Omaha daily bee., 1897-08-18
BANKERS In CONVENTION
Opening of tie Annual Gathering Occurs
at Detroit,
GOV, PlNGRse WELCOMES TIL: DELEGATES
Some OF His Characteristic
Ideas Concerning Corporntions--
Many Women Look on as In
tercsted Spectators.

intereSts OF the country were well repre-
sented this morning, when about 500 dele
gates to the American association assembled
in the Detroit opera house to attend the
opening session of the twenty-third annual
session Of that body. The welcoming speech
Of Governor Pingree, while considered some
what radical by some of the members was
on the whole well received and he received
a generouS amount of applause at its con- !
clusion. George II. Russell, as spokesman ;
of the Detroit clearing house, administered
a 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 a homily on the silver
question or the evils of corporation The
applause which greeted this sally showed
that hit at Michigane anti-corporation
governor was understood and appreciated.
At the conclusion of the address the state
delegates met to appoint their members or
the nominating committee. There 10 scarcely
q doubt that Joseph G. Hendricks, president
of the National bank of New York City,
first vice president of the association, will
be chosen president.
The prospects are that there VIII be q
lively contest for the vice presidency. Frank
w. Tracy of Springfield, ILL.,, wants the
position. He was a candidate last year, but
| was defeated by Mr.. Hendricks and his
| ITlbnuu Inlnh ne ought W get lHe pOslllOu
| this year. Alvah Trowbrdge, chairman of
the executive committee, and George II. Rus
| sell OF this city are also candidates.
| CONVENTION OPENS.
Every seat in the Detroit opera house
was occupied this morning when a
| little after IL o'clock President
| Robert j. Lowry called to order the twenty
fourth annual convention of the American
| Bankers association. The presence of many
| women testified to the great interest taken
by Detroit in the proceedings of the conven-
| ton and the elaborate decorations OF the
| opera house gave further evidence or De-
| troits hospitality.
| Prayer was offered by Rev. Father Henry
A. Schapman, president of Detroit college.
| Mayor Maybury then welcomed the dele
| gates to Detroit in an address more than
usually happy and felicitous. Governor PIN
gree was late in arriving, but when he came
| forward he was received with generous
round of applause.
Governor Pngree welcomed the delegates
in behalf Of the state After lew words Oh
cordial greeting the governor said:
DOES NOT KNOW 1T ALL.
do not pretend to fully understand the
theory of money being but an everyday
manufacturer of shoes, but have a thought
which / wish to start rolling for discussion.
Whatever mems IDEAS may be upon the
subject to what money metal Of ultimate
redemption is best in the worlds commerce
| ceded that when silver gradually ceased TO
he part of the stock used for such purposes
in the balance of trade and otherwise the
available amount of primary money was re-
duced 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 ::
ertain ra,io, called bimetallism. Should
the people of the United States decide to
use gold alone as money of redemption a
condition of affairs may be Imagined when
such large proportion of the WORLDS an an
nual gold product shall be used and con
sumed in the arts that an increasing strin.
, | gency in god coin will occur. The use oil
gold in the arts is now increasing from
Year to year. AS understand it, the nr:n-
clpal purpose of remonet!zing silver, either
, with or without foreign assent Is to increase
the available supply OF ultimate redemption
AS one method of increasing the stock OF
the worlds coined gold i suggest that SOM I'M
b. way be devised to prevent the ncreas.n5
use of gold in the arts, for instance.
I tax upon manufactured gold in the shape OF
jewelry gold leaf, etc
EVADING OBLIGATIONS.
The liability of the stockholders TO th'
amount Of their stock in addition to th'
amount invested and the stringent holdint
, of directors to watchfulness and duty makes
n national bank perhaps the best model o
a corporation that has thus far been worked
out one great cause of complaint agains
many of our private corporations is that th
& laws tempt the people to organize them 10
e the very purpose of escaping responslp.llt;
= for the debts that are to be contracted
/ | Many of these debts are in conscience, indi
! | vidual obligations. They ought to be tn
same In law A corporation is organize
:, ostensibly so that men who would otherwis
y be in partnership can continue bushes
o without its being entangled with the estai
y of deceased partner. But If the bushes
g becomes failure, except as to certain debts
O | the stockholders are not generally liable t'
- the creditors.
G Laws of this kind sap the individual char
u acter of our age. If the principle of re
Y liability on the part of stockholders an
o directors of national banks were to eNten
i to other corporations the stockholders woul
8 stake their individual reputation as vel a
t their money on the result oft, Of the bunine5; th
J. hands of men who intended to pay and the
a would be released from illegl gltimate compet
ton of those who, by intention or reckless
4 ness go into corporate business by whic
If CT editors must lose. Progress will doubt,es
is develop other means for making corpora
IL to stop until the responsibility to be homes
De resting on corporations, watch exist b
T. is as great as that which rests upon
at first-class, honest business man, If some
w w by the national banking law upon bank
y | could be applied to al. private corporation
believe that much of the odium whic
- now attaches to corporations in generi
H. would be removed.
AS regards the taxing of banking capita
a AS long az we supply the principle that a
v whether real or personal ,shal, be equal
y taxed, property in the shape of none
o. the public burden and hence banking car
o ital which has an earning power should ais
| be taxed, but al lne same Time not uii
crminated against by method of doGb
II, | taxing,
:" An amendment to the national banking la
ne permitting national banks to lend as stat
he banks do on real estate cou d not but ten
e. to beneht both bankers and those who bo
IS row from them.
ar PRESIDENT LOWRYS ADDRESS.
ed The last address of welcome came froI
ne George II. Russell, member of the executy
a. council for Michigan. Then President Lowr
5- arose to respond to the greetings of Mich
'ir gan and to give his annual address, II
ns said in part:
AL Though It has often fallen to my 'ot
n business and otherwise to contend again
III odds TO an extent which may possibly HAY
ne bunted my sensiblities to such conditions
a, am willing to confess that on this occasio
~ the odds against me are rather out of Il
~ line of my past experience, aHd ind m!
self somewhat at a loss TO adequately eXpr-i
the thanks of the association over which
have the honor to preside, for this trip
he welcome from his eXcelency, the goYernt
a. Of the great commonwealth of Michigan h
honor the mayor of th!a beautiful metropol
- of the state, and the chairman of the DetrO
Il clearing house. But gentlemen, II no form
on welcome had been extended to the Amer
n. can Bankers association our knowledge
or : and Intercourse with representative men al
~ women of Michigan and Dstroit on previol
ne occasions would have been equivalent to
he certified check on your ho-pltalty. and eyi
a ha1 "a