The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-20
BANKERS VISIT CANADA
THEY ADJOURN THEIR CONVENTION
AND LUNCH AT a DISTILLERY.
Points from Papers Read at the Clos
ing sessiOn-JOseph g. Hendrix, of
New York, Elected President.

o'clock this afternoon. According TO prece-
dent First Vice President Joseph c. Hen
dirk, of New York. was raised to the office
of president George II. Russell, of De-
troit, received a large majority of the votes
cast for first vice president, although the
nominating committee had recommended F.
w. Tracey Of Illinois, for the honor. Bust
ness was transacted with rush to-day.
number of papers having been carried over
from yesterday. Several papers were or
dered printed without being read
Luncheon at the great distilery of Hiram
Walker & Sons at Walkerville Ont, and
a boat ride to Des-C hree-Shos- Ska this aft
ernoon wound up the social features of the
meeting. While at Walkervile several i'm
promptu speeches were made. Retiring
President Lowry responded to repeated calls
ara was followed in rapid succession by
Messrs. Hendrix Russell, feathers, Pow
eTs, Jordan and others. Then the twenty
third convention of the American Bankers
Association terminated in combined burst
of patriotism and good fellowship, cries of
reclamation for the stars and stripes and
God save the Queen rising together from
thousand threats Ihe bard played
Dixie and Yankee Doodle alternately
and the delegates from all sections united
in prOnOuncing the convention OF 1891 an
unqualified success.
Promptly at 8 o'clock this morning the
convention was called to order and the
reading of papers left over from yester-
day taken up The question, Nv hat -eglS-
laton is Needed in Respect to the Cur
rency" was discussed in an interesting
paper by n. B. Van Slyke president of the
First National Bank OF Madison, Wis. The
speaker thought reforms to be permanent,
should be gradual rather than radical, ard
in this direction he suggested as the first
important step a currency reform by cVo-
lution-the retirement of the troublesome
greenback and the treasury note; floating
debt and the practical business method CT
funding this debt into 3 per cent. govern
ment bonds in denominations from nifty to
thousands of dollars each. Such ) per
cent. bonds, if payable in fifty years. said
Mr.. Van Slyke, ''and irredeemable before,
would take up the present bonds Issued, as
they mature and if by permitting banks TO
issue their circulating notes on the par OF
such per cent. bonds In the same proper
ton only as the government circulating
notes might be returned, redeemed ana
then forever retired, it would keep The vol
ume of all the currency undisturbed; by the
gradual decrease of one class ana CORE
spending increase of the other until finally
doing away with. the government banking
business and placing it with the banks,
where it legitimately belongs.
SAVINGS BANKS.
Savings Banks" was the title of q paper
read by Myron T. Herrick, of Cleveland.
Mr.. Herrick said, in part: ut may be said
with respect to it's saving bank deposits
pean countries, when contrasted with it,,
make very Indifferent showing. 1t seems
to me that an argument for government as
sumption of the guardianship of the peo-
pies money must be based on the promise
that the government could employ the
money in carrying permanent debt, as
does Great Britain and other countries; but
the debt of our country is not permanent
in, md in nrO times has
been rapidly liquidated. 1 am confident,
therefore, that in the future, as in the past,
the people will view with misgiving any
movement in that direction. Besides, this
scheme is not consistent with the spirit of
our form of government. With nations
abroad the tendency and policy is to make
the people subservent to the government.
Our theory looks to making be government
subserVient TO the people. The spirit OIL m
dividual Independence runs through our
whole governmental system and should be
fostered rather than discouraged.
Harvey j. HOLSTER, of Grand RAPIDS,
Mich, spoke on organized Capital; It's
Privileges and Its Duties In closing he
as to the real relations We bear to their
material welfare, in what way or ways we
are q means of promoting the general
prosperity No such oittef de d dg eo tba
political campaign of 1896 had the true re-
lations of the banks to the well-betng OF the
Mr.. e. Gunhy Jordan, of Columbus, Ga,
discussed the question whether national
banks of less than $4,000 capital would be
q benefit to the country. lie answered 1t
affirmatively.
favor of the establishment of branch banks,
saving that the system reached the hgn-
est perfection in three important particu-
lars-stability, economy and usefulness.
There was only one formidable obstacle,
the political one. He concluded thus: Il
cannot but feel that a nation which is at
heart right, which has freed the black slave
at a cost untOld-will at last turn upon
it's prosecutors and free the white slave
as well-will cast off the shackles from the
business toiler and give us at last CONNER
cial freedom in these great states. My
fellow labOrerS-buSines men of the United
States-be not deceived by prosperity, as
you were in 1879, but insist that the cancer
be cut out by legislation, that sound cur,
rency laws be enacted commercial freedom
established and no chance left open for an
other SO, or, worse still, for the annihila-
ton which would follow another 49,
Bradford Rhodes of Mamaroneck, n. Y,
read an address on the subject, Are Clear
ing Houses for Country Checks Practical
ble?" He submitted an exhaustive plan ac-
companed by diagrams showing his pro-
posed method Of facilitating the collection
of country checks.
DUTY OF BANKERS.
Glow Shall the American Bankers AS
socIarlon be Made More Useful was dis
cussed by Frank W. Tracey, of Springfield,
I'll. 81 believe the great battle at the polls
last year was precipitated by this associa-
ton" began Mr.. Tracey. AT Baltimore,
in 1894 we began discussion for the re-
form of our currency. The addresses made
there aroused the attention of the entire
country, bringing the question so promi-
nently before thinking people that the poll
ticians were obliged to take notice. The
Populists and their allies boldly announced
their 16-to-1 views and the opposition as
boldly stood upon gold as the only stand
ard of value. The great American people
are always honest and the result was, the
free silveriteS met their Waterloo" NigOT
and relentlesSness in the pursuit of crimi-
nails, a concerted movement toward a uni
form law in all the States on commercial
paper, and further efforts to secure sound
currency legislation, were urged by Mr..
Tracey as properly within the scope of1he
association and sure to make it more use
full and beneficial to its members and to
the American people.
Papers followed on Currency Shipments
of Registered Mail" by Charles r. Hannah
president Iowa Bankers Association and
Express Money orders, by l.. p. Hilloyer
secretary of the Georgia Bankers Associa-
ton. Those prepared by Lawrence b.
Kemp, of Maryland and Eugene II. Pulfen
of New York, were Withdrawn by their au-
thOrs on account of the lateness of the hour
A resolution was adopted by the conVen-
ton, urging Congress promptly to provide
for competent nonpartisan currency COM
mission. to the end that sound financial leg
the death of the late William p. st. John
of New York city, was expressed in reso-
luton offered by n b. Van Slyke
JOS aph G. Hendrix, of New York city. was
elected president of the association without
a dissenting vote. The sailing was not so
W / % ff,..t