Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-08-23
Nearly Five Hundred at the Twenty
Fourth Annual Meeting.
GOV. ADAMS ADDRESS OF WELCOME
Era Of Prosperity Following the
War With Spain is Predicted.
Il H E OFFICERS REPORTS

DENVER, Col, August 23.-The twenty
fourth annual meeting Of the American
Bankers Association convened at 10 O clock
today at the Broadway Theater. Most of
the 800 delegates expected were in their
seats when President Joseph c.. Hendrix
raped for order. Chancellor w. T.. Nc
Dowell of Denver University invoked Di-
vine blessing
After roll call Gov. Alva Adams of Col
orado welcomed the association to the
state. Gov. Adams, himself a bank presi-
dent made a rather lengthy address, in
which he good-naturedly criticised many of
the methods of modern banking He advo-
Gated postal savings banking system and
government guarantee for all deposits in
national banks. He predicted an era of
prosperity TO follow the season of uncer-
talnty produced by the war with Spain and
great widening of operations and infiu-
ence of American financiers.
Mr.. Joseph A. Thatcher president of the
DehVer clearing house, delivered an ad-
arcss OF welcome on behalf of Denver
bankers.
MIR. Hendrix's Address,
PRESIDENT Hendrix spoke in response to
the words OF welcome, following those re-
marks with his annual address to the as
sociatlon. He said, in part:
ie oiiS lniuS that We know with GER
tainty about hard times is that they at
Iast come 10 an end. Our most recent
period of depression ended so suddenly that
we can hardly realize the why and where
lore of 1t. At the beginning of this wear the
LUST aai we all love began once more. The
nlst SIX months of 1898 have broken the
record. We have never seen such hank
clearings, never have had so MANY deposits
ana nave never held so much gold as in
r .hat peflod. Inc railroads have never car
Thra,
Tue staples were higher on July than they
were the year before. The money circuIa-
eioH IN the past year increased S1g7 400 600
ana most of 1t was gold The nor can;to
circula lion increased SIT for "a 90 ooo
people Two great harvests have been
cashec and through the car windows COM
1hs mere we saw a third getting ready.
Less than D per cent of the railroad milo
age, out of 20 per cent in 1894 rena;ns i,
hands of receivers. Georgia has sold bar
peach crop for $1,000 600. and is awaiting
the returns from the waterneIons AZ
this is but half the story. 'O
Every ration that becomes involved in
d paper issue struggles to get free from IT.
CUR paper currency is an unpaid debt of
ehe elVii war and in retaining 1t in our
NJ anciai system we have had an object
lessrn, Tor many years presenting it's bene-
fits and its evils. These may be weighed
one against the other. Any currency sys-
tenn which develops evil must have a better
reason to exist than that it is an economi-
cal form of national debt. Like an egg
it is good or bad. In this period of low
interest rates the burden of an interest
charge would be light compared to the in
reference with the profits of business that
a period of distrust involves. We are all
familiar with the recurring troubles of our
currency system.
Our government. we all feel, should IN
its finances. be perfectly defended, indie
pendent of demand obligations, without
spc nsitility to its citizens in their own
financial affairs, and aloof from complica-
ticns in the currency situation 1t is mat
, ter of perfecting defenses.
Credit Note Issues.
"The issue of credit notes to circulate as
currency is 4 privilege either reserved to
the government as at present in our his
tory. with a severe penalty for any private
issue. or conferred upon banks. because
they are more closely related to the three
great departments of business-production
distribution and consumption. The safety
and uniformity Of a currency based upon
bank assets is not open to question. IT IS
a matter of regulation.
I'VE might as well make public confess
sion that We are agents of the money pow
er. That 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 90 shareholders. Of
these 101 .944 are women. The average i'll
vestment of each shareholder Is 81 80.
Over 60 per cent of the shareholders Of ma
tional banks own ten shares less. The
state bank statistics would probably show
a more scattered ownership. The number
of depostors runs into the millions. There
is no syndicate so strong as to dictate the
policy of the banks of this country, or to
interfere with the dealings between a bank
and its regular customer"
Secretary James r. Branch then read his
annua report. The secretary, who ap-
peared in his uniform of major of the 7th
Unit 1 tot Ir1oyr Info ,tfyy
ceived with enthusiastic applause.