The herald., 1897-08-20

estate loans. and, in large part. prob
ably one-half the railroad debt of the
country. Are not the unmistakable signs
pointing to the fact that the United
States is entering upon a new era Of
prosperity, and that it is soon to become
creditor instead of a debtor. nation?
Do not the growing bank balances at this
time and the fact that our financial in
stitutions are enabled practically to abb
sorb most of our enterprises, indicate
that it is largely a question of rate of
interest when it shall become a creditor
nation-in five years 1t may be, or it
may be twenty-five years. Twenty five
years is but day in the life of a nation.
If the hard times through which we
have passed since the memorable year
of 1898 have so little affected the condi-
tions of savings bank deposits and have
failed to lessen the confidence OF our
people in the worth and tsability of
these institutions, the future seems in
deed bright with promise for their great
er usefulness in a wise control of the
savings of the people"
TRACY'S SPEECH
Frank w. Tracy. president of the
First National bank of Springfield, ILL.,,
read a paper on the subject, What can
be done to increase the usefulness of
the American Bankers association"
Mr.. Tracy spoke as follows:
II believe the great battle at the polls
last year was participated in by this
association" began Mr.. Tracey.
THE Populists and their allies boldly
announced their 16 to 1 views, and the
opposition as boldly stood upon gold as
the only standard of value. The great
American people are always honest, and
the result was the free silverites met
their Waterloo"
Vigor and "reminiscences in the pursuit
of criminals, concerted movement to-
ward uniform law in all the states OH
commercial paper, and further efforts
to secure sound currency legislation.
were urged by Mr.. Tracey as properly
within. the scope of the association and
sure to make it more useful and bene-
fetal to its members and to the American
people.
OTHER SPEAKERS
Papers followed on Currency ship
ments of registered mail,'' by Charles r.
Hannah, president of the Iowa Bankers
association, and Express money or
ders," by L. p. Hillyer, secretary of the
Georgia Bankers association. Those
prepared by Lawrence B. Kemp of
Maryland and Eugene H. Pullen of New
York were withdrawn by their authors
on account of the lateness of the hour,
and ordered printed in the proceedings.
A resolution was adopted by the con-
vention urging congress promptly to
provide for competent, non-partisan
currency commission, to the end that
sound legislation may speedily be Sc
cured
Regret at the death of William P. st.
John of New York was expressed in a
resolution offered by N. B. Van Slycke.
The members of the executive commit
tee elected are: j. G. Cannon, New York:
P. w. huntington, Ohio; r. J. Lowry,
Georgia.; j. B. Findlay Pennsylvania;
j. c. Sands, West Virginia
According to precedent Vice-President
Joseph c. Hendricks of New York was
raised to the office of president. George
Fl. Russell Of Detroit received a majority
Of the votes cast for first e-president,
although the nominating committee had
recommended F. W. Tracy of Illinois for
the honor
Several papers were ordered printed
without being read.
Luncheon at the great distillery of
Hiram Walker & Sons at Walkerville,
Ont, and boat ride to the Des Chree
Shos Ka, this afternoon, wound up the
social features of the meeting.
After E. H. Pullen of New York had
presented the retiring president, r. H.
Lowry, with a handsome gavel, the
installation of officers took place and the
convention adjourned sine die.