Omaha daily bee., 1898-08-26

been satisfied with smaller banks. In the
west banks were too plentiful, competition
had been SO excessive that the banking
business Is not profitable and consequently
In many cases not safe. He advocated the
branch bank system as the remedy for the
trouble. Large city banks should absorb
little country banks; then a plethora OF
money could not exist in one locality while
an unsatisfied demand existed in another.
Mr.. Bonebrake Of Kansas disagreed with
Mr.. Royals assertion that country districts
lack banking facilties--especially in the
west. He quoted figures to show the amount
of money in the vaults Of country banks in
Kansas. John P. Branch, president of the
Merchants National bank of Richmond, Va,
disagreed with all suggestions. He favored
permitting country banks to issue currency
ON the same terms as city banks.
George M. Reynolds, cashier Of the Con-
tinental National bank, Chicago, followed in
paper on uniform Laws for Holidays as
Well as Days Of Grace"
John w. Faxon, assistant cashier of the
First National bank of Chattanooga, Tenn.
followed in paper on Banking as 1t Re-
lates to Industrial Developments"
He said In part: .s. ,
That there has been great progress in our
system Of banking in the last half century
the satisfaction of seeing every dollar Of
currency worth a dollar in gold, every day
we live, Is an evidence Of that progress.
Many there are in this audience who can
easily remember the uncertainties which
surrounded commercial enterprises and in
dustrial development not so many years
ago, when In every business house there
hung a Thompson or Dyes Bank Note Re-
porter, giving the latest quotations Of dis
counts on the constantly auctuating cur
9ency with which our country was flooded.
1t was utterly impossible for business
man, at that time, to tell the profit on a
transaction, for by the time such money
had circulated to any great extent, 1t might
have fallen or risen In value from 10 to 20
per cent. But now, thanks to that Ameri
can idea that we must go forward and not
backward. We have stable currency circu-
lating throughout our entire realm, from
Maine to Texas and from Florida to the
highest point on the Pacific coast, where
dollar is always and everywhere dollar.
Let us hope that the people Of this great
factory by tarnpering with 1t for the pur-
pose Of advancing the interests Of any po-
litical party. Partisanship should be kept
aside when 1t advocates schemes to put the
greatest stumbling block in the way Of in
dustrial development aud commercial pros
perity. -.r!
How strange it is that there are so many
people with so many curious apd
erroneous ideas in regard to banks
and banking e. tTsa MANY &c Of The these
OF those who, in order to curry favor with
the masses for political effect, endeavor to
prejudice them against banks by asserting
that those who. are engaged in banking
abound in luxuries and indulge In a contin-
uous round Of pleasure, as they spend their
days in extravagant living and in counting
and gloating over their earnings, which they
have squeezed" in a doubtful manner and
in devious ways from their customers.
A bank is not only q place for keeping in
safety the surplus money of a community,
but 1t is the point of concentration for CAP
ital, SO that that capital may be utilized
in the best possible manner for the develop
| ment of the industries of towns and cities
and at the same time afford an opportunity
to men OF credit, engaged In manufacturing,
contracting, merchandising or farming, (who
have little capital Of their OWN, to extend
their business, so as to increase their own
wealth and the wealth Of the community
in which they live as we'll as to furnish good
or better wages to those who earn their
living by manual labor -H.-
1t Is estimated that 100000 people in the
United States hold shares Of stocks in banks.
These stockholders are from among the peo-
pie Of all classes in life, and it is estimated
| that there Is 81 ,050 900, 900 invested In bank
stock in the United States by these people.
Wealthy men, poor men, old men, young
men, laboring men, married and single
women, widows, administrators Of estates,
and guardians Of orphans or Of minor chill
dren, have all contributed, In small sums,
generally not over from 500 to 81 ,000 to
make up the capital stock Of the bank.
Capital separated from labor brings upon
us industrial depression, but where capital
and labor 60 hand In hand the result Is al
ways commercial prosperity The banks
furnish the capital for carrying on indus
trial development and are thus the real pro-
viders of money with which to pay the wages
and salaries by which thousands Of the la
boring classes are kept supplied with the
comforts Of life and through which means
happiness is brought to the homes Of their
families.
Industrial development is consequent re-
suit OF commercial activity, upon which 1t
mostly depends. Commercial activity is ab-
solutely impossible without monetary ad-
vantages and the only menas of securing
| monetary advantage is through the instru
mentality of sound banking system. In
truth, industrial development, commercial
success and monetary power are all insep-
arably interviewer through the indispensable
province OF banking. ..
The officers elected were then duly in
stalled. The retiring president. Joseph c,
Hendrix, was presented with a silver punch
bowl by the members of the association.
The convention adjourned sine die.
AT the meeting Of the executive council
the regular meeting Of the association, AL
| yah w. Trowbridge of New York was re-
| elected chairman of the council; James R.
Branch, Virginia, secretary, and G. M. Rey-
| nolds, Chicago. treasurer.
The question of choosing a city for the
| next annual convention was deferred until
the spring meeting Of the council. which
| meeting will occur in New York. There
were receptions to delegates and their
| friends this afternoon at the home Of Pres
| ident c. b. Kountze of the Colorado National
bank at the Overland Park club house and
| at the Smelters.
This evening an excursion left here with
several hundred Of the visitors to take in
| Colorado Springs, Pixies Peak, Pueblo and
| Cripple Creek district
The nominating committee made its
| report, which was adopted The officers
| elected are as follows: President, George
II. Russell, president State bank, Detroit,
| Mich; FIRST vice president, Walker Hill,
president American Exchange bank, st.
Louis. State vice presidents: Alabama, ].
w. Whiting; Arizona, H. B. Tenney; Ar
| kansas, J. G. Fletcher; California. F. G.
Howes; Colorado. j. A. Hayes; Connecticut.
@. 4. Lewis; Delaware, Preston Lea; Dis.
trict Of Columbia. G. II. B. White; Florida.