The record-union., 1897-08-18

Committee, which is composed Of three
bankers whose names are kept secret,
and who act under the direction Of the
Executive Council in taking steps for
the arrest and prosecution of parties
charged with crimes against members
Of the association
During the past year not a member of
the association has lost e. dollar through
burglary, and every professional opera
tor 10 whom the attention of the Pro-
tectfve Committee has been called has
either been convicted, is now awaiting
trial, or has been released on turning
States evidence. Mr., Hendrix called
attention to the fact that there has
been no notable swindler forgery dur
ing the year
Executive Council. said the only i'm
portant business Of last nights ses-
sion was the consideration of two
amendments TO the constitution A
subcommittee on the amendments had
been appointed and J. c. Hendrix, its
Chairman, reported favorably on the
proposed amendments. One of them
increases the representation of the State
other puts the nomination of officers
more largely in the hands of members
of the convention, instead of leaving
them to the council Both amendments
Were unanimously adopted.
The report Of the Committee on Uni
form Laws was read by Frank w. Ira
cy of Springfield, ILL., The report begins
as follows: Your Committee on Uni
form Laws was directed by the EXecu-
tive Council at its meeting in April last
to prepare with such legal assistance
as might be desired a uniform law for
/ commercial paper Fortunately for the
committee, there was published in the
American Bankers Magazine for May
/ a Negotiable Instrument Law which
/ seemed to bic better law for the pur-
! pose than any which We could possibly
/ frame Hon. Lyman D. Brewster of
! Danbury, Conn.,, President of the Con-
! ference of the Commissioners of Uni
/ form State Laws, freely and heartily
gave the committee authority to adopt
/ it for recommendation to your asSo-
oiation
In speaking of the merits of the new
law, the report says a more careful or
thoroughly prepared statute on COM
mercial law would be difficult to find.
! All the fundamental principles and es-
sential definitions of the law Of COM
mercial paper, the law in short, of some
! 10000 reported cases, is in substance
condensed into tllirty-six pages.
/ The law has already been adopted in
! New Jersey, Connecticut and Colorado.
/ It has become a law in New York to
/ take effect October l, 1897. Shall we
not hope" askes the committee, that
efforts of the American Bankers Asso-
citation, added to those of the American
/ Bar Association, viii result in placing
! this law on the statute books of all the
! remaining States Within a. reasonable
period of time?''
The report concludes by recommend
+ ing the appointment of a committee to
/ correspond with several State Associa-
tions and looking after the passage of
the law by State Legislatures.
/ The remaining report of the pro-
gramme was that of the committee on
/ founding a bureau of education, submit
! ted by Chairman William Cornwall. He
said if the bankers of the United States
would establish a bureau and employ
/ speakers to present the claims of the
/ banks properly before the public, men
could in plain speech show the farmer
and others that if the banks charge
high for accommodations, it is the fault
Of the legislation. and not of the banks
themselves, much Of the present hos
tility which exists against banks would
be removed.
Letters favoring the idea of such
bureau of education were read from
/ Cornttroaier FSckelS and others.
| The committee viii be ready in a short
/ time with the first pamphlet to be is
sued. and the matter of a bureau of
/ speakers can them be taken up and
/ tried, i'm a small way at first, and if
/ successful will be gradually developed.
! After the announcement of meetings
/ of State delegations for the appoint
ment of committees and other routine
/ business, the convention adjourned UNI
/ til 10 O'Clock tomorrow.