Worcester morning daily spy., 1898-02-26
DIR. GEORGE McALEER.


tanned foothold, and this was the or
igin of the modern fair. The necessity
was realized for some unit of value to
facilitate the exchange of products, and
by means of which man could not only
conveniently supply his wants but also
be able to lay by the surplus for future
use, and so a unit of value or measure
of value, came into use. This measure
of value varied at different times, and
In different countries, but all may be
classed under the generic term money.
The invention of money coined from
the precious metals is one of the very
few great inventions of the world-an
invention which may well be called the
father Of comperce.
A most important step in advance was
taken when the precious metals were
put into circulation in pieces of uniform
fineness, weight and value, duly
stamped with the official seal or coat of
arms of the coYtry or city which
issued them lis greatly facilitated
business transaction and gave great inn
petus to commerce Like many other
great Inventions it is today a disputed
question what nation and people We're
the first to give this great Improvement
in mercantile transaction to mankind.
There have always been industrious
expenditure to an amount below their
income or to use a common and well
understood colloquial phrase: ''Who lay
by something for rainy day" A sin
gle individual or association of indivi-
duals by providing a place of safety
could better protect and care for the
surplus earnings of each than each indi-
vidual could do for himself, and by
loaning this money to the more enter
ir
welfare of the borrower and lender was
not only to be promoted, but also that of
the whole community, and 50 banks and
banking came into existence Banks
and banking as popularity known and
understood, may be classed as business,
tnationaD banks, trust companies, saw
ings banks and cooperative banks, the
first organized and operated under ma
tional laws and the others under state
laws.
Savings banks, having for their prin-
cipal object to furnish a safe place for
the Wage-earner and man of limited
means to deposit surplus earnings, and
their investment being limited by law
to very high class securities to ensure
their safety, their function and scope
are entirely unlike those Of the national
banks and trust companies and they
may more properly be classed with ele-
Cooperative banks, as their name i'm
plies, are organized for mutual help and
advantage. They only loan the money
contributed by members. They limit
their business exclusively to members,
loaning their money to the highest bid
ders therefor in amounts proportional
to the number Of shares held by the
members. While these banks have
proved of undoubted advantage by en-
couraging habits of thrift and economy,
by enabling many to own homes who
would probably not have had them
! otherwise, yet they are not at all adapt
ed to the wants of business and com
merce, and 1t is only by a stretch of Ian
guage that they can be classed as banks.
The object, scope and methods of ma
tional banks and trust companies, being
] substantially the same, may be consid-
4 cred together, and what is said of one
1 applies equally well to the other.
/ Trust companies usually depart from
the specific lines generally pursued by
the national banks in various ways, but
in the matter of transacting a general
banking business, receiving deposits,
discounting notes and the like, national
I banks and trust companies may be re-
! garded as substantially alike.
/ In closing, DR.. McAleer gave a prac-
/ tical illustration of the method of doing
| business in the banks, and showed the
audience samples of different kinds of
drafts, notes, bonds and other CONNER
| cial paper. AT the close of the address,
rising vote iof thanks was given DR..
McAleer