The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-08-18
AS PINGREE SEES 1T
so He STATES TIE CASE BEFORE
THE BANKERS.

In Welcoming Them to the City of Detroit
He Discusses to Some Extent the Cur
renfy Question, Putting In Wore
Mildly for siIyer-Commends the M
tionai Banking System and Wishes ii
Were Harder for Other Kinds of Cor.
porations to Steal and Rob-Keports OF
Officers and Com mitfees.
Detroit, Mich, Aug. i7.-The banking
interests in this country were we'll rep
delegates 10 the American association as
sembled in the Detroit opera house TO
attend the opening session Of the twenty
third annual session Of that body. The
welcoming speech Of Governor iPngree,
while considered somewhat radical by
some OF the members, was on the whole
ous amount Of applause al its conclusion.
George H. Russell, as spokesman Of
the Detroit clearing house, administered
mid rebuke 10 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 nil at Michi-
gsn's anti-corporation governor was
understood and appreciated.
At the conclusion Of the address, the
state delegates met TO appoint their mem
bers of the nominating committee.
There is scarcely a doubt but that Jo-
seph C. Hendricks, president Of the Ma
tional Union bank of New York City,
first vice president of the association,
will be chosen president.
The prospects are that there will be
lively contest for the vice presidency,
waen the election of officers is reached.
Frank W. Tracy of Springfield, H.,
wants the position. He was candidate
last year, but was defeated by Mr.. Hen
bricks, and his friends think he ought to
get the position this year.
Alvah Trowbridge, chairman OF the ex-
committee, is also candidate for
the vice presidency, and last, but by no
means least, the Detroit bankers are de-
termined, if possible, to elect George H.
Russell of this city to the position.
Every seat in the opera house was oc-
cupied this morning when al little az
ter 10 o'clock President Lowry called the
to order. The presence OF
many ladies testified 10 the great interest
taken by the Detroit people in the pro-
Of the convention.
Prayer was offered by Rev. Father
Henry \. Schapman, president Of De-
troit College.
Mayor Maybury then welcomed the
delegates to the city in an address more
than usually happy and felici.ous.
Governor Pingree was late in arriving,
bd- when ne came forward he was re-
ceived with a generous round OF applause
After a few words of cordial gree ting, the
governor said:
Il do not pretend 10 fully understand
the theory Of money, being but an every
lay manufacturers of shoes; but L have
4 thought which l wish to start rolling,
,or discussion.
What our mean ideas may be upon
he subject as to what money metal OF
redemption is best in the
worlds commerce. and monetary systems
believe il is conceded that when silver
gradually ceased to be part of the stock
Ised for such purposes in the balance Of
rade and otherwise, the available
mount OF primary money was reduced
lbout one-half. To remedy this state OF
Iffairs it is necessary TO effect an agree
nent among nations whereby the unit
# measure may again be in either gold
II silver at a certain ratio, called bimet-
illism.
Should it be impossible 10 effect such |
n agreement or should the people Of the
United States decide to prefer 10 use gold |
lone for money Of ultimate redemption, |
condition Of affairs may be imagined |
y which SO large a proportion of the /
worlds gold product shall be used and !
onsumed in the arts that an increasing /
,rngency in gold coin will soon occur. /
reasing from year 10 year. As I under |
tand il, the principal purpose Of remon- |
.zing silver, either with or without for /
ign assent, is to increase the available /
upply Of ultimate redemption money"
As one method OF increasing the stock f.
{ the worlds coined gold, Governor
'ingree suggested that some way be de-
ised - prevent cne increasing use OF |
old in the arts; for instance. a tax upon
gold in the shape OF jew
Try. gold leaf. etc.
The governor concluded:
The liability OF the stockholders 70 the
mount of their stock in addition TO the
mount invested, ana the stringent hold
rs OF directors 70 watchfulness and duty
lakes national bank perhaps the best
lodel IF corporation that has thus far
cen worked out. One great cause OF
omplaint against many Of our private
Operations is shat the laws tempt the
eopie to organize them for the very pur-
ose Of escaping responsibility Tor the
ebcs that are 20 be contracted. Many
thee debts are. in consequence. indi-
idual obligations. They ought 10 be the
ime in laN. A corporation is organized,
stensibly that men who would other
Use be IN partnership can continue bust
ess without Il being entangied with the
state Of deceased partner. But i the
uSiness becomes a failure, except as 20
artain deh;s that The stockholders are
% generally liable TO the creditors.
avs Of this kind sap the individual
laracter Of our age. II the principle %
ability on the par, Of the stockholders
"a directors Of national banks We're 70
1,end 10 other corporations the stock
eFEnnF long my throat was
filled with sores. large