The herald., 1897-04-20

Inc speaker urged the moral Tesponsi-
bility of the banker to rich and poor
alike. The trying positions OF the banker
were touched, who 1t was urged should
have a hand of steel covered by glove
of velvet. Too much responsibility was
deprecated, promptness in meeting
overdrafts was urged, as well as the
utmost fairness in all transactions. The
irexpediency of shaving notes was toucn-
ed, and also diplomacy in law suits, IN
cluding mortgages. The paper closed
with the counsel of avoiding large loans,
or loans with persons connected with
the bank or any business which may
prove an embarrassment to the bank.
CURRENCY REFORM
The last paper OF the afternoon was
read by John p. Irish on Currency Re-
form" Mr.. Irish touched on the emer-
gencies which have led to hasty action
in banking and currency legislation,
some of the most serious having their
radix in emergencies purely partisan.
or these the several refunding acts are
examples. The result is system of
financial legislation unbecoming mod
ern commercial nation. The speaker
suggested the discarding of the vices of
the SyStcIl anu tiiC CAPohSieAA "a >-@~ '~~
tues. to give the United States as good
banking facilities as any in the world.
Reference was made to the conference
held in Indianapolis. January 18th, which
recognized the necessity of returning TO
state banks of issue. With money ana
2h In New York city, and 10 in Texas, 1t
was evident our means OF distribution
were faulty. The merchant or manufac-
turer in close touch with financial CEN
ters has ready access to surplus capital
and can use his credit cheaply and con-
but the farmer is deprived OF
the facilities to which the men In the
centers have access.
While 1t is said that farm cannot
stand 10 per cent interest, as matter
Of fact 1t does stand even more, for COM
pulsion makes wasteful and inconven-
lent us eof credit that finally must be
disposed of by mortgages representing
25 per cent more than value received.
and bearing four times the interest that
should be paid upon a business accom-
mediation.
The complaint among the producers
that they work for somebody else, Is
justified and deserves sympathy and an
effort to remove.
Under improved distribution the large
class of business men. not merchants.
of professional men,could
have favorable credit If trained in more
exact business methods and would be-
come equal citizens of the common
wealth Of trade and enterprise. Further
the speaker touched on the conditions
which our inadequate currency and
G..I- t. fhA
,f foreign trade.
The inexorable law Of trade selects
'or the clearing house Of the worlds
commerce the nation with the most
and stable system of banking.
In its final analysis commerce Is the ex-
,hange of products and money Is the
means of exchange. The nature Of trade
8 that the invoice and bill of exchange
AXE at least one way, the same route.
II an American merchant buys cargo
n foreign ports he settles for 1t in Lon
lon with English money, the seller hav-
ng the deposit to his credit in London.
Uses it in exchange for the complement
ary cargo, which completes tho
exchange of commodities. These condi-
ions terminated in England when Pat
erson founded the Bank of England and
Locke and Newton as a royal commits
ZION smote a fixed and confused currency
md brought out of chaos order and sys-
EN- and stability, the most admirable. |
When our currency and banking are
'evised and reformed, and foreign bills
# exchange made to New York and not
London, we will no longer lose one-half
,ur commercial force in making a vac
Ium in trade for another ID fill.
Discussion followed these papers.
whether or not the banks should retain
he vouchers or checks drawn by Gus
omers in payment of various bills or be
to the depoEtors when settle
nents were made, the idea being by
preventing the customers getting back
,hecks, it put it in the power of dishonest
people to come back and say such a
,heck was forgery and SO cause loss,
In some banks in Europe and New
York, the custom is to retain the check
and give the depositor a receipt with the
late, the amount and the name of the
oayee.
A resolution was submitted giving this
question into the hands of the executive
council to consider at the next National
Bankers association.
This closed the afternoon session. To-
lay the one paper to be presented will
De by John ]. Valentine. president of
Wells Fargo bank, subject, "Bimtal-
sm." The convention will close at IL m.
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