The herald., 1897-08-20


community over and above pecuniary
zone? Most certainly. AS its power
through concentration of capital and
& Bavings increases, its responsibility tc
Severy worthy cause increases. Here is
where we fail in duty most of all. The
3 giving of money is left to the individual
Within reasonable limits. every worthy
>kcause of charity and civilization should
have our recognition.
Banks should be mutually helpful;
there should exist no spirit of antagon-
ism that will prevent union OF strength
In times of great emergency. A concen- :
tration of resources for mutual service
<fo each other and the community is a
prime duty. No solvent bank or indus
trial Institution should be allowed to go
ITO the wall if it is within the power of
sthe associated capital of any community
TO prevent. The jealousies and rivalries
that often, exist in a community are no;
only hurtful, but dangerous. How can
any community have faith in us unless
we have faith in each other?
u The bank should stand in every COM
munity as the supporter of law and or
der sobriety and good morals; it will
fnot do to have your community. or mine,
Settle down upon the belief that corpora
tions havesno souls. In business sense
II is not true. Where without the gen.
@Ferosity even of the banks would be-
many of our industrial Institutions today,
tnstitutions which, by careful advice and
sTpecuniary assistance at the right mo-
ment are now emerging from their
TROUBLES into conditions that promise
sprosperity?
* Ofcourse the bank must have constant
sregardfor those who have contributed it's
capital, its stockholders. Beyond this,
: however, it has an obligation resting
upon it not always recognized, the
healthy prosperity of the people. In
fact the two go together.
1T is the duty of organized capital, as
represented in this association, to look
with scant favor upon all speculative en-
sterpriSes. The money received over your
ElcouIter must be returned again To.
avoid this pitfall requires both wisdom
and nerve. The speculator as SUCH
should receive no favor at the hands of
the banks. If there are not sufficient le-
gitmate demands SO that a banks capi-
tai and deposits can be profitaby used,
sthe time for its liquidation has come. 1t
mas no right longer to do business.
"All institutions which hold the moneys
of the people in trust should be subject
to inspection. None but critical. able
experts should be employed. The pri-
vate bank has no right to exemption The
rule should be an inexorable one.
I'VE have duty to protect the public
" by due punishment of the criminal. The
certain exposure of crime is an absolute
necessity. The man who takes the trifle
left by accident in the till goes to hard
labor in the peniten tiary, while all too
often the skillful capturer of millions is'
invited to divide and no action will be
taken This is not good banking, nor is
1t safe action. Capital if it would be
ultimately safe, must, even at great ex-
pense, do its share in protecting society
by quick punishment of the offender.
In concluding Mr.. Hollister said that
no duty was more plain than that to their
xemployes. reconsideration, fair play, due
promotion for merit and work, watchful
ness over character and morals, the
rearing of men not machines" these
things they owed to their employees, soon
Ito be their associates"
- William c. Cornwell of Buffalo. N. Y,
aEdedjvered an, interesting address upon
1.-The subject of Would branch banks in
efthe United States be beneficial or the re-
: yerse?" In it he argued that the system m
reaches its highest perfection in three
Important particulars-stabi bility, econo-
my and usefulness-and maintained that
all objections were negative and could
be overcome by real use.
-. The subject of the paper of Myron T.
Herrick of Cleveland was Savings
Banks"
HERRICK'S PAPER
He said, in part: There is no apparent
necessity for further arguing economic
questions as they relate to savings banks,
for the startling facts connected with
their present history tell the whole story.
Ayear ago our 5,000,0 900 of depositors were
just entering the financial school for the
purpose of making a serious study of
economic question, so far, at least as
these questions affected more than two
billions of deposits
They graduated from the school No
vember 8, 1896, and their verdict reflects
honor and credit on the nation. In their
intelligent decision rested the nations
good name. And with the fact before
8 them, that their earnings and savings
deposited in less than 1000 banks Ca sum
greater than our national debit were
threatened with a depreciation of one
half. the conclusion reached by them
could not have been other than for
sound and stable currency.
"The benevolent motives prompting
the establishment OF mutual savings
banks in the early period of the country's
development for the encouragement of
thrift resulted in creating one of the most
powerful trusts or money powers in
the world; for in only 677 mutual savings
banks there are nearly S1,70O 900 600
While this vast accumulation is owned
by more than 100000 people, per cap
ita of the entire population of about
$50, it is controlled by comparatively few
men; and it is a remarkable fact that in
all the years past they have not been ac-
cused of abusing the power reposed in
them On the contrary it is universally
admitted that they have exercised the
power justly and even benevolently
President Mckinley has we'll said that
the financial honor of this government
Is of too vast Importance, is entirely too
sacred, to be the football of party poll
ties These people demand a currency
80 adjusted that whether it be of gold
silver or paper, it will be acceptable to
all classes, maintained on par with
gold, a. home and abroad.
mn h..