| Show the bankers convention atlanta ge oct 17 the convention adopted a resolution offered by II 11 kachan of philadelphia that committee of eleven of each section of the country be appointed by alie bankers association to confer ith the secretary of the treasury in reference 0 o the cooperation of the banks in maintaining the national credit mr atkinson At said in hie aldress on the issuance of bonds in part the suggestion of a general kind for the appointment of a committee or commis bioli to cooperator coop erato with alie executive department part ment 0 the government may be rightly supplemented by some further practical tor attaining the purpose aimed at alter outlining what constituted our present money system he the following ae a or existing financial ills first the government might cell interest bearing bonds U such extent for eold as to increase the gold reserve up to alie point when the confidence of the community in absolute redemption in gold coin will be revived but no living man can determine what that reserve of gold must be second the true way out is a simple and ready one the treasury may provide itself gold by the sale of bond as to enable it in cooperation with the national banks to meet any possible demand of the for ahe redemption of the government notes as fast a they are presented in that event it the volume of paper money ie redundant it will be reduced by redemption demp tion it it is not redundant it will continue in circulation may be no present question about the lawful power of the secretary of the treasury to issue the legal tender notes of 1882 ba winder the provi aiona at the act which has converted that loan into a permanent loan until further action by con eress there is how ever very grave doubt of alio llio lawful power of the secretary of the treasury to reissue the treasury notes of 1890 which have bean 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 silver dollars there is a claue in the sherman act which provides that the amount of silver bullion at its cost and alie dollars coined under this act shall always be morri and no less than the amount of notes outstanding under the act it has sometimes been held that under tine provision it might be the duty of alie secretary of the treasury to reissue tho note which arc not paid in silver nou ith standing the fact that it is left entirely to the discretion of alie secretary to pay those notes eitnier in eold or in dilver inz to liis it is urged that if these treasury notes are paid in gold and are not rev sued the amount of silver in the treasury at its cost and llie dollars coined will exceed the amount of the notes outstanding which were issued under this act what alien shall the secretary do with this silver blat will congress do with it who can tell the way in which the banks may now cooperate willi the treasury ae to instantly remove all cause ot distrust and it would be lor combination pf the national and elate banks to offer to purchase such amount of the 4 per cent thirty year bonds as would suffice to withdraw all alie treasury notes of 1890 which are now in circulation icess bonds would required to cover ill the outstanding notes of 1890 I 1 hold that it ie not only the privilege but the duty of the national banks to place all their gold at alie command of the treasury in other word the treasury ia but one 0 1 ho national banks of issue and being that of largeant issue upon its absolute solvency and power to meet every demand for prompt redemption reds not only its credit but that of all banks alike if the banks cannot trust alie treasury what ie their own credit worth mr atkinson closed by ex pressing alie hope that committee representing tins neo cLation kill bo appointed to cooperate with the government by which committee the several ions made should bo carefully condid ered mr william I 1 st john of new york addressed the convention in favor ot free coinage of silver lie WAS listened to respectfully but ithA ii the delegates liebing almoite a unit in op pollion to the policy eugene 11 pullen aas nominated tor president and elected by and kobert J of atlanta waa made vice president the convention then adjourned sine die and afternoon the were entertained at a genuine jeorgia barbecue kle maric a this the steamer gilbert collided alli and bank the america in channel the gilbert was uninjured gov dough will today issue ft formal to die cover nora of ten states and to the mayors of the principal cities therein to bend re to a convention lo 10 I 1 bield in november 20 the object of the convention to take llie first crepe lowarl braat mid continent exposition between hinr neapolis and st baul in 1897 or 1898 alie tala invited are lean iowa north dakota south dakota nebraska oregon and wyoming i |
