Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-08-20

Detroit, August 19.-Hard, driving
work characterized the last session OF
the convention Of the American Bank
ers' Association. At 9 o'clock the gath
ering was called to order and the read
ing Of papers left over from yesterday
taken up.
The question, "What legislation is
needed in respect to the currency"
was discussed in an interesting paper
by \. B. Van Slyke, president Of the
First National Bank, of Madison, Wis.
The speaker thought reforms TO be
permanent, should be gradual rather
than radical, and in this direction he
suggested as the first important step
in currency reform by evolution, the
retirement Of the troublesome green
back and the treasury notes, float
ing debt and the practical business
method Of funding this debt into per
cent government bonds in denomina-
ton from fifty to thousands OF dollars
each. such per cent bonds, if pay
able in fifty years, said Mr.. Van Slyke,
and irredeemable before, would take
up the present bonds issued. as they
mature. and il by permitting banks to
issue their circulation notes upon the
par OF such 3 per cent bonds, in the
same proportion only as the govern
ment circulating notes might be re-
turned. redeemed and then forever re-
tired. il would keep the volume OF all
the currency undlsturOed, by the grad
ual decrease of one class and CORES
bonding increase of the other.
Mr.. Myron T. Herrick, Of Cleveland,
spoke on Savings Banks, his address
being as follows:
a year ago our 5000 600 of deposit
tors were Just entering the financial
school for the purpose of making a SER
ious study of the economic questions,
so far at least as those questions affect
ed their more than $2,OOO,OOO.OO0 of de-
posts. They graduated from that school
November 8. 1896, and their verdict,
the result Of their education in the
common school of experience. reflects
honor and credit on the nation. On
their intelligent decision rested the ma
tion's good name. And with the fact
before them that their earnings and
savings deposited in less than 1000
banks "a sum greater than our national
debit. were threatened with q depreci-
alton OF one-half. the conclusion reach
ed by them could not have been other
than for a sound and stable currency.
"The benevolent motives prompting
the establishment Of mutual savings
banks In the early period Of the cOun-
try's development for the encourage
ment Of thrift. resulted in creating one
OF the most powerful trusts or money
powers in the world, for in only 677
mutual savings banks there are nearly
81 zoo. 900 900. While this vast accum-
ulation is owned~by more than 100000
people. a per capita Of the entire pOpu-
latian exceeding $40 Il iS controlled by
cOmparftfveIy few men, and IL IS re-
markable fact that In all the years
past they have not been accused Of
abusing the power repOsed in them
On the contrary. it is universally adj
mitted that they have exercised this
power Justly and even benevolently.
"AlI that these ). 900. 900 and odd citi-
gems have ever asked Of the govern
nent is that they be given adequate
protection through the medium Of a
table currency TO the end that they
nav use. possess and enjoy that which
HEY have honestly acquired, without
IiminuitiOn or cOnfscatiOn under
whatever guise. and that the govern
nent will maintain the same standard
Of integrity between itself and the
community at large as is set up for the
conduct Of the relations between man
and man. President Mckinley has well
said that the financial honor of this
- Of
IS entirely too sacred. 10 be the foot
ball of party politics. These people de-
mand a currency so adjusted that
whether il be Of gold, silver or paper
&c will be acceptable 20 all classes, /
maintained on par with gold at home
and abroad.
"Are there not UnmiStakable signs
that the United States is entering upon
a new era of prosperity. and that it is
soon 10 become a creditor instead of
debtor natiOn9 DO not the growing
bank balances at this time and the
fact that our financial institutions are
enabled practically to absorb most of
our enterprises indicate that il is large |
" a question of rate Of interest when il
shall become a creditor natiOn-in five
years. it may be. or il may be in TWEEN
ty-tye years Twenty-Five years is but |
a day in the life of a nation"
Bradford Rhodes. president of the
MamarOueck bank. MamarOneck, n /
Y. read an address on the subject "Are !
clearing houses for country checks /
practicable" He said in part: "COun- |
try checks are such important factors !
In effecting the exchanges of the c0Un- |
try that any attempt materially to re- |
duce their number or 10 eliminate !,
them altogether Will not succeed |
There is one feature of this problem !
that may be profitsbly studied with /
confident hopes of its solution. That |
there is a useless expenditure of time, |
machinery and money on the existing /
methods Of making these collections /
and a consequent loss 10 many OF the !
veXatiOus delays in their collection |
would be obviated, and the devious |
journeys that some of these items take |
before reaching their sponsors might |
be considerably cirCumSCribed.'
Mr. Z. Gunby Jordan. of Columbus. !
Ga. discussed the question whether |
national banks of less than $4,000 cap
ital would be a benefit 20 the country
He answered il afirmativaly. Things |
financial are sadly out Of Joint" he |
said. IF the people actually need |
banks. let them demand q reduction in |
the tax on the nOte-iSSUing feature and |
allow a healthy expansion from thel
ke25. 155. 465 outstanding July 81 With
only 1910 banks in 1872. there was of |
Rational bank notes 1886. 600, 000 Then.
with $3.50 as minimum of capital. !
there would be induCement enough to !
plant q national bank wherever one !