The herald., 1898-09-18
CALIFORNIA BANKERS
SIXTH ANNUAL CONVENTION IN
SAN FRANCISCO
BlMETALLISM is DISCUSSED
F. G.. Newlands on Currency Reform.
Expansion of Money VS.. Ex-
pansion of Debts
OFFICE OF THE HERALD,

OFFICE OF THE HERALD,
Los Angeles, Sept. H. 1898.
The sixth annual convention CT the CaE-
fornia Bankers association, jus: held in
San Francisco, was calted to order not by
John ]. Valentine, the president, burt by
j. NJ. E..to;: of Los Angeles, the vice pres
iden;. The latter gentleman introduced
Mayor Phehn. who welcomed the bankers
in brief and happy speech. He corimas :
ed the recent gathering Of troops In San
Francisco with the peaceful assembling OF
the bankers. The war, he said, would pos
siby have as one of it's results the es;ab-
Eshment of a grea; national banking bu;i-
ness IT. the Orient, and sc would bring about
matters for the careful confederation OF
the bankers. He felt sure that the COM
mercial interests of the coast, whatever
they might be, would have the best
thoughts of the convention.
Mr.. EMiot replied briefly for the har,kel s
1dumorously suggesting that however they
mhgh; plan. the politicians would discover
"se.f+n.ereSt obtrudtng, and so would
deem 1t their duty to turn the bankers
DOWN"
In the abs ence of John ]. Valentine, the
address of the president of the association
was read By the secretary, X. NJ. We!ch.
The subject was Currency Reform and
the paper showed Very careful preparation.
Ii was anargument in favor Of the bill now
before the committee on currency and
banking, and incidentally defense of the
gold standard. Mr.. Valentine referred 10
the need of reform because "the monetary
system Of the United States has long been
a reproach. not to say scandal, to both the
Intelligence and business honesty of TIE
country" After explaining briefly the
causes of this lnmentable condition, Mr..
Valentine noted the various attempts at re-
form which have culminated in the bill
new pending before ,.he congressi onal COM
m!ttee on currency and banking He af-
forded an outline of the scope'and purposes
of the bill 'to strengthen the public credit
relieve the United States treasury from
the burden of constant redemption of gov
ernm,art paper money, and amend ;he iaws
relating 20 rn nuional banking" HIS COM
mert on the bib admitted the practical i'm
possibility of forming measure to suit
every emergency, and claimed that "t;
practically retres greenbacks without the
issue of bonds, maintains the parity of all
our moneys. while giving a larger scope 10
legitimate use of silver" He concluded
his paper In part as follows:
From the standpoint of sound money, he
bill IS the best that has been presented to
congress, and yet II comedies more than
any OF the others to ;he honest imitation
isl. whose real need is improved banking
facilities. As Chairman Hanna says: "Ev-
cry advocate of change in our currency
laws. and every citizen and business man
who sesks safe and able things in finance
ghnnl1 N Il Ia Q i1a b,a1 al TN
portance of complete support of his meas
are. 1t Is a great step forward"
In conclusion: Under date of August Goth
the press dispatches from New York re-
ported as follows:
Members of Democratic committees in
fifteen states in the south and west en-
phatically indorse the remarks made by ex-
Governor Store of Missouri. 10 the effect
that Bryan will be renominAted in 1900 and
that the issue Of the campaign will be the
free coinage of silver"
We may as well prepare promptly ami
energeticaly to meet this threatened on
slaugh; of the advocates of free silver-in
other words, of fatism.
James A. Thompson, chairman of the ex-
ecutive committee, stated that everything
had been dpre to help the cause which,
found expression in the biz referred to by
Mr.. Valentine i'm his paper. Mr.. Thomp-
son also presented the following resolution.
which, he said, was adopted by the execu-
tive committee on June 4th of this year:
Resolved, That in the opinion of this coun-
Gil |, Is in the interest Of the taxpayers Of
this state, particularly those of the less
known countries and cities and the smaller
including school districts,
that bonds of ;he state and of the counties
and municipalities thereof should be OK
empt from taxation and the reques is here
by made to the committee on legislation of
this council to prepare the form of an
amendment 10 the constitution of the state,
having for lis object such exemption; such
form TO be prepared withou: delay, that
copies may be distributed at once to the
members of the association, to the end that
ample time may be had for he education of
he voters on subject of exceedingly great
Importance.
In the afternoon Frank Miller of Sacra-
men;o. president Of the National ba nix OF
d. o. Mills & Co., presented to the con.
ventdon bill which has been in ;roduced ir
congress by the house committee on bank
ing. Mr. Miller did not champion the. bill
for he said:
This bill proposed to enact a system
the national banks shall gradual
~ lihcredst tne issue Oh the1r notes and sub
s;itute them for all the paper money NOW
existing in this country.
AS foundation. the bill proposes that
the currency bureau of the treasury shall
be Isolated and built like a pyramid to en-
dure forever; the frs; half of he bill, which
recitee this excellent idea, should be adopt-
ed with few changes.
The rest of the bill should be defea ted.
because 1t would build. like pyramid. an
Immense mass of national bank circulation.
with this peculiar reversal of he laws of
point of the pyramid would
rest upon the ground and the base would
be balancing in the air.
The new issues are to be payable in gold.
and the banks will be allowed withiE eight
Years 20 withdraw all their bonds.
Mr.. Miller summed up his conclusions or
the bill in THE following resolutions, which
he submitted to the convention:
Resolved, That all paper morley should be |
ssued by the government.
Resolved. That the creditors Of the gov
should always have the option of
'eceiving gold or paper.
The Hon. Francis G. Newland was int ro-
luced by the chairman and his talk upon
ne topic OF Currency Reform resolved |
tselt into discussion of the silver uues-
Ion ana an earnest advocacy of bimetal- |
ism. he complimented Mr.. Miller on the |
of his paper, which he de-
'iared compared most favorably with the |
atterances he had listened to as member |
u the banking and currency committee for |
nree years past In congress. He con-
inued: