The record-union., 1897-08-20
Several Interesting Papers on Finance
Read at Yesterdays Session.
One Of the Speakers Advocates the
Retirement of the Greenback
as a Measure to Relieve the Ma
tion's Business From a Factor
Always Menacing.

third annual convention of the Ameri-
can Bankers Association came to an end
at / O'Clock this afternoon According
TO precedent, President Joseph {.
Hendricks Of New York was raised TO
the office of President George H. Rus
sell of Detroit received large majority
of the votes cast for First Vioe-Presi-
dent, although the Nominating Commit
tee recommended r. W. Tracey of Ili-
nois for the honor.
Business was transacted with a rush
to-day, a number of papers having been
carried over from yesterday. Several
papers were ordered printed without
being read.
Luncheon at the great distillery of
Hiram Walker & Sons at Walkeryille.
Ontario, and a boat ride to the Des
Chree Shos Ka this afternoon wound up
the social features of the meeting.
A resolution was adopted by the con-
vention urging Congress promptly TO
provide for a competent, non-partisan
currency commission, to the end that
sound legislation may speedily be Sc
cured.
Regret at the death of VIM. P. St.
John of New York was expressed in a
resolution offered by n. B. Van Slyke-
The members of the Executive Com
rnibtee elected are: J. G.. Cannon, New
York; p w. Huntington, Ohio; r. j.
Lowry Georgia; ]. B. Findlay, Penn
sylvama; J. C. Sands, West Virginia
After E. H. Pullen of New York had
presented the retiring President, r. FL.
Lowry, with a handsome gavel, the in
stallation of officers took place, and the
aR cir
INTERESTING PAPERS READ.
DETROIT (Mich.), Aug. 19.-Hard,
driving work characterized the last day
of the convention of the American Bank
ers' Association. The question, What
Legisla alton is Needed in Respect to the
Currency?' was discussed in an inter
esting manner 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 I'M
portant step a currency reform by eVo-
aution-the retirement of the trouble
some greenback and the Treasury notes,
floating debt and the practical bus1-
ness method funding this debt into per
cent. Government bonds in denomlna-
ti0ns from fifty to thousands of dollars
each. ssSxch 3 per cent bonds, If pay
able in fifty years." said Mr.. Van Slyke,
and iTredeennable before, would take
up the present bonds as they mature,
andif by permitting banks to issue their
circulating notes upon the par of such
3 per cent bonds in the same propor-
ton only as the Governments circulat-
ing notes might be redeemed and then
forever retired, it would keep the vol
sme of the currency undiSturbed by
the gradual decrease of one class and
corresponding increase of the other un-
til finally doing away with the Govern
ment's banking business and placing 1t
with the banks, where it legitimately
belongs"
The subject of Myron F. Herrick
of Cleveland was Savings Banks" He
said in part:
There is no apparent necessity for
further arguing economic questions as
fthey relate 10 savings banks, for the
startling facts connected with their
present history tell the whole story. A
-year ago our 100000 Of depositors
were Just entering the financial school
for the purpose of making serious
study of the economic questions, so far
at least as those questions affected their
more than So, 600. .000,0 600 of deposits.
'aThey. graduated from the school No
venber 8. 1896: and their verdict re-
fleets honor and credit on the nation.
ON their Intelligent decision rested the
snation's good name. And with the fact
before them that their earnings and
savings deposited in less than 1000
hanks Ca sum greater than our national
debit were threatened with a deprecia-
zion. of one-half, the conclusion reached
by them could not be other than for a
sound and stable currency.
"The benevolent motives prompting
sfhe establishment of mutual savings
Aoanks in the early period Of the coun-
~ry's development, for the encourage
nnent of thrift, resulted in creating one
of the most powerful trusts or money
powers in the world: for in only 677
mutual savings banks there are nearly
81. roo. 600, 600 While this vast accu-
Emulation is owned by more than 5000.
400 people, a per capita of the entire
ppopuIation exceeding $50, it is controll-
ed by comparatively few men; and il
SIS a remarkable fact, that in all the
years past they have not been accused
On the contrary. it IS universally ad-
1nitted that they exercised the power
Justly and even benevolently.
president Mckinley has well said
that the financial honor Of this Gov
ernment is of too vast Importance. is
entirely too sacred to be the football OF
party politics. These people demand a
currency so adjusted that whether il
be Of gold, silver or paper, it viii be ac-
ceptable to all classes, maintained on a
par with gold at home and abroad.
TT may be said with respect to its
savings banks deposits that the United
States stands alone. European coun-
tries when contrasted with it make a
very Indifferent showing. It seems 10
me that an argument for Government
assumption Of the guardianship of the
peoples money must be based on the
premise that the Government could
employ the money in carrying a per-
ananent debt, as does Great Britain and
other countries, but the debt of our
country IS not permanent in it's nature,
and in prosperous times it has been rap
idly 1iuuidated. I am confident, there
fore, that in the future, as in the past
the people viii view with misgiviug
any movement in that direction. Be-
sides, 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. Our theory looks to