
senate committee on finance and house
committee on banking and currency.
! The committee shall investigate the
! financial subject, sitting in Washing
! ton, and make report TO congress of
| their conclusions. by bill or otherwise.
| The members other than the senator
| and representative named shall be paid
/ for their services by the government.
/ Three shall be bankers, three mer-
chants or manufacturers, and one a
| political economist, representing the
several geographical sections of the
country.
Some Indiana delegates, through Z.
/ F. ClaypoOl, presented a scheme pre-
/ faced by a review of banking expe
] riences in the United States, the read
ing of which occupied all the time al
lotted to its presentation, and it went
to the committee on resolutions with
out being disclosed to the convention.
Mr.. Chadwick of Brooklyn offered a
resolution directing the committee on
resolutions to take into consideration
the eXpediency of Incorporating into
the national bank system the principle
of Scottish branch banks.
Mr. Peal 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 to $4,000.
TANNERS VIEWS.
George G.. Tanner of Indianapolis Of
fered a series of resolutions declaring
in favor of a refunding of the national
debt, the retirement of greenbackS, a
more expansive system of national
bank currency and the imposition of
severe penalties upon national bank
lACCLOlS lOI 1dllult VI Quly " DC pre-
scented to congress by a committee of
the convention.
Mr.. II. II. Hanna of Indianapolis pre-
scented scheme for the appointment
of monetary commission of II men,
bers, six to be named by this conven-
ton, and to work at the expense of the
convention in investigating the finan-
cial subject, their conclusions to be re-
ported to a meeting with a view of a
n q tiOn n If lporiGla tiOTl
should be deemed necessary. The read
ing of this plan was greeted with ap-
plause. G. p. Irish read as an express
sion of the views of the Bankers AS
sociation of California a resolution
adopted--last May and reafiirmed in
December, declaring that She present
gold standard should be maintained,
and that any attempt to lower that
standard would be disastrous to every
class OF people.
Mr. Eugene lowering of Baltimore.
representing a community noted for its
conservative banking methods. as evil
denced. he said. by the fact that Bal
timore had had no bank failures for
the last 50 years. presented a series of
resolutions from that delegation de-
clarinS that legislation was necessary
for the maintenance of the gold stand
ard, ca.ncelling United States legal ten
der notes, the simultaneous creation of
safe and expansive currency upon
the basis of the Baltimore plan.
s. c. Scadden OF Texas offered a reso-
luton favorinE the establishment of
postal savings banks.
T. 3. Tedsum, of Savannah, Ga.
presented what ne described as modi-
fication of the Baltimore plan on the
line of additional safeguards around
the issue of notes. 1t constitutes a de-
partment of finance, consisting of three
comptrollers with a deputy in each
state, TO have charge Of the issue of
notes and with authority 10 examine
all banks of issue.
Joseph S. Wood. of Mount Vernon,
y. Y, offered a resolution declaring
that international bimetallism was
impracticable and could not be main
tanned so that silver dollars be legal
tender a par for no larger sum than
$40; that silver dollars. silver certifi-
Gates and Sherman treasury notes may
be exchanged for bonds bearing 21s per
cent interest convertible on demand
into notes which shall be received for
custom duties; that the silver bullion
now in the treasury shall be sold
within the next five years.
FATE OF SILVER.
NJ. L. Crawford, of Texas, sub
mitted paper saying that the fate of
that it occupied the same relation TO
the commercial world that slavery did
to the civilization of the 18th century, !
He proposed nothing new in his plan
for congressional action.
r. L. Lowery, of Georgia, presented |
a scheme prepared by a bank official /
of Atlanta, which included a revival /
of state banks as banks of issue, TO be /
under the control of the states, while /
congress should pass laws which would I
keep all kinds of money upon a parity. 1
Joseph Wharton. of Philadelphia. /
offered a resolution. declaring against /
any reduction of currency or the eX-
change of any currency now in circu- I
lation for any other that should not .
command public confidence. He said .
it was the duty of the government to .
provide gOod stable currency; it can
not go out of the banking business.
W. r. Trigg, OF Richmond, Va, ad- |
vocated the repeal of the per cent /
state bank tax. Representative |
Fowler, of New Jersey. offered a reso-
luton providing for the appointment
Der from each state represented in this
to cooperate with the
committees in securing
financial legislation at the coming ses-
sion of congress.
Mr. Sprague, for the Commercial
club of Chicago. presented a declara-
ton that for the best interests of the
the government should go out
Of the banking business.
The Toledo Produce EXCHANGE sent
request declaring it TO be the duty of
congress to provide a safe and ample
currency.