The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-18
5 PLANS WELL LAID.
MEASURES TO BE BROUGHT Be
FORE THE EXTRA SESSION OF
CONGRESS-.
SCHEME FOR BRANCH BANKS
Mr.. Winston Crlticises It-Retire-
ment of the Green
backs.

!
week at Indianapolis, Ind, has re-
turned to the city, and, in an interview
with the Tribune, makes an interesting
and concise statement OF the makeup
of that convention anu its results. He
was particularly struck with the meU
composing the convention, who, for the
most part, were business men of the
country, interested in large mercantile
and manufacturing interests, men who
/ might be supposed to know what were
the needs of the country in the matter
! of monetary legislation. The delegates
had been chosen from the various COM
mercial bodies Of the larger cities Of
the country. Minnesota had seven
men in the convention, of whom three
were from this city and four from St.
Paul w. H Dunwoody and F. M
Peavey with Mr.. Winston, composed
the Minneapolis contingent, while
Messrs. w. B. Dean, Col CIough, Peet
and Smalley were the ST. Paul repre-
sentatives. From this city, Mr. Wal
ker and Henry Hill had been also
chosen, but were unable to 60 Chi
cago and New York city were repre-
sented by about thirty delegates each
ex-senator Powers represented Mon
tana, John P. Irish went for California
Illinois, Michigan, Iowa. Indiana and
others of the Middle Western states
were represented from the inland
towns. The convention was composed
of about 800 men, and there was little
of political nature in it's composition
The convention aSsemb led Tuesday
0U0ntno
sion the first day, and met twice on
Wednesday, finishing the work of the
convention on Wednesday at o'clock
After the organization Of the conven-
ton, committee on resolutions, COM
posed Of sixteen men, was chosen,
which acted together with the execu-
tive committee, making in all twenty
three men. At the outset a large
number of skeleton plans were pre-
scented, looking for a modification of
the national banking system None of
these plans were acted upon. however.
and all were referred to the committee
on resolutions. 1t was soon demon
strated that it would be inadvisable
for the convention to undertake i'm the
time at the disposal, to formulate de-
tailed plan for the revision of the bank
ing system, and the committee were not
asked to report back any such plan
The convention did, however. adopt a
declaration Of principles, the main
points of which were, first, the main
tenance of the present gold standard;
secondly, that all classes of government
paper money should be gradually re-
tired; and third, favoring the revision
4Cf the banking system. The banks
fought to furnish credit facilities for
every person of the country, an elastic
currency, and should secure such dis
tribution of the desirable capital of the
country as would equalize the rate of
interest in all parts.
When read between the lines this last
declaration means the authorization of
national banks to establish branch
banks after the plan of Scottish and
Canadian banks. 1t was not stated
in the discussion to what extent they
favored the establishment of branch
banks, therefore the sentiment of the
convention on this point was not test
ed. 1t is my own opinion that there
would develop very strong sentiment
against the extension of the branch
Plan to an extent which would place
| the banking facilities Of the country
under the control of ten or twelve Of
the larger banks Of the nation. I am
individually opposed to allowing the
establishment of branch banks beyond
the limits Of the state in which Is To-
Gated the parent bank. / should be
opposed to the great Capitalization Of
power in the hands of the larger banks
located principally in a few of the large
commercial centers of the country.
The convention after adopting the
declaration Of principles and the
resolution accompanying, left the car
rying out Of the future plans in the
hands of a committee of fifteen men
to be appointed by the chair, which
committee SO far as | have seen has
not yet been appointed
The results of the convention will
depend entirely upon the attitude Of
the incoming Republican administra-
ton. Had the convention accepted
the advice of Mr.. Walker, of Massa-
chussetts. and Mr.. Fowler, of New Jer-
sey, 1 think It's work would have
been accomplished with less delay than
| under the plan agreed upon. The sug-
gestion Of Mr.. Walker who is the pre-
| sent chairman of the committee on
banking and currency in the lower
house of congress, was that a COM
mittee Of the convention should repair
at once to Washington, and take up
the national bank question with COM
mitteeS of both houses of congress
and together try and formulate a pro-
per bill to be presented to congress be-
fore March T. But the plan Of the con-
vention differed in that its committee,
/ yet to be appointed, is to take no
+ ling Of congress in the extra session,
when they are to ask a bill to be
passed authorizing President Mckinley
to appoint a commission to. formulate
a bill and present 1t to the next regu-
lar session of congress. Mr.. Walkers
/! idea was that they would not be so
likely to get the cooperation of the
committees of the two branches Of
| the government in their efforts to
pass a. bill drawn up and presented by
this commission, as in passing bill
gotten up in connection with the COM
mttee themselves.
They felt that the members Of the
two committees would think they had
not been treated with the Difference
due to men Of their standing in the
legislative bodies Of the country, and,
further, that, before the commission
| under the natural order of things could
formulate such a bill and shape 1t to
| be put to a vote upon it's passage, they
would be on the eve Of another con-
gressional election, and politics would
be more likely to enter into the Ques-
ton and effect the vote then in the
| present congress, a large number Of
| whose members are not standing for
| reelection. Mr.. Fowler, who is a men,
Der of the same committee in congress
| with Mr.. Walker, cOncurred in his
| views, but was not as positive in his
| statements. The convention was not,
| however, in a mood to acquiesce in
| the opinions Of these gentlemen. and
| ignored their advice. Whether or not
| 1t made mistake will be demonstrated
| as the matter progresses. In case the
| coming congress refused to vote for the
| commission, is to be asked of them
| then the executive committee Of the
convention is to appoint a commission