The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-18
% Breezy Address OF Welcome Delivered
by The Anfi-Corporafion Governor
OF The Commonwealth.
The DAY DEVOTED LARGELY TO REPORTS
Warm Time Expected When fhe annual
Election Of Officers Is Reached--Nota-
bic Papers On the PrOSramme--Mr.P Pin
Sree's Radical Remarks.

men who were intimately connected through
business relations with every branch of in
dustry, and representing about billion of
banking capital, declared most emphatically
that gold was the only safe standard Of
value, and that this great country, ranking
as one of the foremost commercial nations
OF the world, could not join with other ma
tons of lower commercial rank in fixing on
paSer metal as the basis on which sound
currency should rest The recent discoveries
of rich deposits of gold throughout the world,
and renewed energy given to the gold min
other states of the union, indicates the ap-
proVal of our action by Providence.
1t is a matter of congratulation that, after
heated canvass and discussion of nearly a
year. the people of the country, through the
ballot box, fully and completely indorsed your
position: The results that were reasonably
expected to follow this action of the people
are being slowly but surely realized confid-
ence the foundation of all commercial pros
perity, is being restored.
1t is most gratifying to be able to say that
within four months after the adjournment of
our association at st. Louis, monetary con-
Ventlon met in January at Indianapolis, COM
posed in membership of manufacturers bank
ers, merchants and representatives from near
ly every pursuit and calling, and that this
convention Endorsed by solemn action the de-
ciaration made by this association in favor
OF making gold the only unit of value, and
recommending such reform by congress of
our national financial system as would hr'-
about stability in the value of our I
rency, as would make it equal to that of fdss
most advanced nations of the world
Banking is legitimate business, just as
much as any of the other of the varied pur-
be engaged in only by the citizen never by
the government For our general or state
governments to engage in the business of
banking is no more legitimate or polite than
for those governments to engage in manufac-
turing, farming or any other business which
would come in competition with the pursuits
10 control through equitable and uniform laws
business conducted by it's citizens does not
and should not carry with it the right to
enter enter into such business on government ac-
count Violation of this principle by the gov
ernment Though that violation was possibly
Iorced by the necessities of war; has worked
harm to the commercial interests of the United
states, and Is now standing menace to
confidence, as it invites raids up-n the treasury
OF the government by the unscrupulous spec
uiator IN gold, and places within the reach
OF nnanclal harples the means of creating
panics, upon which they thrive. OF course,
l allude to the government issue of legal
tenoer paper; and | do not hesitate to assert
that the commercial welfare of this country
demands that these legal tenders should be
retired, whenever some plan shall be de-
xlsed by which the volume of sound currency
IN circulation shall not be reduced by the re-
tlrement of the greenbaek.
OTHER REPORTS.
The annual report of the secretary
X,
lowed. The roll now embraces: Ma
t1onal banks, ], 1,453; state banks. 756
savings banks, 247; trust companies
l32; private banks, 225; total, 2,S13:
with combined and surplus capital of
1894 90, ,75S; and deposits cf So, lis, ,S32, ,14O:
total, $4,173, 439, $685.
This does not include the capital and
deposits of 225 private bankers, who
make no statements
When the recent stagnation of busi-
ness is considered, the growth of tha
association is gratifying, and now that
prosperity is returning. it points to
even higher plane of practical useful
ness. 1t is pleasant to note the indorse-
ineht OF this associations present pol
icy at the conventions of the state
bankers associations. The local or
ganlzat1ons are recognizing that this
central association is the complement
10 themselves and reaches into chan
nels they cannot enter. Continued ac-
| cord can only result in mutual benefits
1t is impossible to estimate what can
be accomplished by the qualification
and concentration of the vast interests
and Tar reaching influence of members
| OF the different bankers associations
towards the suppression of crime, the
promotion of the nations credit and
WeIare, and to shape legislation which
mas Tor gu1de-justice, equality. euui-
ty and right
William H. Porter, treasurer of the
ASSOCIATION, reported receipts for the
year $17, ,591, and disbursements -S14 5S9
Joseph G. Hendricks, of New York.
submitted the report of the protective
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 member of the association
has lost dollar through burglary.
and every professional operator to
Whom the attention of the protective
committee has been called, has either
oeen convicted, is now awaiting trial,
or mas been released on turning states
| evidence. Mr. Hendricks called atten-
ton to the fact that there has been
no notable swindle or forgery during
the year.
Alvah Trowbridge, of New York.
chairman of the executive council. said
the only important business of
last nights session was the considera-
tlon Of two amendments to the consti-
tuition. A subcommittee on the amend
ments had been appointed, and ]. c..
Hendricks, it's chairman, reported fav-
orably on the proposed amendments.
One of them increases the representa-
ton of the state association on the
| executive council from three to five,
and the other puts the nomination of
| of1lcers more largely in the hands of
the members of the committee, instead
of leaving to the council. Both amend
ments were unanimously adopted