The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-20
THEY EAT, SING AND TALK
GOD SAVE THE QUEEN" FROM A
THOUSAND THROATS.
QUESTION OF SMALL BANKS DISCUSSED
The Momentum of Their Contention to Have
the Government Turn Over Issuance of
Currency to Them--Respect to
Late VIM. P. St. John.


annual convention of the American Bank
ers Association came to an end at 1
o'clock this afternoon. According to
the precedent, first vice-president Joseph
C. Hendrix, of New York, was raised
to the office of president. George ID.
Russell, of Detroit, received large ma
iority of the votes cast for first vice
president, although the nominating COM
mittee had recommended +. W. Tracy,
of Illinois, for the honor.
Business was transacted with rush
to-day. a number of papers having been
carried over from yesterday. Several
papers we're ordered printed without be-
ing read.
Luncheon at the great distillery of
Hiram Walker and Sons, at Walkerville,
Ontario. and boat ride to Des-Chree-
Shos- Ka, this afternoon, wound up the
social features of the meeting.
While at Walkerville several inn
promptu speeches were made. Retiring
President Lowry responded to repeated
calls and was followed in rapid success
sion by Messrs. Hendrix, Russell. Leath-
ers, Powers, Jordan and others. Then
the 23rd convention of the American
Bankers Association terminated in a
combined burst of patriotism and good
fellowship, cries of acclamation for the
stars and stripes and "God Save the
Queen rising together from thousand
throats. The band played Dixie" and
Yankee Doodle" alternately and the
delegates from all sections of the coun-
try united in pronouncing the. convention
of 1897 an unqualified success.
The gathering was called to order
promptly at nine O'Clock and the reading
of papers left over from yesterday taken
up. The question What legislation is
needed in respect to the currency was
discussed in an interesting paper by n.
b. Van Slyke, President of the First
National Bank of Madison, Wisconsin.
The speaker thought reforms. to be per-
manent, should be gradual rather than
radical and in this direction he suggest
ed as the first important step a curren-
cy reform by evolution-the retirement
of the troublesome greenback and the
treasury notes, a floating debt and the
practical business method of funding this
debt into three per cent government
bonds in denomination from fifty TO
thousands of dollars each.
Savings banks" was the title of a
paper read by Myron T. Herrick, OF
Cleveland.
Harvey J. Hollster, President Of the
Grand Rapids Clearing House spoke on
'Organized capital; its privileges and
duties"
Bradford Rhodes, of HamarOneck, n.
Y, discussed the question Are clearing
houses for country checks practicalY
Mr.. r. Gunby Jordan, of Columbus,
Ga. discussed the question Whether
National banks of less than $4,000 cap
ital would be benefit to the country
He answered it affimatiyely.
Things financial are sadly out Of
ioint.' he said, ''if slight amendments to
existing laws will help to right the
wrong. in heavens name let us urge them.
If we are to continue the unscientift
basis of bonds for note issues. let the
banks issue par on the bonds. If the
people actually need banks. let them de
mand a reduction in the tax rate on thu
note issue feature and allow healthy
expansion from the 500, ,155,46o out
standing July 81, while with only 1,94'
banks in 1872, there was i'll nationa
bank notes 1896, 100000. Then will
S25 5000 as a minimum of capital ther'
national bank wherever one was needed
and outside capital would greatly aid il
this work.
THAT the needs of the country require
small banks is indisputably proven b!
the statistics of their organization. Since
January 1893. 245 national banks have
been organized. OF these 80 per cent
nS93) have been 100000 and under
and Of these 1S93J II per cent 149
have been Of the minimum allowed by
law, $4,000.
'"The pessmist alone, Othello-like, il
without an occupation. In fairness, il
business and in wisdom, let our law
givers settle this currency question ant
the South, at least, will blaze its owl
road to riches"
Would Branch Banks be Beneficial
or to the Reverse" was discussed by
VIM. &. Cornwell, president Of the Cit
Bank, Buffalo, n. Y.
Frank w. Tracy, president of the Firs
National Bank, Springfield. ILL.,, read
paper on the subject, "What Can b,
Done TO Increase the Usefulness of thu
American Bankers Association"
Papers followed on Currency Ship
ments Of Registered Mail" by Charles
II. Hannah, president Iowa Bankers
Association; EXPRESS Money Orders,
by J.. p. Hillyer, secretary of the Geor
gia Bankers Association. The papers
by Lawrence Il. Kemp, Of Maryland
and Eugene III. Pullen, of New York