Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-08-18
BANKERS IN SESSION.
Opening of the Twenty-Third Annual Con-
yention of the American Association.

Opening or the IWenty-Aniru annual Noh
vention of the American Association.
Detroit. August livery seat in
the Detroit Opera House was occupied
this morning, when a little after 10
o'clock, President Robert ]. Lowry call
/ ed to order the twenty-third annual
convention of the American Bankers
Association. The presence of many
ladies testified to the great interest
taken by Detroit in the proceedings OF
the convention, and the elaborate de-
cOrations of the Opera House, in the
foyer and parquette and on the stage,
gave further evidence of Detroits hos
/ pitality.
Prayer was offered by Rev. Father
Henry A. Schapman, S. j., president OF
the Detroit College.
Mayor Maybury then welcomed the
| delegates to Detroit in an address more
than usually happy and felicitous.
Governor Pingree was introduced TO
welcome the delegates on behalf or the
State. After few words of cordial
greeting, the Governor said:
Il do not pretend to fully understand
the theory of money, being but an ey-
eryday manufacturer Of shoes; but l
have a thought which l 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 sys-
tens. l believe it is conceded that when
silver gradually ceased TO be part or the
stock rsed for such purpose in the bal
ance of trade and otherwise, the avail
able amount Of primary money was re-
duced about one-half. To remedy this
state of affairs it is sought to erect an
agreement among nations whereby the
unit Of measure may again be In either
gold or silver at a certain ratio, called
bimetallism.
should it be possible to effect such
an agreement, or should the people OIL
the United States decide to hereafter
use gold alone for money Of ultimate
redemption, a condition OF affairs may
be imagined when such large proper
ton 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 it, the principal
purpose of remonetiZing silver, either
with or without foreign assent, Is to In
crease the available supply OF ultimate
redemption money"
AS one method Of increasing the
stock Of the worlds coined gold, Gov
| ernor Pingree suggested that some way
be devised to prevent the increasing
use of gold in the arts; for instance, a
tax upon manufactured gold in the
shape of jewelry, gold leaf, etc.
The Governor concluded: "The liabil-
ity of the stockholders TO the amount
of their stock in addition to the amount
invested and the stringent holding OF
directors TO watchfulnesS and duty
makes the national banks perhaps the
best model of a corporation that has
thus far been worked out. One great
| cause Of complaint against many Of our
! private corporations is that the laws
| tempt people to organize them for the
purpose of escaping responsibility for
| the debts that are to be contracted.
! Many Of these debts are in conscience,
/ individual obligations. They ought to
| be the same in law. A corporation Is
organized. ostensibly so that men who
would otherwise be in partnership, can
continue business without It's being en-
/ tangled with the estate OF deceased
partner. But If the business becomes
I a failure except as to certain debts, the
stockholders are not generally liable to
/ the creditors. Laws Of this kind sap
/ the individual character Of our age.
/ They lower the standard Of honesty
until people are taught TO think that IN
a collective capacity as stockholders in
a corporation they may be less honest
! than as individuals, and are relieved OF
! individual responsibility to those with
whom they deal. Now, if the principle
of reliability on the part Of stockhold-
ers and directors of national banks
were TO extend TO other corporations,
the stockholders would stake their in
! dividual reputation as well as their
money on the result Of the business.
Large business interests would be in
! the hands OF men who intended to pay,
and they would be released from lie
climate competition Of those who, by
intention or recklessness go into cor
poration business by which creditors
must lose. Progress will doubtless de-
velop other means for making corpor-
atoms honest. But I believe that We
ought not to stop until the responsible
ity 10 be honest resting upon corpora
| tiOns which exist by virtue OF fran
chises granted by the public is as great
as that which rests upon first class
honest business man. If something in
the nature Of responsibility imposed by
the national banking law upon banks
could be applied to all private corpora
tions believe that much OF the odium
which now attaches 10 corporations IN
general would be removed.
"As regards the taxing Of banking
capital: As long as We supply the prin-