The record-union., 1898-08-24

| winter your committee believes it can
| be brought to 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 Connecticut, Maryland, New
York, Colorado, Massachusetts and Vir-
ginia. I"
| William Cornwell of Buffalo, Chair
man of the Committee on Uses of
Banks, submitted his report, which was
in part as follows:
| For many years in the United States
| a most unjust prejudice has existed
against banks, and it is quite generally
| recognized that this prejudice against
| capital employed in banking does not
exist against capital employed in other
| lines of business.
| THE large insurance companies, with
assets aggregating hundreds of millions
| of dollars, are not made the target Of
the political archer as are the bankers.
This is probably due to the fact that
| the people have better knowledge,
generally, Of insurance and it's advan-
| tages to the people than they have of
| the banking business. Where there is
one man who keeps an account in a
commercial bank there are probably a
| thousand who are members of the va
| rious fraternal orders and are thus in
terested in and understand the prin-
| ciples OF insurance, and it is for this
reason that insurance does not meet
the obstacles that banking does and is
not attacked by demagogues. If this is
| true of insurance it would also be true
of banking under similar circum-
stances.
THE only thing to do is to educate
the people SO that they will understand
that, like the insurance business, the
banking business is a decided advan-
| tage to the people generally, and that
any injury done to banks is reflected
back upon the people themselves in the
way of curtailment of loans. high rates
Of interest, general suppression Of en-
terprise and consequent loss to all
classes. When the people take these
things 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 their daily operations are con-
cerned, which are of the greatest pos
sible benefit to every class in the conf
munity.
THE fault has been that the bankers
have not heretofore taken up the task
of educating the people. The most alb
surd statement in regard to the special
privileges Of bankers are allowed to 60
unanswered and are generally accepted
by the people as true. Ever since the
late bond issue the papers which favor
Government paper money and free sill
yer have been full of the widest nom
sense as to the enormous profits that
| would accrue to the banks through the
issue of notes based on the new bonds,
| and these statements are believed by
probably SO per cent. of the people who
| read them. All these willful misrepre-
| sentations should be met and answered
| promptly and this cannot be done un-
less it is made somebody's business to
do it. There are no people in the world
who are so ready to recognize right and
justice as the American people. 1t is
folly to leave them in ignorance and
| any longer to allow this prejudice to
flourish.
Gentlemen, you have before you to-
| day a momentous question. Will yor
begin now, at the end of this century,
| to right the wrongs which have op-
/ pressed the men of your calling fol
fifty years, or will you supinely, weak
| ly- drop this task, because it seems Sc
| great and fall back into the trenches
If you do, you have not learned the
glorious lessons which our brave SOL
diers taught US before Santiago"
M. NJ. White of Cincinnati read pa.
per in memoriam of ex-President Henry
Rhaun of Philadelphia.
Resolutions were adopted expressing
the regrets of the association at the
death of Thomas Ridgway of Shawnee
town, Pa.
After the adjournment of the session
the delegates from each State and Ter
ritory held meetings for the purpose Of
choosing members of the Nominating
Committee.
The afternoon was spent by th
greater number of delegates and visit
ors in sightseeing, though some caucus
ing by advocates Of various candidate:
for office and Of the cities inviting the
next years gathering of the associa
ton. The invitations thus far receivet
are from Cleveland and Milwaukee. Th
advocates of the former appear yer.
confident Of success.
| There are several candidates for eacl
of the minor offices, but it Is general!
conceded that the Presidency will go L
George H. Russell, President of tn
State Savings Bank Of Detroit, Mich
at present First Vice President Of th
| association.
From 8 o'clock until midnight tn
| delegates and visitors were entertaine,
at a reception by the Denver Clearini
House Association at the Brown Palac
Hotel.
The delegations from twenty-five
States, representing the respective Stat
| associations, met tonight and nomin
ated five candidates for the Executiv
Council Of the American Bankers AS
sociation. These candidates are to b
voted on by the convention proper
Eleven names We're presented to tn
meeting, and the five receiving tn
highest number of votes We're declare
the nominees. The following are tn
nominees: Charles r. Hannah, Counci
Bluffs. Ia; H. w. Mccoy, Peoria, Ill.
s. r. Shumaker, Huntington, Pa; Rob
ert McCurdy, Youngstown, o.; A. F
Woodbridge, Austin, Texas.
AMERICAN PILGRIMAGE.
I