Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-08-18
AMERICAN BANKERS.
OPENING SESSION or THEIR
rvENrl THIRD CONVENTION.
CAV. PlNGREE SPEAKS ON MONEY.
,,. ,Iso Advises the Regulation Of
r,usfs and other Corporations
,ddrcss of President Lowry-Rc-
mort of Secretary Branch.

DETROIT, MICH, August 1.-THE
banking interests OF the country were
well represented this morning when about
Old members OF the American Banking As
...ation assembled in the Detroit Opera
House TO attend the opening session of the
tVcnty-third annual convention Of that
body. President Lowry presided The
welcoming speech OF Governor Pingree
while considered somewhat radical by
some OF the members. was. on the whole
well received, and the Governor was given
% generous amount of applause at It's
conclusion.
George H. Russell, as spokesman Of the
Detroit Clearing House. administered a
mild rcbukc to the Governor by stating
that he had only been in the banking
business eight or nine years, and would
not. therefore. attempt to deliver a homily
on the silver question. or the evils OF
corporations. The applause which greet
ed this sally showed that the hit at
Mlchigan's anu-corporation Governor was
understood and appreciated.
At the conclusion Of the session the
State delegates met to appoint their mem
bers Of the Nominating Committee. There
is scarcely a doubt that Joseph c. Hen
dirk. president Of the National Union
Bank OF New York city. first vice-presi-
dent Of the association, will be chosen
president
The prospects arc that there will be q
lively contest for the vicc-prosidency
when the election Of officers is reached
Frank w Tracy. OF Springfield I'LL,
wants the position. lie was candidate
last year. but was defeated by MT. heh-
dirk. and his friends think ne ought 10
get it. Alvah Trowbridge, chairman ol
the Executive Committee. Is also can
didate for the vlce-presdency. and last
but bv no means least. the Detroit D'-ik-
crs are determined if possible. TO eject
George II. Russell OF this city, 50 the
position.
PINGREE on MONEY.
In the course Of his speech Governor
pingree said;
81 DO not pretend 20 fully understand
the theory of money being but an every
dav manufacturer of shoes. but l nave
thought which / wish to start rolling Tor
discussion.
whatever mems ideas may be upon
the subject. as TO what money metal or
ultimate redemption is best i'm the world
commerce and monetary systems, / be-
neye 10 is conceded that when SILVER
gradually ceased 10 be part OF the STOCK
used FOR such purposes In the Daldhce ol
trade and otherwise. the aVahdhIe
amount of primary money was reducel
about ore half. To remedy this state "l
affairs il is sought TO effect an agreement
among nations which is called bimetu-
ism.
SHOULD it be possible TO effect such an
agreement or should the people OF the
United States decide 10 hereafter use
gold alone for the money of ultimate re-
demption. a condition of affairs may be
imagined when such a large proportion
of the worlds annual gold product shall
oe used and consumed in the arts. that
an enormous stringency i'm gold coin VIII
occur The use of gold in the arts IS no"
Increasing from year TO year. rs uH-
derstand IL. the principal purpose Of re-
monetizing silver. either with or without
foreign assent, Is TO increase the avail |
G6ie supply Of ultimate redemption
money"
AS one method Of increasing the stock
Of the worlds coined gold, Governor nm
gree suggested that some way be deNlscu
., urevent the increasing use OF gold in
tho arts. for instance tax upon manu-
featured gold. i'm the shape Of Jewelfy
Eold-leaf etc.
TRUSTS AND CORPORATIONS.
Governor Pingree then went into an
elaborate discussion Of trusts and corpo- |
rations. and the necessity for regulating
their scope Of action by law ana con-
cluded by favoring an amendment TO the
national banking law, permitting natondl |
banks 10 lend. as state banks do upon |
real estate. saying that such an amend |
ment would benefit both bankers ana |
those who borrow from them.
The last address of welcome came from
George H. Russell. member OF the ENecu- |
tive Council for Michigan. Then fIesl-
dent Lowry rose. responded TO the greet
incs Of Michigan, and made his anhuai |
address.
The annual report of the secretary |
James r.. Branch. of New York city, fol- |
lowed.
William H. Poster, treasurer OF the |
association. reported receipts of NIoH /
for the year. and disbursements Of l4-
$50 for the same period.
joseph c. Hendrix Of New York, sub
mitted the report of the Protective Com
mittce. which is composed Of three |
bankers. whose names are kept secret |
and who act under the direction of the
Executive Council I'm taking steps Tor
the arrest and prosecution Of parties
charged with crimes against members
OF the association.
no LOSS THROUGH BURGLARY.
During the past year not member OF |
the association has lost a dollar through |
burglary. and every professional opera
tor TO whom the attention OF the Pro
tective Committee has been called has !
either been convicted, is now awaiting |
trial. or has been released on turning
States evidence
Mr.. Hendrix called attention TO the
fact that there has been no notable
swindle or forgery during the year.
Alvah TrOwhrdge OF New York,
chairman OF the Executive Council, said
the only important business at last
nights session was the consideration of
two amendments subcommittee on |
he amendments had been appointed,
and j. ID. Hendrix, its chairman. had
reported fWOrably on the amendments.
one OF them increased TIE State mem
bership on the Executive Committee
from three 10 five and the other puts
the nomination Of officers largely in the |
hands Of the members of the cOnven- |
tion. instead OF leaving Il TO the conn
ell. Both amendments were unanimous
ly adopted
The report of the Committee on Uni
form Laws was read by Frank w.
Tracey. Of Springfield, ILL., The report |
begins as follows:
NEGOTIABLE INSTRUMENT LAW.
your committee on uniform laws was
directed by It's Executive Council. at its
meeting I'm April last 10 prepare, with |
such legal assistance as might be desired. |
a uniform law for commercial paper. |
Fortunately for the committee. there was
published I'm the American Bankers