The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-08-25
DRAFTS SHOULD DIFFER
so SAYS ARTHUR o. AMBER
SON, ST. PAUL BANKER

One of the Most Practical of Bank.
ing Questions II How to Prevent
the Successful Raising of Draft.
Mr.. Anderson Has Hit Upon a
Plan He Believes VIII Accomplish
the Much Desired Result.
DENVER. Col, Aug. 24.-There was
large attendance at the second day,s
session of the twenty-fourth annual
convention Of the American Bankers.
association. The day was devoted 70
discussion Of practical banking cues
lions. Arthur G. Anderson. of St. Paul
spoke ON The Practicable Safeguards
Against Check Raising" He said
the point of danger in the matter Of
raising drafts was that it is the COM
mon practice to use the same set OF
blanks for the largest and smallest
drafts, the Vfgnette being the same.
the paper Identical, and the numbers
notwithstanding about the blanks
to indicate whether it would be drawn
for dollar or for thousands. His ex-
perlments and investigations pointed
very clearly to the fact that nothing
could either be printed or written on
paper that could not also be removed
from it. The projections now in use
We're by no means worthless, but sing
ly or in combination they might be
said to have been weighed In the bal
ance and found wanting" If they were
to get genuine protection-a protection
that protects-he believed they must
look for it below the surface of the pa
per. AS $50 might be said to be the
maximum amount for which drafts
were bought for the purpose Of altera-
lions. he suggested a water mark
limit five hundred dollars" with such
further designs worked all through the
paper as to render successful cutting
and patching impossible. They would
thus remove the danger that lurked in
all small drafts being raised to a num-
Der Of hundreds or thousands. He also
suggested the use of coupons indica-
tive Of the hundreds on the right hand
side Of the draft. If forger found
it difficult now when only a litho-
graphic stone and paper, easily obtain
able, were needed to counterfeit q
draft. it was manifest that the adop-
ton Of water marked paper would add
immensely to his problem. The manu-
facturer Of such paper must Of course.
be under the charge Of some such body
as the association. e -
j. D. Powers, of Greensboro, KY. took
for his subject Patriotic Spirit of
Bankers" He said in part:
Honor, patriotism, reverence, all
things which our fathers esteemed as
more precious than gold, have not de-
parted, but as a rich heritage have
been transmitted to- their sons, and
stand out as pre-eminently in the char
acter and acts Of this generation as
they shone respondent in the days Of
the Revolution. Though there is neces-
sarily distinction between the acts
of heroism and those @of patriotism
they find unity in the accomplishment
of high resolves and noble purposes,
when uninfuenced by the ends of vain
glory or the glamour Of the deed to be
performed.
so, looking first at the heroic side
Of patriotism, we see the patriotic spir-
it Of those who personally answer the
call Of their country for Its defense, its
protection, It's honor, it's glory and it's
renown. Without distinction Of party,
place, position or section, they conse-
crate their lives to it's glory.
What spirit is invoked to work out
the problem but the patriotic spirit of
bankers? In this glorious land that
spirit has never been wanting from
the time that Robert Morris answered
the call and furnished Washington the
means to win the battle, Of Trenton
even down to the glorious, though
bloody IlolO OF santiago.
1.-THE present secretary Of the treas
ury made visit to New York prior to
the issuance Of bonds Of the govern
ment, and. although the threatened
dangers and insecurities OF the, war
had caused the people Of the country
to withdraw from the savings banks
large balances, and to hoard them,
and in turn these savings banks had
called upon the commercial banks for
hdi q
York was worth per cent, fifteen Of
the leading bankers of that great finan-
cial center called in body upon the
secretary and assured him of their pa
triotic desire to secure a 8 per cent
loan not only f1oated at par, but, to
enable him to make 1t popular loan
without fear Of miscarriage, they
agreed to take the whole, or any part,
Of the $500 900, 900 at par.
with this splendid financial back
ing the secretary issued his call for
subscriptions to the bonds, and almost
Immediately upon its announcement
nearly double the amount Of the loan
was subscribed for. that there might
be reinsurance Of the promises there
tofore made, and by this aid and as
sistance Of the bankers the loan be-
came a popular one, and has been scat
tered all over the country to those OF
moderate and small means, to the ex-
elusion Of banks and bankers"
Robert ]. Lowry, president Of the
Lowry Banking company, Atlanta, Ca.
followed Mr. Powers In a paper show
ing that bankers have ever been ready
to sustain the government with their
treasure and blood. He said that IL
every other tnoneyed class paid as
just a proportion Of taxes as the bank
ers the rates of taxation would not be
one-third what they are w. S. Withanl
presented paper.
PRESIDENT CONGRATULATED.
Cornelius A. Pugsley, president of
bank, Of Peeskill, N. Y. moved that
the following telegram be sent Presi-
dent Mckinley:
The Bankers association. In Its twenty
fourth annual convention assembled, at Den
YER Col, representing banks of every state
and territory, begs most heartily to con-
graduate the president Of our beloved republic
the brilliant achievements of our army and
navy, and the prospect Of peace.
The motion was carried unanimous
ly.
The association adjourned at 2 p. m.
until tomorrow morning.
A humorous incident Of the session
was the singing Of the popular mel
ody ga Hot Time in the Old Town To-
night" by the old members. 1t was
suggested by a gentleman who had re-
ferred to the alleged origin of the song
In Cripple Creek. AS he finished,
lady in one of the boxes sang in
clear voice the first verse, and then to
the discontinue Of the presiding Of
ficer the whole CONVENTION joined In
the chorus. The afternoon was devot-
ed to a trolley ride! about the city. A
q 10Th n