The sun., 1905-10-13


" V,sntsnfns O' ~ fno ,uos, In.
rpt'nhi feature Il lho ar. uud in .aup NJ ihr
american RHrtcf4' i#tOiritur, which run
trrcd to-day NJ idluA " m ihr tolunh hir
Ih,difc. WA atrpuF nduf otnoft ~ 10
shiu subsidy ~ lhis notipn tho hnnberi
put them lyru nn frtHfi n4 accepting ihr
recommendation mldc hy Acptotrry shaw
yrs'cthnv IN fn,' tu Ruhrri \ lt"Wry
~ Atlanta. whu presented Nv" rcso'uiiun'
and advocated their Hipp ION IN y stirring
i've minute spccch, rrtratkrd that S",r"
iArv shaw had anticipated him
President 4 = Swirucv prrsiloI rFiin
to-day Tho Re-, pr I = Ituwlu n
Washington who delivered tho invocation.
prayed for dcliyornuco from aotn" ~
tho evils ~ personal dishoneaty m the world
~ high finance. lto invoked divine power
To strengthen the individual consclruCe'
10 make II proof against temptation
The session Wa hardly wrlI under way
heforr the ship subsidy proposition came
In tho form of the following resolutions
submitted by Col. Lowry
Rcsprrd, Nv IN" american Baukcr' ".
soristion. Ia con ysiItiuH assembled
First That tho members oi 'N" As-p,h.
ton are drrpN Interested IN an, measure
which viii promote the interests Of the whole
country InduNrully aud commercially and
especially with reference to Our ior'ign
commerce.
Second That We favor and most respect.
fully urge iha pnssa &c by Congress of some
measure TO foster aud encourage tho upbuild.
ing Of the mere hant marine and give IA back
tho prestige on the high seas We once en-.
joyed.
Third That We favor the ship sub +idy
measure which has received consideration at
the hands OF our con gress. which We think
would tend - restore our fae upon the seas
and build up our merchant marine to the .'x-
tent that the necessities OF our trade now
and In the future may demand.
Fourth That recommend that our Sena-
tors and Representatives. favor some just aud
equitable measure that will bring about the
results and afford the relief above suggested.
Fifth--That through our legislative com
mittee we memoriallze the Senate and House
Of Representative Of the nted states with
copy Of tn ese resolutions.
E. J. Parker of Quincy, H.; seconded
the motion on the adoption OF the resou-
tions.
Then the voice Of opposition was heard
from Col. Fletcher, president Of the German
National Bank of Little Rock, Ark. He
was applauded almost from the opening
sentence, but the votes did not measure
up with the applause. The Lowry resolu-
dicated an affirmative strength Of 10 to /.
At this point in the proceedings camera
artist mounted step ladder. addressed
the covention, advised everybody to look
pleasant and snapped fiashlight picture.
MIR: vanslyke OF Madison 1 Wis, presented
the banking law. He SAID in support Of
his resolution that all banks are classed as
one by the general public, and when failure
occurs, of whatever kind or from whatever
touches public sconfideiice, the most inn
portant element of, banking capital
The resolution presented by Mr.. Van
Slyke provided that the association re-
quest Congress- to amend Section 5l97,
United States Revised Statutes, SO as to
the so-called redemption cities to accept
real estate mortgage security not to ex-
ceed 20 per cent. OF its loanable funds. The
resolution also provided that Section $500
amended SO az to allow certain loans to
the extent Of one-tenth of their actual unim-
paired capital The resolution was re-
ferred to the proper committee.
l.. E. Pierson OF the National Exchange
Bank OF New York submitted a resolu ion.
which was promptly adopted, providing
for the appointment OF committee of
five to confer with the Shippers Assocat ion
to secure a unif orm bill OF lading. The
executive council reported in favor OF the
appointment Of a permanent law committee
Of five. This was adopted.
Ex-Representative c.. A, Pugsley OF
New York presented the report OF the
committee on currency, which was received
With great applause. The report says;
should be retired Borrowing on demand.
either by the individual or by the Govern
ment. unless there are resources immediately
vni a 10 = hot
GOyernnent and individual. II cannot be
justified IN an Rny in such emsr ss
Of the legal tenders, or "greenbacks. 1t
is obvious tha, they are debts Of the Govern
ment nayableP 20 on tis dsmsnd, 4 strong, prudent
from pressure and panic by providing. that .
al obigations. as far as Practicable should !
seem the part of wisdom TO retire the legal !
tenders when the country is prosperous, |
rather than in, the throes of panic. wf>n the !
for its retirement are. possibly, more ap-
parent. II may be that heroic treatment
payable at the pleasure OF the Government.
bearing an exceptionally low rate or interest, |
sG and pubic B esns to
TO resume" The way to retire, is to retire
Secretary of the treasury viii depart cpl, from
the policy OF his worthy, predecessors, who
forms 80 Of nor moneV oned or sssed @ p By The Cow
ernment, although no express statute existed |
or now exists for the interchan geabilty.
But II the silver certf fcutes, silver dollars |
or silver coin are TO be kept Interchangeable |
with gold under all condition hat may arise,
4 reserve fund OF at Least sl50, 10000 should
be set aside to provide for the redemption
In gold of about 5000 O0O, 900 of silver outstand-
ing. II the silver certificates are not issued !
In larger denom nations than s., it would |
seem that reserve fund OF $3.50, 0OO, 900 In !
gold should be sufficient to protect the Treas
ury. Provision should be made SO that no
one could question at any time the value of
any dollar issued or coined by the Govern
fnent OF the United States.
The Secretary Of the Treasury should |
have discretionary power to deposit in the |
national banks such portion OF the surplus |
funds in excess OF s50.OOO.0OO whether de-
rived from customs receipts or internal !
revenue as he may deem proper. to prevent |
absorption OF money by the Treasury. Such |
deposits should be guaranteed by United |
States bonds, or other nec,Irities acceptable |
to the. Secretary of the Treasury. No re-
serve should he required against Government |
deposits in our banks, as they are secured |
by the pledge of United States'or other bonds. !
If practical, interest should be allowed the |
GQyernment upon these deposits.
We complain about the ngidness OF our |
currency system. and yet We have cast |
iron rule or law that will not allow national |
bank circulation to contract or expand, ex- |
cept within the most prescribed limits. There |
should be an early amendment or repeal |
Of the present limitation of 81. 600, 900 per |
month upon the withdrawal of circulation, |
and either mo- limitation should ha MIA cad