The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-08-24
NATIONAL CONVENTION
EDUCATIONAL COMMITTEE BE-
Walls PEOPLES IGNORANCE.
Prejudice Against the Bankers Still
Exists, and the People Must Be
Observation-Disclosures Hendrix
Commends the Goldbug Plan of
the Indianapolis Convention.


when President Joseph c. Hendri,
raped for order. Chancellor w. f. Nc
Dowell of the University of Denver in
Voked divine blessing.
After roll call Governor Alva a
Adams of Colorado welcomed the asso-
citation to the state. Governor Adams
himself bank president, made d
rather lengthy address, in which he
good naturally criticised many Of the
methods Of modern banking. He advo-
Gated a postal savings banking system
and a government guarantee for all de-
posts in national banks. He predicted
an era of prosperity to follow the sea
son OF uncertainty produced by the wal
with Spain. and q great widening OF
the operations and influence of Ameri-
can financiers.
Mr. Joseph A. Thatcher president Of
the Denver clearing house delivered an
address of welcome Oh behalf of Den
Yer bankers
President Hendrix responded TO the
words Of welcome, following those re
marks with his annual address to the
association. Referring to the need OF
monetary legislation he said:
Under the intelligent guidance of the
monetary commission appointed by the
Indianapolis monetary convention, {
measure has been evolved, which has
sbeen modified and reported to the house
~-ssSf representatives by the committee or
banking and currency This bill salts
fies many objections made by conserVa-
tive bankers. 1t deserves your careful
consideration. Many objections will be
made to certain features of it. for it
contains new and even radical proviS-
ions. but though you disapprove of
some Of the details, the general purpose
of the bill should be recognized and
point about which the disturbed and
hA ic Of
point about which the disturbed and
distracted opinions on the currency
question may center, and perhaps be
gin to cryStalize. We are in a transi-
ton state in our financial affairs We
can well afford TO take short steps
even though the footing is difficult if
we feel that we are facing toward solid
ground and a straight path.
We might as well make public con-
fession that we are agents OF the
money power. The money power Is
lodged not in the hands of the few, but
in the splendid body of common people
composing the republic OF the United
States. The national banks are owned
by 2S1,225 shareholders. OF these 101. 944
are women. The average investment Of
each shareholder is 81. $50. Over so per
cent Of the shareholders of national
banks own ten shares or less The
state bank statistics would probably
show more scattered ownership The
number of depOsitors runs into the mil
lions There is no syndicate so strong
as to dictate the policy of the banks
of this country, or to interfere vita
the dealings between bank and its
regular customer
Every banker has his eye on the
enormous gold production of the world
in which Colorado is taking such
commanding position in this country
From fIcJIrpc a hot
he worlds gold production for 1897
was $240, 000, 000, coinage value, and
that in less than ten years the annual
yield has doubled, and is now greater
thansthe combined production Of both
gold and silver was ten years ago. If
the increase continues we have d big
ger question than we now appreciate
The estimate of the gold production
for 1898. based on the large returns al
ready in. is S27S, 900 000 The gold pro.
duction of Colorado last year placed
her first in the list of d-producing
states. Her gold product this year
will probably exceed in value the silver
product Of 1890, the year the Sherman
law was passed.
The money stock of gold on Jan. l.
1894, in the whole world, was SO, 965, $780,
GOETHE supply accumulated since gold
began TO be used as money. The five
years production since, including the
estimate for 1898, WILL on Jan. l. 1899
be 81, 097, 600 600. coinage value 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 90 FER
cent in five years.
SECRETARY lanes p Rranpb then road
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.
Mr.. Walker Hill of st. Louis. treas
urer Of the association, read his annual
report. 1t showed receipts and bal
lances from last year, $1G1, 211; disburse-
,ments. S35, 925; balances, S65, 2S6
~ The report Of the auditing commit
tee was read. after which the report of
the protective committee was pre-
scented.
The report Of the executive council
was read by the chairman, Mr. AIvah
Trowbridge of New York. After re-
citing the work of the committee Mr.. !
TrOwbridge read a letter from the Rail- j
road Freight Agents association, sug- /
costing better methods in the matter /
Of drafts accompanying bills of lading, |
e~-LO eaShiliS AoI d JOInl COIHillIlee 10 !
take action. The association agreed to /
the request.
Upon recommendation of the council, |
the association adopted a resolution /
asking that a government commission +
be created to study the financial sys-
TENS of Cuba, Porto Rico and the Phil |
ippjreS, and suggest amendments /
hereof, If any are deemed necessary. /
Committees were authorized to inquire
into rates and forms Of surety bonds |
and to suggest a standard form for /
warehouse receipts and bills of lading |
UNIFORM LAWS.
Mr.. Frank W. Tracey, chairman of
the committee on uniform laws, sub
mitted 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 trie for i6 years in Great Britain
ani all its colonies. 1t has been en-
dorsed by experts in law in 80 of the
states of the Union. Indeed, it has
been subjected TO all the criticism
which the best minds in the legal pro-
fession 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
Much opposition has been
expressed to the law because it abol-
isheS days of grace, and, astonishing to
say, this opposition manifests itself
more strongly in the New England
states than anywhere else. That long
should be made against the
Of such relic of stage
Il