The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1897-04-20
Interesting Addresses on the Subject Of
the Currency.
"Kid' Thompson Convicted of Rob-
bing the Southern Pacific Train at
Roscoe, His Sentence by the Jury
Being Fixed at Imprisonment in
the Penitentiary for Life.

| annual convention of the California
Bankers Association met this morning
in the rooms of the Concordia CLUB.
The session, which will last two days,
is attended by a large number of rep
resentative bankers, among them be-
ing N. d. Rideout, President OF the
association G.. w. Cline, Treasurer,
and r. M. Welch, Secretary.
At an early hour this morning the
Executive Council met and arranged
the programme for the session.
| The address of welcome was made by
Charles Forman, President of the
Chamber of Commerce, ]. A. Thomp-
son, Chairman of the Executive Coun-
Gil, responding.
| These opening formalities We're fol-
lowed by the address of President N.
d. Rideout, who, after an introduction
which noticed the political crisis of last
year, and mentioned some of the privi-
leges which public opinion withholds
from bankers, told the object OF the
| Bankers Association.
! Reports from the Executive Council,
the Treasurer and the Secretary were
/ then read, after which the President
announced the following committees:
On Auditing-M. E, Hawkins, Hollis
ter; ]. K Moffitt, San Francisco; H. j.
Fleischman, Los Angeles.
On Resolutions-J A Thompson, San
Francisco; J. NJ. Elliott, Los Angeles;
J. Steinhart, San Francisco; H. H.
Hewlett, Stockton; Alexander Gold
stein, Fresno.
On Nominations-E. B. Pond, San
Francisco; William Beckman, Sacra-
mento; ]. E. Barker, Alameda.
| B. c. Wright, the financial editor of
the San Francisco Bulletin" was in
| troduced as the speaker of the morn
| ing upon the Currency of the Flu
| ture." Mr.. Wright began by calling
attention to the Importance of his sub
| jeot as recognized by President Nc
| Kinley in his inaugural address, when
| he said: Our financial system needs
some revision. Our money is all good
| now, butt it's value must not be further
threatened It should all be put on an
enduring basis, not subject to easy at
tack, nor it's stability to doubt or at
| tack"
Mr.. Wright reviewed the history and
evolution of the currency in this coun-
try, and then said in part: THE time
|
when another evolution in banking and
currency is demanded. Three essential
factors in any system to be generally
satisfactory must be uniformity, safety
and elasticity. The present system
| sadly lacks the first and last of these es-
sentials. There is a great want of uni
formity. Of course there must needs
| be both coin and paper money. The
coin must be of three kinds, as now, for
| gold cannot do the work of silver and
minor coins, any more than these can
cover the field of gold. There is no
need, however, of six different forms of
paper money. as now represented in the
currency, gold and silver certificates,
treasury notes, United States notes and
national bank notes.
''The paper currency of the future
must have one common source of issue
and only general characteristics. 1t
must all emanate from the Government
as a guarantor of it's redeemabilty in
specie, or it must come through private
corporations, directly responsible to the
Government for the manner and amount
| of issue, which corporation shall be
compelled to redeem the same in specie
on demand"
E 3. Pond of the San Francisco Saw
ings Union read a paper which he said
was intended to show that except for
practically forbidding the purchase of
county and municipal bonds by savings
institutions, the operation of the revenue
laws of this State is not to the direct
prejudice of either the commercial or
savings banks. The question, he said,
may then be asked, why do the banks
favor a revision of such laws? The an
swer is at hand: The banks have more
to gain from the development, progress
and prosperity of the country than from
the maintenance of the statu quo. Bank
ers prosper only when communities
thrive; hence an intelligent selfishneSSl
compels them to advocate laws for the.
general good, rather than those appar-
emily in the interest of the fraternity
only.
Charles Altschul of the London, Paris
and American Bank of San Francisco
spoke upon the Popular Prejudices
Which Most Affect Banking" and re-
ferred particularly to the intense feel
ing against bankers and banking
aroused during the recent campaign.
The paper dealt judicially with the prob
| lens involved.
In the afternoon the convention lis
| tened to an exhaustive report of the
monetary convention recently held at
Indianapolis.