The herald., 1897-04-21
THE BANKERS
State Association Con-
cludes Its Lab0rs
A PAPER BY }. J. Valentine
He DISCUSSES THE QUESTION
OF BIMETALLIsM
Reports of Committees and Election
of oficers--R Resolution Adopted.
An Excursion Today
A PAPER BY }. J. Valentine
He DISCUSSES THE QUESTION
OF BIMETALLIsM

DCG0AOAA
Bankers association opened In Concor-
dia hall at 1925 o'clock yesterday morn
ing, President Rideout in the chair.
The following new delegates register
ed: H. H. Hellman, vice-president, Los
Angeles Bank of Savings; r. M. Welch,
San Francisco Savings union; r. Kir-
nan, Bullion and Exchange bank, Car
son New; A. F. Horstman, Citizens bank.
Paso Robles A. f. Pfster. Citizens
bank, Paso Robles; John M. c. Marble,
National Bank Of California; Stoddard
Jess, First National bank, Pomona; WIS.
Hooper. San Bernardino National bank;
c. H. McKeevitt, First National bank,
Santa Paula: H. A. Scott, Los Nietos
Valley bank, Downey; p. M. Green, First
National bank, Pasadena.
MR.. VALENTINES ADDRESS
After the meeting was called to order
the president introduced ]. ]. Valentine
of the Wells Fargo bank. who read an
able and exhaustive paper on the subject
of bimetallism. The speaker was per-
sonal advocate of the gold standard as
enunciated by the Republican platform,
and his paper on the subject was In
sympathetic vein. He made an extended
statement concerning international BIZ
metallism, giving the situation today
and during the last century. Mr.. Valen-
tine made many quotations from advo-
Gates of the bimetallic theory and COM
bated them thoroughly. He finished his
able paper with the following words:
IF congress would go to work and re-
construct on scientific principles our
monetary agglomeration-for I repeat,
it cannot be called system-definitely
affirm the payment of all obligations
on the basis of the gold standard, retire
the greenbacks, and let banks, under
proper restrictions and safeguards, issue
circulating notes, such action would go
long way towards renewed industrial
and commercial activity If the present
administration and congress do not act
courageously intelligently and definite
ly-but permit things to drift-the fiat
lists will not be slow to take advantage
of the situation. Congress and the ad-
ministration cannot escape the RESPONSE
bility. They may as we'll prepare, and
promptly prepare, to meet the wild and
many weaponed trong' of silver infia-
tionists who are marching behind the
tattered, stalking horse of international
bimetallism."
The address was greeted with hearty
applause
RESOLUTIONS
The committee on resolutions then Of
fered the following:
Resolved. BY the California Bankers
aeeocia ffou In convention oocap,b1ad
that this association approves and in
utive council May 20, 1896, reading in
words and figures as follows:
Resolved, That the standard Of value
IN the United States should continue to
be the dollar containing $3.50 grains of
gold, 300 fine, and that any attempt by
legislation or otherwise to lower that
standard would be disastrous to the fu-
ture welfare of every class of our citi-
zens; and that silver and governmental
paper as forms of currency can only be
used with safety in such quantity as will
be absorbed by the people and remain
in circulation constantly without throw
irg upon the government at any time the
burden of redemption to maintain par
ity. That the association believes that a
financial system can be framed that will
prove successful remedy for the here
tofore frequent financial disturbances
in this country and place the currency
and monetary affairs thereof on a firm,
reliable basis, thereby benefiting all
classes; that the association believes
this can and will be best accomplished
by the selection from all sections of this
country of a limited number of men,
CT ripe experience in finance, trade, COM
merce and all matters pertaining to the
same, the persons so selected to give i'm
mediate and continuous attention to the
matter in hand and to report to congress
at the winter session of 1S97-9S; that this
association earnestly requests the SEN
ators and representatives of the state
of California In congress to vote for and
to urge that authority be given the
president to appoint a financial commits
sion in accordance with the suggestions
of his inaugural address,
Resolved, That the thanks Of the con-
vention be rendered the bank commits
sioner and N B. Sessions for their pres
ence at this meeting, and for their kind
efforts in promoting the interests of the
association.
Resolved, That the recommendation
of the executive council adjusting the
dues as stated in their report. be adopted.
Resolved, That the thanks of the con-
vention be rendered to B. c. Wright,
financial editor of the San Francisco
Bulletin, for the instructive and inter-
esting papers contributed to this and
previous conventions, and for the inter-
est he manifests in the welfare of the
association.
Resolved, That the thanks of the as
ISOLATION be rendered to Hon. John P.
Irish for the able address delivered be-
fore the convention and for the effective
services rendered to this state and the
country at large in the interest OF cur
rency reform.
Resolved, That the thanks of this con-
vention be extended to the bankers and
other citizens of Los Angeles for the
very cordial and hospitable manner in
which they have entertained the visiting
members and to the newspapers for cour-
tesies extended.
The resolutions were passed as read
The auditing committee presented a
report showing a balance of $24S.5e in
the treasury
OFFTCEyT3<s E.r rrrvm