New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-24
pANKERS FOR SOUND MONEY
.r,rr REPORTS TO THE CONVENTION AT
ST. LOUIS.
,rxrrcKY. IT Is PREDICTED WILL GIVE MKIN
LEY 5000 BRADFORD RHODES

10 Twenty second Annual Convention Of the
American Bankers Association was called to order
=, ,oas o'clock Archbishop John J. Kahn invoked
: blessing upon the proceedings of the convention.
rrh FIRST business OF the session the report of
,ha various delegates to the general condition
=, banking in their States. a number Of States
.olad 10 respond and they were passed over TO be
hoard later in the session Among those who
nole were delegates from Arkansas. Illinois. Kan
sas California. Kentucky Maryland Massachu-
se,,s Missouri New-York. Nebraska. Ohio and
Pennsylvania
NKINLEY WILL CARRY KENTUCKY.
1ohn u Loathes OF Louisville said that the
hanks Of kentucky prosperous and confident
- the future. He believed that Kentucky would
do is share in contributing to the welfare of the
countr, by casting 10000 majority for Mckinley.
Iohn II Shredder. of Cumberland, Md. said that
tho hanks OF his State while not doing as much
nns,ness as formerly being conducted in
sofa and conservative manner. He said that the
,srkirc interests of his State were in favor OF
sound money. Mr.. Thurow of Boston. and f. W.
uavcs Of Detroit. spoke in similar strain. ). NJ.
sherwood Banking Commissioner of Michigan.
snote in behalf of the banking interests Of Mich
can and said that almost the entire banking fra
,e-n,tv was in favor Of sound money.
A Anderson OF St Paul also advocated sound
nancy lie said that Minnesota waiting 10 hear
rom the country in November and that. together
v.,h the movement OF crops. would stimulate the
banking interests of his State
" MIais of Jsckson. Miss. said that IN 1893
there was but one bank failure in his State and that
since then but more failure was recorded Both
failures were the result of misconduct The condi-
tons were favorable for the banking interests OF
Mississippi as the cotton crop was good and prices
we're satisfactory.
" II Woods OF Kansas City spoke for Missouri.
Ye said Missouri banking interests In better
condition than al any time in their history He
stated ha; there s57.0O0.coo deposit in the
various banks Of the State and that collections were
good
Henry Y. Yates. OF Omaha. said that in the three
years from 1852 10 1895 the banks Of Nebraska had
lost on deposits nearly s25.OOOoOO He said that this
was due the depression in real estate low prices
for crops and the unsettled condition Of affairs
coun; Of the currency question.
BRADFORD RHODEs's PREDICTION.
Bradford Rhodes. Of New-York City. spoke for
the Empire State He predicted majority OF Soo
FOR the sound-money candidates. He said that
the banks of New-York had abundance of
money and that loans being made lib
cral basis.
Mr. Rhodes also addressed the convention
Bank Cooperation a Means for Preventing
Commercial and Financial Crisis He said in part:
II j. 70 the strength. clearness and comprenon
Alexander Hamilton who founded the bankii.e
hpslneSs in The state Of NouYorE' We may aso rns
,eT States fodav r~igc, me orrorl Of Populism.anc
"a mot be induced depart from principles OF hOr>
esty and a sound money standard The bank which
Hamilton founded and which like the principles ne
euunciated has stood the test Of time to-day heads
the list Of the banks which compose the Clearing
House Of the New-York associated banks-that
body OF which We are proud which always stands
IN the breach when the credit Of the Nation l.
threatened whose strength as q bulwark against
the insidious force Of commercial depression. al
ready proved. is marching 10 s'ill higher dcve-
he associated banks Of New-York City. strong in
the confidence Of the other banks Of the country
financial oenyes. will as their experience ad-
tltude OF confidence as VIII coht1oi ana a!iaH ne
beginnings of commercial apprehension so that the
recurrence Of serious financial pancs VIII forever
A study Of the development Of banking in New
rroves this conclusion almost a certainty. The
State has passed through banking under charter
Tstrenethened by the SAFETY fund system. TO the
present system Of banking under genera! laws
upon the footing. To-day the laws OF the
State throw the doors 10 ne freest use OF cap
ftal IN banking consistent with the insurance OF
honest management As an excuse for the re-
strictive laws which prevailed for long time IN
New York as well as elsewhere il vas argued that
the wisdom experience and honesty necessary for
the honest management Of bank could only be
profit which such laws offered 10 the privilege
few This argument has no longer any iounGa-
men than t5ose who now under free banking laws
manage and conduct the financial Institutions doing
business within the borders OF the STATE. ms ~
New-York State Bankers Association. ana IN NE
meetings OF its various groups II Is proved by me
action Of the New-York Clearing House A ss
non in times Of emergency. and In the conhoehce
with which this action is regarded by rne P' as
with confidence. are the acts ana oecress ., ~, the
Bank Of France made with greater promptthess oa
II ect when circumstances require. or WIN more
wisdom and discretion. than are those OF me com
rnitiees of the New-York associated banks
THE LESSONS OF THE PAST
Ranking in the United States is bounded by
Ste lines cannot speak for the banks OF New
York within whose borders is New-York City. the
great financial centre Of country containing
% c0Oco of people. Of unequaEed wealth actuaiiy
d. loped and with possibilities OF an increase u
wealth practically unlimited without referring 70
the banks Of the whole COUNTRY 10 WiiJ be~ an
OF New-YOrk State are as firmly unlted as theH ale
the mind Of this convention is consideration OF
M oglcaJ result OF the tendency 10 united business
feaigre both among banks in Europe and the United
States during the last twenty-lVe feaIs NJ ~,
YORK each time with greater success sgstalteu tne
h, ~ issue of loan certificates and by the force OF
their determined mutual support OF each otheI ~
England al the time OF the Barring failure and me
Argeutine collapse the united action OF the BANK
OF England and the JOnt-stock banks Walueu ois
what might have proved the bankruptcy OF many OF
ther I'm France the terrible breakdown OF the
Panama Canal scheme and OF the copper sSilEi01t
was discounted by the determined union OF me
French financial institutions and private bankihg
firms Again very recently We have witnessed ihe
combination of American ana forGsn pd G,ta
Treasury. and their willingness with the cOopern ,
lion OF other banks TO take measures 10 proven,
The undue boarding and expectation or gQiu. Al
OF these actions successfully accomplished snow te
efficiency OF united business action. undertakeh
within the scope Of legitimate private business,
How proba bic il seems that this unity OF actlon
NAV bv degrees be extended until all the banks OF
Inc country will stand together 10 prevent 'he oe
gnnings OF financial crises ,, ia,
II he New-York Clearing House Association, aided
b. .he similar associations OF other centres. can ale
yf,te ne worst bitterness Of financial crisis as
hey aid IN 1893 and previous occasions: u d
syrdicate Of independent private bankers can SuS
tain National credit and modify the course o. *
casLge. why cannot d greater eNo.uISaUn ~ ", t ~
prirclpe throw on the united shoulders OF .he
bankers Of the whole country the burden no" pOlne
by pari OF them? A commercial crisis commence
by he withdrawal OF confidence al a II" PolIs'
l. hy united action these points could De sIehsh-
enel the panic would rot spread. As II = 40"
sarm spreads first among the dlsuIuied country
banks sporadically and from them the cal IS mae
ac,LalLY aildcked. NaCn