The morning call., 1891-10-16
MONEY MAKERS.
Live Topics Discussed by the
State Bankers.
Al Gerberding's Address on the Nicaragua
Canal, immigration and the Market
ing Of Irrigation Bonds.

A number of interesting papers were read
at yesterdays session of the Bankers Con-
VENT n.
Al Gerberding, State Bank Commissioner,
in his paper, touched upon three subjects of
vital Importance, suggested by the last re-
port of the State Bank Commissioners. The
topics were; Tie Nicaragua Canal, immi-
grafton and the marketing of irrigation
bonds. Moneymaking topics" he called
them.
In an eloquent preface he pictured the
great benefits, not alone to California but to
the whole country, were the canal built lie
continued: THE undertaking is too great
for individual enterprise, though this may
be doubted, for it is said that there are many
citizens of this democracy whose personal
possessions are more than enough to pay
the entire cost. However. L take the line
that it is a national work; part of the
great policy of great nation. Let the
Government build it, But will our SOlons
in Congress assembled act in time? In view
of the miscarriage of an honest, equitable
proposition prepared by six OF the wisest
men in the land, and submitted to the last
Congress, there is great danger that ere our
legislators appreciate the vast Importance of
luIS move, LuSlduu VI btl OfCII
endeavOring to possess themselves OF the
coveted prize will, with the love OF gain on
one hand, and the spirit of conquest on the
other, wrest from us the greatest boon of
the age.
TO BE DEMANDED.
"There is no time to be lost, and it is sug-
gestcd that the 5000 banks OF the United
States make an appeal to the 444 members
of the next Congress asking, aye, demand
ing the construction of the canal. OF these
5000 banks $500 are nationals, and 10 these
we must apply, relying on them to win the
cooperation of all the others upon the
ground of brotherhood and general welfare
But why limit ourselves to nationals?
"WEen we remember that the Government
has paid in interest nearly the face value of
railroad aid bonds, thus giving about sixty
three millions to personal enterprise, we
submit in ali Justice that our request is
modest one. Our own State, from her
shores to her mountain peaks, from her
busy marts to her peaceful valleys, cries out
for cheaper transportation. and the Oppor-
| tunty is afforded to the California Bankers
Association to voice this sentiment III prac-
teal words and figures. Simply this, 20 ask
all other banker associations throughout
the country, and through them, all the
banks in the United States to join in an APP
peal 10 Congress to construct the canal upon
a new issue Of bonds to be used as basis OF
circulation.
The canal will be constructed II Congress
so determines, and Congress will so deter
mine if public opinion demands it. An i'm
menSe factor III this public opinion IS the
influence of the bankers, and they will aid,
for the reason that out Of the canal is to
come a much-needed element of their bust
ness, viz, a new bond"
He urged the bankers to take favorable
action toward the encouragement of immi-
grafton, holding that the value of much Of
their land-hOldings depended upon an in
sod manhattan
IRRIGATION BONDS.
In support of irrigation bonds he said:
"As you take further account OF stock
you find S11,O00,O00 of irrigation bonds,
shOp-worn and frayed at the edges be-
cause of faulty manufacture. Should not
something be done to put these in order?
Y GU say 1t is not your business, but any
item of this magnitude is worthy of atten-
tion and is so interviewer in the sum total of
assets that lis care becomes almost duty.
There is fault somewhere. Can 1T be dis
covered and can it be remedied? The dlt-
ference between irrigation bonds and other
debeutureS readily Salable seems to be:that
while the latter are secured by completed
undertakings, the former are based upon
work anticipated, and how well this work
is to be done and its value wien c0mpleted,
are unknown quantities, but the law says
the security is not the mere ditch, out the
land upon which this ditch is to pour its
bounte0us waters. The law further says
that these bonds are good, aud yet the
capitalist, anxious for profitable invest
meat, declines to purchase even at dlS-
count. | repeat it is the duty of some one
to correct this wrong, and | ask could not
rem edy be found by a convention of Cali
fornia bankers"
HOME RESOURCES.
Among other papers read was one by c.
p. Soule of Eureka on development OF
Home Resources, recommending liberality
on the part OF BANKERS to their customers.
Improved Methods" emphasizing the
need Of caution, was the theme OF Frank
Miller of Sacramento.
Frank V. Mcdonald of the Pacific aud
Peoples Home banks. J. B. Lankershim of
Reddng and others also read papers full OF
valuable hints and suggestions.
resolution was passed inviting Judge
Widney to address the convention this even
ing on the subject Of Currency" The ad-
dress will be delivered at o'clock in the
Chamber OF Commerce.