Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-08-20

from all sections OF the country united
In pronouncing the convention Of 1851
an unqualified success.
The gathering was called 10 order
promptly at o'clock. and the reading
of papers left over from yesterday was
taken up. The question. What legsla-
tion IS needed in respect to the cur
rcnCy was discussed In an interest
ing paper by y. B. Van Syke. presi-
dent OF the First National Bank OF
Madison. Wis. The speaker thought re-
forms, 20 be permanent. should be
gradual. rather than radical, and in
this direction he suggested az the first
important step currency reform by
cvOlution-the retirement OF the trouble
some grecnback. and the Treasury
notes-a floating debt, and the practical
business method OF funding this debt
into per cent. government bonds. In
denomination from fifty TO thousands
OF dollars each
Savings Banks" was the title Of a
paper read by Myron r. Horrick, OF
Cleveland.
Harvey j. HOLSTER. president OF the
Grand Rapids clearing house. spoke on
Organized Capital Its Privileges and
Duties"
Bradford Rhodes. OF Mamaroneck, n.
Y. discussed the question, Are Clear
ing-HOuses FOR Country Checks Practi-
cal?"
SIR. T.. Gunby Jordan. OF Columbus,
Ga. discussed the question whether
National Banks of Less Than $00OO
Capital Would Be a Benefit 10 the Coun-
try" lie argued afiirmatively Things
financial are sadly out OF joint" he
said. "If slight amendments to existing
Ia l,.1 "a fph TNF
Heavens name let us urge them
"If we are to continue the present un-
scientific basis for bonds, let the banks
regulate it, with S2j.G0D as a minimum
of capital there would be inducement
enough totplant a national bank where
ever ono was needed and outside capital
would greatly aid in this work.
SMALL BANKS NEEDED.
',rbat the needs of the country require
some small banks, IS indisputably proven
bv the statistics Of their organization
since January. 1888. 2i5 national banks
have been organized. or these, - per
cont Oq0 have been Of 100000 capital
and under ana of these 193 nineiy-eishl
have been of the minimum capital al
lowed by law-$5OOOO. In fairness, IN
fustice and i'm wisdom, let our laws set
| tie the currency question, ana the SCUM
| at least. Will blaze us own Iodu ~ iiCi,
.sWould Branch Banks be Beneficial
| mr. the Revcrse?" was discussed by VIII
liam &. ro-nweH. president Of the City
Bank, Buffalo, y. y.
Frank ". Tracey, president oil the
| First National Bank, Springfield Ill.,
road a papcr on the subject what can
Ha Done TO Increase the Usefulness OF
the American Bankers Association
Papors followed on Currency Ship
uonts of REGISTERED Mail" by Charles
X. Hannah. president of tie Iowa Bank
| crs' Association. and Express Money
! Orders" bv L. y. Hillyer, secretary Of
| the Georgia Bankers Association.
Papers prepared by Lawrence B. Kemp,
! Of Maryland and II. Pullen, Of New
| York. we're withdrawn by their authors,
ON account Of the latencss of the hour,
| and ordered printed.
A resolution was adopted by the con-
vention, urging Congress promptly TO
provide for a. competent, non-partlsan
| currency commission, TO the end that
sound financial legislation may speedily
! succeed.
WILLIAM Z. ST. JOHN.
Roerct at the death Of William p.
! 81 John of New York city, was eX-
pressed I'm a resolution Of regret by N
! h. Van Syke.
Joseph c. Hendrix, OF New York, was
/ elected president, without dissenting
vote.
The sailing was not 50 smooth when
II came 10 the election OF hrst wee
| rreeident For this place the Nomina-
! ton Committee presented the name "a
/ rranl1 w. Tracey, OF Springfield, HI
buf Frederick W. Hayes, OF Detroit, also
! romiuated George Il. Russell, Of TINS
! citv Mr.. Russell was elected, receiving
| IN, votes. to 100 cast for Mr.. Tracy. Inc
| gocretarv was instructed to cast the bal
| LOT of the convention for the state vice.
presidents and the Executive Couhcli'
| Members of the Executive Councl eject
ed. J. G.. Cannon, New YORK; j. W.
huntington. Ohio; r. }. Lowry Georgia
u FindIav. Pennsylvania; j. {. SANDS,
! West Virginia. The members u '"'
! 1,vecutive Council named by the dele
! ,,,t,s of the various State associations
| 81. y q BigelOw, Wisconsin, j. j.
| pra,cb Virginia: d. W. Garret, MIS-
eo,,ri. A W. Campbell, Mississippi; D.
C. Hunter Pensacola. ,.,
After the retiring president had been
rroeented with q handsome gaNel, th'
installation Of officers proceeded ahO
the convention then adjourned.
HONORs TO RICHMONDERS.
DETROIT. August 19.-(Special)-A
n,o bankers convention to-day, MaJo
Tobn u. Branch, of Richmond Wa
| elected a member of the Executive Couh
eli and also member of the CONFER
ence Committee on Currency Whlch iiieV,
| AZ Washington. Colonel James
| Branch was reelected secretary win al
! increased salary, and received the thaiIA
80 ,to convention. The convention MAJ
been "a success in every particular
U+a1lror nm. Of St. Louis. formerly O
ptobmond was elected treasurer to sue
aood yVuliam IL. Porter, Of New YORK
COAL OPERATORS ORGANIZE