Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-07-25
MARYLAND BANKERS
They Meet by the Breakers at Ocean
City.
COMBINE BUSINESS and PLEASURE
William T. Dxon's Views on the
Financial Situation.
PROS PECTS ARE CHEERING
Special From q stan Correspondent.


OCEAN CITY, Md, July %. 1898
Maryland bankers have invaded Ocean
City to the number of a hundred or two
during the past two days in attendance
upon the third annual convention of their
association and after spending their
mornings considering questions of grave
import In the cafe of the Atlantic Hotel.
they have scooted for the bath houses like
so many boys and surged into the surf, ap-
parentIy oblvious that such things as over
drawn accounts or dishonored drafts ever
had existence. They have cracked jokes
with an abandon that is gay and Juvenile.
and it would have been an excellent lesson
for a capitalist. wealth and probity hating
populist to have seen'how human the ogres
of his imagination really are.
The bankers had admirable opportunity
also to renew and strengthen personal ac-
quaintanceship and to indulge in inter-
changes OF views sure to result advan-
tageOusly to the business circles of the
orioie state. and the papers read in the
conventions two sessions were full of wise
counsel and thoughtful propositions. Chief,
OF course. among the subjects considered
were the Indianapolis monetary movement
and the proposed national legislation on
banking and currency. In the interview
given below the consensus of the opinion
Of the entire convention on the latter sub
Ject will be found.
OOid the only standard.
At the closing session yesterday a reso-
luton was passed. 1t was to the effect that
we unalterably opposed to the free
coinage of silver and to every debasement
of our currency, in wha tsoever form it may
be presented; that we firmly and honestly
believe that the true interests Of our coun-
try will be best served by its rigid adj
herenCe to the gold standard of value, the
continuance of which will not only pre-
IL iray1 rfuI{ int tha
welfare of its citizens. from the wage earn
to the capitalist. but will insure through
the prompt restoration of confidence that
rapid development Of its resources which
will eventually place 1t first among the
commercial nations of the earth"
Significant Incident.
During the consideration of this matter
a significant incident occurred A mem Der
moved an amendment recomm ending that
In all future ISSUES Of government bonds
there should be inserted clause declar-
ing that the bonds should be paid in gold
coin.
The motion cid not even get a second; no
one spoke on 1t. and IL was withdrawn, the
proposer realizing that his colleagues all
regarded 1t as ill-advised and as calculated
TO cast doubt upon the validity of the re-
demption of the former ISSUES of govern
ntent bonds in gold COIN
The election of officers resulted In the
choice of DR.. J. W. Herring, cashier of the
Union National Bank of Westminster. Md,
presid ent: William Marriott cashier of
the esteTn National Bank of Baltimore,
treasurer. and Lawrence Kempt president
OF the Commercial and Farmers Bank of
Baltimore. secretary. The Two latter We're
reelected
An Eminent Financier.
In such an assenblage the opportunity to
Secure really authoritative opinion on
the conditions Of the financial world was
my good fortune last night to have an ex-
ceedIngly interesting talk with Mr.. William
T. Dixon. president Of the National Elk
change Bank. chairman of the executive
&C mmittee of the Baltimore clearing house.
a director of the Baltimore Consolidated
r. r ana other corporations, and presi-
dent Of Johns Hopkins Hospital He is a
man whose views on all subjects affecting
community interests are eagerly sought.
because Of the profound judgment he ex-
ercises in considering them, and standing
as he does in the front rank of American
fnanciers his opinions are invaluable In
recording them i have been careful to OBJ
serve the confidence he imposed in The
Star. recognizing it. as he said. not only
as great paper, but a great public edu-
Gator.
1 asked Mr.. Dixon II the bankers re-
garded the early settlement of the cur
rercy question by Congress as probable
and what he thought of the bill reported
by the majority of the House committee
on banking and currency. and that pre-
pared BY Chairman Walker of that COM
miItee.
FavOrs the Committee Bill.
We are very hopeful that the important
question will be settled on the lines laid
down in the bill OF the majority" replied
MIR Dixon in response to my questions.
The government. at present, is in the
paTadoxical condition of being in the bank
ing business. and at the same time of not
being in it. The committee bill Is per-
haps. abstruse in some particulars but it is
comprehensive The measure proposed by
Mr. Walker. the chairman OF the com
.nittee. whom / know and esteem very
highly. is. must confess, beyond my pow
Eers Of cOrnprehe nsiOn- 1 read it very care
fully and studied ii more thoroughly than
ever cid any piece of proposed legisla-
-tIOn in my life. but / could not comprehend
It. The majority bill. which provides that
the banks shall uphold the gold reserve, by
having a certain proportion of their re-
serve funds in gold. and the provision for
meeting the demands of business in the
various sections Of the country in the mat
ter of circulation is, l think, feasible. The
clause providing for circulation during
emergencies is also acceptable. 1t would
only be eCesSary TO meet its requirements
in time OF panic. as the high tax rate on
emergency circulation would soon retire 1t
when business returned 10 normal condi-
ticns.
Small Banks InndyisabIe-
Il do not approve. however, of the idea
OF permitting the establishment of large
numbers of small banks" continued Mr..
Dixon. 1t would be better to authorize
large and stable banks to establish
branches They would have in a greater
degree the confidence of communities. The
head institution would then be able to send
money here for instance. at once If there
was stringency. or to Frederick II such
condition existed there. The authorization
OF small banks would have the tendency,
/ think. of leading the inexperienced to
enter the business. and this would not be
desirable for many reasons. you can
readily perceive.
Taking it all in all, however" said Mr..
Dixon. Il think the committee bill. with
a few changes. will meet the approval OF
the financial world, and l strongly hope it
may be passed as soon as 1t is properly
pruned and few of its unnecessary fea-
lures eliminated"
The Public and Financial HeresIes