The herald., 1896-09-23
Make Due Obeisance to the
Golden Calf
NOTHING AILs THE COUNTRY
Except the Attacks on the Single Gold
Standard
The American Bankers Agree That But
for Them People and Land Would
Go to Ruin.

at the Olympic theater today represen-
tatives of more wealth than ever before
came together in this city at ond time.
It was the first session of the twenty
second annual convention of the Ameri-
can Bankers association. The delegates
present from all parts of the country
represent at least d billion dollars. The
convention will be, n session three days.
There will be general discussion Of re-
ports and matters pertaining to bank
ing. The first session was taken up with
matters Of routine nature.
About 200 delegates assembled at the
Olympic theater at 1 o'clock. President
e. H. Pullen OF New York called the
convention to, order. Mayor Walbridge
delivered the address Of welcome. w.
N. Thompson, president of the st. Louis
clearing house, welcomed the delegates
on behalf Of the local bankers. President
Pullen, delivered the annual address.
Mr.. Pullen said in part: I'VE have as
sembled here on this occasion. coming
from the nth and south, the east and
west, but we are not divided geosraph-
ically or by sectional differences. We are
proud even IN these troublous times to
call ourselves American citizens
THE American Bankers association,
during it's twenty-five years of history,
has stood for honesty individual hon.
esty, official honesty national honesty.
1t has always stood for an honest dollar,
worth 100 cents and accepted as such in
all the markets of the world. We occupy
the same position today and far from
desiring to modify our past record we
should confirm and reiterat it with en-
phasis. Dishonest money, because 1t Is
dishonest, attracts the disorderly, law
less revolutionary elements-the social
list, the Populist and the anarchist.
1.-THE issue today is not exclusively
honest money, but the very existence of
government and the preservation of law.
life and liberty are at stake. Banks,
especially national banks, have been as
sailed by the vituperations of ignorance
and passion. Through the national bank
system, a market was opened for United
States bonds, yielding the money neces-
sary for the prosecution of the war for
the preservation Of our union and cur
rency provided that has never been ex-
celled for safety, universal acceptance
at par and immediate redemption.
"Ninety-three per cent of the business
of this country is transacted by checks
and other negotiable instruments. ELM
mate national banks and their circula-
ton and substitute dishonest money
as the vehicle of trade and financial
chaos would speedily resule. Cotton and
cereals could not be produced-if pro-
duced could not be NEUTRALITY-SUSPICIOUS.
tation would be paralyzed, the wheels
of industry would cease to revolve, en-
terprise and development be checked
and the whole land plunged into ruin
and misery. Many sincerely believe, It
is true, that the free and unlimited COIN
age of silver at the ratio of 16 to and the
payment of existing obligations, public
and personal, in that metal would be Of
the highest good to the country. We
respect their sincerity in honestly ad-
vocating dishonesty, but regret their
Authorizations on the subject and are
sorry to see them in such disreputable
! company.
"The question mas finally been refer
red to the ballot box for settlement.
| There is a God who presides over the
destinies of nations. Let us do our duty
| of it's honor and liberty inseparable, for.
as Burke said: What is liberty without
] wisdom and virtue? Such liberty is the
greatest of all possible evils, for it is vice
| and folly, and madness, without tuition
| and without restraint
From liberty without honor or virtue,
| from dishonesty, from lawlessness, from
| anarchy and ruin, good Lord deliver us. "
At the conclusion of Mr.. Pullen's ad-
dress, the reports of the executive coun-
| ell and protective committee were read
| by Chairman Joseph c. Hendrix, presi-
dent of the National Union bank of New
| York. The report of the executive coun-
Gil states that, in it's opinion, the exist
| ing commercial depression is immediate
| ly due to the attacks which threaten to
overthrow the present gold standard of
value and adds in part: 1--WE further
believe thatiour full measure Of national
prosperity wifi not be gained until the
whole world understands that the dollar
of the United States is one hundred
| cents worth of gold, and that the nation
| intends to keep it at that value.
1--WE believe that an Opportunity is
presented by the issue of the political
campaign TO give a lasting definition of
| the dollar as a money unit, to perma-
nently settle the foundation of our mon
.etary system and to remove the menace
of an overturn Of value and far-reaching
ruin and distress which descent to a
| silver basis would involve"
The treasurers report was read by
Mr.. Hendrix In the absence of that Of
| ficer Mr.. William H. Porter of the Chase
National bank of New York. 1t was fol-
| lowed by the report Of the auditing COM
| nittee.
Secretary Branch's annual report says
| that the close of the year 1896 shows the
| largest membership IN the history of the
association. In 1889 the association had
| 1870 members. This was the maximum
| number, until the present time The
membership had shrunk as low as 1898,
and the association by the secretary's
report has made net loss of 412 mem
bers from 1889 to and through 1895. Since
September /, 1896, GAG members have
been added to the list and forty-seven
lost, largs proportion of the latter hay-
ing been either assigned or liquidated.
Mr.. F. w. Hayes, president of the
Preston National bank Of Detroit, read
the report of the committee on express
| money orders. There was no discussion
and adjournment was then had for the
II