The record-union., 1897-08-18

DETROIT, Aug. 17-Every seat in
the Detroit Opera House was occupied
when a little after 10 o'clock President
Robert J. Lowry called to order the
twenty third annual convention of the
American Bankers Association The
presence Of SO many ladies testified
to the great interest taken by Detroit
in the proceedings of the convention.
and the elaborate decorations gave fur
ther evidence of Detroit's hospitality.
Prayer was offered by Rev Father
Henry A. Schapman, President of De-
troit College. Mayor Maybury well
coined the delegates to Detroit in an
address more than usually happy and
felicitious.
Governor Pingree was received with
a generous round of applause. After
extending cordial greeting the Cover
nor said:
L do not pretend to fully understand
the theory of money, being but an ev-
cry day manufacturer of shoes, but I
have a thought which I wish to start
rolling for discussion. Whatever mems
ideas may be upon the subject as to
what money metal of ultimate redemp-
ton is best, in the worlds commerce
conceded to be part of the stock used
for such purposes in the balance of
trade and otherwise, the available
amount of primary money was reduced
about one-half. To remedy this state
of affairs, it is sought to effect an ar
gument among nations whereby the
unit Of measure may again be either
gold or silver at a certain ratio. called
bifnetal!ism. The use of gold in the
arts is now increasing from year to
year. AS I understand it the principal
purpose of remonetizing silver either
with or without foreign assent is to
increase the available supply of ulti-
mate redemption money. AS a method
OF increasing the stock of the worlds
coined gold, Governor Pingree suggest
ed that some way be devised to pre-
vent the increasing use of gold in the
arts, for instance, a tax upon manu-
factured gold in the shape of jewelry,
gold leaf etc. The Governor con-
cluded: The liability of the stock
holders to the amount of their stock,
in addition to the amount invested. and
the stringent holding of directors to
watchfulness, makes national bank
perhaps the best model of q, corporation
that has thus far been worked out. One
great cause Of complaint against the
private corporation is that the laws
tempt the people to organize them for
the very purpose Of escaping respdnsi-
bility for the debts to be contracted.
Many Of these debts are. in conscience,
individual obligations They ought to
be the same in law. If something in
the nature of responsibility imposed by
the national banking law upon banks
could be applied to all private corpora
tions 1 believe that much of the odium
which now attaches to corporations in
general would be removed. AS regards
the taXing of banking capital: As long
as We apply the principle that all prop
erty in whatever shape it may be.
whether real or personal. shall be
equally taxed. property in the shape
of money should certainly bear it's just
proportion of the public burden, and
hence banking capital, which has an
earning power, should also be taxed,
but at the same time not Disseminated
against by any method Of double tax
alton. An amendment to the national
banking law permitting national banks
TO lend as State banks do upon real es-
tate cannot but tend to Benefit both
bankers and those who borrow from
them.'
The last address of welcome came
from George n. Russell, member of
the Executive Council for Michigan.
President Lowry responded to the
greetings Of Michigan and delivered his
annual address which concluded as
follows.
Before concluding my report I wish
to repeat that no one more than the
banker appreciates the great depression
in all lines of business which has hung
over the country for the past several
years, like a dark cloud smothering en-
ergy, paralyzing enterprise and almost
destroying hope, no class of business
men realize such conditions more than
they for they hold intimate and pecu-
liar relations with all classes and con-
dltions of those whose pursuits create
the commerce Of the country On the
prosperity of their customers depends
the success of the business of the bank
er, as his customers are made up of
those who produce. manufacture
transport, exchange. develop and estab-
1ish, and the condition of the business
of each and all of these reacts upon
that of the banker; hence, they are nee
essarily deeply interested in the general
welfare of the country, and no class
of men are more anxious to Welcome
the return of general prosperity
throughout the land than those who
are engaged in a. legitimate conserva-
tive banking business. Vaults plethoric
with idle deposits have no charm for
the banker; he can and does appreciate
the fact that idle money IS as useless
as idle noen-neither add to the wealth
or prosperity of the country, both are
but worthless drones in the hive of
industry. recognize the fact that re-
turning prosperity has not yet arrived,
/ know that it is on the way, and be-
lieve it is not so far off as some would
have US think. This belief is warranted
by the fact that under the blessing
of God abundant crops are assured; our
agricultural products are in demand
by less favored peoples. and when the
surplus grain of the West and cotton
of the South shall begin to move to
the coast on their way to supply the
wants of other nations. we shall see
the great cloud of depression begin to
lift and let in the glorious sunshine
of prosperity, which win warm into
new life the enterprise of our great
country"
The annual report of the Secretary,
James R. Branch of New York City,
followed.
William H. Porter. Treasurer of the
Association, reported receipts for the
year S17, 7,591. and disbursements S14,-
$50.
Joseph c. Hendrix of New York sub
1r,s*fad 4ba rauorf aF 4ba Prot ac1iye