The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-20
Mr.. TRACEY TURNED DOWN.
RUSSELL, OF DETROIT, ELECTED
VICE PRESIDENT WITHOUT
BEING NOMINATED.
TWO PAPERS CROWDED OUT.
They Will Be Printed in the Pro-
ceedinGs of the Meeting-New
Officers Chosen.

precedent, First Vice President Joseph
C. Hendrix, of New York, was raised
to the office of president. George Fl.
Russell, of Detroit, received a large
majority Of the votes cast for first vice
president, although the nominating
committee had nominated F. w. Tracey,
of Illinois, for the honor Business
was transacted with a rush today, a
number of papers having been carried
over from yesterday. Several papers
were ordered printed without being
read. Luncheon at the distillery Of
Hiram Walker & Sons at Walkers
vile, Ont, and a boat ride this after
noon wound up the social features OF
the meeting. While at Walkersville,
several impromptu speeches were
made. Retiring President Lowrey re-
sponded to repeated calls, and was fol-
lowed in rapid succession by Messrs.
Hendrix, Russell, feathers, Pours, Jor-
dan and others. Then the convention
terminated in a combined burst of
patriotism and good fellowship, ''The
Stars and Stripes" and God Save the
Queen rising together from a thous-
and threats. The band played Dixie"
and yankee Doodle" alternately and
delegates from all parts of the coun-
try united in pronouncing the conven-
ton of '97 an unqualified success.
Promptly at 8 o'clock the gathering
was called to order for the last session,
and the reading of papers left over
from yesterday taken up.
The question, What Legislation is
Needed in Respect to the Currency?'
was discussed in an interesting paper
by N. B. Van Slyke, president of the
First National Bank of Madison, Wis.
The speaker thought reforms, to be
permanent, should be gradual, rather
than radical, and in this direction, he
suggested as the first important step
currency reform by evolution-the
retirement of the troublesome green
back and the treasury notes, float
ing debt, and the practical business
method of funding this debt into 3
per cent government bonds in denomi-
nations from $50 to thousands of dol
lars each.
''Such 8 per cent bonds, if payable in fifty
years." said Mr.. Van Slyke and irredeem-
able before, would take up the present bonds
issued as they mature, and by permitting
banks to issue their circulating notes upon
the par of such 8 per cent bonds in the same
proportion only as the government circulat-
ing notes might be returned redeemed and
then forever retired, it would keep the vol
gradual decrease Of one class and correspond
ing increase Of the other until finally doing
away with the government banking business
and placing it with the banks, where it legit-
imatey belongs
SAVINGS BANKS.
Myron T. Merrick, of Cleveland, read
a paper entitled Savings Banks" and
in it he said:
1t may be said with respect to its savings
bank deposits that the United States stands
alone. European countries, when contrasted
with it, make a very Indifferent showing.
1t seems to me that argument for gov
eminent assumption of the guardianship of
the peoples money must be based upon the
promise that the government could employ
the money in carrying permanent debt,
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 rapidly liquidated. 1 am confident,
therefore, that in the future, as in the past,
the people will view with misgivings 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 peo-
pie subservient to the government. Our
theory looks to making the government sub
servient to the people. The spirit of in
dividual independence runs through our whole
governmental system and should be fostered
rather than discouraged
If the hard times through which have
passed since the memorable year of 1898 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 institutions, the future
seems, indeed, bright, with promise for their
greater usefulness in the wise control of the
savings of the people.
Harvey J. Hollister, of Grand Rapids,
Mich, spoke of "Organized Capital;
It's Privileges and It's Duties" He
said in part:
Is the business that we follow to be
classed among those that oppress-that make
of a BURDEN
are the representatives of capital, organized
in the most far-reaching sense. From the
standpoint of legal privilege the public has
nothing to complain of with regard to in
corporated banks. l should think the legal
privileges conferred upon the banks of this
country were sufficient. I know that we are
often importuning for relief of kind,
but under prudent management have we much
to complain about? Do we not war over
much one against the other? Is not here out
weakness? In the strenuous competition for
business do we not overStep the bounds of
safe banking? Who of us claim exemp-
ton? He that is without fault let him stand
up.
1t is our duty to educate the people as to
the real relations we bear to their material
welfare in what way or ways we are
means of promoting the general prosperity.
No such bitter feeling could have been en-
tertained existed during the political cam
paign of 1896, had the true relations of the
banks to the well-being of the people been
known.
AS administrators of capital, we owe it to
ourselves to conduct our business as to
command the respect of our fellow citizens;
without their respect, we cannot hope to en-
joy their confidence, and without their con-
fidence we need have expectation of sue
cess
QUESTION OF CAPITAL.
E. Gunby Jordan, of Columbus, Ca,
discussed the question whether nation
al banks of less than $50, goo capital
would be benefit to the country. He
answered it affirmatively. He said:
Things financially are sadly out of joint.
If slight amendments to existing laws will
help to right the wrong, in heavens name
let urge them If we are to continue
the unscientifc basis of bonds for note is
do