Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1897-08-17
TUESDAY EVENING, AUGUST II, 1897
A TALK.


THE OPTIC is permitted to make the
following excerpts from the address OF
President Lowry, of the American
bankers association, delivered before
that moneyed body at Detroit, Mich,
to-day:
"One year ago, we met 10 annual con-
vention at st. Louis. At that time, the
country was in the thores of a national
election; party spirit ran high, and preju-
dices were aroused as never before Ia my
experience; the finances Of the country
were seriously imperilled and confidence
shaken. At that meeting, this a~ssocia-
ton, composed of a class Of businessmen
who were intimately connected, through
business relations, with every branch OF
industry, and representing about a billion
of banking capital, declared most emphat-
ically that gold was the only safe stand
ard of value, and that this great country,
ranking as one of the foremost commercial
nations Of the world, could not join with
other nations of lower commercial anil in
fixing on a Laser metal as the basis on
which a sound currency should rest. The
recent dis coveries of rich deposits OF gold
throughout the world, and renewed energy
given to the gold mining interest In ART
zona, Colorado, Georgia, and other states
of the union, indicate the approval of our
action by Providence. 1t is a matter OF
congratulation that, after a heated can.
vass and discussion for nearly a year, the
people of the country, through the ball t.
box, fully and completely endorsed your.
position. The results that were reasonably
expected to follow this action of the peo-
pie are beingly slowly but surely realized;
confidence, the foundation of all CONNER
cial prosperity, is being restored. The as
sertion needs no argument to establish its
truth it can be seen and felt by all who
are not blinded by prejudice, and whose
sensibilities are not calloused by ignor-
ance.
"No one will deny that our country, for
the last several years, has been passing
through the deep waters of depression.
This we all know and fully realize, yet
while we hope and feel that we are now
where the bottom can be touched, aud
while we earnestly wish to reach the shore
of prosperity, we want that prosperity
to be based on the firm foundation
of confidence. We want nothing
sporadic, nothing sectional. no pros.
perity Of a class, but general prosperity, |
prosperity not only for the banker, che
merchant, the manufacturer, the. farmer,
the mechanic and the laborer; in a word,
we van a prosperity which will reach out
and touch every section, industry and
business In this great country, To this
end, gentlemen, we are working, and this
end we will most certainly reach by honest,
united and continued effort.
cit is most gratifying to be able to say
that within four months after the adjourn
ment of our association at ST.. Louis, a
monetary convention met in January at
Indianapolis, composed in membership of
manufacturers, bankers, merchants and
representatives from nearly every pursuit
and calling, ana that this convention en-
dorsed by solemn action the declaration
made by this association in favor of making
gold the only unit of value and recommend
ing such reform by congress of our national
financial system as would bring about q
stability in the value of our currency, as
would make it equal to that Of the most
advanced nations of the world. The ac-
tion of this monetary convention in sug-
costing the creation by law of q commits
sion to formulate a plan to carry out the
demand of the people, as recorded at the
recent presidential election, exerted an in
fuence upon President Mckinley which
resulted in a formal message from him to
in which he endorsed the recon.
mendation of the indianapolis convention.
While this message of the president was !
not acted on by congress during the recent
extra session, we confidently expect that |
it will receive the immediate attention or 4,
our statesmen as soon as congress shall I
in regular session; for, no doubt, /
the majority of our representatives fully \
appreciate the demand of the people for !
financial reform on the line recommended, {
only by this association, but also the I
indianapolis monetary conference. |
President Lowry then touched upon i
q number OF questions relating to the
particular work of the association, and r
III concluslon, SAID: Il
'In concluding my report, l wish to re- I
peat that no one more than the banker APP t
the great depression in all lines a
Of business which has hung over the coun. b
Try for the past several years, like a dark o
smothering energy, p~aralyzing en- 5
and almost destroying hope, no Il
lass OF business men realize such condf. p
ions more than they, for they hold init
nate and peculiar relations with all classes n
md conditions of those whose pursuits le
reate the of the country. On j
he prosperity of their customers depends
he success of the business of the banker.
8 bis customers are made up Of those who lie
'roduce, manufacture, transport, ex- z,
hange, develope and establish, and the sc