The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-19


could be With them either compromise
CT surrender was wTuglg from unwilling
and hostile legislators. 1t did case the
sherman silver purchasing act. It VIII
accomplish no less today for the well
fare Of the citizen if it is again as
earnestly appealed to.
I myself have never in the past wav-
cred in the belief, nor do 1 now, that
, IN the END we Will be possessed Of q
banking and currency system so strong
as to make inlpregna5le the country s
credit. It's coming may be long de-
layed and only be attained after
tremendous ioss to capital and injury
to labor. 1t was the misery and dis
tress entailed BY the assignats and
mandates of the French revolution that
placed France upon the solid rock OF
sound finance. 1t took the threatened
starvation of the peasantry of a great
nation TO wipe out the corn laws of
England. but The victory when OBJ
tanned was complete And thus, in
II is possible that before the nation S
financial structure rests upon a foun-
d'etsen firm as the eternal hills the
American people will be called upon
TO pass through the awful experience
and loss which would follow in the
wake of unchecked paper and silver
hatiSm. But at last, no matter how
prolonged the struggle or great che suf-
fering, with the acquiescence Of all,
the monetary principles which accord
with the worlds business experience,
all financial research, and every die
tate of common honesty, will here pre-
vail in complete and enduring tri-
umsh"
Interesting discussions of practical
banking questions followed Mr.. Eckels'
address.
rs a credit bureau or bureau of in
formation to prevent loss from bad
debts possible among banks?'' was the
subject of the first paper, read by
John H. feathers of Louisville, KY.
Mr.. feathers thought it was, and out
lined a plan which he thought might
be advisable. Were protection freely
given at all times, banks desiring to
borrow money would find no difficulty
in obtaining il at all times, and the
lending bank would supply the money,
not only at a. low rate of interest, but
with great promptitude. 1t might
possibly follow under the system which
l suggest that loans 10 banks would be
more frequently refused, but if they
are refused it would in most instances
De better for the borrower itself, and
the very refusal might stimulate efforts
which would result in better methods.
It is easier for banks to borrow money
than any other corporation. Any re-
and carries a fair average balance can
always borrow money, if il is TO be
had ait all, and always at a lower rate
OF interest than the general public.
The very ease and readiness with
which this can be done is the complet-
est argument for the creation and
maintenance of the fullest protection
in such loans"
Mr.. feathers submitted the following
plan:
.'First-That the American Bankers
association shall establish a bureau of
information for its members, to be
known as the Bankers Credit Liability
Association of the United States
Second object of said associa-
tion shall be the interchange of infor-
nation concerning the Indebtedness of
banks to each other, and to provide
against an undue expansion of credit,
and to promote sound and healthy
banking methods.
''Third.-Any bank or trust company
that is a member of the American
Bankers association shall be eligible
TO membership it, and shall be entitled
to all the privileges of. the association
upon the payment of s.. per year as
dues.
'Fourth.-The principal office of said
association shall he in the city of New
York, and the secretary of the Aneri-
can Bankers ASSOCIATION shall be Che
general secretary, or general mana ger
Of said association.
biftn.--The superintendent or man.
ageT of the clearing house in each city
Of the United States may be appointed
secretary or manager of said asSocia-
ticn Cor his CITY.
'Sixth.-The executive committee of
the American Bankers association. or
a special committee appointed by the
49,. -. Il.
mulate proper rules and regulations for
carrying out he objects Of this ass0-
citation. said committee shall prepare
a Geographic code and all the necessary
blanks for the use of the secretary in
furnishing information in a uniform
nlaner when called upon.
Seventh general manager and
local managers OF the association shall
receive such compensation for-their ser
vices as may be agreed upon, and in
proportion TO the labor and time en-
ployed in filing said position.
"Eighth.-Jt shall be understood thai
in furnishing information 10 hanks
making inquiry through the association
that the private business affairs of any
bank shall not be disclosed to any 9TH
er bank, but the total Indebtedness 81
banks alone shall be given without tbs
names of any creditor banks. The en-
blowing OF the bureau Of the associa-
ton for the mere desire TO satisfy Gu
Iiosity or other improper motives shall
be positively forbidden and should be
prevented by the strictest rules. The
secretary Of the bureau should have
positive instructions to allow no one
under any circumstances to see the re-
turns or 10 report what member of the
bureau has made the inquiry, and thai
these reports should be guarded with
the greatest protection TO preserve them
from the knowledge of disinterested
parties. and from being used for some
evil purpose.
.'Ninth.-Any bank shall nave the
right to obtain a copy of any report
made through the association that may
apply for the same upon the payment
of 2 small fee TO the secretary furnish
ing the same.
''Tenth.-A classified list Of the banks
Of the United States shall be complied
and kept in the office OF the general see
rotary, and. as far as possible. the
names of their correspondents in the
various cities where they keep ac-
counts.
..Elewen4h.-The manager or sub
committee in each city should be ap-
pointed to explain the objects Of the
bureau. and endeayor to secure the
membership and cooperation Of banks
that would have any interest in the
work the bureau would undertake tC
do. and in this way a practical una
TiTaity might be secured. and the OBJ
jecfs sought TO be Obtained by the bu-
Teau successfully accomplished.
NEEDED LEGISLATION.
To7,, p 1er.ancl, Of Ricb77ond va