The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-18
MEETING OF BANKERS
500 DELEGATES AT THE AMERICAN
ASSOCIATIONS CONVENTION.
Welcomed by PinEree, Who Was Re-
buked for His Utterances-Pres-
ident Lowry's Address.

gates to the American Banking Association
assembled in the Detroit Opera House to
attend the opening session of the twenty
third annual convention of that body. The
welcome speech of Governor Pingree, while
considered somewhat radical by some of the
members, was on the whole we'll received,
and he was given a generous amount of
applause at its conclusion. George H. Rus
sd, as spokesman of the Detroit clearing
house. administered a mild rebuke to the
Governor by saying that he had only been
in the banking business eight or nine years
and would not. therefore, attempt to deliver
a homiy on the silver question or the evils
of corporations. The applause which
greeted this sally showed that a hit at
Michigan's anti-corporation Governor was
understood 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 c.. Hem
dirk. president of the National Union Bank
of New York city, and first vice president
Of the association, will be chosen president.
The prospects are that there will be a lively
contest for the vice presidency when the
election of officers is reached. Frank w.
Tracey of Springfield, ILL.,, wants the po~
was defeated by Mr. Hendrix and his
friends think he ought to get the position
this year. Alvah Trowbridge chairman OF
the executive committee, is also candi-
date for the vice presidency, and last but
by no means least. the Detroit bankers are
determined, if possible. to elect George II.
Russell, of this city, to the position.
Every seat in the house was occupied this
morning, when, at a little after 10 o'clock,
President Robert j. Lowry called the con-
vention to order. The presence of
many women testified to the in
terest taken by Detroit in the proceedings
of the convention and the elaborate decora-
ton of the opera house in the foyer and
parquet and on the stage gave further
evidence of Detroit's hospitality. Prayer
was offered by Rev. Father Henry A.
Schapman, S. X, president of Detroit Col
lege. Mayor Maybury then welcomed the
delegates to the city in an address more
than usually happy and felicitous
PINGREE TALKS SILVER.
Governor Pingree was late in arriving,
but when he came forward to welcome
the delegates in behalf of the State he
was received with a generous round of APP
plause. After a few words of cordial
greeting the Governor said:
Il do not pretend to fully understand the
theory of money, being but an everyday
manufacturer of shoes; but / have
thought which l wish to start rolling for
discussion. Whatever mems ideas may be
on the subject as to what money metal of
ultimate redemption is best in the world S
commerce and monetary systems, [ believe
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 amount of pri-
mary money was reduced about one-half
To remedy this state of affairs it is sought
TO erect an agreement among nations
whereby the unit of measure may again
be in either gold silver at a certain
ratio called bimetallism. Should it be pos
sible 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 pro-
portion 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
understand it the principal purpose of re-
nonetizing silver. either with or without
foreign consent. is to Increase the available
supply of ultimate redemption money"
AS one method of increasing the stock
of the worlds coined gold, Governor Pin
gree suggested that some way be devised
to prevent the increasing use of gold in the
arts; for instance, a tax on manufactured
gold in the shape of jewelry, gold leaf,
etc. The Governor concluded with some
views on the liability of the stockholders
of national banks and corporations. He
thought an amendment to the national
banking law permitting national banks to
lend as state banks do, upon real estate,
could not but tend to benefit both bank
ers and those who borrow from them.
The last address of welcome came from
George H. Russell, member of the execu-
tive council for Michigan.
Then President Lowry arose to respond
to the greetings of Michigan and to give
his annual address. In the course of his
remarks Mr. Lowry alluded to the action
of the association at its meeting last year
in declaring emphatically that gold was
the only safe standard. THE recent dis
coveries of rich deposits of gold throughout
the world" he said, and renewed energy
given to the gold mining interest in Ari-
iona, Colorado, Georgia and other States
of the Union, indicates the approval of
our action by Providence" Continuing, Mr..
Lowry said 1t is a matter of congratu-
latlon that after heated canvass and dis
custom or nearly year, the people of the
country, through the ballot box, fully and
completely Endorsed your position The
results that were reasonably expected to
follow this action of the people are being,
slowly but surely realized; confidence the
foundation of all commercial prosperity is
argument to establish it's truth it can be
seen and felt by all who are not blinded by
prejudice, and whose sensibilities are not
calloused by ignorance. No one will deny
that our country, for the last several years
has been passing through the deep waters
of depression. This we all know and fully
realize, yet while we hope and feel that
we are now where the bottom can be
touched, and while we earnestly wish to
reach the shore of prosperity, we want
that prosperity to be based on the sound
foundation of confidence. We want nothing
sporadic, nothing sectional, no prosperity
OF class, but general prosperity, prosper
ity not only for the banker, the merchant
chanic and the laborer; III word we want
a prosperity which will reach out and
touch every section, industry and business
in this great country. To this end, gentle
men, we are working, and this end we most
certainly will reach by honest united con-
tinued and determined effort.
1t IS most gratifying to be able to say
that within four months after the adjourn
ment of our association at ST. Louis,
monetary convention met in January at
manufacturers, bankers, merchants and
representatives from nearly every pursuit
and calling, and that this convention in
dorsed by solemn action the declaration
made by this association in favor of MAX
ing gold the only unit of value, and recon-
mending such reform by Congress of our
national financial system as would bring
about a stability in the value of our cur
rency as would make it equal TO that of
the most advanced nations of the world.
The action of this monetary convention in
suggesting the creation by law of a COM
mission to formulate a plan TO carry out
the demand OF the people, as recorded at
the recent presidential election, eXerted an
influence upon President Mckinley which
resulted in a formal message from him 10
Congress in which he Endorsed the recon-