New-York tribune., 1897-08-18
THE BANKERS IN SESSION.
THEIR ANNUAL CONVENTION OPENS IN
DETROIT.

,,1 covrn ny GOVERNOR rINGREE AND MAYOR
, MAyB,Ry-ASNUAL ADDRESS OF THE
PRESIDENT OF THE ASSOCIATION
HEARD AND REPORTS READ
no,ro,, Mich Aug Livery seat in the Detroit
Onera House was occupied this morning "he
pros,aort Robert J. Lowry called to oroer inc
,wcntv-thrd annual convention OF the America"
bankers Association. The presence OF many WIN
ON and the elaborate decoration OF 'he ope'"
,J,sa gave evidence of Detroits hospitality!
PRAYER was offered by Father Hehr! a. oe"'p
ar 6 / president OF Detroit College Mayor
,,avburv then welcomed the delegates 10 pe'ro"
Governor Pngrce late In arriving o"' "hen
he came forward he received win generous
round Of applause. He welcomed the oe''s"'e' y"
behalf of the State. saying in part:
do not pretend to thoroughly unde,,s,anu ~ nne
theory OF money. being but an eve,snnss' u,n,ch
nsb 70 Start rolling for discussion Whatever
mems ideas may be upon the subject as 10 wnas nav
money metal of ultimate redemption Is best & IN sns
,word's commerce and monetary systems, l beiievss
IL is conceded that when SILVER u y,rnosss
tn the balance of trade and otherwise the available
amount Of primary monry mate ~"f of affairs it is sought
10 effect an agreement among nations wnere11Sy 1y
or silver al a certain ratio This system Is called
moi,t. or should the people OF the United states
decide hereafter to use god a,'ae iS NAV be
,sanined when such a large PROPORTION OF the
,ro'd's annual god product shall he used ami con
.umed in the arts that increasing stringency
i'm gold coin will occur IN" use OF god II" IhGf
arts is now increasing from year to year AS
Understand t. the principal purpose OF rcmonetzing
silver either with or without iorelsh assent, IL 10
increase the available supply OF ultimate re-
demption money.
As one method Of increasing the stock Of the
worlds coined gold. Governor Pingree suggested
,hat some way be devised 10 prevent the increasing
use of gold in the arts. for instance. tax upon
manufactured gold in the shape of jewery gold
leaf etc. The Governor said IN conclusions
The liability of the stockholders to the amount Of
and the stringent holding OF directors 10 watchiu-
ness and duty. make a -\ailona DHlh l'erndia me
been worked out one great cause 81 complaint
against many OF our prTatG o them for the
very purpose Of escaping responsibility for the
Sebis are in conscience individual obligations. They
ought 10 he the sane IN law a eorpor,aa'lohn erp,a n Is
organized ostens!hly so that men who would Other %
wise be in partnership can continue business with
out its being entangied with the estate OF q ue
failure except TO certain debts. the stockholders
not generally liable TO- the cred,tors r LAWS 81
They lower the standard OF honesty until people
honest than individuals. ana are relieved o.
deal. Now. Il the principal OF reliability on the
part Of stockholders and directors of National
banks we're TO extend TO other corporations, the
stockholders would stake their individual reputa-
on as vel as h on shs soS IeSu be IN IN the the
hands Q. men who INTENDED TO pay and they would
who by intenton or Tecklessness go into corporate
business by which creditors must lose Progress
rorations honest But believe we ought not 10
stop until the responsibility to be honest, resting
upon corporations which exist by virtue OF iran
chises granted by the public. is great as that
which rests upon rst-class honest business man,
J; something in the nature OF responsibility imposed
by The Ea9nal banking law upon banks s,e could 6t
G" ach of 70 the s oum that now to
uons in general would be removed .
As regards the taxing OF banking capital: AS
long as We supply the principle that all property
in whatever shape Il may be. whether real or per-
Of money should certainly bear its just proportion
which has an earning power should also be taxed;
but at the same time not Disseminated against by
An amendment to the National Banking law per-
mitting National banks TO lend as state banks 90
both bankers and those who borrow from them
The last address of welcome was from George II
Russell. member of the Executive Council for
Michigan. Then President. Lowry responded TO
the greetings of Michigan and gave his annual ad-
dress. lie said among other things
one wear ago we met in our twenty second an
nual convention at ST. Louis, where. through your
Ing elected president of your association. At that
time the country in the thrOes of a National
aroused as never before in my experience; the
finances OF the country were seriously imperilled
and confidence was shaken AT that meeting this as
sociation composed of a class of business men who
lions With every branch OF industry, and repre-
senting about a billion Of banking capital. de-
clared most emphatcaly that gold was the only
ssfe standard Of value and that this great country
ranking of the foremost commercial nations
ower ere cSnntrSa SH rark R' IN 9 liking on maj base
Us the basis on which a sound currency should rest
throughout the world. and renewed energy given 10
s s0 15 %s 6r sat Of II Aa nSsse
the approval OF our action by Providence
heated canvass and discussion Of nearly year The
people OF the country through The balloi-box fully
81 IN" nopI are Ling sIowiv hnt Surely reaznd
perty, is being restored. This assertion needs no
felt by al who not blinded by prejudice, and
Whoss sensDilities are not caloused by ignorance
No one Will deny that our country for the last sew
ersl years, has been passing through the deep
waiers ,iI Of depression This we all know and fully
9G w TO- e esh & be Of and %he
want that prosperity 20 be based on the sound
foundation Of confidence. We want nothing spo-
general prosperity. prosperity not only for the
banker the merchant; the manufactures the farm
want a prosperity which will reach ont and touch
country To- thru end s si"eSs we an are 's MorkHs
ana this end We most certainly will reach by hon
II IS most gratifying TO be able say that within
-FOUR months after the adjournment of our associa-
Ion Ton at 81 Louis. monetary convention met in jan
manufacturers, bankers. merchants and representa-
ives from nearly every pursuit and calling and that
mis- convention ndorsed by solemn action the dec
-"oIVi mduc ny this association IN iaNOr or making
t2ld me unit OF value. and recommending sucn re-
iofm by Congress Of our National financial system
a would bring about stability In the value Of our
currency as would make IL equal 10 that o: the
most advanced nations of the world" The action Of
ms Monetary Convention in suggesting the ION
DF law OF a commission to formulate plan 10 carry
out me demand OF the people. recorded the
recent Presidential lection. exerted influence
upon President Mckinley which resulted l-a formal
MESSAGE from him 10 Congress in which hNfndorsed
uh ire recommendaton Of the indianapolis Convention.
W Mhile this Message OF the President not acted
ol H congress during the recent extra session we I
conhienily expect that IL will receive the immediate
attention OF our statesmen Congress shall
dSstmbe IN regular session. for doubt, the
1oty Ot our representatives fully appreciate the de-
mani the people have made for financial reform on
me me recommended not only by this associa lion,
bui also the indianapolis Monetary Convention.
Al me last meeting of the Executive Council. a
womb Lri,. 60