The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-22
KEEP RESERVES AT HOME
A WORD OF ADVICE GIVEN TO THE
BANKERS OF INDIANA.
No More Tie-Ups I'm New YOrI1-Mone-
tary Commission IndOrsed-COn-
vention AdjOurns-

The Indiana Bankers Association finished
its convention yesterday noon and adj
journed. The meeting was more success
full in every way than it's promoters had
hoped and they are now predicting that
this third attempt to organize the banks
of the State will prove fourishing sue
cess.
The banquet OF the night before had
stretched into the morning and the mem
bers were a bit late in gathering at the
Commercial Club yesterday morning. The
first matter demanding attention was a fa-
vorable report by the executive committee
upon the following resolution, which had
been offered the day before by John H. Hol-
nday:
Resolved, That the Indiana Bankers
Association regards the appointment or
nonpartsan monetary commission by the
executive committee of the indianapolis
monetary convention as wise step In the
direction of a better currency and banking
system. The commission is composed of
broad-minded able and patriotic men, and
this association trusts that its 1nVeStiga-
ton of the financial systems OF the world
and the conditions and needs of our own
country will be productive Of a plan of cur
rency and banking in support of which the
people can heartily unite"
The resolution was adopted unanimously
without discussion. Later in the session V.
T. Malott, president of the Indiana Nation
al Bank, when called upon for remarks, re-
ferred to the work of the commission. He
said:
'I have no speech to make. saw Stuart
Patterson, Of Philadelphia, last THURSDAY
in Chicago Mr.. Patterson is on the none
tary commission and he seemed anxious
to have suggestions from bankers in the
West to get their ideas of reform or our
lit. Ion
gest that those of you who have sugges-
lions to give in this matter send them to
the commission
The committee on uniform laws made a
brief report, which was accepted. The asso-
citation will have another session before the
next Legislature meets, and by that time
the committee will have some Recommended
tons to make upon the subject of legisla-
ton, particularly on savings banks and
warehouse receipts. 4 resolution was
adopted extending the thanks of the asso-
citation to those gentlemen from outside the
State that had assisted in its organization.
Morris M. White, of Cincinnati, president
of the Fourth National Bank, made brief
talk in response to q request from the
chair. He said he was familiar with every
mile of Indiana having travelled through
it selling groceries when he had to do most
or his travelling In q buggy. Inc nrSC time
he came TO Indianapolis there was not a
paved street in the city. He recalled haV-
ing exchanged 500 of the currency he had
for $50 that would pass here. Now nobody
took the trouble to what kind of cur
rency he got 1t was all good. He spoke
encouragingly to the young men present
and said he hoped to see them all bank
presidents declaring that the higher bank
officials had a fortunate habit of dying oc-
casionally ane making room for the young
er men.
CURRENCY SHIPMENT.
F. Fl S;arke, of Rockville read a paper
on currency shipments by registered MAIL
in which he strongly favored this method
as being much cheaper and fully as SAFE
He gave list of insurance companies that
make a business of insuring such ship
ments He noted the fact that San Fran
cisco bank had recently shipped to New
York 900 in gold by this method at a
saving of $780, w. r. Fenton of Chicago,
whose bank shipped the $1,000 package to
Butte that was lost at Omaha a few days
ago, expressed himself as against this
method of shipment. They were having a
lot of delay and red tape in getting their
money from the insurance company. On
the other hand, he had always found the
express ompanieS very prompt in the pay
ment of losses.
John p. Frenzel spoke briefly upon the
profits Of circulation. At the present price
Oh government ponds, ne did not regard
circulation as profitable. The question of
warehouse receipts was raised, and Presi-
dent Fletcher said they were a security lit
tie used in this State because the legal
safeguards against fraud were not suffi-
cient The question of grace on a demand
draft was briefly discussed and the opinion
was expressed that a demand draft should
be treated as such, without grace.
"A. M. Fletcher, of this city d. 3. Coop
err of Greenfield, and Frank L. Powell. of
Madison, were chosen delegates at large to
the next meeting of the National Associa-
ton and the convention adjourned after a
brief word from President Fletcher. recall
during the panic of 1898, when New York
banks fatty declined to pay balances due
Western banks. He said:
Indiana, as she stands to-day is in far
different condition financially than ever be-
fore. / quote from my friend whose state
ment was made the other night that she Is
far richer to-day than ever before, owes
less to the East than ever before. We are
not as dependent upon the East. We should
DO business within ourselves. So far as 1t
is possible for us to do we should keep
our reserves nearer home than New York
The day has been when New York was al
together too far from us. The day may
come again distinctly remember and 1
guess many of you do, that we had some
money tied up in New York which so far
as any practical benefit to us was con-
cerned, 1T might as well have been in hades
Now II we had attempted here in the West
to pursue the policy they did there Of shut
ting up-that is what 1T waS-yOu know what
our fate would have been; we would never
have been allowed to open We, here in In
d1anapOl1S, and the various bankers over
the State, had either to put up our money
or shut up. There was no alternative. We
have learned a lesson, gentlemen, that we