Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-01-13

Franklin MacVeagh; Mississippi, c. ".
Robinson: Massachusetts, II. l.. Higgins,
Rhode Island, Rasland Haggard; Mis-
souri,. George Il. Layton; New Jersey,
BENJAMIN Laycock: Michigan. y. A.
Fletcher; Wisconsin. F. II. Magdebury;
Alabama, II. c. Tompkins; Arkansas. II.
L. Remler: Texas. NJ. l.. Onut; District
OF Columbia. B. II. Warner; Maryland
j. NJ. Nelson; Kentucky, Logan c. Muir
ray: Virginia. s. w. Travers New York.
w f. Dodge: Indiana. II. II. Hanna;
California, John p. Irish.
Hon. j. H. Walker. of Massachusetts,,
chairman OF the House Committee on
Banking and Currency in the present Con-
gress. was invited to address the con-
vention which he consented to do. AT
the conclusiorf Of Mr.. Walkers remarks
the convention took r recess until
o'clock this evening.
The evening session was called TO order
by Chairman Patterson at $40 p. NJ. NJ
T.. ingalls, was recognized to move that
the Committee on Resolutions should be
permitted TO retire and sit during the
session. 1t was so ordered
VIEWS OF NEW YORK.
Mr.. ]. Harson Rhodes was then recoS-
nzed and allowed twenty minutes TO
present the views Of the New York Cham
ber of Commerce, which ne represented
He stated that If the country was allowed
much longer TO hold the present financial
course disaster and wreck would GER
tainly result He said that what the
country needs is stability of all kinds.
stable tariff. stable government, and
stable currency. He said that. prosperity
can only be restored by the establishment
of a sound monetary system. Mr.. Rhodes
1. -atA ~ Ia
could see no reason why the government
should not base all its issues upon the
gold standard. and replace all notes by
coin certificates. protected by % per
cent gold reserve. In closing, Mr.. Rhodes
denied with much feeling the charge that
there is hostility in New York and other
cities of the East toward the West.
Mr. Dausman, of Chicago, presented the
first proposition for the consideration OF
the convention. 1t provided for the ap-
pointment of a commission of nine mem
bers. 10 be appointed by the President OF
the United States within thirty days, in
cluding one member from the Senate
Committee on Finance. and one from the
House Committee on Banking and cur
rency This committee shall investigate
the financial subject, sitting in Washng-
ton. and make report TO Congress OF their
conclusions, by bill or otherwise The
members. other than the Senator and
Representative named, shall be paid for
their services by the government. There
shall be three bankers. three merchants,
or manufacturers. and one political econo-
mist, representing the several geographi-
cal sections Of the country.
Some Indiana delegates. through E. +.
| Claypoole, presented a scheme, prefaced
by a review Of banking experiences In the
| United States. the reading Of which occu-
pied all the time allotted to its presenta-
tion. and II went to the Committee on
Resolutions without the scheme being dis
closed 70 the convention.
Mr.. Chadwick, of Brooklyn, offered a
resolution directing the Committee on
Resolutions TO take into consideration the
expediency Of Incorporating into the ma
| tional-bank system of the principle OF
| Scottish branch banks.
Mr.. Peat offered the resolutions adopted
by the ST. Paul Chamber of Commerce
advocating the maintenance OF the gold
standard, withdrawal of the government
| from the banking business, and the eN-
| tension of the national-bank system by
the establishment of branches and the re-
duction Of the minimum capital stock re-
quired of such institutions to $4,000.
George G.. Tanner Of Indianapolis. Of
fered a series of resolutions declaring 1T
favor of a refunding of the national deot
the retirement of greenbacks, more eX'
pansive system of national-bank currency
and the impc Jton of severe penalties
unon national-bank directors for failure
of duty. TO be presented 10 Congress by
committee Of the convention
II. II. HANNA'S SCHEME.
Mr. II. II. Hanna. of Indianapolis. pre-
ha
n monetary commission Of eleven mem
hers. to be named by this convention
} ana 10 work ar the expense of the con
I vention In investigating the financial SUB
! iect their conclusions to be reported tc
an adjourned meeting Of the convention
| with a view 70 their presentation TO Con
gress. if legislation should be deemed de-
sirable. The reading of this plan was
greeted with applause.
Mr.. Eugene Levering. Of Baltimore
representing a community noted for it'
conservative banking methods. as ev
denced. he said, by the fact that Balu
more had not had q bank failure for the
last sixty years. presented a series o
resolutions from that delegation, declar
! ing that legislation was necessary fol
| the maintenance Of the gold standard
and demanding cancellation Of the Unite
Statesslegal-tender notes, and the stimuli
taneous creation Of a safe and expansive
| currency upon the basis of the Baltl
| more plan.
s. A. Scudder. of Texas. offered a reso
luton favoring the establishment o
postal savings banks
r. w. Meidrim. of Savannah, presente-
what he described as a modification o
the Baltimore plan, on the line of addi
tional safeguards around the issue o
notes. 1t constitutes a department o
! finance. consisting of three comptrollers
with q deputy in each State. TO hav
charge of the issue of notes and witt
authority 10 examine all banks OF issue
Joseph Woods of Mt. Vernon, O., or
fered a resolution declaring that interna
tonal bimetallism was mpracticable, an'
could not be maintained; and that silYe
dollars should be a legal-tender at pa
value for no larger sum than $50. an'
providing that silver dollars. silver Ger
tihcates. and Sherman Treasury notes b.
exchanged for bonds bearing ? IL pc
cent convertible on demand into note
which shall be received for customs dues
and that the silver bullion now In th'
Treasury shall be sold within the mex
five years.
SILVER AND SLAVERY.
NJ l.. Crawford. OF Texas. submitted
paper conceding that the fate of silver a
| REDEMPTION money was sealed, ana ina
il occupied the same relation 10 the com
merclal world that slavery did TO tn
civilization OF the nineteenth century. III
proposed nothing new in his plan for con
gressional action
r. ]. Lowry. of Georgia. presented
scheme. prepared by a bank official o
Atlanta. which includes a revival OF stat
banks as banks of issue. TO be under IN
control of the States. while Congress shal
PASS laws which will keep all kinds o
money upon a parity.
Joseph Wharton OF Philadelphia. offer
ed a resolution declaring against any re
duction of currency or the exchange o
anv currency now in circulation for an