The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-09-08
With THE BANKERS.
Address of Frank Miller Before the
State Association.
He Responds to the Address of Wei.
come, and Talks of Banks and
Banking Matters.

AT the session of the State Bankers
Association in San Francisco Monday
in response to the address of welcome
and in behalf of Northern California.
Frank Miller, Cashier of the National
Bank of D. o. Mills & Co., at Sacramento,
Cal, spoke as follows:
In the harvest season. when the weather
is hot and dusty,your country cousins
often think with envy Of the city bankers
who are enjoying the sea breezes. In the
wet and dull days of winter we men of
the interior think Of our brother bankers
in the Bay City who do large business
by day and have the best of entertain
ments in the evening.
When we come here, singly or collect
lively, we always receive warm well
come.
1t is my pleasant task to thank you
slncerely 1or these welcomes in behalf of
Northern Californians. We represent
one-half Of the area of this State and one
! third OF its population and wealth, allow
ing equal thirds to Southern California
and San Francisco.
1t is well known that our sympathies
are with San Francisco, yet that we trade
largely at the East. The wheat does go
through your clearing house. but the
| fruit products some S20,000,000 WORTH
are OF equal value and you see little of
them.
1t would be interesting to collate from
all banks in the State, outside of San
Francisco, statement of the New York
exchange which they sell to San Fran
cisco during the year, and also a state
ment Of what they buy. | think the pur-
chases ana sales will nearly offset each
other. If this be so, then we might infer
| that the fruit products are exchanged by
the interior with the East for goods. and
San Francisco gets no commission on
this outgo or income.
This business cannot leave the straight
line to Chicago and go through San Fran
cisco unless better terms are given. Some
concessions must be made by San Fran
cisco.
Allow me to suggest that obstacles
might be removed that now stand in the
way Of increasing loans from Your CITY to
the interior. Trade follows loans. and if
you send your money into Northern and
Southern California more freely and more
safely than heretofore, your merchants
will get more business.
In this line of thought, it seems to me
that the Legislature should be asked to
adopt the Torrens Act for registering
titles, as used in Australia and other
British colonies. The Government guar
anteeS titles and issues certificate to the
owner of the land, so that title can he
transferred on the books like certificate
Of bank stock. Abstracts are not needed
The attorneys in this State are Charging
100000 yearly for reading abstracts in
the making OF sales and loans. This ex-
pense is neyer-ending and it is always
increasing. The Torrens Act can re-
duce this expense to 1000, or less, per
annum; it will assist in the subdivision
of large loans and large tracts of land. for
every transfer is now circumscribed bv
an abstract of formidable dimensions
and charge of almost l per cent. on the
value of the land every time the title is
read.
After the first expense of governmental
examination and guarantee there will be
no abstract and the cost of transfers will
be less than one-fourth of per cent.
The borrower can apply to lenders of
all kinds and in all places, and the only
question between them will be: What is
the value Of the property? At present
an existing loan cannot change to
another lender unless his rate is about
per cent. lower, because of the expense
of transfers.
If it is the policy of San Franciscoto di-
minish the tolls for wharfage, it is Just as
polite to diminish the tolls for lawyer
age.
By the end of this century this State
may be worth 100000. 900, and owned
by 100000 of people. The bonds of
friendship and commerce are worth
strengthening between all the citizens of
this great State. Let us love one another
and buy and sell with each other.