The morning news., 1897-08-18
OUR KINGS OF COMMERCE.
LEADING BANKERS OF AMERICA
MEET IN CONVENTION.

EIme ia llism-A Uniform Law EOr
Negotiable Paper Discussed.
Detroit, Mich, Aug. 1.-THE banking in
| terests of the country were well repre-
sented this morning. when about 500 dele
gates to the American Banking Associa-
ton assembled in the Detroit opera house
to attend the opening proceedings of the
Twenty-third annual convention of that
body.
President Lowry presided. The welcome
speech of Gov. Pingree, while considered
| somewhat radical by some of the mem
bers, was on the whole well received and
he was given a generous amount of ap-
plause.
At its conclusion, George H. Russell, as
| spokesman Of the Detroit clearing house,
| administered a mild rebuke to the COVER
nor by saying that he had only been in the
banking business eight or nine years, and
| would not. therefore, attempt to deliver a
homily on the silver question, or the evils
of corporations.
The applause which greeted this sally
showed that a hit at Michigan's corpora
ton governor was understood and appre-
ciated.
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. Hen
bricks, president of the National Union
Bank of New York city first vice presi-
! dent 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 begun.
! Frank w. Tracy of Springfield, H., wants
the position. He was a candidate last
! year, but was defeated by Hendricks, and
his friends think he ought to get it this
year. Alvah Trowbridge chairman of the
| executive committee, is also a candidate
| 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.
| In the course of his speech Gov. Pingree
said:
Il do not pretend to fully understand the
| theory Of money being but an every day
manufacturer of shoes, but have thought
| what ! wish to start rolling for discus
sion. Whatever mems ideas may be upon
| the subject as TO what money metal of ul-
| innate redemption is best in the world s
| commerce and monetary systems, II Is
| conceded that when silver gradually ceas-
ed to be part of the stock used for such
| purposes in the balance of trade and other
| wise. the available amount of primary
money was reduced about one-half. To
remedy this state of affairs it is sought to
effect an arrangement among nations
| whereby the unit of measure may again
be in either gold or silver at a certain ra-
| ito, called bimetallism.
I effect
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 proportion OF the
| worlds annual gold product shall be used
| and consumed in the arts that an IN
| creasing stringency in gold coin will oc-
cur. The use Of gold in the arts IS now
| increasing from year to year. As l un-
derstand 1t, the principal purpose OF re-
| monetizing silver, either with or without
foreign assent, IS to Increase the availa-
| BILE supply of ultimate redemption money
| As one method of increasing the stock
of the worlds coined gold, Gov. Pingree
suggested that some way be devised TO
prevent the increasing use Of gold in the
| arts: for instance, a tax upon gold manu-
featured in the shape of Jewelry' soid
leaf etc.
Gov. Pingree then went into an elabo-
rate discussion Of trusts and corporations
| and then concluded by favorng an amend
ment TO the national banking law, per-
| hitting national banks to lend as state
| banks do, upon real estate, saying such
| amendment could not but tend 20 dement,
both the bankers and those borrowing
| from them.
The last address Of welcome came from
| deorge H. Russell, member Of the exec
utive council for Michigan. Then Presi-
| dent Lowry arose TO respond TO the greet
! ings Of Michigan and TO give his annual
address.
The annual report Of the secretary,
| James i. Branch Of New York, followed.
! william H. Porter, treasurer Of the as
| ISOLATION. reported receipts of cash Sll,-
| $40 and disbursements sli.5S9
Joseph C. Hendricks Of New York sub
| mitted the report OF the protective com
| mittee, which Is composed Of three bank
! crs whose names are kept secret ana VINO
act under the direction Of the executive
council In taking steps for the arrest and
/ prosecution of parties charged with crimes
against members of the association.
During the past year not a member OF
| the association has lost a dollar through
! burglary and every professional operator
10 whom the attention OF the protective
committee has been called has either been
| convicted. Is now awaiting trial. or has
\ been released on turning states evidence.
MIR Hendricks called attention 10 the
! fact that there mas been no nOtdblc HWlnd-
/ Ter or forgery during the year.
! Alvah TrowbridRe Of New York, chair
/ man Of the executive council, said the only
| important business OF last nights session
/ was the consideration Of two amendments
/ 10 the constitution A subcommittee on
the amendments had been appointed and J.
| G. Hendricks. its chairman, reported faz
/ vorably IN proposed amendments. One OF
them increases the representation Of the
/ state associations on the executive council
| from three TO nvc. and the other puts the
| nomination OF officers more largely IN the
| hands Of members OF the convention in-
stead Of leaving u % the council. Both
/ amendments were unanimously adopted.
| The report Of the committee on uniform
laws was read BY Frank W. Tracy OF
/ Springfield. lll. the report being 40 fol-
| l0Wgi
Your committee on uniform laws was
/ directed by the executive council nt itf
meeting in April last 10 prepare. with
/ such legal assistance na might De- desired,
70 uniform law Tor commercial paper. For
i mnately f0r che committee. there was
| published ln the American HankorT Az
/ n0eiatlou Tor May "a negotiable inafru-