The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-08-26
MEETING OF THE BANKERS
AN INTERESTING MEETING WAS
THAT HELD IN DETROIT
YESTERDAY.
INDICATIONS FOR BETTER times
A Representative From Each state
Testified ms to the Prospects for
the. Future-Interestins Adj
dresses and Discourses.

Detroit. Aug 1S.-The announcement
that Comptroller of the Currenc.
Eckels would make an address drew t
this mornings session of the bankers
convention an audience unusually large
\ large number of ladies' were present
Rev. DR.. David VI. Cooper of this city
delivered the invocation.
The roll of states was then called
and from each state member of the
nominating committee was named. This
committee will meet at . o'clock tonight
in the Russell House to select the new
officers of the association. A represen
| tative of each state was then called
upon to give brief statement as TO the
general condition of business in his To-
| cality. This drew forth. in every in.
stance. reports of good crops, reyiying
| business and encoura ging prospects OF
| the bankers. Marked Improvement in
| business conditions and indications for
better times in future were the charac-
teristic features of all the state reports
as detailed by the delegates.
| Only few of the states failed to
respond with statement OF industrial
| conditions.
When Comptroller Eckels came for
| ward he was greeted with Il most gen.
erous round of applause. Throughout
the reading of his address the large au-
| dience gave him careful attention
Interesting discussions of practical
| banking questions followed Mr. Eckels'
| address.
rs Credit Bureau or Bureau of In
| formation to Prevent Losses From Bad
Debts Possible Among Banks:" was the
subject of the first paper read by John
H.. feathers of Louisville. Ky.
John b. Branch of Richmond. Va.
gave his ideas as to what legislation
is- laI with
Col Branch spoke as follows:
Mr.. President and GentIemen-I am in
vited to suggest What Legislation is Need
cd i'll Respect to the Currency
Il maintain that our currency should be
the best. Nothing short of the best will
serve the higher and larger interests of our
country.
Its value should be fixed and stable.
1T should be adequate to the needs of
the country.
1T should expand and contract auto
matically
III should be simple and uniform.
1T should be so distributed throughout
our territory that every man entitled To
credit should be able TO obtain its use at
a fair rate.
such an ideal currency is possible of at
tainment if we approach the consideration
of the subject with the determination to
overcome all prejudices. to forget all petty
interests. fully resolved, in spite of diff
culties. TO give the country perfect me-
dunn of exchange.
THE ignorance which surrounds the
currency question is profound.
ITO reform our currency we must I'M
dcrtake and push TO successful issue an
educational campaign. basing our instruc-
ton upon broad foundation of recognized
economic principles. already clearly DEM
Onstrated by the banking experience of
the world.
We must not allow ourselves to be dis
couraged by the vastness of our undertake
ing.
The interests of the people and the
bankers are one.
The currency is the vital commercial
question of the day. and upon the answer
of the American people much depends.
Il believe that answer will be wise. i
believe good sense and sound Judgment
will prevail: but there is danger in delay.
Our answer is awaited with interest
by the civilized world. for we stand in the
forefront of nations. Our national prog
ress is without parallel. Natural condi-
tons are helping us to rapidly emerge from
the depression of the past few ycars-de-
preston easily and directly traceable 10
our failure 10 apprehend and understand
natural law and to our apparent deter
miDation 10 be a law unto ourselves in
finance and economies.
I'VE are full of energy. hope and ambi-
ton. Trade is reviving. But the basis of
all trade is the unit of exchange.
What is the value of our unit: Per
prosperity can not be ours while
the value of oar unit is open TO doubt. 1t
is essential We should define. once for all.
the meaning of the word dollar. Is il a
gold dollar Il silver dollar. Il treasury note,
a greenback. a national bank note: The
question must be answered. Each of these
dollars has different intrinsic value.
Credit today keeps them at par.
We know the value of an English SOW
creign. French frame or German mark.
In all exchanges they stand for gold.
The value of their unit tXed-ours I'M
France and Germany
der the shadow of deep distrust.
I'VE have lost valuable time.
I'VE must define the word dollar, and it
should mean, beyond peradventure of
doubt. a gold dollar of the present weight
and tinenesS of the United States gold
coin. That dollar is good for all. and
everywhere commands respect.
The paper currency of England. France
and Germany is bank notes, not govern
mcnt notes. lntI Keep THEIR IeNS-
nues on deposit in their great char
tered banks. There is a two-fold adj
vantage in this. The money of the peo-
PIE living to the credit of the government
in bank. is available for the use of the
people. not idle and unproductive. as IN
the case of this country, where it lies
in government vaults. We borrow
largely abroad. If the government
money were available We could curtail
our foreign loans to that extent.
1T is of grave import to the nation
that the solvency of the government
should never be in doubt. With govern
ment demand notes outstanding. the
question returns. from time TO time. TO
unsettle business. TO destroy confidence
The greenbacks and treasury notes
should be retired. The experience OF
the world in banking matters can not
be disregarded, and the government
should retire from the banking bust
ness. No other frst-class power is IN
the banking business.
The affairs of state. with which the
government must perforce cope. are so
weighty and serious il is folly to COM
plicate them with business. The d.
yorce between government and banking
should he absolute.
1T has been well said. the refinement
in the use of credit is a pretty accurate
measure of national economic progress.
.Our currency should be based on
credit. All government Interference IL
do not say supervision should be with