The herald., 1898-09-17
BANkfRSOf CALIFORNIA
THINK IT FooLIsHNEsS TO TAX
LOCALBoNDS
One Delegate Found Who Failed to
Favor the Gold Sandwiches
olutions Adopted

SAN FRANCISCO, Sept. 16.-The second
davis session of the California Bankers
Association was well attended, only one
or two absentees being noted. The princi-
pal subject under discussion was the ex-
emption Of city bonds from taxation. Low
oil White of the San Francisco Savings
Union. read a comprehensive paper and led
the argument.
Mr.. White said in part:
"The taxation of public securities Is a
discrimination against local capital. as the
foreign bondholder receives the stipulated
rate of interest without abatement. While
the local one must content himself with
two-thirds or three-fourths of that rate.
Why the State of California should dis
criminate in favor OF a resident of Boston
or New York, against its own citizens Is
question that a professional politician
alone can answer"
Other financiers spoke on the same lines
with Mr.. White.
The subject Of uniform law of negotia-
Bile instruments was introduced by James
| A. Thompson and letter was read from the
National Association stating that there
was every indication that many States
would soon adopt the law proposed by the
association. The subject was not discussed
at length, it being the general opinion that
such law would soon be in vogue.
| The following officers of the Bankers as
ISOLATION were unanimously reelected al
he afternoon session: J. ]. Valentine,
wells-Fargo company bank, president; j.
M. Elliott, First National bank of Los An
| X line ('r0nJ<eI -
Woolworth National bank, treasurer; K.
M. WEIGH, San Francisco Savings union.
secretary.
| Frank Miller of Sacramento, Z. f. Baker
of Alameda and f. S. Hawkins of Hollis
ter were elected to i'll three vacancies in
the executive committee.
| The committee on resolutions reported the
| following:
Resolved, That the bankers of Califor-
mia believe that the gold standard is the
only proper and sole possible permanent
standard of value, and that any departure
therefrom Is prejudicial to all persons rich
and poor alike, who seek to live by honest
effort"
| A rising vote was taken on the resolution
| There was but one negative out of nineteen
votes The objector was Henry Brown OF
the Bank Of Napa. Richard Bradley, who
did not vote, announced that he was a b..
metal1ist, but not at the ratio of 16 to l.
A resolution advocating the passage Of
the Walker bill to strengthen the public
credit which is now pending before con-
gress, met with some opposition, on thu
ground that 1t does not go as far as the
needs OF the business interests OF the coun.
try demand. II was adopted, however, By
vote of % ayes to nays.
| On a resolution advocating the enactment
by the California legislature of the uni
form negotiable instrument law now pend
ing in several of the leading CONNIE rcia
states, there was unanimous affirmative
| The fourth resolution adopted was as fol-
| lows:
"Resolved, That the taxation Of bonds
state. county and municipal, includin
school districts. is Without resulting bene-
fits of any kind, but IS prolific of evil, as II
occasions loss Of money 70 the taxpayer
depreciates public and private credit, i'm
pairs respect for law and lessons the pub
lie conception for the sanctity of an oath
wherefore, this convention recommends
that the constitution be so amended as to
exempt public securities from taxation"
! The final resolution acted upon fayorablv
by the convention declares for the best pro-
lection against forgers. burglars and coun-
terfeiters is the certainty and durability OF
punishment.
The selection for the time and place for
the next convention was left to the execu-
tive council, after which the convention ad-
journed.