The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-08-18
BANKERS IN DETROIT
Governor Pingree Received With
Round of Applause.
SUGGESTS A TAX ON GOLD
Reports of the Various Officers Made
President Lowry Makes the Annual
Address Uniform Laws for Me-
gotiable Paper Proposed.

Detroit, Mich, Aug. lL-Every seat in
when President Lowry called to order
the twenty third annual convention of
the American Bankers association.
Mayor Bradbury welcomed the dele
gates In an address more than usually
happy and felicitous.
Governor Pingree was received with
a generous round of applause. The
governor said:
Il do not pretend To thoroughly un-
derstand the theory of money. What
ever mems ideas may be upon the sub
ject as to what money metal of ultimate
redemption Is best in the worlds COM
merce and monetary systems, | believe
IL Is conceded that when silver gradu-
ally ceases TO be a part of the stock
used for such purposes In the balance
of trade and otherwise the available
amount OF primary money Is reduced
about one-half. To remedy this state
OF affairs II Is sought to effect an agree
ment among the nations whereby the
unit OF measure may again be either
gold or silver. at a certain ratio. called
bimetallism. The use Of gold In the arts
is now increasing from year To year.
As | understand II the principal pur-
pose Of remonetizing silver with or
without foreign assent is to increase
the available supply of ultimate re-
demption money.
As a method of increasing the stock
of the worlds coined gold, Governor
Pingree suggested some way be devised
to prevent the increasing use OF gold in
arts; for instance, a tax upon manu-
factured gold in the shape of jewelry.
gold leaf, etc.
When Governor Pingree closed his
remarks, President Lowry arose to re-
spond TO the greetings of Michigan and
TO give his annual address. Among
other things President Lowry said:
One year ago we met in our twenty
second annual convention at st. Louis,
where, through your kind partiality.
was most highly honored by being
elected president Of your association.
At that time the country was In the
throes of a national election: party
spirit ran high, and prejudices were
aroused as never before In my expert
ence. the finances of the country were
seriously imperilled and confidence
shaken. At that meeting this associa-
tion, composed of a class of business
srnen who were intimately connected
through business relations with every
branch of industry, and representing
about a billion of banking capital. de-
clared most emphatically that gold was
the only safe standard OF value, and
that this great country. ranking as one
of the foremost commercial nations Of
the world. could not join with other
nations Of lower commercial rank in
Ian
which sound currency should rest
The recent discoveries of rich deposits
of gold throughout the world and re-
newed energy given to the gold mining
interest in Arizona, Colorado. Georgia
and other states of the union. indicate
the approval Of our action by Provi-
dence.
1T Is matter of congratulation. that
after heated canvass and discussion
Of nearly a year. the people of the
country through the ballot box, fully
and completely endorsed your position.
The results that were reasonably ex-
pected to follow this action of the psO-
Pile are being slowly but surely real
ized; confidence. the foundation of all
commercial prosperity. is being re-
stored. This assertion needs no argu-
ment to establish its truth: it can be
seen and felt by all who are not blinded
by prejudice, and whose sensibilities
are not calloused by ignorance. No one
Will deny that our country, for the last
several years. has been passing through
the deep waters of depression. This we
all know and fully realize. yet while We
hope and feel that we are now where
the bottom can he touched. and while
we earnestly wish tn reach the shores
.af Artt I,.t IA.
TO he based on the sound foundation of
confidence We want nothing sporadic.
nothing sectional. no prosperity Of a
class, but general prosperity. prosperity
not only for the banker the merchant,
the manufacturer the farmer, the me-
chanic and the laborer: In a word We
want prosperity that will reach out
and touch every section. industry and
business In this great country. To this
end. gentlemen. We are working and
this end We most certainly will reach
by honest. united. continued and deter
mined effort.
Before concluding my report wish
To repeat that no one more than the
banker appreciates the great depression
in all lines of business which has hung
over the country for the past several
years. like dark cloud smothering en-
ergy. paralyzing enterprise and almost
destroying hope. no class OF business
men realize such conditions more than
they. for they hold intimate and pc
culiar relations with all classes and
conditions of those whose pursuits
create the commerce OF the country.
ON the prosperity of their customers
depends the success Of the business of
the banker. as his customers are made
up Of those who produce. manufacture.
transport, exchange, develop and es-
tablish. and the condition Of the bust
ness Of each and all Of thess reacts up-
on that of the banker: hence. they are
necessarily deeply interested in the
general welfare of the country, apd no
class of men are more anxious to wei
come the return Of a general prosperity
throughout the land than those who
are engaged in a legitimate, conserva-
tive banking business. Vaults pie
thoric with idle deposits have no charm
for the banker: he can and does ap-
preciate ths fact that idle money Is as
useless as idle men-neither add t. the
wealth or prosperity of the country.
both are but worthless drones in the
hive Of industry.
Il recognize the fact that returning
prosperity has not yet arrived. know
that II is on the way. and believe it is
not 50 far on as some would have US
think. This belief Is warranted by the
fact that under the blessing OF God
abundant crops are assured: our agri-
cultural products are in demand by
less favored peoples. and when the sur
plus grain Of the West and cotton OF
the South shall begin to move to the