Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1893-10-19
BIG BANKERS IN CONFERENCE.
6ist of the Papers Read Before the Con
vention of Financiers

vention of Financiers
CHICAGO, Oct l9.-Between 200 and 800
Of the hest known bankers OF the country
are now in this city attending the session
Of the American Bankers association CON
vention. President Rawhn in the chair
The convection is held in the Art palace
Mayor Harrison delivered the welcoming
address and asked the bankers TO be a lit
tie easier on the borrowers. The report OF
the president was distinctly against state
banks and the cause of the depression this
year was stated as directly due 10 the pur.
chase clauses of the Bland and so-cai!ed
Sherman laws. which had destroyed conf.
dence in our money in Europe. led TO the
withdrawal of European capital aud later
10 the boarding of their savings by the
people of this country. thereby crippliug
the industries OF the country.
Comptroller Eckels made the principal
speech of the day Ii was largely on the
lines Of the one he made at banquet here
recently. He criticised the silver men
for blocking the wheels of legislation The
present depression was due to the people
/ losing confidence in the banks ana with
drawing within two months Sl93. 100000
from national hanks and an equal amount
from state, savings and private ones. The
bankers OF the country, ne said should
gather some lessons from the trouble, and
the lesson he enlarged upon was for banks
10 prepare for evil when 1t was not pres
enti n other words TO be always ready
for trouble. Competition for business had
carried many OF them 10 the danger point
IN accepting the paper of speculative en-
terPrises, and because of that many OF
them were not as we'll prepared when the
storIn burst as they should have been
Comptroller Eckels was followed by
George A. Butler president of the Ma
tional Tradesmen'S bank of New Haven.
! Conn, who read paper on "A Practical
Plan of Banking and Currency" in which
he advocated the repeal of the law requlr-
ing the deposit of bonds to secure notes.
and the issue to banks of notes up to s.
per cent. of their capitals. Allen Ripley
Foote, of Washin gton, made plea fOr a
sound currency and banking system, in
which he alluded u the forcibl demand for
q sound currency and said that in the
present conflict the two forces of good
and evil were being marshnlled under two
standards of value, the dollar of gold.
representing a gold dollars worth OF
honest labor. and the dollar OF arbitrary
power representing the fiat of govern
ment
The venerable George :. Coe. president
OF the American Exchange bank OF New
YORK, endorsed the proposition Of the pre-
ceding speaker for the immediate creation
OF special committee from each state 10
effect the organization Of a national none
tary commission to represent the diverse
interests Of the whole people the aim II
which should be the adoption Of a sound
currency and banking system. The reso-
lutions also asked congress to hold in
allegiance all projects for the amendment
of existing currency laws. excepting the
repeal Of the purchasing clause Of y.e
Sherman silver bi |. W A Cornwell Of
Buffalo, spoke on currencr reform. and
/ said the first thing 20 bring ,nis about was
the 5toppage Of the purchase of silver