The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-08-24
1s Advocated to Wean the Public From
Autobiography and Free Silver
Tendencies
Associated Press Special Wire


government guarantee for all deposits
in national banks. He predicted an era OF
prosperity to follow the season Of uncer-
tainty produced by the war with Spain,
and a great widening of the operations and
influence of American f1nanciers.
Mr. Jos. A. Thatcher, President OF the
Denver Clearing House, delivered an adj
dress of welcome on behalf Of the Denver
bankers.
President Hendrix responded to the
words of welcome, following THOSE remarks
with his annual address to the association.
Secretary James r. Branch then read his
annual report. The Secretary. who APP
peared In his uniform Of Major OF the
Seventh United States Immune Infantry,
was received with enthusiastic applause.
1t showed a membership Of 1885, with
combined capital of 81. 049 639, 003 and con-
bined deposits Of 50, $3.50, 34S, 494 not including
1852 private bankers.
Mr.. Walker Hill Of st. Louis, Treasurer
of the association, read his annual report.
1t showed receipts and balance from last
year. $1O1,211; disbursements, s35,925; bal
ance, $65, 1856. The report Of the Auditing
Committee was read, after which the re-
port of the Protective Committee was pre-
scented.
The report of the Executive Council was
read by the chairman, Mr.. Alvah Trow-
bridge of New York.
Upon recommendation of the council, the
association adopted a resolution asking
that a government commission be created
to study the financial conditions of Cuba.
Porto Rico and the Philippines and sug
gest amendments thereto. If any are deemed
necessary. The committee was authorized
to inquire into rates and forms of surety
bonds and to suggest a standard for ware
house receipts and bills of ladng.
Uniform Laws
Mr.. Frank w. Tracy, chairman of the
Committee on Uniform Laws, submitted
the report OF that committee, which was
In part as follows
1.-THE negotiable instrument law, which
we are endeavoring to have passed. Is
very fortunate In having been tried for
sixteen years In Great Britain and all its
colonies. 1t has been endorsed by ex-
perts in law in thirty of the States of the
Union. Indeed. it has been subjected to
al the criticism which the best minds in
the legal profession could bring to bear,
and yet has come out unscathed. In spite
Of this, we find In every Legislature some
wise man who wishes to offer some amend
ment.
Much opposition has been expressed to
the law because 1t abolishes days of grace,
and, astonishing to say, this opposition
manifests itself more strongly in the New
England States than anywhere else That
long arguments should be made against
the abolishing of such relic of stage-coach
Gays in country covered with railroads
Is a marvel indeed. We are pleased to say,
however, that this opposition did no; come
from either the bankers or the lawyers.
The task of attempting to pass this law
n all the States is one of hurculean pro-
portions. but from the experience of the
past winter your committee believes 1t
can be brought 10 a successful issue. We
worked in five States only. The law was
passed in three and good progress made in
the other two. There was no failure in any
State. The law Is now in force in Connect
eut, Maryland, New York, Colorado, Mass
lchusetts and Virginia.
Mr.. M. M. White of Cincinnati read a
paper In memoriam Of ex-President Henry
Rhaun Of Philadelphia.
The Uses of Banks
Mr.. William Cornwell of Buffalo, chair
man of the Committee on Uses of Banks,
submitted its report. which was in part as
follows:
''For many years In the United states a
most unjust prejudice has existed against
banks, and 1t is quite generally recognized
Mat this prejudice against capital employed
h banking does not exist against capital
Employed In other lines Of business.
1.-THE large insurance companies, with
assets aggregating hundreds of millions of
po% 40 ~
itical archer as are the bankers. This Is
probably due to the fact that the people
have a better knowledge, generally, of in
mrance and its advantages to che people
Than they have of the banking business.
Where there Is one man who keeps an ac-
count In commercial bank there are
probably thousand who are members Of
,she various fraternai orders, and are thus
Interested in and understand the principles
Y insurance, and 1t Is for this reason that
insurance does not meet the obstacles that
banking does and Is not attacked by dema-
rogAes. If this is true OF insurance 1t
WOULD also be true of banking under Sind
lar circumstances.
1.-THE only thing to do is to educate the
people so that they will understand that
hke the insurance business the banking
pl@ generally, and that any injury done to
banks IL reflected back upon the people |
themselves in the way OF curtailment of
tdans. high rates of interest. general sup
preston Of enterprise and consequent loss
10 all classes When the people take these |
khinEs as they understand other lines OF
business, prejudice will disappear. The |
! Existence Of these prejudices has been no
FAULT of the banks themselves, as far as
heir dhily operations are concerned, which |
IRE OF the greatest possible benefit to every |
class in the community.
The fault has been that the bankers have |
lot heretofore taken up the task of educat-
hg the people. The most absurd state |
nents in regard to the special privileges of |
bankers are allowed to go unanswered and |
IRE generally accepted by the people as
rue. Ever since the late bond issue the |
hpers which favor government paper |
honey and free silver have been full of the |
ildest nonsense as to the enormous profits |
bat would accrue to the banks through the