The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1897-08-21
BANKERS MEET.
Annual Session Opened I'm Detroit
Interesting Addresses.


Tuesday morning at the opening OF the
twenty-third annual convention of the
American Bankers association. The
retiring president, Robert j. Lowry.
president OF the Lowry Banking COM
pany of Atlanta, Ca, called the gath
ering to order promptly at ten o'clock.
Gov. Pingree spoke felicitously for the
state. Mayor Maybury for the city and
Il. II. Butler. chairman Of the Detroit
clearing house, for the bankers OF the
city and state.
After few words OF cordial greeting
the governor said:
Whatever mems ideas may be upon the
subject as 20 what money metal OF ultimate
redemption IL best In the worlds COM
merce and monetary systems. ] believe II
Is conceded that when silver gradually
ceased 10 be part or the stock used for such
purposes I'm the balance OF trade ana other
wise. the available amount OF primary
money was reduced about one-half To
remedy this state OF affairs Il is sought 10
effect an agreement among nations where
by the unit OF measure may again be Ia
either gold or silver at certain ratio.
called bimetallism.
Should II be possible 20 effect such an
agreement. or should the peonle OF the
United States decide 10 hereafter use gold
alone for money OF ultimate redemption. n
condition OF affairs may be imagined when
such large proportion OF the worlds an
nual gold product shall be used and con-
sumed In the arts that an Increasing
strlngency IN gold coin VIII occur The use
OF gold On the arts Is now increasing from
year TO year As | understand H. the
principal purpose OF remonctizing silver
either with or without foreign assent IS TO
increase the available supply OF ultimate
redemption money"
The governor concluded "The liability
.of the stockholders 10 the amount OF their
Sstock In addition TO the amount invested
and tho stringent holding or directors 20
wntchfulness and duty. makes a national
bank perhaps the best model OF a corpora
ton that has thus far been worked out
One great cause OF complaint against
many or our private corporations Is that
the laws tempt the people 10 organize
them for the purpose OF escaping responsi.
bility for the debts that are 10 be contract
ed. Many OF these debts are In conscience,
individual obligations They ought 70 be
the same In law.
"But ] believe we ought not 10 stop
until the responsibility TO be honest rest
ing upon corporations. which exist by vir-
tue OF franchises granted by the public. Is
as great that which rests upon FIRST
class honest business man. II something
in the nature or responsibility imposed
by tho national banking law upon banks
could be applied 10 all private corpora
tions, / believe that much OF the odium
which now attaches 10 corporations In
general would be removed.
President Lowry combined his re-
spouse with his annual address. After
making eloquent response TO the adj
dresses Of welcome. he said:
zone year ago this association In annual
convention at ST. Louis declared most en-
nh aftg val Ia huN fsgNI .reInf -
standard OF value and that this great coun-
try ranking as one or the foremost COM
mercial nations OF the world, could not Join
with other nations OF lower commercial
rank In hxinG on bascr metal as the
basis on which sound currency should
rest The recent discoveries OF rich de-
posits OF gold throughout the world and
renewed energy given 10 the gold mining
interes, In Arizona, Colorado. Georgia and
other states OF the union indicates the APP
prevail OF our action by Providence. IL IN
matter of congratulation that after
heated canvass and discussion OF nearly
a year the people or the country through
the ballot box, fully and completely In
dorsed 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 being re-
stored.
This assertion needs no argument TO es-
by all who are not blinded by pre- udice and
whose sensbilitles are not cRlloused by
ignorance. No one Will deny that our coun-
try for the last several years has been
passing through the deep waters OF de-
preston. This we all know and fully
realize yet while we hope and feel that
we are now whore the bottom can be
touched. and while W earnestly wish 70
reach the shore OF prosperity. we want that
prosperity TO be based On the firm founda-
ton OF confidence. We want nothing spo-
radio. nothing sectionals no prosperity OF
a class, but general prosperity prosperity
not only for the banker. but for the mer-
chant, the manufacturer the farmer the
mechanic and the laborer. In a word we
want prosperity which Will reach out and
touch every section, industry and business
IN this great country To this end gem
tlemon. we are working. and this end we
will most certainly reach by honest. united
and continued EFFORT.
The annual report Of the secretary,
james X. Branch. OF New York city, fol-
lowed.
The paid up membership. August TO- 1897.
was 2.g3 against 2196 ia 1886 The annual
membership dues paid for tho year ending
September l.. 1896. TO August 10. iSy7 were
$50. 2S79O. an Increase OF $220i1.l7.
The roll now embraces:
National banks...................... 1853
state banks. s.s.s.s..s..s..s 10
Savings banks. AI
IN a. ID