Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-08-12
sAxKERs IN COUNCIL
ANIMAL Convcpsies or the Americas
Bapkers' Association.

BapkerS' Association.
[By telegraph TO the Dispaten.J
BosToN, August 1.-The annual
convention Of the National Association
Of American Bankers Was called to
order in Horticultural Hall by Pre;i-
dent Lymsn ]. Goge at 10 o'clock
this morning, with more than
usually full attendance of delegates.
Rev. Phillips Brooks opened the pro-
ceedipgs with prayer, after which Presi-
dent Goge delivered his opening ad-
dTess.
NJ. F. W. Hart, Of Boston, delivered
an address OF welcome. He announced
that the members Of the Association
would be. entertained at . banquet ut
Hotel Brunswick tonight, and that al
excursion down the harbor would be
made tomorrow, and that the Associs-
ton would be entertained at dinner at
the Parker House tomorrow night.
The secretary reported the present
membership Of the Association at
400, an increase OF about loo du-
ring the year, the increase being the
greatest in the South and West.
Among the papers read was q long
and carefnlly.prepared one upon" Bank
ipg and the Financial Situation IS Seen
from the Point OF View OF the Comp
troller Of the Currency" which it is
impossible to DO justice to within the
limits of telegraphic item. The fol-
loving are its concluding paragraphs
Simple facts show beyond contra
diction and with the clearness adapted
TO the commonest understanding that
the real and substantial interests Of
these banks national banks are identi-
fed rather with the interests Of their
depositors and their borrowers than
with the interest Of any particular class
among their widely-distributed stock
holders. This identity Of interest be-
tween the banks and their customers
place them under the very strongest in
ducements to seek the favor Of the pub
lie. No bank can prosper that disregards
the broad and general interests of the
community in which it is located. No
directors are true 10 their trusts who fail
TO remember that the highest interests
Of their stockholders are insepsrable
from the security TO their depositors
and the prudent distribution OF bank ac-
commodstions among as large num-
Der as possible Of the business people
IN their locality. The national.bAnk
81 stem was in its origin product Of
necessity on the part Of the Govern
ment at the moment Of great financial
strain TO bring to its aid the sccumu-
lated capital OF the country. Necessa-
rily the stress of the Government en-
abled the banks TO exact the concession
OF great privileges, and for many years
he national banks were really highly
favored class Of institutions but since
the limitation upon bank circulation
rasremoyedit has been spractically free
banking system under the supervision
and control Of the Government, and
from that time these banks have steadily
grown in number and in strength. and
are to-day so intimately mingled with
all the industrial interests Of the coun-
try that they are more essential to the
conduct Of business and to the msinte-
nance Of prosperity than any other class
of institutions, except, perhaps, the rail-
roads. 1t is quite certain that the
destruction Of our national banks would
be a calamity second only in degree TO
the sudden humiliation Of all our rail-
roads.
In conclusion, gentlemen, allow me
TO commend to your intelligent consid-
Grafton two questions which appear TO
me very important, not only to the
banks but to the public-frst, How
can the banks be released from the OBJ
legation to invest portion Of their cap
ital in United States bonds and yet re-
tain the power TO issue thoroughly Sc
cured circulation? and second, How can
the national bank circulation be made
what it ought TO bean elastic element
in our national currency: