The Mena weekly star., 1897-08-18
BANKERS MEET.
The Men Who Handle Money in Con-
 vention at Detroit
GOV. PINGREE's SPEECH.
To Increase the stock ofthe Worlds Coined Gold He Eavors Tax on Gold in the Arts-President Lowry's
 Address.

DETROIT. Mich, Aug 1s.--Every seat in the Detroit opera house was occu- pied this morning when at little after ten o'clock President Robert J. Lowry called to order the 23d annual convention of the American Bankers association. The presence of many ladies testified to the great interest taken in the proceedings. Prayer was offered by Rev. Father Henry A. Schap- man, president of the Detroit college, after which Mayor May bury welcomed the delegates to Detroit. Gov Pingree was received with a generous round of applause. After n few words of cor dial greeting, he said:
 do not pretend to fully understand the the- ory of money being but an every day manu- facturer of shoes but have thought 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 commerce. and monetary systems I believe 1t is conceded that when silver gradually ceased to be part Of the stock used for such purposes in the balance of trade and otherwise tho avail able amount of primary money was reduced about one-haf To remedy this state of affairs it is sought 10 effect agreement among na- tions wn reby the unit of measure may again be in either gold or silver at a certain ratio called bimetellSm. Should 1t be possible to eff feet such nn agreement or should the people of tho United States decide to hereafter use glld alone for money of ultimate redemption con- dition of affairs may be imagined when such large proportion of tho worlds annual gold product shall be used and consumed in the arts that m increasing stringency in gold coin will occur. Tie use of gold in the arts is now inc ~t. z t.4..~ U it. the principal purpose of rembnctizing silver either with or without foreign assent is to in- crease the available supply Of ultimate redemp- tion money.
 As one method dofincreasing the stock of the worlds coined gold Gov. Pingree suggested that some way be devised to prevent the increasing use of gold in the arts, for instance, tax on manu- factured gold in the shape of jewelry, gold leaf. etc
 Then President Lowry arose to re- spond to the greetings fof Michigan and to give his annual address. He contrasicd present conditions with those prevailing during the meeting of R year ago to the advantage of the former. and congratulated his hearers that the position then taken on the currency question had been indorsed in the national electionl He thought that it was gratifying that within four months after adjournment at St. Louis a monetary convention at In- -dianapolis, Ind. ha1confrmed the as- sociations action. He expressed hope and expectation that President Mckinley's currency message would be acted on at the next session of con- gress.
 Mir. Lowry said that the report of the executive committees committee to bring about uniformity among the states in financial and commercial leg islation would show considerable prog ress. He announced the recent crea- tion of another committee to distribute information of the relations existing, or that should exist, between the banks and the people. He said that the report of the secretary, James K Branch, would show largely in- creased membership. The reports of tine protective department committee, Co be read by Vice President Hendrix, and of the executive council by the chairman, Albert Trowbridge, were commended as exceptionally accurate and exhaustive
 Mir. Lowry thought that the com mercial welfare of the country de- mandcd that legal tender paper should be retired whenever some plan could be devised by which tho volume of sound money in circulation would not be reduced. For our general or state governments to engage in banking" said he, "is no more legitimate or pol itic than for those governments to en- gage in manufacturing, farming or my other business that would com pete with citizens interests" Of saw ings banks he said that they had ac- complished great good. and that those in New York alone had received $780, 000,o of deposits in the last year, but that the south and west were deficient In such institutions