The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1897-12-22
Bankers on Banking.

Think Government Should
Quit the Business.
/ A.laor., Ga, Dec. i5.-Ths South
ero Bankers convention met bsse to-
day ON the call Of the Atlanta Clearing
House association to consider currency
reform and recommend measures which
/ mill give an elastic currency and
to take the governmeDt oct of the
banking business.
The session opened 10 the ballroom
fof the Kiubal! house at 10 O'Clock, by
Geo. r. DeSaussnre. vice president Of
the Exchange bank Of this city. who
linaueurated the movement. Mr. John
"a. Davis Of Albany, Ca. was elected
president ADD Darwin G. Jones, man
.eer Of the Atlanta clearing bouse.
! secretary; Z. P Hillyer, Mason
/ banker, wss chosen assistant secretary.
Mr. George r. DeSaussure welcomed
the convention and spoke on the need
of system vSich would give sound
and elastic currency. and invoked q
spiri. Of non-sectional patroitism IN It's
consideration
Presideot Davi. declared himself to
be IN full sympatby with the movement
for 40 elastic currency, but he said that
| The standard must be that of all Da
tioos
Hoke Smith. in bis address Of vel
come dwelt upon the resources of the
south needing currency for their devel.
lopment. He urged that coin alone was
insufficient for any prosperous coan.ry
aud that the provisions 10 thia country
for paper money before the war were
measures now entirely inofheieot. He
1 advocated the retirement Of greenbacks
and .reasury notes ADD the substitution
oe back issses under Federal control
| he urged that The percentage of charge
upon tbe isene should increase as the
/ percentage Of Issue Increased, thereby.
making currency With elasticity safh
oiens to meet automatically the need of
trade He insisted .ha. the govero-
nent regulations should apply as we'll
TO State as to oafionel banks
The next spesker was Willi.m W
Dods~ortb, editor Of the New York
Jourual Of Commerce. He condemned
tie national b.Dkiog system as iuelas
s;o and uDsuited 70 thApeeds Of the
country. and declared the reeobacks 3
Eeuree which yi.is.es the system. He
favored authorizing the naeional banks
! TO issue bills 20 Is pc. sent. of their
| capital. secured By frst lien upon
| thsir resources and the double isbility
lzof atockboiders. under Federal super
vision aud redeemable at such centers
| as will make them pass all over the
souotry He declared the country
needed safe and elastic currency aud
this could best be supplied through an
iseue Of such bsDks
The convention adopted without de-,
bate by unanimous vote the following
resolutions
Whereas, We believe fhks the time
hes come for southern bankers TO sue-
cessfuily demand better banking fscili-
ties from tho congress of the Uoit-d
States, Ne, the bankers OF the south,
| IN convention assembled, hereby sug-
gsst such reformation io our baking
snd curreoey laws as may be neoes
ssry-
/ To take the banking business out
Of politics
2. To take the government out Of
the banking business.
| 8 To avoid the expense and danger
always attendans rpon government is
cues by the resisemen. aud cancellation
of the efeenbseks and the treasury
notes Of 1890, BY the substitution of
bank ootes
To demonstrate to the world that
the credit Of the United States
is as high as that of any other
natioo
S To demonstrate .bat our measure
of value being definitely determined and
permanently established. hundreds of
miIlioDs Of dollars from abroad and at
bome will seek ioyes.meot here
| 6 To keep every dollar of our cur
reney good enough to pass oorrebt in
every land.
/ Z To increase toe amount of gold
add silver 10 circulation among our peo-
pie.
To give smaller ,ovns the advan-
tage Of better banking facilities. SO that
every honest man will have ms.ed out
to him the credit be is eotifled to.
9. To give producers of every kind
and in every section ample currency at
reasonable rates Of interest to baod!e
II e