The herald., 1897-04-20

| careless expenditures Of local Legislative
| bodies was deplored, and greater econ
| omy urged, as well as the necessity fol
| the reduction Of taxes.
The speaker closed. saying the Cali
fornia Bankers association was organ
lied in the interests not only Of bankers
but for a free interchange of views OF
| methods, and to reduce the friction ol
business and secure the safety of capita
| and the enhanced facilities for borrow
ing by those in need of loans extended.
TREASURER'S REPORT
The treasurer, G. w. Kline. submitted
a statements of the receipts and dis
| bursements, as follows:
| October 1, 1895, balance in cash, 1912 II;
received, s13s4.25; total, $2.366S6. Dis
bursements, s2122.S0. Balance on hand
at this date, $24S.56.
REPORT OF EXECUTIVE COUNCIL
In this report It was said that It had
been decided in the Fresno convention
that the next convention should be held
in Los Angeles at the time of the annual
Fiesta, that the delegates might have
the opportunity OF beholding the beauty
of the fete.
The report touched the resolutions
passed in Fresno in 1895, opposed to the
free and unlimited coinage of silver, and
also the resolution adopted in San Fran
cisco in 1895. opposing any lowering Of
the standard dollar. Sound money lit
erature had been distributed and much
legislative work had been done by the
council in the interest of bankers.
The secretary reported 120 members
Of the convention. The total number Of
banks in the state is as follows: Thirty
one national banks. 1872 state commercial
banks. Sc savings banks, and 20 private
banking firms, nearly all of which belong
to the Bankers association.
The following committees were ap-
pointed by the chair:
Committee on auditing-M. e. Haw-
kins, Hollister; ]. K. Moffitt. San Fran
cisco; H. J. Fleischman, Los Angeles.
On resolutions-J. A. Thompson, San
Francisco; J. NJ. Elliott, Los Angeles;
]. Steinhart, San Francisco; H. H. Hew-
lett. Stockton; AbAnder Goldstein.
Fresno.
On nominations-E. B. Pond. San
Francisco; William Beckman. Sacra-
mento; ]. E. Barker, Alameda.
CURRENCY OF THE FUTURE
This subject was prGented by Ben
C. Wright of San Francisco.
Mr.. Wright opened his paper upon the
necessity of some revision in the finan-
cial system of the country. He believed
that it should be put upon an enduring
basis, not subject to attack in its sta
bility. The record of California for
sound money was one the speaker
thought a subject of pride.
The history and evolution of currency
was reviewed at length. and suggest
i've details given that could be decided
by the proposed monetary commission.
which he hoped congress would create.
Such a commission is absolutely Ss-
sential to avoid further experiment in
the banking and currency system of the
country. In closing the speaker said:
'It is to be hoped the outcome of this
reform will not only concern our own
country. but will possess metpterna-
tional characteristics. with relation to
gold and silver, as to give to each and
to both the wideJ possible sphere of
usefulness. If there can be no inter-
national adjustment that will make 1t
possible to treat both gold and silver as
money, optional with the hold
ers of the same having paper to re-
deem, there may be some provision made
as to the percentage of silver that may
be used for that purpose. Whatever our
views as to the practicability of the
present relations of these metals it
must not be forgotten that for thous-
ands of years both have been regarded
as the only real money of the world, and
that this is likely to be the case for
centuries to come"
INTEREST AND TAXES
E. B. Pond presented valuable paper
on this subject, touching rates of inter-
est, bonds. loans, etc.
Savings institutions were practically
the purchase of county and
bonds. Bankers favored the
revision of the revenue laws, as the
banks only prosper when laws prevail
for the general good of the community.
The morning session closed with
paper by Charles Altschul on
Popular Prejudice. Which Most At
fects Banking" Mr. Altschul touched
on the necessity of demonstrating the
reciprocity of interests between the cli-
ents and the bankers that the truth
may be recognized that banks and bank
ers advocate only those public measures
which advance the welfare of the COM
munity.
Members of the profession hesitate
to discuss their affairs or defend their
course. United action can accomplish
much. If the association continues nom
partisan 1t will assist in overcoming
friction and prejudice. and the day will
come when the public will recognize
its interests identical with those of the
bankers, whose course will always carry