The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1897-08-20
THE BANKERS
IN CONVENTION
Consider the Question Of Savings
Banks at the Present.
GREAT POWER Is UNABUsED
With Respect TO Savings Bank Deposits tie
United States Stands Alone Dspositors
to the Rescue Of the Conhtry.

Detroit, August le.-(special 10 the As
toran.J-At today's session OF the Amer
can Bankers Conventioa. a number o,
papers were read. the principal one be
ing that OF Myron r. Herrick. Of Cl We.
land.
The subject Of Mr.. Merrisk's address
was Savings Banks" He said In part:
There Is no apparent necessity for
further arguing economic questions as
they relate TO savings banks for tn
startling facts connected with their
present history tell the whole story. A
year ago our 10000 OF deposltors wer-
just entering the financial school for n.
purpose OF making a serious study Of
the economic questions. so FAR AZ ast
as those questions affected thei- mora
uated from the school November 3, 1906.
and their verdict rehec,s honor ami credit
on the nation. On their Intelligent e
cision rested the nations gool ~a1r,
and with the fact before them that their
earnings and savings deposits in less
than Loo banks "a sum greater than our
national debD were threa'ea,d with a
depreciation OF one-half. the conclusion
reached by them could no. have reel
other than for a sound and stable cur
rency The benevolent motives prompt
Ing the establishment OF mutual savings
banks in the early per.od OF the COON
try's development for the encouragement,
OF thrift resulted in c-vau o-e es
I tn. most powerful trusts or money
powers. in the world; for IN only So mu-
tual savings hanks there are n=arl
( 81. 7od oO010o Waile this vast accumula-
ton is owned by more than 10000 pso.
pie. per capita OF the entire population
exceeding So it Is controlled by com
paratively few men: and It is a remark
able fact that in all the years past they
| have not been accused OF abusing III
| power reposed in them. On the contrary.
1t is universally admitted that they have
exercised the power justly ani even be
nevolently.
President Mckinley has wei! sad tha;
the financial honor OF this government
is Of too vast importance; is entirely
too sacred, TO be the football Of "a t.
polio .es' These peple demonlETAOINH
policies These peopls demand a cur
roncy so adjusted that whether it b,
of gold, silver or paper, it will he ae-
ceptable to all classes. mai1tr1ed on
par with gold at home and abroad
1T may be said vi h respect to s'v-
ings hank deposits tnat the United
States stands alone. European countries
when contrasted with /; make vyr'
different showing. 1t seems to me thai
an urgumeut for goyernmea. 1ssumpto'
Of IN, gulrdlunship oi the peoples
money must be based on the pr5mis'
that the government could employ tn
money in carrying a permanent debt as
| does Great Britain ana O her countries.
| but the debt Of our country Is not per
manent in Its nature, and IN prosperous
times it had been rapidly lquiiaied l
am confident. therefore. that in the fu-
ture. as In the past, this country Will
view whith misgivipE any movement IN
that direction. Besides this Schem3 Is
not consistent with the sp.ri; o. cur
| form Of government; with nations aoroai
the tendency and policy Is t. make h
peonle suhsery.tnt to the COVE -nmen
Our theory looks to making tha govern
ment subservient to the people. The sN
! savings banks. trgether with the US
companies and like Institutions. praci-
cally own all of the municipal and sat
debt and, together with individual hold
ings some nine-tenths of the nationa
debt. They also carry the real estate
loans and in large part probably cne-
half of the railroad debt Of the coun-
try. Are not these unmistakable signs
pointing that the United States Is en-
tering upon a new era Of prosperity and
that 1t is soon to become cred tor
instead Of a debtor nation? Do not the
growing bank balances at this time anil
the fact that our financial insd;ut ms
are enabled practically to absorb mos
of our enterprises. indicate that It Is
largely a question OF rate Of interest
when 1t shall become a creditor nation
in five years It may be, or it may be
twenty years. Twenty-Five years is
day in the life Of a nation.