The herald., 1897-08-20
Discussed by Bankers in
Convention
LOTS OF PAPERS WERE READ
AND SOME WERE LOST IN THE
SHUTTLE
A Resolution Adopted Calling for
Non-Partisan Commission and
Sound Legislation
Associated Press Special Wire.

Associated Press Special Wire.
DETROIT, Mich, August 19.-Hard,
driving work characterized the last ses-
sion of the convention of the American
Bankers Association. The question,
What legislation is needed in respect to
the currency?" was discussed in an In
teresting manner by N. B. Van Slyke,
President Of the First National Bank of
Madison, Wis.
G. Gunby Jordan of Columbus, Ca.
read a paper on the subject Of How
| would national banks with capital of
less than $4,000 be of benefit to this
country?"
"Organized Capital: Its Privileges
and Duties" was the title Of a paper
read by Harvey j. Hollister of Grand
| Rapids Mich.
HOLLISTER'S ADDRESS
1T is doubtless true," said Mr.. Hol-
lister, 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 we
are indebted for the enormous increase
of the railway, manufacturing and COM
mercial interests during the last twenty
five years. The opening up of our ma
| tional domain and the development OF
our immense natural resources would not
have been possible without the practical
| application of organized wealth, and
| certainly no such system of banks as we
| now possess could have been estab ablished.
AS enterprise opens fresh fields and ma
| ture pours out her wonderful gifts to
the intelligent seeker, the outgrowth Of
poverty, under intelligent management,
| is becoming more and more immense; its
| forms so diversified it's influence SO ex-
tensive, that it has become in the eye Of
the people controlling power, and one
socially we'll nigh unmanageable. AS
another has said. the human mind stands
bewildered in the presence of Its own
rise to the creation, but the time will
come when human intelligence will rise
to the mastery over property and define
the relations of the state to the property
it protects, as we'll as the obligations
and the limits of the rights of its owners.
The interests of society are paramount
| to individual interests, and the two must
be brought into just and harmonious re-
| lations. AS question between equal
rights and unequal rights, between laws
| and UNEQUAL laws, between the rights Of
wealth and the power of justice and in
telligence, there can be little doubt OF
| the ultimate result Meantime the bat
| tie is on between these contending
| forces, one knowing what 1t wants and
making direct for it's object, the other
with badly organized front, and attempt-
ing 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 concentrated,
as in these days it has become to much
greater extent than ever before in the
history of civilization and when, as is
usually the case, such combinations lost
the human personal quality In action, 1t
becomes a problem so serious so diffl-
cult of solution, so unmanageable, that
legislators and jurists confess their in
sufficiency to duly protect society
Properly used this concentrated pow
er in the form of money or capital is
tremendous force that will work out
beneficent results; improperly USED, It's
results are, as it affects general So
ciety, disastrous. Nothing can be more
apparent to any observer OF the facts
as they exist in this country.
"Is the business that we follow to be
classed among those that oppress-that
make the life of the average citizen
burden? We are representatives OF cap
lital. organized in the most far-reaching
sense. From the standpoint of legal
privilege the public has nothing to COM
nlain of with regard to our incorporated
banks. l should say that the legal priv
the hanks of this
country were sufficient. l know that we
are often importuning for relief of some
kind, but under prudent management
have we much to complain about? Are
not our ills those of our own making?
Do we not war overmuch one against
the other? Is not here our weakness?
Tn the strenuous competition for busi-
ness, do we not overstep the bounds OF
Isafe banking? Who of us can claim ex
emption? He that is without fault let
him stand UP.
"In the first place, it is our duty to
leducate the people as to the real rela-
tions we bear to their material welfare.
In what way or ways we are means
of promoting the general prosperity. Too
long has this been disregarded. We
have neglected our opportunity. No
such bitter feeling could have been en-
ltertained as existed during the political
campaign of 1896 had the true relation
of the banks to the wellbeing Of the
people been known.
LAS administrators of capital, we owe
it to ourselves to so conduct our business
as to command the respect of our fellow
citizens. Without their respect we cam
not hope to enjoy their confidence, and
without their confidence we need have
no expectation of success.
IF we as corporations enjoy equal
privileges with the individual under the
laws, how can we avoid the conclusion
that as corporations we are bound to
assume equal obligations? Associated
Icapital is bound to bear its true proper
ton of the burdens Of society
Some Of you may say. and properly.
that as the laws now work the banks
of this country bear more than theiF