The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-08-19
AMERICAN BANKERS MEET
THE TWENTY-THIRD ANNUAL CON-
VENTION IS IN SESSION IN
DETROIT.
WELCOME and RESPONSES MADE
Governor Pingree Makes Few
SuggestiOns-RepOr of the Sec
retary, Treasurer and Several
Committees Read.

Detroit Aug. 11.-Every seat in the
Detroit opera house was occupied this
| morning when, at little after 10
O'Clock, President Robert ]. Lowry call
ed to order the Twenty-third annual con-
vention of the American Bankers asso-
citation. The presence of many ladies
testified to the great interest taken by
Detroit in the proceedings of the con-
vention, and the elaborate decorations
of the opera house in the foyer and par
quette and on the stage gave further
evidence of Detroits hospitality.
Prayer was offered by Rev. Father
Henry A. Shapman, S. K, president of
Detroit college. Mayor Maybury then
welcomed the delegates to the city in
happy and felicitous speech. Govern
or Pingree was late in arriving, but
| when he came forward he was received
with generous rounds of applause.
Governor Pngree was introduced to
| welcome the delegates on behalf of the
state. After few words of cordial
greeting the governor said
81 do not pretend to fully understand
the theory of money, being but an every
day manufacturer of shoes, but i have
a thought which i wish to start rolling
| for discussion.
"Whatever mems ideas may be upon
| the subject as to what money metals
of ultimate redemption is best in the
worlds commerce and monetary sys-
tens, | believe 1t is conceded that when
silver gradually ceased to he part of the
stock used for such purposes in the
available amount of primary money was
reduced about one-half. To remedy this
state of affairs 1t is sought to effect
| an agreement among nations whereby
| the unit of measure may again be in
| either gold or silver at a certain ratio,
called bimetallism. Should it be possi-
bic to effect such an agreement. or
| should the people of the United States
decide to hereafter use gold alone for
money of ultimate redemption, condi-
tion of affairs may be imagined when
such large proportion of the worlds
annual gold products 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 increas-
ing from year to year. AS | understand
it. the principal purpose of remonetiz-
| ing silver, either with or without foreign
| assent Is to increase the available sup
ply of ultimate redemption money"
| AS one method of increasing the stock
of the worlds coined gold, Governor Pin
gree suggested that some way be de-
vised to prevent the increasing use of
| gold in the arts; for instance, tax
upon manufactured gold In the shape of
| jewelry gold leaf, etc.
The last address of welcome came
from George III. Russell, member of the
| executive council for Michigan. Then
President LOwrey arose to respond to
| the greetings of Michigan and to give
his annual address.
The annual report of the secretary,
James K. Granch of New York City fol-
| lowed.
William II. Porter, treasurer of the
| association, reported receipts for the
year S11,591 and disbursements $14,5S9.
Joseph G. Hendricks of New York sub
mitted the report of the protective COM
mittee, which is composed of three
| bankers whose names are kept secret
| and who act under the direction of the
| executive committee in taking steps for
| the arrest and prosecution of parties
charged with crime against members of
| the association. During the past year
not member of the association has
| lost dollar through burglars, and every
| professional operator to whom the atten-
| ton of the protective committee has
been called has either been convicted, il
now awaiting trial or has been released
| on turning states evidence. Mr.. Hen
| bricks called attention to the fact that
there had been no table swindling or for
gerry during the year.
Alvah Trowbridge of New York, chair
man of the executive council, said the
only important business of last nights
session was the consideration of two
amendments to the constitution. A sub
committee on the amendments had been
appointed and ]. C. Hendricks, its
chairman, reported favorably on the pro-
posed amendments. One of them in
creases the representatives of the execu-
tive council from three to five and the
| other places the election of national Of
ficers more largely in the hands of mem
| bers of the convention instead of leaving
| it to the council.
| Both amendments were unanimously
| adopted.
| The report of the committee on uniform
laws was read by Frank w. Tracey of
Springfield, Ill. The report begins as
| follows:
directed by the executive council at its
meeting in April last to prepare, with
such legal assistance as might be de-
| sired, uniform law for commercial
paper. Fortunately for the committee
| there was published in the American
Bankers, magazine for May negotiable
instrument law" which seemed to be a
better law for the purpose than any
which we could possibly frame. Hon. l..
G. Brewster of Danbury, Conn.,, presi-
dent of the committee on uniform state
laws, heartily gave the committee au-
thOrity to adopt for recommendation to
| your accOciatiOn."
In speaking of the merits Of the new
law. the report says:
"A more useful or thoroughly prepared
statute on commercial law would be diff
ficult to find. All the fundamental
principles of the law of commercial
papers, the law in short of some 10000
reported cases, is in substance con-
densed into thirty-six pages.
'The disputed points, whose discus
sion occupies so large a share of two and
three volumes in the treatises on the
subject, are decided and harmonized.