The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-08-20
BANKERS IN COEFBRRN Cg
ANNUAL MEETING OF AMERICAN
BANKING ASSOCIATION.

ANNUAL, MEETING OF AMERICAN
BANKING ASSOCIATION.
Tive Hundred Bankers Present-Governor
Pingree's Rather Radical Speech of Well
come-Good Work of the Protective Conn
0mittce in Furnishing Crimes Against
Banks-Uniform Commercial Laws-Re-
port of Committee on Establishing a Bu.
reau of Education.
7 Detroit, Mich, August 1.-THE
banking interests Of the were
well represented this morning. when
about 500 delegates to the American
Banking Association assembled in the
Detroit opera house to attend the open
ing session of the thirty-third annual
convention of that body. President
Lowry presided. The welcome speech
of Governor Pingree, while considered
somewhat radical by some Of the mena-
bers, was, on the whole, well received
and he was given a generous amount
of applause at it's conclusion.
George H. Russell, as spokesman of
the Detroit clearing house, administer
ed a mild rebuke to the governor by
saying that he had only been in the
banking business eight or nine years
ana WOulu not, tlcISIoiC, ttCiiip ~
deliver a homily on the silver question
or the evils of corporations. The ap-
plause which greeted this sally showed
that a hit at Michigan's anti-corpora-
ton governor was understood and APP
preciated.
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 c. Hendrix, president of the
, National Union Bank, of New York
city, first vice president Of the associa-
tion, will be chosen president.
In the curse of his speech Governor
Pingree said:
II do not pretend to fully under
stand the theory Of money, being but
ar everyday manufacturer of shoes,
but I have a thought which l 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 and monetary sys-
TENS, I believe it is conceded that
when silver gradually ceased to be part
of the stock used for such purposes in
the balance of trade or otherwise, the
available amount Of primary money
was reduced about one-half. To reme-
dy this state of affairs 1t is sought to
effect an agreement among nations
whereby the unit of measure may
again be in either gold or silver at a
certain ratio. called bimetallism.
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
redemption, a condition Of affairs may
be imagined when such a large propor-
tion Of the worlds annual gold pro-
duct 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 I understand it, the
principal purpose of remonetizing sill
yer, either with or without foreign as
sent, is to increase the available supply
of ultimate redemption money"
AS one method of increasing the
stock Of the worlds gold, Governor
Pingree suggested that some way be
devised to prevent the increasing use
of gold in the arts; for instance, a tax
upon manufactured gold in the shape
of jewelry, gold leaf, etc.
Governor Pingree then went into an
elaborate discussion of trusts and cor
porations and the necessity for regu-
lating their scope Of action by law,
and concluded by favOring an amend
ment to the national banking law per-
hitting national banks to LEND as state
banks do, upon real estate, saying
such amendment could not but tend to
benefit both bankers and those who
borrow from them.
The last address Of welcome came
from George H. RUSSELL, membe of the
Xecutiv council for Michigan. Then
President Lowry arose to respond to
the greeting of Michigan and to give
his annual address.
The annual report of the secretary,
James r. Branch, of New York city,
followed.
William H.. Porter, treasurer of the
association, reported receipts for the
year SIT, sol and disbursements $14, $50
Joseph G. Hendrix, of New York, sub
mitted the report Of the protective
committee, which is composed of three
bankers whose names are kept secret
and who act under the direction of the
executive council in taking steps fol
the arrest and prosecution of parties
charged with crimes against members
of the association. During the past
year not a emil of the association
has lost a dollar through burglary AND
every professional operator to whom
the attention of the protective com
mittee has been called has either beer
convicted, is now awaiting trial, OF
has been released on turning states
evidence. Mr.. hendrix called atten-
ton to the fact that there has beer
no notable swindle or forgery during
the year.
The report of the committee on uni.
form laws was read by Frank w
Tracey, of Springfield, Fills. The report
begins as follows: Your. committee
on uniform avs was directed by the
executive council at it's meeting ir
April last, to epare with such lega
assistance as might be desired, a uni.
form law for commercial paper. For.
tunately for the committee, there was
published in The American Bankers
Magazine for May, a Negotiable In.
strument Law which seemed to be g
better law for the purpose than any
which we could possibly frame. Hon
Lyman D. Brewster, of Danbury