The herald., 1897-08-18
Open the Annual Session
at Detroit
THE BANKERS ASSOCIATION
LISTENS AS PINGREE TALKS ON
SILVER
Candidate Russell Administers a Mild
Rebuke Which Is Much More
Witty Than Wise
Associated Press Special Wire.

DETROIT, Mich, Aug. IL The bank
j ing interests of the country were we'll
represented this morning when about
500 delegates to the American associa-
tion assembled IN the Detroit opera
: house to attend the opening session of
the twenty-third annual session of that
body. The welcoming speech of Gov.
/. Pingree, while considered somewhat rad
! ical by some of the members was or
! the whole we'll received and he received
a generous amount of applause at its
conclusion.
George H. Russell, as spokesman of the
: Detroit clearing house, administered
mild rebuke to the governor by saying
that he had only been in the banking
business eight or nine years and would
not therefore attempt to deliver hom-
! lily on the silver question or the evils of
! corporations The applause which greet
ed this sally showed that hit at Mich
igans anti-corporation governor was
understood and appreciated.
AT the conclusion of the address the
; state delegates met to appoint their
members of the nominating committee.
There is scarcely a doubt that Joseph
= Hendricks president of the National
Union bank of New York, first vice pres
ident of the association, will be chosen
president of the association. The pros
poets are that there will be lively corr
test for the vice president when the cleo
ton of officers is received. Frank w.
Tracy of Springfield, ILL.,, wants the po-
sitior. He was a candidate last year,
but was defeated by Mr.. Hendricks, and
his friends think he ought to get the po-
sition this year. Alva Trowbridge, chair
man of the executive committee, is also
a candidate for the vice presidency,
andlast. but not least, the Detroit bank
ers are determined, if possible, to elect
George H. Russell Of this city TO the po-
sitiogi.
The presence Of many ladies testified
TO the great interest taken by Detroit in
the proceedings of the convention, ana
the elaborate decorations gave further
evidence of Detroit's hospitality. Prayer
was offered by Rev. Father Henry
Schapman, President of Detroit College
Mayor Maybury welcomed the delegates
to Detroit in an, address more than
usually happy and felicitous.
Governor Pingree was received with
generous applause. After extending a
cordial greeting the Governor said:
ST do not pretend to fully understand
the theory of money, being but an every
oay manufacturer of shoes, but l have
a thought which 1 wish to start rolling
for discussion.
"Whatever mems ideas may be upon
the subject as to what money metal of
ultimate redemption is the best in the
worlds commerce and monetary sys-
TENS, believe It is conceded that when
silver gradually ceases to be a part of
the stock used for such purposes, the
balance of trade and otherwise the avail :
able amount of primary money is re-
duced about one-half. To remedy this
state of affairs 1t is sought to effect an
agreement among nations whereby the
unit measure may again be either gold
or silver at a certain ratio, called BIZ
metalllsnl.
''The use of gold in the arts is now in
creasing from year to year. As under
stand it, the principal purpose of re-
monetizing silver either with or without
foreign assent is to increase the avail
able supply OF ultimate redemption
money"
AS to the method for increasing the
stock of the worlds coined gold, Cover
nor Pingree suggested that some way be
devised to prevent the increasing use
of gold in the arts, for instance, tax
upon manufactured gold in the shape
of jewelry, gold leaf, etc.
The Governor concluded: can amend
ment to the National banking law per-
mitting National banks TO Tend to State
banks upon real estate cannot but tend
TO benefit both bankers and those who
borrow from them
The last address Of welcome came from
George N Russell, member of the Exc
cutive Council OF Michigan.
Then President Lowrey rose to re-
spond to the greetings OF Michigan and
gave the annual address. The annual
report Of Secretary James R. Branch of
New York City followed.