The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-09-30
AMERICAN BANKERS.
The Association Meets in St Louis-Its
Declarations of Principles.


Declaratjon of Principles
ST. LOUIS, Sept. 23.-Ihe lwenty-src-
ond annual convention of the American
Bankers association was called to or
der in the Olympic theater at l0:l5
o'clock Tuesday morning by President
E. 81. Pullen, of the National Bank of
the Republic, New York. About 375
delegates are in attendance, represent
ing nearly all of the principal bank
ing institutions in the middle and east
ern states. The south and west has
but few representatives present
BIT. Rev. Daniel S. Tuttle, of the Epis-
copal diocese of Missouri, invoked Di-
vine blessing upon the proceedings of
the convention and was followed by
Mayor Walbridge in an address of wei
come which met with hearty applause.
Mr.. w. H. Thompson, president of
the Bank of Commerce and Of the St
Louis clearing house, welcomed the
delegates on behalf of the latter institu-
ton. President Pullen then read his an
nual address.
Hon. Joseph C. Hendrix, president OF
the National Union bank of New York,
and chairman of the executive com NIT
tee, read the declaration of principles
as adopted by the executive council. A
synopsis follows:
1t declares that the existing commercial
depression IL Immediately due TO the al
tacks which threaten to overthrow the
present gold standard of value. and believes
that our full measure of national prosper
ity Will not be gained until the whole world
understands that the dollar Of the United
Il Inn y n ~ hat
the nation intends 10 keep il al that value
1t warns the nation against the rash propo-
s1tion that we should single-handed at
tempt 10 legislate silver TO q parity with
gold at a ncIlLious ratio, oectafS5 that the
free coinage of silver means monomeral
hsm. with gold at a premium, all other
forms OF our currency at discount, and
the value of the dollar an uncertain guam
ti1y depending each day upon the gold
price OF silver bullion, with corresponding
fluctuations in the value OF all kinds or
property; denounces as utterly false the
clam that the gold STANDARD IS q device
of bankers, creditors and nnanclers, and
declares that the gold standard Is an edict
Of commerce translated into law, and
dictated by those who conduct the com
merce Of the world rather tLan those who
handle the money OF The world II asserts
that mere money changers have always
found more profit in a huctIating than in
a nAed currency, and continues:
Bankers are not mere money changers
they are trusted custodlans OF the money
of the world As bankers. we are debt
ors to the extent Of our deposits. W.
have received these deposits in money as
good as gold. We desire to return them
in money OF equal value. II Will be i'm
possible for banks, life insurance com
panies, mutual benefit orders, building and
loan associations to return to their credit
ors money equal in value to that which
they have received if our currency is de-
preciated to the bullion metal composing
our national standard of value which l.
not shared by every man who owes e dol
lar, or has q dollar due to him. We desire
10 have debts OGt Us palo II goo0 money
as we have loaned. We desire to pay our
debts IN the same way
ST. Louis, Sept. 25.-Thursday was the
last day of the twenty-sixth annual con-
vention of the American Bankers asso-
citation, and the important part of the
proceedings was the election of OFF,
GERS for the ensuing year.
The first matter presented was pro-
posed amendment to the constitution
whereby trust companies be admitted
as section Of the association. THIS
was unanimously adopted.
Robert j. Lowry, of Atlanta, was
elected president, and j. C. Hendrix,
president National Union bank, New
York, vice president.