Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-08-19
TRUST COMPANIES.
Their Importance Discussed Before a
Section of the Bankers Association.


DETROIT. August 1S.-The first annual
meeting of the trust company section OF
the American Bankers Association was
held at the Hotel Cadillac this morning
Henry NJ. Dechert, of Philadelphia, chair
man of the section, spoke Of the import
ance of trust companies and the diversi-
fed interests they represent. incomplete
returns show that the capital stock OF
the trust companies in the United States
is 1924. eOs 900. Mr.. Dechert alluded to the
so-called trust companies that had been
organized by scheming men for the pur-
pose Of selling inflated oebenture bonds
a@d mortgages, and he was glad 10 say
that most of these companies had been
routed out and their organizers had Ned
or been punished. One of the matters that
will be taken up by the trust section will
be the enactment of laws 10 prevent the
operation of such frauds.
Breckenridge Jones delivered the report
Of the Executive Committee. He outlined
the work that is before the section and
the hopes of the committee are that uni
formity OF laws of the several States in
regard TO trust companies will be promot-
ed and greater similarity obtained.
Comptroller Eckels, by invitation. ad-
dressed the bankers convention on the
currency question.
In the course of his remarks Mr.. Eckels
said: Il myself. have never in the past
wavered in the belief, nor do now, that
in the end. we will be possessed OF
banking and currency system so strong
as to make inpregnable the country
credit. It's coming may be delayed ana
only be attained after a tremendous loss
to capital and injury TO labor Ii was the
misery and distress entailed by the as
signats and mandates of the French revo-
luton that placed France upon the solid
yock of sound finance. II took the threat
ened starvation of the peasantry OF
great nation to wipe out the corn laws OF
England, but the victory when obtained
was complete. And thus. in conformity
with the course of history, it is possible
that before the nations financial struc-
ture rests upon a foundation firm as the
eternal hills the American people will be
called upon to pass through awful ex-
perience and loss which would follow in
the wake of unchecked paper and silver
fiatism. But at last, no matter how pro-
longed the struggle or great the suffering,
with the acquiescense Of all. the none
tary principles which accord with the
worlds business experience, all financial
research, and every dictate of common
honesty, will prevail in complete and
enduring triumph"
Mr.. John p Branch, president of the
Merchants National Bank, of Rich
mond, Va, in discussing the question,
What legislation is needed in respect
to the currency" said:
A competent non-partisan currency
commission should be appointed, and,
il seems to me, they should advocate:
/. The final adoption of the gold
standard.
3 The gradual cancellation of gov,
ernment demand notes, said cancella-
ton to be not faster than new currency
is issued by the banks; the deposit OF
government revenues in the banks or
the country and the retirement OF the
government from the banking business.
3. They should advocate the repeal
of the tax on the circulation OF banks,
and thereby make possible the issue or
a currency which will expand and con-
tract automatically with the needs OF
the country; said currency to be under
the supervision of our national govern
ment and to be surrounded by ample,
practical and efficient safeguards.
If the currency commission does not
solve the problem and guide the people
to demand currency reform based on
eternal principles, it is my solemn con-
viction that, with the inevitable return
of hard times, the people will solve the
question for themselves, and free silver
may be the least of our evils.