The record-union., 1897-08-20

trust companies and ike INSTITUTIONS,
practically own all of the municipal
and State debt and, together with in
divioual holdings, some nine-tenths OF
the national debt. They also carry the
real estate loans, and in large part
probably one-half the railroad debt OF
the country. Are not these unmistak-
able signs pointing to the fact that the
United States is entering upon a new
era of prosperity and that it is soon TO
become a creditor, instead Of debtor
nation? Do not the growing bank bad
ances at this time and the fact that our
financial institutions are enabled prac-
tically to absorb most of our enterprises,
indicate that it is largely a question OF
rate Of interest when it shall become
a creditor nation-in five years, 1t may
be, or it may be in twenty-five years
Twenty-Five years is but a day in the
life of a nation.
IF the hard times through which we
have passed since the memorable year
OF 1893 has so little affected the condi-
tions Of savings banks deposits, and has
failed to lessen the confidence of our
people in the worth and stability OF
these institutions, the future would
seem to be secure
The subject Of Harvey J. Hollis
ter of Grand Rapids, Mich, was Or
ganized Capital; Its Privileges and It's
Duties" He said in part:
1T is doubtless true that in no other
country Of the world is the principle or
association Of capital applied more fully
than in the United States. It is to this
principle we are indebted for the enor-
nous increase of the railway, manu-
featuring and commercial interests dur
ing the last twenty-five years. The
opening up of our national domain and
the development Of our immense natural
resources would not have been possible
without the practical application of or
ganized wealth, and certainly no such
system of banks as we now possess
could have been established AS enter
prise opens up fresh fields and nature
pours out her wonderful gifts to the in
telligent seeker, the outgrowth Of prop
erty, under Intelligent management, is
becoming more and more immense; its
forms so diversified, its influence so ex-
tensive, that it has become in the eye
Of the people controlling power, and
one socially well nigh unmanageable.
As another has said, the human mind
stands bewildered in the presence of its
own creation, but the time will come
when human intellig gence viii rise to the
mastery over poverty and define the
relations of the State to the property
it protects, as well as the obligations
and the limits of the rights of Its own
ers. The interests of society are para
mount to individual interests, and the
two must be brought into just and har-
monious relations. AS a question be-
tween equal rights and unequal rights,
between laws and unequal laws, be-
tween the rights of wealth and the pow
er of justice and intelligence, there can
be little doubt of the ultimate result.
Meantime the battle is on between these
contendfng forces, one knowing what
it wants and making direct for its OBJ
iect. the other with badly organized
front. and attempting only futile Hank
maneuvers of legislation.
Money with a human personality
and conscience back of it is never Who'll
ly bad. When this form of power IS
concentrated, asin these days, it has be-
come to much greater extent than
ever before in the history Of civilization,
and when. as is usually the case, such
combinations lose the human personal
quality in action, it becomes problem
so serious. SO difficult of solution, so
Interchangeable, that legislators and jur-
lists confess their insufficiency to duly
protect society.
Properly used, this concentrated
power in the form of money or capital
is a tremendous force that will work
out beneficent results; improperly used
its results are as it affects general So
ciety, disastrous Nothing can be more
apparent to any observer of the facts
as they exist in this country.
fsIs the business that We follow to be
classed among those that oppress-that
make the life of the average citizen
burden? We are the representatives of
capital organized in the most far
reaching sense From the standpoint
of legal privilege the public has moth
ing to complain of with regard to our
Incorporated banks | should say that
the legal privileges conferred upon the
banks of this country were sufficient.
[ know that we are often importuning
for relief of some kind, but under pru-
dent management have we much to
complain about? Are not our ills those
of our own making? Do we not war
overmuch one against the other? Is
not here our weakness? In the siren
uous competition for business do we
not overstep the bounds of safe bank
ing? Who of us can claim exemption?
He that is without fault let him stand
up.
I'm the first place it is our duty to
educate the people as to the real rela-
tions we bear to their material welfare
of promoting the general prosperity.
Too long has this been disregarded. We
have neglected our opportunity No
such bitter feeling could have been en-
tentained as existed during the political
campaign of 1896 had the true relations
of the banks to the well-being of the
people been known.
LAS administrators of capital, we owe
it to ourselves to so conduct our busi-
ness as to command the respect of our
fellow citizens; without their respect
we cannot hope to enjoy their conf
dence. and without their confidence we
need have no expectation of success
William c. CornwelI. President of the
City Bank, Buffalo, n. Y, spoke on
would Branch Banks in the United
States Be Beneficial or the Reverse?"
He said. in part:
There is only one formidable obsta-
Gle 10 the Introduction of branch
banking ia the United States, and that
is the political one.
"One writer says that the superiority
of the system may be admitted if it
could be introduced. but it must en-
counter prejudice and jealousy
Another who opposes it says, after
admitting its great advantages: