Show I WANTS MORE BONDS ISSUED Atkinson of Boston Addresses the Bankers I i HIS CURE FOR ALL ILLS OTBLUINC OF BONDS IEKELY AX EXPERIMENT low the Banks May Cooperate With the Treasury So ns < o Instantly In-stantly Remove All Cause of Distrust Dis-trust If the Banlcs Cnnnot Trust the Government What is Their Credit Worth I ATLANTA Ga Oct 17Edward Atkinson of Boston delivered an address ad-dress before the Bankers association today advocating the issuance of S9D 000000 bonds by the government to re derm and retire the outstanding notes of 1890 I The indirect references to resident Cleveland in Atkinsons speech were loudly applauded The convention adopted a resolution offered by H Bawhan of Philadelphia that a committee com-mittee of eleven of each section of the country be appointed by the Bankers association to confer with the secretary of the treasury with reference to cooperation co-operation of the banks in maintaining the national credit Atkinson Idea Mr Atkinson said in part Tho suggestion of a general kind for the appointment of a committee or 2ommlsslon to cooperate with the executive department of the government govern-ment may be rightly supplemented by some further practical suggestions for attaining the purpose aimed at After outlining what constitutes our present money system he submitted the following as a remedy for existing financial ills FirstThe government might sell I interestbearing bonds to such an extent ex-tent for gold as to Increase the gold reserve IP to the point when the con jjdence of the community in absolute t r < demption in gold coin will be revived re-vived but no living man can detr mine what that reserve of gold must be The Way Out I SecondThe true way out is a simple and ready one The treasury may provide itself with gold by the sale of bonds so as to enable it In cooperation co-operation with the national banks to meet any possible demand of the people I peo-ple for the redemption of the government gov-ernment notes as fast as they are presented i pre-sented In that event if the volume I of paper money is redundant it will be reduced by redemption if i is not redundant i will continue in circulation I circu-lation There may be no present question about the lawful power of the secretary secre-tary of the treasury to issue the legal tender notes of 186263 under the provisions pro-visions of the act which has converted them into a permanent loan until further fur-ther action of Congress There Is however a very grave doubt of the lawful pOwer of the secretary of the treasury to reissue the treasury notes o 1800 which have been paid in coin There is no question about its being his duty to cancel and destroy all the notes of this issue which are paid in I silver dollars There Is a clause in the Sherman act which provides that the amount of silver bullion at its cost and the dollars coined therefrom under this act shall always be no more and no less than the amount of notes outstanding out-standing under the act I has some times been held that under this provision pro-vision i might be the duty of the secretary sec-retary of the treasury to reissue the notes which are not paid in silver notwithstanding not-withstanding the fact that i is left entirely to the discretion of the secre tary to pay these note either in gold or siher according to his judgment I is urged that if these treasury notes are paid in gold and are not reissued the amount of silver in the treasury at Its cost and the dolars coined there from will exceed the amount of the notes outstanding which were issued under this at What then shall the secretary do with this silver What will congress do with tel congess wih i Who can Cooperation of Dunks The way in which the banks may now cooperate with the treasury so as to instantly remove all cause of dis trust and discredit would be for a combination of the national and state banks to offer to purchase such amount of the 4 per tent thirtyyear bonds as would suffice to withdraw all the treas ury notes of 1890 which are now in cir culation Less than 00000000 bonds would be required t cover all the out Standing notes of 1SOO I hold that it is not only the privi lege but the duty of the national banks to place all their gold at the command I of the treasury in other other words the ors I treasury is but one of < the national banks of issue and being that of largest issue upon its absolute solvency and power to meet every demand for prompt redemption rests not only its own credit but that of all the national banks alike If the banks cannot 1 trust the treasury what is their own credit worth Mr Atkinson closed by expressing the fg I hoP that a committee representing this association will be appointed to j cooperate with the government by which committee several propositions made should be carefully considered i Mr William P St John of New York addressed the convention in I favor of free coinage of silver He was listened to respectfully but without pnthuFlasnv the delegates being almost a unit in oppositioin to the policy I Eugene H Pullen was nominated for president and elected by acclamation I and Robert J Lowrey of Atlanta was made vicepresident The Yiepresident convention then adjourned sine die and this afternoon after-noon the delegates were entertained at 1 genuine Georgia barbecue |