The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1894-02-22
BIG BANKERS MEET
lcontinued frO.n SECOND rage.l

Of loan certificates and sixteen million be-
low tue legal required reserve. tie asso-
cisted banks of that city, by timely aud
wise action, together with liberal con-
struction Of the laws governing them.
prevented q genera! and widespread bank
rup;cy of the entire country with all the
concomittaut evils AMI distress.
The political agitation of the last few
years. and the apprehension OF vicious
legislation against capital, has causei the
wlthd avail of millions of dollars from the
tate. The latent resources and effective
forces mag be best illustrated innayment
aud discharge of mortgages, aggregaring
S35 OG0, 90. during he last two years. Hap
ply these misconceptions We're withou
fruition; but three general laws Went into
effect concerning capital.
The stay, or redemption, law is reas-
onubie and conservative measure, similar TO
such as have been in vogue for many years
IN older states. Under pre-exsting laws.
SIX months statutory time was granted
alter Judgment was rendered before lssu
ancs of execution TO sell mor:gaged realty.
This, together with thirty days advertise
ments aud II quired confirm alton OF sale in
open court, ueceS>ilated about ten months
lime TO OBTAIN Judicial title. Under the
new law all these requirements are abol.
lshed, and, IN lieu thereof. Il debtor is given
SIX months after sale 10 redeem Iii case of
unoccupled property and eigh ieen months
AS to homestead. Any waste committed
by the occupant during the redemption
period entities the holder Of q certificate
OF purchase 10 the appointment Of a re-
celYer, who takes charge and preserves the
property. These certificates of purchase,
could be SO framed as to form an excellent
collateral security for persons desiring 10
Dan upon A real estate pledge-far more
desirable for temporary loans than the or
Il anpf 1Sx-
tainty or obtaining title in u brief and
definite period without expense, unless
the amount stipulated in the certificate
shall be paid in cash before its
maturity. Under this law com omission on
sales by the sheriff and numerous minor
fees are abolished, materially reducing
cost of foreclosure. Nine western aud
two New England states have similar
laws. Tennessee has period of two
years and Rhode Island, iu some cases,
three years of redemption.
The reduction of the rate of interest on
tax certificates. while it may work hard
ship in some localities, Is Il wise and just
proYiso. The engratting of law, pre-
venting the enforcement of gold con-
tract. was reprahensible IN the extreme
and was rushed through both houses Of the
legislature during the closing hours with
out due consideration and discussion and
surplus funds aggregating over 800, 1000,
coo i'll New York City alone. will seek iu-
vestment at no late day, and the benefit
will be reaped by Such states as have no
and hampering legislation
directed against capital III their organic
avs.
Extraordinary delays, hinderance, and
costs in system of collections renders
capital timid and shy. and commensurate
yo,, ,<,f
fund or premium is exacted from the
debtor class, falling with equal severity
upOn the honest rs we'll us the Que who
would protect himself by evasion from
the payment OF debts contracted with full
The enormous amount of
business transacted by banks for which
no remuneration is received. the excessive
and unjust proportion Of taxation az Ainst
capital. aud decreased rates of interest OBJ
tanned. has materially reduced the value of
bauk shares in our state. The gross caro-
ngs Oh capital and surplus. having fallen
from 10 Ito in 1889 to SIS ia 1898.
and the dividends paid for the
same period from S. so TO 81 TO-
Banks are not ordinarily considered elee-
mOsynary institutions, and IA properly edu-
Gated depositor will not demand services
'or which be is unwilling to pay. The
question of exchange charges is of para
country merchants transmitting personal
checks to meet liabilities has assumed |
nonstrous proportions. The time lost, |
'isks assumed delay in securing duplicates !
or such as are occasionally lost in transit, |
s II subject familiar to every bank official. |
The system OF charging against the coun- |
ny bank all items of this nature received |
~ their city correspondent frequently |
eads TO embarrassing situations III the |
hq n N .ft
Few comprehend the startling amount of |
drawn for which the remunera-
ion is Inadequate During the past year
Kansas banks issued 1911, $50. 40l co for
which was paid 1924, 740 It, For similar
ervice performed the fixed charges
II express companies would have been
], 403, 326. 30 and the amount realized by
he postOffice department would be 81 ,519
D % or an average of $50. 65Der each SO, 900
gainst 800 the average amount real
zed by banks. | would recommend the
ppolutment of committee 10 devise
ONE general system to correct this in
reasing evil.
The time is now ripe when the financial
edal screen will give up its contents and,
transferred TO the only reliable custodian
( the peoples capital, the bank vaults,
Till enable the latter TO resume the
auctions for which they were created
Iet no man imagine that he can hoard
way from the channels of legitimate cir
ulation his little store without dam
ge to himself as member OF the
community. An injury to its welfare by
ne will tall on all. A stricken factor of 1
and aid equally initiates
gainst the individual aud society. Con-
dering the newness of our state. the
onditioD OF our banks is simply marvel {
US end | congratulate the members OF |
bis association, as well as our brethren OF | {
be craft who are not members, for the :
onest and Judlcious course that has
rought about such 4 great result. The J
eport OF national banks made to the s
of the currency under date !
Dee. 49, ana TO the state bank 1
of the date Of Oct. 3, I
,93, shows the aggregate capital invest /
l at $40, ll3 $50; deposits, So, 30, III -;
q amount equal to $50 II per capita The J
ash items at the same period being ST. 1
4, S62, reserve of 81 20 per cent, nearly )
per cent greater than the requirement {
either state or national banking law. G
ct us relegate the past TO oblivion and 8
ok to the future with hope and courage. r
rofiting by former experiences, the wild ;
"a Of speculation viii never again find t
ipport or counteneBce IN our Midst i ne
ouds of adversely are rapidly vanishing {
ader the glorious sunshine OF the Bp- j.
era OF prosperity. There IS no ;
lot on earth 40 miles long and 200 miles :
ide that viii, within itself, support 50 [
any people in all the nscessaries aud Q
mforts of lie, and this without lrrga-
on. With that priceless advantage. v
hich i within our reach, the number OF =
uls in our midst would be treb.ed I
has not only the advantages Of .
en- soil and healthfui, invigoraiiug | 5
innate that makes this possible, but il ! II
IS smother quaiItY THAI tne power Of IN t
easing an hundred fold hich il. that IL ! Q
n be cultivated with a minimum Of labor, {
"a the sInoothoess Of its surfFce, SPEAK ! u
z geographically, is such that labor d
Wing machiasry here finds Us best sdap-
N. The absence OF forests TO clear and Z
"a lders to remove renders IL the Mecca Of Q