The Red Cloud chief., 1897-08-20
THE BANKERS MEET.
THE MEN WHO DEAL IN
MONEY CONVENE.
Governor pingreo Discusses ur,eHy the
ProbIens ~ y Coin standard and Fsvors
. Tar or Gold In the Arts President
Lowry on improvements.

DETROIT, Mich, Aug. la.-Every
seat In the Detroit opera house was
occupied this morning when ut a little
after 10 o'clock President Robert j..
Lowry called to order the twenty
third annual convention of the Amer
lean Bankers Association. The pres.
enc Of many ladies' testified to the
great interest taken in the proceed.
ings.
Prayer was offered by the Rev.
Father Henry A. Sc%hspman, president
OF Detroit college. after which Mayor
Maybury welcomed the delegates to
Detroit. Governor Pingree was re.
ccivcd with a generous round of APP
plause. After a few words of cordial
greeting he said: ~ do not pretend to
fully understand the theory Of money,
being but an every day manufacturer
of shoes, i have u thought which !
wish TO start rolling for discussion.
Whatever mems ideas may he upon
the subject as TO what money metal of
ultimate redemption is best in the
worlds IN iShd monetary sys.
VIM u UtliCNC thaI u y 'oUftutd UNIV
when silver gradually ceased to he a
part of the stock Used for such pur-
poses In the balance Of trade and
otherwise the amount of primary
money was reduced about onc-haif
To remedy this state Of affairs it is
sought to effect an agreement
among nations whereby the unit
Of measure may again be in either
gold or silver at q certain ratio,
called bimetallisn. Should IL be
possible to effect such an agreement,
or should the people Of the United
States decide hereafter to use gold
alone for money OF ultimate rcdemp.
ton, a condition Of affairs may be i'm
sgined when such a large proportion
OF the worlds annual gold product
shall be used and consumed In the arts
that an increasing stringency in gold
coin will occur. The use Of gold in
the arts is now increasing from year
to year. AS understand 1t. the prin-
cipal purpose Of rcmonetizing silver
either with or without foreign assent
Is to increase the available supply OF
ultimate redemption money"
As one method Of increasing the
took Of the worlds coined gold Gov
ernor Pingree suggested that some
way be devised to prevent the incrcas.
ing use Of gold in the arts, for in
stance, a tax upon manufactured gold
n the shape Of jewelry, gold leaf, etc.
PRESIDENT LOWRY'S ADDRESS.
Then President Lowry arose to re.
Spond to the greetings Of Michigan
and TO give his annual address lie
contrasted present conditions with
those prevailing during the meeting
OF u year ago TO the advantage of the
former, and congratulated his hearers
that the position then taken on the
currency question had been Endorsed
In the national election. He thought
hat 1t was gratifying that within
four months after I'D adjournment at 81.
Louis, Mo-, n monetary convention at
indianapolis, Ind, had confirmed the
associations action. He expressed a
hope and expectation that President
Mckinlcy's currency message would
be acted on at the next session Of
Congress.
Mr.. Lowry said that the report of
the executive committees committee
10 bring about uniformity among the
states In financial and commercial
legislation would show considerable
progress. He announced the recent
creation of another committee to dis.
tribute information OF the relations
existing, or that should exist, between
the banks and the people. lie said
that the report OF the secretary, James
K. Branch, would show a largely in
creased membership The reports OF
the protective department committee.
to be g by Vice President Hendrix,
and OF the executive council by the
chairman, Albert Trowbridge, were
commended as exceptionally accurate
and exhaustive.
Mr.. Lowry thought that the com.
mercial welfare of the country de
manded that legal tender should
be retired whenever some plan could
be devised by which the volume OF
sound money in circulation would not
be reduced. FOR u general or state
governments to engage in banking"
said he, us no more legitimate or
polite than for those governments to
engage in manufacturing, farming or
any other business that would com
pete with citizens interests" OF saw
ings banks he said that they had ac-
complisbed great good, and that those
In New York alone had received $780,
ooo, 900 Of deposits in the last year, but
that the south and west we're deficient
In such institutions.