St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-20

in the issue of clearing house certifi-
Gates. Mr.. Hendrix attributed the pre-
vention of a possible collapse and even
more serious panic. Commenting on
the use of certificates, he said:
"rhe whole banking system of our
country is likely to be reconstructed in
the near future. No country should be
punished by system which, i'll times
of panic, must find in itself, through its
own devices, way 10 supply the de-
ficiencies of law, and
IN DOING SO TO DEFY LAW.
''Sach time as we have just expert
enced shows that safety in banking
may make the infractlon of law a
necessity. This is not a condition
which bankers can tolerate. The bank
ing system that is not built to ride the
storms of panic does not properly be-
long to this country or this age, and it
becomes the duty of bankers in the
United States TO follow approaching
Legislation with a keen intent to see
that the work of a lifetime and the ac-
cumulatiOnS of years of patient in
dustry shall not in the hour of a great
shock to credit or of financial convul-
sions be placed i'll SPECIAL peril by rea-
son of StrangulatiOn in the leading
strings of narroW-minded regulation.
The essential SoundnesS of CONNER
cial conditions in our republic has been
so demonstrated that, as EngliShmen
view the Argentine and Australian col
lapse, they will be disposed to await
with impatience an opportunity to come
back TO us with their surplus capital.
That hour will strike when our national
finances are in line with the experience
of all civilized nations. The singing
lesson of the pane Of 1893 is an old
one. 1t is simply that honesty is the
best policy"
SIDNEY SHERWOOD. PHI. D.,
of John Hopkins university, read a
paper on The American Bankers AS
sociation: Its Origin, Its Work and Its
Prospects,"
Other papers were read by George E..
Leighton, st. Louis, on the Need of
Comprehensive Currency Reform" and
James Ii. Trip, Marathon. n. Y. sub
ject, us the National Banking System
of Any Benefit to the Country, and
Should 1t Be Preserved and Perpetu-
ated?" There were also papers by 10
seph Johnson. Birmingham, Ala;
Frank e. billiard, of Sherman, Tex; E.
E. Lindemuth, Ciearfield, Pa. and 9TH
eIs. This evening a reception will be
rendered the delegates and ladies at the
Union League club.
On the report of the nominating COM
mittee the following officers for the en-
suing year were elected:
Presidential. NJ. White. president of
the Fourth National Bank of Cincin-
natl.
First Vice President John J.P. Odell.
president of the Union National Bank
OF Chicago.
Members of the executive council to
fill vacancies: Dumont Clarke, j.. B.
Fargan, a. b. Hepburn, NJ. II. Rhawn,
John 3. Branch, I. 3. Day and +. W.
Hayes.
Forty eight presidents were appoint
ed from the different states and terri
tories.
Charles Parsons, of New York. Of
fered resolution, which was adopted,
thanking Chicago for hospitality to the
bankers and cOngratulating the city on
the success OF the worlds fair.
Compliments for The bankers of New
York and Philadelphia were also ex-
tended by resolution and in addresses.
The new president was introduced and
in brief speech declared the conyen-
ton adjourned.