The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-18

Detroit Mich. Aug. 17.-Every seat
in the Detroit Opera House was occu-
pied when a little after 10 q o,clnclx
President Robert j. Lowry called to or
DER the 23rd annual convention of the
American Bankers association.
The presence of many ladies testified
to the great interest taken by Detroit
in the proceedings Of the convention
and the elaborate decorations of the
opera house gave further evidence OF
Detroit's hospitality.
Fraver was offered by Rev. Father
henry a. Schapman, president of DE-
troit college "
MAYOR Maybury welcomed the dele
gates 10 Detroit in an address moro
'i'ah usually happy and felicitous.
APPLAUSE FOR PINGREE.
Governor Pingree was received wifi,
a generous round of applause
after extending a cordial greeting
the governor said: o
90 not pretend to fully understand
cue theory OF money, being but an
TFeIy Gay manufacturer of shoes. but
l nave thought which wish 10 sta,-t
rolling for discussion.
+" udleVer mems ideas NAV he mo-,
.lIS subject as to what money rnetal 90
ullllils|ue reoe1nDtiCn is best In ~
VII. "LIlu commerce and InonetarU eUq-
letilsi nelieYe 1t is conceded that w.,
a ~ sIddually ceases to be part Of
LaI. ssoSA eSeu Ior such purposes in the.
OdIdnce O. trade and otherJviro TEo
aV9llaDle amount Of primary r7ona7y -
reduced about ora-half. To remedy mis-
state OF affairs, it is sought to effao+ 80
asietH1ent among nations whereby +fla
i uiltt OF measure may again be eitbz,.
4 goo or silver at q certain ratio csj1sd
Z blmetaIIisna. e'eN-i~A
The use of gold in the arts is now
i increasing from year to year. As
deTstand it, the principal purposs NJ =
| InohstIzlnS silver. either with or with
o0t foreign assent, is to increase the
|. sSvallaole supply Of ultimate redemD-
! ticn money
! AS method Of increasing the stock
u me worlds coined gold. Governor
I nBivS suggested that some way be
devised TO prevent the increasing .,1se.
OF gold in the arts: for instance. a tax
upon manufactured gold in the shane
OF Jewelry, gold Leaf. etc.
Inc governor concluded: 1.-THE la
/! ollity Of the stockholders to the amount
OF their stock, in addition TO the amount
invested. and the stringent holding of
oll tUl > 20 WAtcnIulneSS. makes a
national bank. perhaps. the best modal
oil CORPORATION that has thus far been
worked out. One great cause of com
pialnt against the private corporations
IS that the laws tempt people to orpan
lze them for the very purpose of escaD-
ing responsibility for the debts to be
contracted
Many Of these debts are. in con-
science, individual obligations. They
l{A hos soy ~, L. II
thing in the nature of responsibility
imposed by the national banking law
upon banks could be applied to all pri
vape corporations. believe that much
OF the cdium which NOW attaches 10
corporations in general would be re-
moved.
TAKING BANKS.
As regards the taxing of banking
capital: As long as we apply the prin1
elpie that all property in whatever
shape IL may be, whether real or per-
sonal. shall be equally taxed, property
in the shape of sound money should
certainly bear its just proportion of the
public burden, and hence banking cap
1tal, which has an earning power.
should also be taxed, but at the same
time not Disseminated against bv any
method of double taxation.
An amendment to the national
banking law permitting national banks
TO lend as state banks do upon real es-
tate. cannot but tend to- benefit both
bankers and those who borrow from
them"
The last address of welcome. came
from George n. Russell member of the
executive council from Michigan.
Then President Lowry arose to re-
spond to the greetings of Michigan,
and to give his annual address.
BANKERS AND DEPRESSION
President Lowry said he appreciated
the hearty welcome that had been
given the association. and concluded as
follows:
Before concluding my report 1 wish
to- repeat that no one more than the
banker appreciates the great depression
in all lines of business which has hung
over the country for the past several
years, like a dark cloud smOthering en-
ergy, paralyZing enterprise and almost
destroying hope. No class of business
men realize such conditions more than
they, for they hold intimate and pecu-
liar relations with all classes and con-
ditions Of those whose pursuits create
the commerce of the country On the
prosperity of their customers depends
the success of the business of the bank
er, as his customers are made uD Of
those who produce, manufacture trans
port, exchange, develop and establish
and the condition of the business of
each and all of these reacts upon that
of the banker: hence. they are neces-
sarily deeply interested in the general
welfare of the country. and no class Of
men are more anxious to welcome the
return of general prosperity throughout
the land than those who are engaged
in a legitimate. conservative banking
business Vaults o1ethoric with idle
deposits have no charm for the banker:
he can and does appreciate the fact
that idle money is as useless as idle
men-neither add to the wealth or pros
perity of the country, both are but
worthless drones in the hive OF indus
try.
Il recognize the fact that returning
prosperity has not yet arrived 1 know
that it is on the way. and believe 1t is
not SO far off as some would have Us