New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-19
BANKERS IN CONVENTION.
THEIR ASSOCIATION IN ANNUAL MEETING IN
CHICAGO
PAPERS nY CONTROLLER rcKELS. JOSEPH C.


HENDRIX AND OTHFCS-AX EvFNTFrL SUN.
MEH REVIEWED HY THE TINANCIEIs.
Chicago oct. 1S-One OF the large recital rooms
of the Art Institute was filed nearly to ovethow-
ing this morning when ". H. Rhawm. OF PhiIadel-
phia president Of the American Bankers AssocI-
ton. called To order the nineteenth annual conVen-
ton Of that organization These among other IMAM
ciers present: s. s. Barrett Louisville NY;
Joseph &. Hendrix. New York. George W. AuaihS'
New-York: Clinton Mccarthy, Louisville; II. II.
Wellington. Adams. Mass; f. \. Hewitt LOUISVILLE
c. Gunby Jordan, Columbus. Ga; Charles warren
Louisville: 5. Goldstein Washington; George > Coz
New-York; W. H. Rhawm. Philadelphia; T.. H.
Pulen. New-York: W. G. Cornwell. Buffalo; X o.
Leigh Clinton. y. y: Frank X. Howe. Troy y. -
William ~ Lombard. New-fork. and Walter T..
Frew. Long Island city. Mayor Harrison welcomed
the assembled bankers after prayer had been OF
fcrc1 by the Rev. DR.. Thomas. and response was
made by President Rhawm. His address was
largely statistical and among other things he gave
resume of the liabilities OF the banks which have
suspended during the year up to the end OF sep
TENDER lie attributed the panic TO the slIver-pur-
chase clause OF the Allison law exclusively.
and on the consequent shock TO confidence Of Euro
pean investors In American securities. lie closed
his remarks with tribute to President Cleveland
for the stand he had taken for sound currency.
After the roll had been called by the Secretary,
brief reports were submitted from the lixecutN"
Council and the financial statement OF the organi-
cation was also read. James H. Eckels. Controher
Of the Currency next presented. and was
greeted with applause. Among other things the
Controller said:
1t is no exaggeration OF statement 10 say that
the happenings Of the months past from May To
Ssptenbca must be accounted the most frnrr rT
perienced by The Amrricim people soyeDny has
always been applied 10 store ana factory. 10 Ilr1'
Industrial enterprises and RAILWAY competitions,
affriehtci people fearful of the resultant effects
of financial system vitiat-d by ill-advised and III
doubtful % the dstinctivcly financial institutions
OF the country. the banks. and az a consrin ',,
within the period OF two months. from May To
.Iuly 4. from National banks alone had been drawn
ana private ones a sum great. not for pur,
poses OF trade Investment but To he in wasi"lul
helpless anl a complete currency starvation IN
the midst OF absolute plenty.
After referring to the changed conditions now
existing. the Controlle' said:
But # Is said that in bringing about different
set OF financial laws tn banking interests must
it in Which nnrensoning PASSION and prejudice
have crept into our politics that III the ,pt'+n,
emergency which confsOnts the country. bankers
are compelled TO hesitate as 10 the ACCESSIBILITY
from the standpoint Of prudence OF actively urging
the repeal OF the measure which stands confessedly
as the source In the largest degree ~ past disas-
tiers and dire menace TO future prosperity surely
the banking interests Of the country are vast
enough and OF sufficient import o. warrant a re-
spectful hearing and careful consideration without
arousing either the passions or irr)udI's Oh any
fair-ninl.d citizens ~ the Republic. IL may D."
that bankers arr selfish. but not more so. J. ven.
ture. than in other walks % NE" surely not
more so than tn silver interests. which today IN
weigh the most loudly against them, ana Yet WIN
an inconsistency 20 marked that he who runs may
read" are. with selfish Indifference 10 th- pubhc
good not only blocking the wheels or legislation
at Washington. but unmindfu OF the voice OF Tie
people and Of the press. an" making tnr iunIth-
ma iorlty TO control "a kissing and bywOrd" that
their own selfish purposes may ind frIition IN
eminent 10 b" the special patron 81 thcir Sp.,id
product. Th"s" critics who would dehar the banker
from being heard when grave questions OF financial
policy 1nEafe ths .ocks ark not a hea In Cities
by capitalists and merchant princes but mat eyety
r ,STn ana Dss by men % Of mo@rte
merchants farmers and mechanics When these
dangers TO the public good are upon rs let no
banker hesitate 10 discharge his trust because OF
the votes in coming elections but having abiding
faiih in the fairness OF thr American people let
him give utterance TO his views through speech
petitions the columns Of the press upon every
financial proposition that * under consideration.
Controller Eckels was followed by George \
Bank Of &ev'-lIavcn. Conn, who read "A paper
ON "a Practical Plan Of Ranking and rnrrency.
in which he advocated the repeal Of the law r.,
curing the deposit Of bonds 10 secure notes. and
the issue TO banks OF notes UP 10 - per cent OF
Allen RIPLEY Foo,e Of washng,oon. made
In which pc alluded 10 the forcib. demand for
sound currency. and said that IN the present con
fliCt the two forces OF SDpl ana tNll were D'llS
marshallsd under two standards Of value. the
dollar Of gold representing gold dollars worth
OF honest labor and the dollar Of arbitrary power
representing the fiat Of Government.
When Mr. Foote finished he offered the follow
ing resolutions which were referred 10 the Execu-
tive Council with request for immediate action
o. That "A special committee consisting Of ono
member from each State and district be appointed
The Organization Of National Monetary Commits
sion that shall be representative body to act for
The ind al commercial financial Interests
of the whole people for the purpose OF considerns
s,ress and the Legislatures Of the several States
a sound American currency and banking system
invite the cooperation OF each Independent national
state and local organization representing labor,
professional, Insurance. telegraphic TRANSPORTATION
Industrial commercial and financial interests. by
the election Of delegates representing their RESPECT
r., That pending the investigation and report OF this
ne,ltonod and requested to hold in abcyance the
Enactment OF measures changing In any way the
ing after taking final action on the bill pertaining
10 the purchasing clause OF the Silver Purchasing
act of July ". 1870
The venerable George s. Coo. president OF the
American Exchange Bank. % New-York Endorsed
the proposition OF the preceding speaker. The
resolutions were then referred to the Executive
Council. with n request for immediate action.
At the afternoons session W. G. Cornwcll of
Buffalo. y. y. spoke upon "currency Reform.
and Thomas Il. Patton. OF New-York city. on the
risks and responsibilities incurred by sending col
Iections over circuitous routes.
THE Panic in Australia and the United States ~
was the subject OF paper read by Joseph e.
Hendrix. president OF the National Union Bank OF
York. He said among other things:
The explosion OF the South Sea Bubble In
Victoria and New South Wales and the panic |
which forced our extraordinary 5ession Of Congress
have intimate relation and fearing. These two
countries borrowed 10000 80. mostly In England |
on a basis of 100000 population; There was no end
of confidence among the English, no end OF wealth. |
among the Australians When the borrowing power |
was checked the taxing power was exhausted ana |
a first class panic shaped.
Then gchemcrs came to the rescue Certificates !
nayable in the twentieth century were made on |