The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-08-20
MANY PAPERS READ
BANKERS LAST DAY AT DETROIT
Is THEIR BUSY ONE

Myron r. Herrick Shows the Savings Bsnk
rs an Expression Of the American Love
of individual Freedom ~ Opposed to
Governmental Guardfnship - Mr.. Hoi-
lister Defines the Prin ciples and Dotles
of Organized Capitalize. Rhodes Dis
Gusts Country Checks-Business Session
The Farewell Festivities.
Detroit, Mich, Aug. l9.-The twenty
third annual convention Of the American
Bankers association came to an end at
1 O'Clock this afternoon. According 10
precedent, First Vice President Joseph
C. Hendrix of New York was raised TO
the office Of president. George H. Rus
sell Of Detroit received a largemajcrity
OF the votes cast for first vice president.
although the nominating committee had
recommended F. W. Tracy Of Illinois, for
the honor.
Business was transacted with rush
today, a number Of papers having been
carried over from yesterday. Several
papers were ordered printed without be-
ing read.
Luncheon at the great distillery OF Hi
ram Walker & Sons a. Walkerville, Ont,
and a boat ride on the Des-Chree-Shos-
Ka, this afternoon, wound up the social
features Of the meeting.
At Walkerville several impromptu
speeches were made. Retiring President
, Lowry responded to repeated calls and
was followed in rapid succession by
Messrs. Hendrix, Russell, feathers. Pow
| ers, Jordan and others. Then the TWEEN
| ty-third of the American bankers asso-
citation terminated in a combined burst OF
patriotism and good fellowship. Cries OF
reclamation for the stars and stripes and
| God Save the Queen" rising together
| from a thousand threats. The band play
| ed Dixie" and Yankee Doodle" alter
nately, andthe delegates from all sec
| tons Of the country united in pronounc-
ing the convention of 1887 an unqualified
| success.
Detroit, Mich, Aug. 19.-Hard driving
| work characterized the last session Of the
convention Of the American Bankers as
ISOLATION Promptly at 9 O'Clock the
| gathering vase allied to order and the
| reading of the papers left over from yes
| terday was taken up.
The question, What Legislation is
| Needed in Respect to the Currency" was
discussed in an interesting paper by Fl.
B. Van Slyke, president Of the First Ma
tional bank of Madison, Wisconsin. The
| speaker thought reforms. to be perma-
nent, should be gradually introduced and
! in this direction he suggested as the first
| important step currency reform by evo-
lution-the retirement of the trouble
some greenback and the treasury notes,
and the practical conversion Of the debt
! into per cent government bonds in de-
nomina tons from fifty to a thousand DOL
lars each.
"Such per cent bonds, If payable in
| fifty years." said Mr.. Van Slyke, "and
irredeemable before, would take up the
present bonds as they mature and if by
permitting banks o issue their circulation
notes upon the par of such 8 per cen;
bonds in the same proportion, they might
be returned, redeemed and then forever
retired. il would keep the volume of the
currency undisturbed, by the gradual de-
| crease OF one class and the correspond
ing increase Of another until finally doing
away with the governments banking
business and placing it with the banks
where it legitinately belongs"
SAVINGS BANKS.
Mr.. Myron T. Herrick of Cleveland
read a paper entitled Savings Banks"
and in it said:
European countries. when contrasted
with it, make very Indifferent showing.
| 1t seems to me that an agreement for
government assumption OF the guardian
ship Of the peoples money must be bas-
ed on the promise that the government:
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 il has been rap
| idly Hquidate l am confident, there
/, fore, that in the future. az in the past
the people will view with misgiving any
movement in that direction. Besides, this
scheme is not consistent with the spirit
OF our form Of government. With ma
| tons abroad the policy is TO make the
peop.e subservient 70 the government.
| Our theory looks 70 making the govern
ment subservient 20 the people. The
| spirit of individual independence runs
| through our whole governmental sys-
tenn. and should be fostered, rather than
discouraged.
If the hard times through which we
| have passed since the memorable year OF
1898 has so little affected the condition
OF savings bank deposits, and has failed
| 70 lessen the confidence OF our people
in the worth and stability ot this ;ns.i-
| tuition, the future seems indeed brigh.
with promise for greater usefulness in
the wise control OF the savings OF the
| people
ORGANIZED CAPITAL.
Mr.. Harvey ]. HOLSTER Of Grand
Rapids. Mich. spoke of Organized Cap
ital: It's Privileges and It's Duties" He
| said in part:
| rs the business that We follow 20 be
| classed among those that oppressthat
| make the life of the average citizen q
burden. We are the representatives o:
capital. organized in the most far-reach-
| ing sense. From the standpoint; OF isgal
| privilege the public has no complaint
| with regard TO our incorporated banks.
I should say that the legal privileges
! conferred upon the banks OF this country
| We're sufficient. / know that we are Of
| ten inpor;uning Tor relief OF some kind