The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-24
BANKERS CURRENCY PLAN.
ESTABLISHNENT or A SINGLE
GOLD LEGAL TENDER.

Cessation Of the Coinage Of silver D0llars
Scheme Adopted 1t the San Fran
cisco Convention. which Closes After
Electing Omcers for tho Next Year.
SAN Francisco, Oct. 2s.--The regulation
Of the currency was the important subject
which occupied the attention Of the Ameri-
can Bankers Association on this. the last
day OF the annual convention.
The great majority OF the members
seemed averse to any radical measure
which would excite alarm. and few even
went 80 far as to oppose the adoption OF
any formal resolution at this time, pre-
ferring to continue the life Of the currency
committee for another year and endowing
it with power to take action should Con-
gress pass any new currency law.
By nearly unanimous vote, however.
the convention adopted resolutions which
were proposed last year at New Orleans
and presented here by Congressman Pugs-
lev of New York. These declare that the
only proper remedial measures for the cur
rency lie in the establishment Of a single
gold legal tender, the cessation Of the
monthly coinage OF a million and half
silver dollars. the maintenance on parity
with gold OF the legal tender silver dollars
outstanding and the recoinage Of these
silver dollars into subsidiary coin to meet
the public requirements.
Mr.. Pugsley, in presenting the report,
said There is no doubt that our system
can be improved. but do not believe we
will be recognized. 1t is essential that
it's volume should rise and fall with vary
ing tides OF business and commerce. 1t
is the most important measure before TINS
convention
This was adopted.
"Resolued, That the report Of the cur
rency committee appointed under reso-
luton passed at the last annual convention
of the American Bankers Association held
at New Orleans be adopted, and that the
president of this association appoint COM
mittee of three for the purpose OF urging
legislation along the lines recommended IN
this report"
Then came the address OF the day by
United States Treasurer Ellis H. Roberts on
"The Effects of the Inflow Of Cold 1t was
an elaborate presentation OF the currency
question, which was listened to with close
attention In his peroration he predlcteo
the continuance Of the present great pros
peritv if he American people are prudent
AMI viii let their common sense ana coio
reason govern.
The following officers were elected for the
ensuing year: President, Frank G. Bige-
low, president of the First National Bank,
Milwaukee, Wis; vice-president, +; r;
Swinney, president of the First National
Bank, Kansas City, Mo-; executive council.
James x. Wilson, president of the san
Francisco National Bank; j. d. Powers,
president Of the National Trust Company
louisville, Ky; j: II. Mitchell. vice.preai-
dent of the Winona Deposit Bank. Winona,
Mimi; James B. Finley, president OF the
Fifth National Bank, Pitttsburg; stephen
NJ. Griswold, president of the Union BANK,
Brooklyn. N. Y, Executive council for
three years, W. Z. Coffin, vice-president OF
the Eau Claire National Bank, Wisconsin;
H. Il. Dennis. president OF the Sioux Falls
Savings Bank, s. D.; Mills B. Lane. presi-
dent Of the Citizens Bank. Savannah, Ga;
William Livingstone, president OF the Dime
Savings Bank, Detroit, Mich; Charles M
Sawyer, president Of the First National
Bank, Norton, Kan. One ce-president
from each State was then named, New
York's representative being Charles Il.
stout, vice president Of the Liberty Ma
tional Bark New York city. After in
stalling tho new officers the convention
ni inlYpeI.