Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1896-10-01
AMERICAN BANKERS.
Hold Their Twenty Second Annual
Meeting in ST. Louis.
This Declaration OF Principles Adopted
They Favor the Gold Standard
Election of Onicers for the
Ensuing Year.

81. Louis, Sept. 23.-The twenty-sec-
ond annual convention of the American
Bankers association was called TO or
der in the Olympic theater at 1o:I5
o'clock Tuesday morning by President
T. ID. 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.
Declaration of Principles.
Hon. Joseph C. Hendrix, president of
the National Union bank of New York,
and chairman of the executive commit
tee. read the declaration of principles
as adopted by the executive council. A
synopsis follows:
1t declares that the existing commercial
depression is Immediately due TO the at
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
States Is 100 cents worth of gold, and chat
the nation intends to keep it at that value.
1t warns the nation against the rash propo-
sition that we should single-handed at
tempt to legislate silver to a parity with
gold at a fictitious ratio, declares that the
free coinage of silver means monometal-
lism. with gold at a premium, all other
forms of our currency s discount and
the value of the dollar an uncertain GUAM
tity depending each day upon the gold
price of silver built IN, with corresponding
fluctuations in the value OF all kinds OF
property; denounces as vi erly false the
claim that the gold standard IS d device
of bankers, creditors and financiers. and
declares that the gold standard Is an edict
af tn, olof n1 int q a
dictated by those who conduct the COM
merce Of The world rather tLan those who
handle the money OF the world. 1t asserts
that mere money changers" have always
found more profit in a fiuctuating than In
u liked currency, and continues:
Bankers are not mere money changers.
they are trusted custodians of the money
of the world. AS bankers. we are debt
ors to the extent of our deposits. We.
have received these deposits In money as
good as gold. We desire to return them
in money of equal value. 1t wilt be inn
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 is
not shared by every man who owes dol
lar, or has dollar due to him. We desire
to have debts due us paid in as good money
as we have loaned. We desire to pay our
State Reports. HxW
ST. Louis, Sept. 24.-At the second
days session of the American Bankers
association the reports of the various
delegates as to the general condition of
banking in their states were made. The
convention engaged in a lengthy discus
sion over the practice in different states
of the payment of depositors' rates. The
recommendation was made that the as
ISOLATION endeavor to secure uniformity
of practice in the matter.
Election of Officers.
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 cons itution
whereby trust companies be admitted
as q 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.