The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-18
is REBUKED BY RUSSELL
BANKERS APPLAUDBD CLEAR
ING HOUSE OFFICIAL.
FIVE HUNDRED BANKERS PRESENT.
Reports Of Committees and Annual Addresses
of the 0fFicers--HendriH, of New York.
to Be Elected President Hot Con-
kont cor Hoo p,,,iIouI
test for Vice president.

teSt TOR VICe-Tf5SIdent,
Detroit, Mich, Aug. 1.-THE banking
interests Of the country were we'll rep
resented this morning, when about 500
delegates to the American Banking AS
SOciation assembled in the Detroit Opera
House to attend the opening session of
the 23rd annual convention of that body.
President Lowry presided The well
come speech of Gov. Pingree, while con-
sidered somewhat radical by some Of
the members, was on the whole, well
received and he was gwen a generous
amount of applause at its conclusion.
Geo. II. Russell, as spokesman of the
Detroit Clearing House, administered u
mild rebuke to the governor by saying
that he had only been in the banking bus
mess eight or nine years and would not,
therefore, attempt to deliver a homily
on the silver question or the evils Of
corpora tions. The applause which greet
ed this sally showed that hit at Mich
igan'S anti-cOrpOration governor was uR-
derstOod and appreciated.
At the conclusion of the session the
State delegates met to appoint their
members of the nominating committee
There is scarcely a doubt, but that
Joseph G. Hendrix, president of the Ma
tional Union Bank of New York city,
first yice-presdent of the association, will
be chosen president.
The prospects are that there will be
a lively contest for the ce-presidency
Frank W. Tracy, of Springfield, Illinois,
wants the position
Alvah Trow bridge, is also a candidate
for the vice-presidency and the Detroit
bankers will attempt to elect George II.
Russell, of this city.
In the course of his speech Governor
Pingree said:
Il do not pretend to fully understand
the theory of money, being but an every
day manufacturer of shoes, but | have
thought which | wish to start rolling
for discussion.
Whatever mems ideas may be upon
the subject as to what money metal of
ultimate redemption is best in the worlds
commerce and monetary systems, I be-
lieye it is conceded that when silver
gradually ceased to be part of the stock
used for such purposes in the balance of
trade and otherwise, the available a
mount Of primary money was reduced
about one half. To remedy this state
of affairs it is sought to effect an agree
ment among nations whereby the unit of
measure may again be in either gold or
silver at a certain ratio, called bi-metal-
lisH.
SHOULD it be possible to effect such an
agreement, or should the people of the
United States decide to hereafter use
gold alone for money of ultimate re-
demption, condition of affairs may be
imagined when such a large proportion
of the worlds annual gold product shall
be used and consumed in the arts that an
increasing stringency in gold coin will
occur. The use Of gold in the arts is now
increasing from year to year. AS un-
derstand it the principal purpose of re-
mOnetizing silver, either with or with
out foreign assent is to increase the a.
vailable supply of ultimate redemption
money"
As one method of increasing the stock
of the worlds coined gold, Governor
Pingree suggested that some way be de-
vised to prevent the increasing use of
gold in the arts; for instance tax upon
manufactured gold in the shape of
jewelry. gold leaf, etc.
Governor PingresW6Ien went into an
elaborate discussion II trusts and corpor-
atiOns and the necessity for regulating
their scope of action by law, and con-
eluded by favoring an amendment to the
national banking law permitting national
banks to lend as State banks do, upon
real estate, saying such amendment
could not but tend to benefit both bank
ers and those who borrow from them.
| The last address of welcome came from
George III. Russell, member of the exec
utive council for Michigan. Then Presi
dent Lowry responded to the greetings Of
Michigan and gave his annual ad
dress.
The annual report of the Secretary
James r. Branch, of New York city, fol
lowed.
~. VIM. II. Porter, treasurer of the asso
ciation, reported receipts for the yea
$17,591 and disbursements $14,5S0.
Joseph G. Hendrix, Of New York, sub
mitted the report of the protective com
lmittee, which is composed of three bank
ers whose names are kept secret ant
who act under the direction of the ex
lecutive council in taking steps for tn
arrest and prosecution of parties charg
ed with crimes against members Of tn
association. During the past year not ;
lmember of the association has lost dol
lar through burglary, and every profeS
Isional operator to whom the attention o
1.-THE protective committee has been callet
has either been convicted, is now await
. L
ing States evidence. Mr.. Hendrix calle-
attention to the fact that there has bee,
no notable swindle or forgery during tn
year.
The remaining report ON the progra1
was that of the committee on formatio
of bureau of education, submitted b
Chairman VIM. @. Cornwell.
Letters favoring the idea of burea
Of education and speakers were read froI
comptroller Eckels and others.