Birmingham state herald., 1897-01-13

MT. Patterson was escorted to the plat form and addressed the convention. Tn accordance with the provisions of the re- port on permanent organization the state delegations selected Vice-presidents and members of the committee on resolutions.
 The latter were reported as follows: Minnesota, w. B. Dean; Ohio, M E. 1n- gals; Tennessee, T. c. Power; Pennsyl- vania, J. C. Bullitt Iowa. Ed A. Temple; Georgia, R. P Bullock; Maine, c. r. Lib by; Illinois. Franklin Mcveagh; QHissls- sippi, c. w. Robinson; Massachusetts, H. l.. Higgins; Rhode Island, Rasland flag gard; Missouri, George E. Layton; New Jersey. Benjamin l.. Aycock; Michigan, N. A. Fletcher; Wisconsin, F. H. Magede- burg; Alabama. N. c. Tompl1ins; ArlSan- sas, H. L. Remler; Texas, M. L. Offut; District of Columbia, B. H. Warner; Maryland, J. M. Nelson; Kentucky, Lo- gan c. Murray; Virginia, s. w. Traverse; New York, W. E. Dodge; Indiana, H. H. Hanna; California, John P. Irish.
 MT. 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 conclusion of MT. Walkers re- marks the convention took a recess until o'clock this evening.
 THE EVENING SESSION.
 The evening session was called to order by Chairman Patterson at S:20 D. m. M E. Ingalls, was recognized to move that the committee on resolutions should be permitted to retire and sit during the session. It was so ordered.
 MT. J. H. Rhodes was then recognized and allowed twenty minutes to present the views of the New York Chamber of Commerce, which he represented. He stated that if the country was allowed much longer to hold the present financial course, disaster and wreck will certainly result. He said that what the country needs is stability of all kinds, stable tar if, stable government and stable cur rency. He said that prosperity can only be restored by the establishment of sound money" system. MT. Rhodes was applauded when he said that he 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 a 25 per cent. gold reserve. In closing, MT. Rhodes de- nied 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 considera- tion of the convention. It provided for the appointment of a committee of nine members to be appointed by the Presi- dent of the United States within thirty days including one member of the senate committee on finance, and one from the house committee on banking and cur rency. The committee shall investigate the financial subject, sitting in Washing ton, and make report to congress of their conclusions by bill or otherwise. The members, other than the senator and rep resentatiye named, shall be paid for their services by the government. There shall be bankers, three, merchants or manu- facturers, and one political economist repres entfng the several geographical sec tions of the country.
 Some Indiana delegates, through E. F. Claypool, presented a scheme prefaced by review of all banking experiences in the United States, the reading of which occupied all the time allotted to its pre- sentation and it went to the committee on resolutions without the scheme being disclosed to the convention.
 Nj. Chadwick of Brooklyn, offered resolution directing the committee on resolutions to take into consideration the expediency of cooperating into the na- tional bank system of the principle of Scottish branch banks.
 MT. Peat offered the resolution adopted by the St. Paul chamber of commerce, ad- vocating the maintenance of the gold standard, withdrawal of the government from the banking business and the eX- tension of the national bank system by the establishment of branches and the reduction of the minimum capital stock required of such institutions to $25,000.
 George c. Tanner of Indianapolis, of- fered series of resolutions declaring in favor of refunding of the national debt, the retirement of greenbacks, more expansive system of national bank cur rency and the imposition of severe pen- alties upon national bank directors for failure of duty, to be presented to con- gresS by a committee of the convention.
 MT H. H. Hanna, of Indianapolis, pre- scented scheme for the appointment Of a monetary commission of eleven mem L. F. tnfl md to work at the expense of the convention in Investigating the financial subject, their conclusions to be reported to an ad- journd meeting of the convention With view to their representation to con- gress if legislation should be deemed de- sirable.
 MT Eugene Lowering, of Baltimore, a community noted for its h hiking methods, as evil denced, he said, by the fact that Balti- more had had no bank failures for the last sixty years, presented a series of resolutions from that delegation declar- ing that legislation was necessary for the maintenance of the gold standard, of United States legal ten der notes, the simultaneous creation of a safe expansive currency upon the basis of the Baltimore plan.
 s. T. Cudder, of Texas offered reso- lution favoring the establishment of pos tai savings banks.
 T. B. Tedrum, of Savannah, Ga, pre- sented what he described as modifca- tion of the Baltimore plan on the line of additional safeguards around the issue of notes It constitutes a department of finance consisting of three comptrollers with a deputy in each state to have charge of the issues of notes, and with authority to examine all banks of is sue
 Joseph S. Wood, of Mount Vernon, N Y, offered a resolution, declaring that in- transitional bimetallism was impractica- ble. and could not be maintained; that silver dollars be legal tender at par value for no. larger sum than $20; that silver dollars, silver certificates and the Sher- man treasury notes may be exchanged for bonds bearing 21A per cent. interest. on demand into notes which shall be received for custom debts; that silver bullion now in the treasury shall be sold within the next five years.
 M. L. Crawford, of Texas, submitted a paper conceding that the fate of sil- yer and redemption money was sealed; that it occupied the same relation to the commercial world that slavery did to the civilization of the nineteenth cen- tury.
 R. J. Lowry, of Georgia, presented a scheme prepared by bank official of