The times. [volume] (Richmond, Va.) 1890-1903, 1897-01-13


Banking and Currency, in the present
Congress. was invited 90 address the
convention, which he consented 70 do.
At the conclusion OF Mr. walker $
remarks. the convention took recess
until o'clock this evening.
The evenings session was called 10
order by Chairman Patterson az S'-0
j. ~ NJ. T.. ingalls, was recognized 10
move that the Committee Cn Resolutions
should be permitted 3D. retire ana SIC
during tho session. 10 was so ordered
80 HOSTILITY.
Mr.. j. Hcrson Rhodes was then recos-
uized ana allowed twenty minutes TO pre-
sent The views OF the New lCrk Chamoet
ol Commerce. which he represented. ne
stated that M tho country was alOWed
much longer 90 bold The present hhah-l4t
course disaster anC wreck viii certainly
result. lie said that what the country
needs is stability of all kinds, stable talnt'
stable government and stable currency
He said that prosperity can only De ne,
stored hy the establishment OK sOuiu
monetary system Mr.. Rhodes was "p-
pauded when no said that ne could sec
no reason why the Government shouiu
not base an lts issues upon the gold stand
ard and replace al notes 10y coin cttlu-
Gates protected hy a - per cent. boiu re-
serve In closing Mr.. Rhodes denied win
much feeling the charge that there IS nos
tllty in New YORK ANA other ctic5 q
the East toward the West.
PROPOSITIONS
Mr.. Dausman, Of Chicago, presehttu 'llo
fast Dr0pC stion for the consideration OK
the convention. IL provided FOR the ap-
pOlntn ent of q committee OF nine mem
hors to Dee appointed by the fre7lueht
of tho United states Witnm thllly uas -
including one member rom me ~
Committee on Finance ana from VIC
House Committee on B1uhlng ana ,ut-
rencv. Tho committee shall inEesu5dlo
the financial subject slttlns IN as sllttlT
ton. and make report 10 Colsless ol ~ s'h'.
conclusions by bill or otherwise me-
rnombars other than the senator ana rep
rcscntative named shall be- paid Tor their
services by the Government mere 7hth
Doe bankers. three mercnans or hai.-
facturers and ono political econ9inla,'
ropresonting the several gcograpnlct sec
ti0ns of the country. ~ -
Some Indiana delegates, through -
hv 70 review of banking cXperen,es ih
the United States tho reading OF "n.D"
occupied AN the time allotted 10 n7 pIe-
seutat0n and 10 went 20 the comm ,, ,,e
ON Resolutions without the scheine "''"7
disclosed 90 tho convention.
SCOTTISH SYSTEM.
Mr Chadwick of Brooklyn offered n
resolution directing the comm ,1ee ~, "t
Resolutions to take into conslleIalvh
the exuelieucy of Incorporating ihto tne
national bank system of the the prhcllle
of Scottish branch banks.
Mr. Peat offered the resolutions adopted
by the ST. Paul Chamber of commerce;
advocating the maintenance OF tie 6oh
standard. withdrawal Ot the IoNriuin'ul
from the banking busiuc 81. and inc tA-
tension of the national bank system ny
the establishment of branches ana the
reduction OF the minimum capital STOCK
required of such institutions 10 S-JVVl.
George q. Tanner, of Indianapolis ol-
fered a series of resolutions declaring
IN favor 0i "a rclunding OF tne. nat'Qpal
debt, the retirement OF ertennackS,
more expansive system OF national pinN
currency. and the imposition of severe
penalties upon national bank directors
for failure OF duty 90 De presented TO
Congress by committee of the conVen-
tOn
Ar. TT. IT Hanna. of Indianapolis, pre-
scnicd scheme for the appointment OK
mon. Dry commission of eleven mem-
here. fO le named hy this convention and
to work lt The expense 0f the convention,
iu investigating the financial subject,
their conclusions 90 Dee reported 10 an
adjourned meeting of tle convention,
with view tO their presentation 90 Con-
eress it legislation should ne deemed de-
s.rabic. The reading of this plan was
greeted With applause.
BALTIMORE PLAN
Mr. Eugene LcNerlus, of Baltimore rep
reseutul community noted for its con-
rrrNaive banking methods, ns evidenced,
he says, by The fact that Baltimore had
Dad no bank failure for the last sixty
years, presented FL series of resolutions
from that delegation declaring that leg-
a-latl0u was necessary for the mainto-
nance of the gold standard cancellation
of United States legaltenler notes. the
simultaneous creation of safe and ex-
uansiVe currency uDOn the basis of the
Baltimore plan.
S. A. Scudlor OF Texas. offered res0-
luton favoring the establishment OF postal
savings banks.
D.. Iedrum. of savannah presented
WAaJ ne described as o. modification or
t.'e 3alllinoie plan on me Inc OF addi-
Dvi"i 75le guards around the ISSUE "
Nldnce conai sting Of three complr0llors.
WIN deputy in each state. to have
charee oI the issue of notes. and with
authority 10 examine all banks of issue.
fAIE Dr oIl.A It.
Joseph Woods of Mount Vernon o.. Of
fercd a resolution declaring that luterna-
hOla4 DlmctIliism was lmlractlcable and
could NOT oo maintained tnat SILVER doi-
Jars ne legal tender 40 par value Tor 10
larger sum than sZJ, that silver dollars,
silver certificates and sherman Treasury
notes may uo exchanged for bonds bear
iu5 l-- pei CENT, convertible on demand
into notes which shall Doe received for
custom duleai tnat silver bullion now iu
tle Treasury shall De sold within the next
nFa years.
a. j.. Crawford. OF Texas. submitted 4
paper couC.ulus that tle fate of SILVER I5
cuplcd the same relation 10 the CONNER
cil world that slavery did 90 the clyil-
1ttlon ol me nnctecnth century. ne
eresslcnal action.
STATE BANKS