The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-10-17

had had with the financial minister OF a
SOuth american republic. whose govern
ment encouraged banking facilities by dc
posting It's surplus funds subject 10 call.
with eight banks all of which have
pfanches. Continuing Mr. Gage said Per
iil,ls. mt me- TO summarize into several brief
financial convictions:
First believe it to he most desirable
that the demand liabilities OF the govern
ment known as legal-tender notes should
collation..
seGond-I believe that This can be ac-
complished without any burden Of inter-
est cost 10 the public treasury.
lhlrd-I believe that our system of bank
mote CIRCULATION can be and ought TO be so
commercial and Industrial requirements.
holder
FOURTH believe that beyond acting as
guardian and trustee for the people in
relation TO national banks, The govern
ment guaranty TO bank-nOte issues should
cease.
Fifth believe that the public moneys
IN eXcesse of a reasonable working bal
ance Tor daily use should be deposited In
national banks. That a simple and safe
system of distribution of funds can be de-
Nised | have no doubt.
SIXTH believe that in periods of ma
uonal peace and prosperity the public
revenue should be somewhat il excess of
public expenditure. and that the surplus
revenue should be applied to the reduc-
tlOn or the pubic debt.
After presenting some statistical facts.
showing the present strong and satisfac-
tory condition OF the national I'm ances Mr..
Gage In conclusion said:
Looked at from the standpoint of true
statesma ship. IT would appear that the
present is the most prop!tiOus hour in all
our history. and as favorable as any period
We may hope for in the future. to enter
upon reasonable and judicious measures to
eliminate all elements OF financial weak
ness which experience has brought 10 light.
and 10 perfect our now faulty system OF
When Secretary Gage had concluded the
convention. by a rising vote. extended
thanks to the honorable secretary of the
treasury for his informal talk. An adjourn
ment was then taken until tomorrow.
During the business session to-day var
ious resolutions which were introduced yes
terday and referred were adopted by the
convention after being approved by the
council. These included resolutions asking
Congress to repeal the war revenue act
relating to stamps, etc. legislation for the
punishment of Anarchists etc the return
OF drafts, checks. etc. where stamps have
been redeemed indemnifying senders or
unsigned certificates which may be stolen.
Chairman Tracy. of the committee on uni
form Jaws. recommended an appropriation
tor the furtherance of the work in con-
liection with securing Improvement in
the laws affecting banking interests. Re
ferred 10 the executive council.
Myron T. Herrick. of Cleveland, intro
duced resolution urging the bankers TO
assist the Mckinley Memorial Association
for the purpose OF erecting suitable men,
orials In Canton and Washington for the
purpose OF commemOrating the life and
deeds of our beloved President" The reso-
luton was adopted
evening elected the representative of
the trust section i'm the executive council
of the American Bankers Association.
The visiting bankers are guests of the
local bankers at "A concert supper and
smoker at the Exposition building tonight.