The record-union., 1898-09-16
Many Prominent FinanCiers Of the
State in Attendance.
An Able Paper by President John J. Valen
tine Read.
The Monetary Standard of This
Country and Of the Commercial
World is Gold, and the Expert
ence OF the United States in the
Past Two Years Has Fully Vim
dicated the Gold Standard.

SAN FRANCISCO, Sept. 15.-In the
rooms Of the Chamber of Commerce to-
day the sixth annual convention of the
California Bankers Association was
convened. There was an exceedingly
large attendance of bankers from all
parts of the State.
Mayor Phelan welcomed the finan-
ciers, and in the absence of President
John j. Valentine, Vice President J. NJ
Elliott of Los Angeles responded.
Mayor Phelan dwelt upon the ad-
vantages of San Francisco as a con-
vention city, and passed to the effects
of the war with Spain upon the finan-
cial future of the Pacific Coast. The
Mayor argued from the standpoint that
the United States will retain the Phil
fppines, and the possibility of the es-
tablishment of a great financial insti-
tuition in the Orient. He suggested that
this might be a point for discussion by
the convention.
Chairman Elliott, in reply, stated
that many of the good intentions of the
bankers We're misconstrued, principally
by politicians, who looked upon any
legislation suggested by the bankers as
coming from a body bent upon personal
gratincation and for personal ends.
A carefully prepared treatise by Pres
ident Valentine was then read, as fol-
lows:
To the members and guests of the
California Bankers Association - Gen
tlemen: 1t is with unfeigned regret
that l find 1 cannot be present in per-
son to welcome you to this, our sixth
annual convention, but circumstances
beyond my control impend which will
render it impossible.
In addressing you thus it would be
in order for me to preface my remarks
with brief summary, at least, of
current financial happenings and of
the stirring events that have occurred
in national affairs since our last meet
ing, and point out how the pressing
needs of the hour have demonstrated
as probably nothing else could the vast
Importance of untarnished national
credit; but all this, as also the discus
sion of matters Of banking detail the
methods to be recommended for doing
business in specified localities, etc
with which they are more familiar
than I ami will leave to the more
fortunate gentlemen who will follow
me in person, and at once proceed to
the consideration of the potential ques-
tion that concerns us all-currency re-
form
The monetary system SO called, of
the United States has long been a re-
proach, not to say scandal, to both the
intelligence and business honesty Of
the country. For years past it has
staggered under no less than ten diff
ferent forms of money, with variable
functions, including a heterogeneous
mass of old wartime devices adopted
as temporary expedients to meet ex-
traordinary emergencies, all Of which
appear to have become amalgamated
and, by prescription and public apathy
crystallized into an aggregation of in
efficient instrumentalities wholly un-
worthy of the name of a monetary
system and at variance with every ac-
cepted principle of monetary science
and stability, as we'll as with sound
financial policy
1t will not be necessary here to dwell
upon the intolerable embaIrassments
that have been inflicted upon the busi-
ness of the country by this condition
of things. Business men and organ
izations have been protesting against
it for years and pleading for relief, but
in vain Congress has for more than
thirty years been toying with the sub
ject in a more or less perfunctory man.
ner, but at no time prior to the panic
OF 1893 had these efforts ever risen
above a mere tinkering with some tenn
porary expedient. No broad and COM
prehensive plan of monetary policy
founded upon the logical principles of
monetary science had been attempted,
and both political parties have appar-
emily felt satisfied that they fully dis
charged their public duties by insert
ing in their political platforms some
meaningless platitude. in the way of a
straddle, embodying the declaration of
a financial policy wholly inconsistent
with it's own terms.
But the financial panic of 1893
seems TO have at last aroused the
country to a sense of the inherent dan
gers of our present monetary agglom-
Grafton, and Congress has now become
very much in earnest in its efforts to
effect radical and lasting reform. To
this end a bin was introduced some
two years ago. providing for the ap-
pointment by the President of a nom
partisan commission of eleven business
men which should take under consider
alton our entire monetary status and
it's relations to the financial and fiscal
operations of the Government, and for
mulate a thoroughly consistent and
logical system which would exclude
the dangerous elements at present ex-
listing. and which have so long been a
constant menace to our monetary sta
bility and national credit.
Unfortunately this bill failed to be-