The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-09-07
HILL WILL BE PRESIDENT.
SECOND DAY OF AMERICAN BANK
Frs MEETING.


Bank Credits RecOmmended-Res-
OlutiOns IndorsinE the Gold stand
ard Were Unanimously Adopted.
Cleveland O., Sept 6.-Walker Hill,
president of the American Exchange Bank
of ST. Louis, will be chosen as the next
president of the American Bankers As
ISOLATION. The nominating committee SO
decided at it's meeting to-day. Mr.. Hin
has been vice president of the association
during the past year.
Alva II. Trowbridge. president of the
North American Trust Company of New
York. will be recommended by the COM
mittee for first vice president
The report of the committee on educa-
ton was presented by Chairman William
c. Cornwel OF Buffalo. The report in part
says:
President Mckinley has been criticised
for not doing more for sound money. But
the Presidents first message advocated
the establishment of the gold standard and
the impounding of the greenbacks calling
upon Congress to put these two things into
law, which, if done, would place all our
money on a sound basis
mo action having been taken by Con
gress the President in his second mes
sage reiterated his recommendations. and
in a strong speech in New York before the
Manufacturers Association, said that the
peoples purpose as to sound money must
be given the vitality of public law. and
be emphasized in the strongest possible
manner, his appreciation for himself and
his party, that this must be done. or tie
publicansm be discredted
All this time the Senate was adverse, and
the fact is that no legislation could posi-
bly, have been passed Though both houses
before now. On Dec. !, next. the first real
opportunity will present Itself for action.
Those who blame the President must
still remember that Congress alone can
legisate.
The first serious indications of intention
by the Republican party TO carry out the
viii of the people for sound currency was
the appointment of a caucus committee
from the House and a finance committee
from the Senate, 10 consider the subject
of currency reform, and 10 report at the
first session of the Fifty-sixth ConRress.
This move pledged The party to action on
this great question, in December of this
year, and was inaugurated tn the ful.
concurrence Of the President. and in fact
he was largely instIumen al in bringing il
about.
How Far Must 1t Cos
How far must the Republican party
go, and just how far 10 carry out the
rledge for sound money! Clearly only as
far as the President ever since his cleo
ton has been advOca ting That is TO say.
they must firmly establish the gold stand
ard by law, and they must rob the green
backs of their dangerous power of depict
ing the treasury gold, or in other words
of throwing us off the gold standard. And
these are the two steps absolutely neces-
sary TO be taken first TO perfect the cur
rency
IF these two things are doue-no mat
ter how clumsy or inadequate or lily
adapted or ridculously antiquated and I'M
scientific our currency and other financial
arrangements may be-the pledge for
sound money will have to be kept by the
President and the Republican party, and
the Gold Democrats, without whom the
victory could not have been won, will have
been justified in their action in voting for
Mckinley. Because whatever may be
said no matter how strongly the Pres-
dent mi ht have publicly urged it, up to
the present time, no bill of the kind could
have been passed.
Three Main Things.
"Three main things need to be done to
perfect our currency.
First. To establish the gold standard
by law.
Second. To cancel or impound the
greenbacks.
Third. To retire bond-secured bank
notes and substitute properly safe-guarded
bank-notes against assets.
THE voters have not yet been educated
up to the third requirement They have as
10 the first two. That is what the victory
at the polls in 1896 meant
The President himself has said that
this is the commission of the Republican
party under which they hold their present
charter from the people and our citizens
cannot be excused if they do not redouble
their efforts to secure such financial legis-
lation as will place their honorable intel-
lions beyond dispute, and insist upon the
settlement of this great question now, or
else face the alternative that ii must again
be submitted for arbitration at the polls
Congress for the first time since he plat
form of st. Louis, is Republican in botn
branches with a good working majority
That majority has no decent reason for de-
lay i'm carrying out its pledges 1t has
the power, and if it fails, II means that
Republican promises are not 10 be trusted
1t means that the party will receive the
condemnation of the rank and file who
fought 50 hard TO win in So and ii means
grave peril for Republicanism in 1900"
Gen. Whiting of Alabama introduced a
resolution, which was passed, recommend
ing that the committee on education be
continued, and that it be instructed to
present TO the executive council a plan
for the organization of such an institu-
ton as that in London, described by Mr..
Cornwell.
Report on Credits.
Robert McCurdy, chairman of the COM
mittee on credits presented the following
report:
First: That a committee on credits be
made one of the standing commit tees of the
association.
Second: That the association establish
in the city of New York an agency TO be
known as the Bureau of Bank Credits,
whose duty shall be to collect Information
in regard 90 the standing of all parties
who either as makers or endorsers sell
their paper on the market, and to perform
such other duties as the association may
from time to time prescribe"
AT the close of the reading of the reports
f. o. Leach of New York, vice president
and cashier of the National Union Bank,