The San Francisco call., 1898-09-16
MONEY TALKS AT A BANKERS CONVENTION

The California Bankers association be- gan Its sixth annual convention yesterday in the rooms of the Chamber of Con- merce and conducted it's business with such dispatch that it is believed that the convention proper will be concluded by noon to-6o~- Tomorrow the bankers will make an excursion to the top of Mount Tamalpais, where they are to partake of a fine dinner. At yesterdays gathering Vice President J. NJ. Elliott of Los An geles presided, President J. J. Valentine being absent. The address of welcome was delivered by Mayor Phelan, who dis cussed the situation of financial circles, and expressed the belief that with the closing of the present war business in general will take an upward start again. The address was replied to by MT. Elliott, who spoke of the necessity of the enact ment of more laws favorable to banking. The annual address of President Valen- tine was read by the secretary, in which, after expressing regret for his absence, he said:
 The monetary system. called of the United scandal to both the intelligence and business honesty of the country. For years past It has staggered under less than ten different forms of money, with variable functions, including heterogeneous mass Of old wartime devices ad0pted as semperary to win meee eot be necessary here to dwell upon the intolerable endorsements that have been inflicted upon the business of the country by this condition Of things. Business men and organizations have been protesting against 1t for years and pleading for relief but in vain.
 Bat the financial panic of 1893 seems to have at .ast aroused the country to sense of the inherent dangers of our present monetary az glomeration. and Congress has now beconfe very much In earnest in its efforts to enect bill was introduced some two years ago pro- yidtng for the appointment by the President ness men which should take under considera- tion our entire monetary status and its reia- tions to the financial and fiscal operations of the Government and formulate a thoroughly consistent and logical system which would ex- cude the dangerous elements at present exist ing, and which have long been a constant menace to our monetary stability and national credit.
 MT. Valentine then gave a detailed ac- count of the efforts of boards of trade, commercial bodies and financiers to have the monetary system strengthened out, of the several bills presented to Congress and their failure to pass, and of the bill before Congress. This measure is en-
 titled, "A bill to provide for strengthen ing the public credit, for the retirement of the demand obligations of the United States and the amendment Of the laws re- lating to national banking associations. v MT. Valentine considers this the best measure yet presented to Congress. He recited the many advantages of the meas ure, and In conclusion sa1d
 One of the essential purposes of the bill Is to relieve the United States treasury from the burden of the constant redemption of Govern
 ment paper money, and to obviate the neces-
 sity of selling interest-bearing bonds running for a long term in order to obtain gold for the continued and repeated redemption of notes under the present status. The foregoing Is a brief summary of the chief features of the bill. Doubtless it is impossible to frame a measure of this kind that would suit any one in every
 particular. Even we of our own association, representing only one section of the country. would differ among ourselves as to details, and perhaps, also. as to some principles. The diff culty of securing agreement of business interests all over the land on what is essential in currency and banking reform is known to us all. The bill combines the most important principles to be followed in the revision of our monetary legislation, those in regard to which form politically feasible. It practically retires the greenbacks, but without the issue of bonds 1t maintains the parity of all our moneys, while giving a larger scope to the legitimate use of silver; 1t affords opportunity in this coun- try of testing bank circulation based upon gen eral assets, but makes the banks assume, in return, the burden of the current redemption of Government notes; above all, 1t Is the most
 direct recognition we have yet had of the fact that all our money Is, and must be- based upon the gold standard-at the same time, through | branch banks and reduced minimum capital
 adequate provisions for their need of capital thus silencing the alarmist cry of contraction where 1t has hitherto reached too credulous
 ears.
 From the standpoint of sound money. the bill 1 is the best that has been presented to Congress
 and yet 1t comedies more than any of the others 1 improved banking facilities. As Chairman Hanna says: Every advocate of change in
 our currency laws, and every citizen and bust
 ness man who seeks safe and stable things in 1 finance should immediately recognize the vital | importance of complete support of this measure | It is great step forward"
 In conclusion: Under date of August 29 the
 press dispatches from New York reported as | follows: