The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-08-26
AFTER WINDING UP THEIR BUsI-
NESS THE ASSOCIATION AD-
JOURNED SINE DIE.
PRONOUNCED A GREAT SUCCESS
Joseph Hendricks of New York Was
Elected President-Other Officers
Elected-Some Interesting Pa
pers Were Read.

Joseph Hendricks of New York was raised
to the office of president. George III. Rus
sell received large majority for vice
president.
Business was transacted with a rush To-
day, number of papers having been car
ried over from yesterday. Luncheon at
the great distillery of Hiram Walker Il
Sons at Walkerville, Ont, and boat ride
to Des Chree Shoska this afternoon wound
up the social features of the meeting.
While at Walkerville several impromptu
speeches were made. Retiring President
Lowry responded to repeated calls, and
was followed in rapid succession by Messrs
Hendricks, Russell, feathers, Powers, Jor-
dan and others. Then the twenty-third
convention of the American Bankers as
ISOLATION terminated in combined burst
Of patriotism and good fellowship. Cries
of reclamation for the stars and stripes
and "God Save the Queen" rising togeth-
er from thousand threats. The band
played Dixie" and yankee Doodle al
ternately, and the delegates from all Sec
the convention of 1897 an unqualified sue
cess.
Hard work characterized the last ses-
sion of the convention. Promptly at 8
O'Clock the gathering was called to order
and the reading of the papers left over
from yesterday was taken up.
The question, What Legislation is
Needed in Respect to the Currency" was
discussed in an interesting paper by n.
X. Vanslyke, president of the First Ma
tional bank of Madison. Wis.
Mr.. Hyron 7. Herrick of Cleveland
read paper entitled Savings Banks"
and in it said this:
1T may be said with respect to its saw
ings bank deposits that the United States
stands alone. European countries, when
cOntrasted with it, make a very indiffer-
ent showing 1t seems to me that an argu-
ment for government assumption of the
guardianship of the peoples money must
be based ON the premise that the govern
ment could employ the money in carrying
a permanent debt as does Great Britain
and other countries, but the debt of our
country is not permanent in its nature,
and in prosperous times it has been rapid
ly liquidated. ! am confident therefore,
that in the future, as in the past, the peo-
pie will view with misgiving any movement
in that direction. Besides, this scheme is
not consistent with the spirit of our form
of government. With nations abroad the
tendency and policy is to make the people
subservient to the government. The spirit
of individual independence runs through
our whole governmental system and should
be fostered rather than discouraged.
IF the hard times through which we
have passed since the memorable year Of
1893 has so little affected the condition
of savings bank deposits, and has failed
to lessen the confidence of our people in
the worth and stability of these institu-
tons. the future seems indeed bright with
promise for the greater usefulness in the
wise control of the savings of the people.
Harvey j. HOLSTER, president of the
Grand Rapids clearing house, spoke on
'Organized Capital; Its Privileges and
Duties"
Mr.. Hollister spoke as follows:
1T is doubtless true that in no other
country of the world is the principle of
association of capital applied more fully
than in the United States. 1t is to this
principle that we are indebted for the
enormous increase of the railway, manu-
featuring and commercial interests during
the last twenty-five years. The opening up
of our national domain and the develop
mcnt of our immense natural resources
would not have been possible without the.
practical application of organized wealth
and certainly no such system OF banks M'
we now possess could have been establish
ed. As enterprise opens up fresh field
and nature pours out her wonderful gift
to the intelligent seeker. the Outgrowth "a
poverty. under intelligent management, IS
becoming more and more immense; IFS
forms are more diversified, its influence
so extensive. that it has become in the eye
of the people a controlling power and one
socially well nigh unmanagehble. AS an
other has said: The human mind standf
bewildcred in the presence of its own ere
alton, but the time will come when humas
intelligence will rise to the mastery owe
property and define the relations OF IN!
state to the property it protects, as wen as
the obligations and the limits of the rights
of its owners. The interests OF society
are paramount to industrial interests, ana
the two must be brought into just ana
harmonious relations. As question pc
tween equal rights and unequal rights, be-
tween laws and unequal laws, between
the rights of wealth and the power of JUS
ticr and intelligence, there can be little
doubt of the ultimate result Meantime
the battle is on between these contend
ing forces, one knowing what II wants
and making direct for its object, the other,
with badly organized front. and attempting
only futile flank maneuvers of legislation:
Money, with human personality and
conscience back of it, is never wholly
bad When this form of power Is con
centrated. as in these DAYS il has become
to a much greater extent than ever before
III tne history Oh flNHiIdtloh, anu Nh'h'
as is usually the ease, such combinations
lose the human, personal quality in action,
it becomes a problem so serious, so am
cult of solution, so unmanageable. that
legislators and jurists confess their insult
ficiency to duly protect society.
Properly used, this concentrated power
in the form of money or capital, is ire
force that will work out beneh-
cent results; improperly used. its results
are, as it affects general society, disas-
trous. Nothing can be more apparent to
any observer of the facts as they exist
in this country.
rs the business that we follow to be
classed among those that Oppress-that
make the life of the average citizen bur-
den? We are the representatives OF capi-
tai. organized in the most far-reaching
sense. From the standpoint of legal priv.
lege, the public has nothing to complain OF
with regard to our incorporated banks.
| should say that the legal privileges con-
ferred upon the banks of this country were
sufficient l know that we are often inn
for relief of some kind, but I'M
der prudent management. have we much
to complain about? Are not our ills those
Of our own making? Do we not war
Dvermuch one against the other? Is not
here our weakness? In the strenuous COM
petition for business do we not overstep
the bounds of safe banking? Who of MS
,an claim exemption? He that is with
)ut fault let him stand up.
''In the first place 1t is our duty to edu-