The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-18

DETROIT, Aug. 1.-THE banking in
terests of the country were we'll repre-
sented this morning when about 800
delegates to the American Banking as
sociation assembled in the Detroit
opera house to attend the opening ses-
sion of the twenty-third annual con-
vention of that body. The welcoming
speech of Gov. Pingree, while consid-
cred somewhat radical by some of the
! members was, on the whole, well re-
| ceived, and he received generous
amount of applause at its conclusion.
George H. Russell, as spokesman Of
| the Detroit clearing house, administer
| ed 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 de-
| liver homily on the silver question or
| the evils of corporations. The applause
which greeted this sally showed that
a hit at Michigan's anti-corporation
| governor was understood and appre-
| ciated.
At the conclusion of the session the
| state delegates met to appoint their
members of the nominating committee
Joseph c.. Hendrix, president of the
! National Union bank, Of New York
city, first vice president of the asso-
citation, will be chosen president. The
prospects are that there will be live
! ly contest for the vice presidency when
the election OF officers is reached
Frank w. Tracy, of Springfield, Ill,
wants the position. He was a candi-
date last year. but was defeated by
Mr. Hendrix, and his friends think he
ought to get the position this year.
Elijah Trowbridge, chairman of the eX-
ecutive committee, is also a candidate
| for the vice presidency, and last, but
by no means least, the Detroit bankers
are determined, if possible, to elect
| George S. Russell, of this city, to the
| position.
Every seat was crowded when the
convention was called to order. The
presence of many ladies testified to the
| interest taken in the proceedings The
first address was by Mayor Maybury,
who welcomed the delegates in happy
and felicitous way.
Gov. Pingree was introduced to well
come the delegates on behalf of the
state. After few words Of cordial
greeting, the governor said:
PINGREE'S ADDRESS.
I do not pretend to fully understand the
theory of money, being but an everyday
| manufacturer of shoes; but have thought
which 1 wish to start rolling or for Discus
sion. Whatever mems ideas may be upon the
subject Of what money metal OF ultimate re
| demption is the best in the worlds commerce
| and monetary system. | 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 available amount of primary money was
reduced about one-half. To 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 certain ratio, called b.metallism.
Should it be possible to effect such an agree
| States decide to hereafter use gold alone for
money of ultimate redemption, a condition
of affairs may be imagined when such 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
| stand it. the principle purpose of remonetiz-
ing silver, either with or without foreign as
sent is to increase the available supply of
| ultimate redemption money.
The liability of the stockholders to the
| amount of their stock, in addition to the
amount invested and the stringent holding
OF directors WatchfulneSS ana duty, makes
national bank perhaps the best model of a
| corporation that has thus far been worked
out. One great cause of complaint against
many of our private corporations is that
| the laws tempt the people to organize them
for the very purpose of escaping RESPONSE
bility for the debts that to be contract
ed Many of these debts in conscience
individual obligations. They ought to be
the same in law A corporation is organized
| ostensibly so that men who would other
wise be in partnership can continue business
| wit ire heir eOtanpQd w 10 af
| of a deceased partner. But, II the business
| becomes failure. except as to certain debts,
the creditors. Laws of this kind sap the
individual character of our age. They lower
the standard of honesty until people are
taught to think that in a collective capacity
as stockholders in a corporation they may
! be less honest than individuals, and are
relieved of individual responsibility to those
cipIe of reliability on the part of stockhold-
ers and directors of national banks were to
extend to other corporations the stockhold-
ers would stake their individual reputation
as we'll as their money on the result Of
the business. Large business interests would
be in the hands of men who intended to pay,
and they would be released from illegitimate
competition of those who by intention or
recklessness go into corprate business by
| which credtrs must lose.
Progress will doubtless develop other means
for making corporations honest. But l
| believe we ought not to stop until the respon-
| sibility to be honest resting upon corpora
| tlOnS, WHICH cAiSlS ny virtue OI ITdnCnlS6S
granted by the public, is as great as that
which rests upon frst-class honest business
man If something in the nature of respon-
sibility imposed by the national banking
law upon banks could be applied to all pri-
vate corporations 1 believe that much of the
odium which attaches to corporations
| in general would be removed.
AS regards the taxing of banking capital.
! AS long as we supply the principal that all
! property, in whatever shape it may be,
whether real or personal shall be equally
taxed, property in the shape of money should
certainly bear its just proportion of the pub
lie burden, and hence banking capital, which
has an earning power. should also be taxed.
but at the same time. not Disseminated
against by any method of double taxation.
| An amendment to the national bank law,
permitting national banks to lend as state
banks do upon real estate, could not but tend
to benefit both bankers and those who borrow
from them,
PRESIDENTS GREETING.
The last address Of welcome came
from George H. Russell, member of
the executive council for Michigan.
Then President Lowry rose to respond
to the greetings of Michigan, and to
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