Evening star., 1897-08-17
Michigan Governor 4 Would Increase
Gold Currency Y " Taxing Jewery.
PAYS Els! RESPECTS 10 TEE TRUSTS
Large Attendance at the American
Bankers Association Convention.
DEF ROIT AS THE HOST

DETROIT. Mich. August 17.-Every seat
in the Detroit Opera House was occupied
this morning when, at a little after 10
O'Clock, President Robert ]. Lowry called
to order the twenty-thrd annual conven-
tion of the American Bankers Association.
Ihe presence of many ladies testified to
the great interest taken by Detroit in the
proceedings of the convention. and the
elaborate decorations of the opera house.
In the foyer and parquette, and on the
stage, gave further evidence of Detroit s
hospitality.
Prayer was offered by Rev. Father Henry
A Schapman, ST., president of Detroit
college, Mayor Maybury then welcomed
the delegates to Detroit in an address more
than usually happy and felicitous.
governor Pingree was late in arriving
but when he came forward he was received
with a generous round of applause.
Welcomed by Gov. Pingree.
Governor Pingree was introduced to well
come the delegates on behalf of the state.
After few words of cordial greeting the
governor said:
do not pretend to fully understand
the theory of money, being but an every
day manufacturer of shoes, but I have a
tnousnt which wish to start rolling for
discussion,
Whatever mems ideas may be upon the
subject 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 gradually ceased
TO be part of the stock used for such pur-
poses In the balance of trade and other
wise, the available amount of primary
money was reduced about one-half To
remedy this state of affairs it is sought to
eHect an agreement among nations where
by the unit of measure may again be in
certain IL
ed bimetallism.
Gold Used in the Arts.
Should it be possible to effect SUCH an
agreement. or should the people Of the
United States decide to hereafter use gold
alone for money of ultimate redemption, a
condition of affairs may be imagined When
such large proportion of the worlds an
nual gold product shall be used and con-
sumed in the arts that an increasing strin-
gency in gold coin will occur. The use OF
gold in the arts is now increasing from
year to year. AS l understand it the prin-
cipal purpose of remonetizing silver, either
with or without foreign assent, is to in
crease the available supply of ultimate re-
demption money"
AS one method of Increasing the stock CT
the worlds coinedrt gold Governor Pingree
suggested that some way be devised to pre-
vent the increasing use of gold in the arts:
for instance, tax upon manufactured gold
In the shape of jeweiry, gold leaf, &c.
Would Regulate Trusts.
Governor ,Pingree then went into an elab-
crate discussion OF. trusts and corporations
and the necessity for regulating their scope
of action by law, and concluded by ia
voring an amendment to the national bank
ing law permitting i.nation banks to lend
as state banks do upon real estate, saying
such amendment Eeould not but tend to
benefit both bankers and those who bor-
row from bhem. ~ Iit~
The last Gaddress,lof welcome came from
George H.oRusselLf member of sthe sexecu-
live. couneflr for Michigan. Then. President
Lowry arose to respond to the greetings
of Michigan and to give his annual ad-
dress. - -. A3t'
The annual report of the secretary, Jas.
r. Branch, of New York city, followed.