The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1897-08-20
THE MEN WHO DEAL IN
MONEY IN CONVENTION.
IN SESSION AT DETROIT.
Governor Pingree Discusses Briefly the
Problem of Coin Standard and
Favors a Tax on Gold in the
Arts-President Lowry on
the Improvement in the
business World.

DETROIT, Mich, Aug. 1s.-Every
seat in the Detroit opera house was
occupied this morning when at little
after 10 o'clock President Robert j.
Lowry called to order the twenty
third annual convention of the Amer
lean Bankers Association. The pres
ence of many ladies testified to the
great interest taken in the proceed
ings.
Prayer was offered by the Rev.
Father Henry A. Schapman, president
OF Detroit college, after which Mayor
Maybury welcomed The delegates to
Detroit. Governor Pingree was re-
ceived with a generous round of ap-
plause. After few words of cordial
greeting he said: Il do not pretend to
fully understand the theory of money,
being but an every day manufacturer
of shoes, l have a thought which l
wish to start rolling for discussion.
Whatever mems IDEAS may be upon
the subject as to what money metal of
ultimate redemption is best in the
worlds commerce and monetary sys-
TENS l believe that it is conceded that
when silver gradually ceased to be
part of the stock used for such pur-
poses in the balance of trade and
otherwise the amount of primary
money was reduced about one-half.
Tc remedy this state of affairs it is
sought to effect an agreement
among nations whereby the unit
of measure may again be in either
gold or silver at a certain ratio,
called bimetallism. Should it be
possible to effect such au agreement
or should the people of the United
States decide hereafter to use gold
Rlone for money of ultimate redemp-
ton, condition of affairs may be i'm
agined when such a large proportion
of the worlds annual gold product
shall be used and consumed in the arts
that an increasing stringency in gold
coin will occur. The use of gold in
the arts is now increasing from year
to year. AS l understand it, the prin-
sipal purpose of remonetizing silver
either with or without foreign assent
is to increase the available supply of
ultimate redemption money"
AS one method of increasing the
stock of the worlds coined gold Gov
ernor Pingree suggested that some
way be devised to prevent the increas-
ing use of gold in the arts for in
stance, tax upon manufactured gold
4 the shape of jewelry, gold leaf, etc.
PRESIDENT LOWRY'S ADDRESS,
Then President Lowry arose to re-
spond to the greetings of Michigan
and to give his annual address,. He
:ontrasted present conditions with
those prevailing during the meeting
of year ago to the advantage of the
former and congratulated his hearers
that the position then taken on the
currency question had been indorsed
in the national election. He thought
that it was gratifying that within
four months after adjournment at St..
Louis, Mo-, monetary convention at
Indianapolis, Ind, had confirmed the
associations action. He expressed a
hope and expectation that President
McKinley's currency message would
be acted on at the next session OF
Mr.. Lowry said that the report OF
the executive committees committee
to bring about uniformity among the
states in financial and commercial
legislation would show considerable
progress. He announced the recent
creation of another committee to dis.
tribute information of the relations
existing. or that should exist, between
the banks and the people. He said
that the report of the secretary, James
R. Branch, would show a largely in.
creased membership The reports OF
the protective department committee.
to be read by Vice President Hendrix,
and of the executive council by the
chairman, Albert Trow bridge, were
commended as exceptionally accurate
and exhaustive.
Mr.. Lowry thought that the com
mercial welfare OF the country de-
y. A . r