Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-08-19
The BANKERS MEETING.
Subjects Discussed by ManipulalOrS
of Finances.
Reform In Currency, savings Banks.
Organized Capital, CIraring House
and National Hanks.

DETROIT, Aug. l9,--Hard, driving
work characterised the last days set-
sion Of the American Bankers assocl-
alton.
The question, "What legislation Ia
needed in respect to the currency"
was discussed in an interesting paper
by N. b. VaDSlyke, president OF tho
First National Bank OF Madison, wis.
The speaker thought reforms, to be
perma nent, should be- gradual rather
than radical, aud in this diIe,tion he
suggested as tho first important step u
currency reform by evOlution--tbe re-.
tiremeDt o; the trOu bleeOme greenback
and treasury notes, a floating debt anu
the prsctcsl business method funding
this uebt into three per cent govern.
ment bonds in denominations from
fifty to THOUSANDS of dollars escu.
"Such three per cent bonds, II payable
In fl y years." said Van 5lyke, sand
itreut enable before, would take w
the present bonds as they mature and
u by permitting banEs TO issue their
circulating notes upou the par such
three per cent bonus 10 the came pre-
portion only as the governments cir.
culstipg notes might Ue redeemed and
then forever retired, 1t would keep the
volume OF all the currency undis-
turbed by tine gradual decrease OF one
class and corresponding increase OF
the other, until nnaliy doing away
with the governmsnt's banking bust.
ness and placing 1t with the banks,
where IT legitimstely belongs."
"5Ivlng's Banks" was the title Of
AZ D Nv II Tab
Cleveland.
MERRICK ON SAVINGS BANKS.
The subject OF Mr. Myron s. Merrlck
OF Cieveian was savage Banks. He
said in par.
There L. no apparent necessity for
iurther arguing economic questions a.
they relate to savings banks, for the
startling facts connected with their
present history tell the whole story. a
year ago bur hve million of deposl-
tors were jus. entering the financial
school for the purpose OF making a
serious slu1y OF the economic ques-
tions, so far at lessi as those questions
Affected their more than 1000, 900
OF uepositors.
They graduated from that school,
Nov. 3, 1896, anu their verdict reflects
nonor anu credit on the nation, on
their Intelligent decision rested the
national good name. And with
the fact before them that
their earnings and savings depos-
tied in lees than 1000 banks Ia
cum greater than our national Oebt)
were threatened with depreciRtioa
Of one nall, the conclusion reached by
them could not have besn other than
ior a souuu and stable currency. This
be uevoient motives prompting the es.
ENLISTMENT OF sayiugs banks in the
early part OF the cOuntry's develop
ment Resulting in creating one OF the
most powerful 'truets" or money
powers iu the worlI for in only 677
mutual savings banks there are nearly
Sl,70O,000. While this vast sccumu.
i,tiou is owned by more than $780,
QUO people per capita OF the entire
opulation exceeding $50, it is con-
troiied by comparatively few men and
1t 10 remarkable fact that In all the
years past they have not been accused
OF abusing the power represented in
them. On the contrary it Ia univer-
sally admitted they have nave excl
csed the power justly and ever
benevolentIy. President Mckinley
has we'll sad "thst the financial nonor
OF this government 10 OF too vast i'm.
portsnoe, is entirely too sacred TO lie
the football OF party politics."
These people demand currency 60
adjusted that whether II be Of gold,
silver or paper 1t viii BIS acceptable to
all classes, maintained on u par with
gold at home ana abroad.
"lt may be said with rssuect to its
saving bank deposits that the u piteu
States stands alone. European coun.
tries when contrAsted with 1t make a
very indifferent showing. II seems to
ms that an argument for government
assumption OF the peoples money