Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-08-18
BANKERS MEET
And Discuss Questions Per-
tanning to Association.
Governor Pingree Has Little Ad-
vice TO Offer.
How Bankers Have Protected Themselves
Laws They want.


in the Detroit Opera House was occu-
pied. this morning, when, at a little
after 10 o'clock, President Robert J..
conference Of the American Bankers
Association.
Prayer was offered by Rev. Father
Henry A. Schapman, S. s., president OF
the Detroit College. The mayor then
welcomed the delegates to Detroit, in
an address more than usually happy
and felicitous.
Governor Pingree was later in ar
irving. but when he came forward, he
was received with a generous round OF
applause. He touched upon bimet-
allism and then said:
The liability of the stockholders to
the amount of their stock in addition
10 the amount invested and the string
emit holding of directors to watchful-
ness and duty makes a national bank
perhaps the best model Of a corporation
thar has thus far been worked ou..
One great cause OF complaint against
many OF our private corporations is
that the laws tempt people to organize
them for the very purpose Of escaping
responsibility for the debts that are 20
be contracted. Many of these debts are
in conscience individual obligations.
They ought to be the same in law.
Now IL the principle OF reliability on
the part Of stockholders and directors
of National Banks were to extend to
other corporations. the stockholders
would stake their individual reputation
as well as their money on the result of
hS hpvu 4 hsxc tat &c
would be in the hands of men who in
tended to pay and they would be re-
leased from illegitimate competition of
those. who. by intention of recklessness
go into corporate business by which
creditors must lose. Progress will
doubtless develop other means for max
ing corporations honest. But I believe
We ought not to stop until the respon-
sibility to be honest resting upon cor
porations which exist by virtue of
franchises granted by the public, is as
great as that which rests upon a first
class, honest business man. II some-
thing in the nature of responsibility
imposed by the national banking law
upon banks could be applied to all pri-
vate corporations l believe that much
of the odium that now attaches to cor
porations in general would be removed.
AS regards the taxing of banking
capital, as long as we supply the prin-
shape it may be whether real or per-
sonal. shall be equally taxed, property
in the shape of money should certainly
bear it's proportion of the burden and
hence banking capital, which has an
earning power. should also be taxed:
but at the same time not Disseminated
against by any method of double taxa
ton.
An amendment to the national banking
law permitting national banks to lend as
state banks do, upon real estate, could
not but tend to benefit both bankers and
those who borrow from them.
The address of welcome came from
George Fl. Russell. member of the ex-
ecutive council for Michigan. Then Pres
ident Lowry arose to respond to the
greetings of Michigan and to give his an
nual address. He opened with:
Il find myself somewhat at a loss to
adequately express the thanks of the as
ISOLATION over which have the honor to
preside, for this triple welcome from his
excellency. the Governor of the great
commonwealth Of Michigan, his honor
the mayor of this beautiful metropolis of
the state, and the chairman of the De-
no formal welcome had been extended to
the American Bankers Association, our
knowledge of and intercourse with repre-
sentative men and women of Michigan
and Detroit on previous occasions. would
have been equivalent to a certified check
on your hospitality"
The annual report of the secretary,
James q. Branch of New York city, fol-
lowed
VIM. H. Potter, treasurer Of the ASSOC
citation, reported receipts for the year,
1881, and disbursements $l4,5S9.
JOS. c. Hendrix of New York, submit
ted the report of the protective commit
tee, which is composed of three bankers
whose names are kept secret and who act
under the direction OF the executive coun-
ell in taking steps for the arrest and
prosecution of parties charged with
crimes against members of the associa-
ton. During the past year not MEM
Der of the association has lost a dollar
through burglary and every professional
operator to whom the attention of the
protective committee has been called has
trial. or has been released on turning
states evidence. Mr.. Hendrix called at
tention to the fact that there has been
no notable swindle or forgery during the
year.
Alvah Trowbridge of New York, chair,
man of the executive council, said the
only important business of last nights
session was the consideration OF two
amendments to the constitution. A SUBJ
committee on the amendments had been
appointed and j. G. Hendrix, its chair
man. reported favorably on the proposed
amendments. One of them increases the
representation of the state associations
on the executive council from three to-
five, and the other puts the nomination
OF officers more largely in the hands of
the members of the convention instead of
leaving It to the council. Both amends
mcnts were unanimously adopted.
The report of the committee on uni
form laws was read by Frank W. Tracey
of Springfield, Ill. The report begins as
follows:
Your committee on uniform laws ives
directed by the executive council at It's
meeting In April last to prepare with
such legal assistance as might be desired, |
a uniform law for commercial paper. |
for the committee, there was
published in the American Bankers Mag
axine for May, a negotiable instrument |
law which seemed to be better law for |
the purpose than any which we could |
possibly frame. Hon. Lyman d. Brew
ster. Of Danbury, CT, president OF the |
conference of commissioners of unlforml
state laws. freely and heartily gave the
committee authority to adopt it for rec
to your association"
In speaking of the merits Of the new
Continued on page ~