The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-08-24
BANKERS IN CONVENTION
AMERICAN ASSOCIATION HEARS
REPORTS OF OFFICERS
tering ShOwing-Uses of Banks
Misunderstood by the Masses
Report of the Protective Commit
tiOn-LOsses Trivial.

DENVER, Aug. 23.-The twenty
fourth annual meeting Of the American
Bankers association convened at 10
o'clock today at the Broadway thea
ter. Most of the 500 delegates ex-
pected were in their seats when Pres
ident Joseph G. Hendrix raped for
order. Chancellor w. F. Mcdowell, Of
Denver university, invoked divine
blessing.
After roll call, Gov. Adams welcom-
ed the convention. The governor, him
self a banker, made a lengthy address
in which he good naturally criticised
many methods of modern banking. He
advocated postal savings bank
system and a government guarantee
for all deposits in national banks. He
predicted an era Of prosperity to fol-
low the season Of uncertainty produced
by the war with Spain. and a Great
widening Of operations and influence
OF American f1nanciers.
Mr.. Joseph A. Thatcher, president of
the Denver clearing house, delivered
| an address Of welcome on behalf of
Denver bankers.
President Hendrix spoke in response
to the words Of welcome. following
those with his annual address to the
association. Among other things Mr..
Hendrix said:
rency system to At 100000 people. dis
| tributed over an area Of 100000 square
| miles, and to meet the diverse needs of Diff
| ferent parts of our country, and to have the
system administered under national control
| through many thousand corporate banks.
| Our complex monetary situation adds to the
obstacles to be overcome. Under the INTEL
| ligent guidance OF the monetary commission
| appointed by the Indianapolis monetary con-
| vention a measure has been evolved, which
| has been modified and reported to the house
ing and currency. This bill satisfies many
| objections made by conservative bankers. It
| deserves your careful consideration. Many
objections will be made to certain features
provisions, but though you disapprove Of
some Of the details. the general purpose Of
the bill should be recognized. and should be
supported. 1t is at least point about which
currency question may center, and perhaps
begin to crystalize. We are in transition
state in our financial affairs. We can well
dotae to tshs short steps even though the
| facing toward solid ground and q straight
| path. We should do all in our power, by
counsel and suggestion, to perfect the meri-
| courage the prevailing sentiment 1t repre-
sents. We have more interest in a currency
system suitable to our needs as a nation.
lions. than we have In any profit that may
come through issuing a currency based upon
| bank assets. We have as an association,
steadily resisted the repeal Of the 10 per cent
ly contended for that monetary legislation
which we believed t9 be for the best interests
OF our country. We have no interest as
bankers to contend for. against the common
ready, in all branches of its industry, for the
new period now dawning, and out of the fer
ment there will. In natural order, be evolv-
ed system Of finance worthy of the des-
q n Ia
committed The cloud over the dollar of
the United States, 50 faint in the sunshine
Of prosperity, but threatened in time Of
financial greatness will keep its historic step
with commercial supremacy.
EVERY banker has his eye on the enor-
nous gold production Of the world, in which
Colorado IS taking such commanding po-
sition in this country. From figures at hand
It appears that the worlds gold production for
1897 was $24O. 1000, coinage value, and that
in less than ten years the annual yield has
doubled, and is now greater than the COM
bined production Of both gold and silver was
ten years ago.. II the increase continues we
have bigger question. than we now appre-
ciate. The estimate Of the gold production
Tor 1888 based on the large returns already
in. is $275, 100000. The gold production Of
ct gold-producing states. Her gold product
this year will probably exceed in value the
"THhe money stock Of gold on JAM 1. 1894
In the whole world was 50. 9e5, s00. 00o-the
supply accumulated since gold began to be
used as money. The Ave years production
on Jan T. 1899 be 81. 097. 900 900, coinage val
lie. or 81 per cent OF the accumulated gold
money stock of the world as it stood Just
FIVE years before. OF course large amount
Of the annual product of the gold is used by
the industrial arts; but, making full allowance
for this. the fact remains that the money
stock OF gold has increased more than %
per cent in five years.
"The only thing that we know with GER
tainty about hard times is that they at last
come to an end. Our most recent period Of
depression ended 50 suddenly that we can
hardly realize the why and wherefore of It,
At the beginning of this year the music we
months Of 1893 he's broken the record. We
have never seen such bank clearings, never
have had SO many deposits and have never
held SO much gold as in that period. The
Three.fourths Of all the staples were higher
on July 1 than they were the year before
The money circulation in the past year in
creased $197, 100000, and the most Of IT was
2.17 for H,522,O 900 people. Two great har-
vests have been cashed. and through the
car windows coming here we saw a third
getting ready. Less than per cent Of the
railroad mileage, out Of 20 per cent In 1894
remains in the hands Of recelversa Georgia
has sold her peach crop for s., 900 900, and Is
awaiting the returns from the watermelons."
SECRETARY'S REPORT.
Secretary James R. Branch then read
his annual report The secretary. who
appeared in his uniform of major Of
the Seventh United States immune in
fantry, was received with enthusiastic
applause. His report follows:
Secretary James R. Branch reported that