The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-08-24
Fourth Annual Meeting
of the American Association.
ADDRESSES AND REPORTS
New Legislation Recommended A Buff
falo Banker Protests Against stories
OF Enormous Profits Accruing
TO Banks From New Bonds.

thedter. MOST OF C1S opO ucl-
egases expected were present when
President Joseph c. Hendrix raped for
order. After the roll call Governor AL
va Adams Of Colorado predicted ar era
of prosperity TO follow the season of
uncertainty produced ny the war with
Spain and the great widening Of oper-
ations and influence Of American inan-
oeers.
Joseph A. Thatcher, president 81 the
Denver clearing house. delivered the
address OF welcome ON behalf Of the
Denver bankers. President Hendrix
responded TO the words Of welcome,
following those remarks with his an
nuai address 10 the association.
Secretary james II. Branch then read
his n report walker Hill Of -.
Louis, treasurer of tho association, read
his annual report. II showed recefpfs
and balances for the last year s10l, 200:
disbursements. sS5, s25: balances, $685.
2ss. The report OF the auditing COM
mfttee was read. after which the re-
port of the protective committee was
presented. The report of the executive
council was read by the chairman, Alva
Trowbrfdge OF New York. After reclt-
ing the work of the committee, Trow-
bridge read a letter from the Railroad
Freight Agents association, suggesting
better methods in n matter OF drafts
accompanying bills of lading and ask
ing for a joint committee to take ac-
ttun. The association agreed TO the re-
quest. Upon the recommendation OF
the council the association adopted res
olutions asking that a government com
mission be created 10 study the inan-
cial systems OF Cuba, Porto Rico and
the Philippines, n suggest amend
ments therefor, II any are deemed nee
essary. Committees We're authorized 20
inquire into the rates and forms Of
surety bonds and 10 suggest n standard
form for warehouse receipts and bills
Of lading. Frank ". Tracey, chairman
Of the committee on uniform laws, sub
mitted the report OF that committee.
Mr.. Tracey's report was in part as fol-
lows: THE negotiable instrument law,
which we are ~endeavoring 20 have
passed, IS very fortunate in having been
tried for 16 years In Great Britain and
all its colonies. II has been indcrsed
by experts in law IN 20 Of the states
of the union. Indeed. h has been sub
jected to all h criticism which the
best minds in the legal profession could
bring TO bear, and yet has come out
unscathed. In spite Of this we ind in
every legislature so1ne wise man who
wishes 20 offer some amendment. Much
opposition has been expressed to the
law. because n sboHshes days Of grace,
and. astonishing TO say, this opposition
rs manifested more strongly in the New
England states than anywhere else,
That long arguments should he made
ngainat the abolishing Of such a relic
OF st~age-coach days in a country COW
cred with railroads is a marvel. indeed.
We are pleased to say, however. that
his opposition did not come from eth
ar the bankers or the lawyers. The
task Of attempting to pass his law In
all the states is one Of h]erculean pro-
portions, but from the experience of the
past winter your committee believes II
can be brought to a successful issue.
We worked in five states only. The law
was passed In three and good progress
was made In the other two. There was
no failure I'm any state. The law is now
In force in Connecticut. Maryland. New
York. Colorado. Massachusetts and
Virginia"
William Cornvell of Buffalo, chair
man Of the committee on uses OF banks,
submitted it's report, which was in part
as follows:
For many years in tho United States
a most unjust prejudice has existed
against banks. and II Is quite generally
recognized that his prejudice against
capital employed in banking does not
exist against capital employed in other
lines of business.
THE large insurance companies with
assets aggregatinE hundreds of millions
~ dollars. are not made the target Of
the political archer, as are the banks.
This Is probably due to the fact that
the people have n better knowledge
generally OF insurance and its advaut-
ages TO the people than they have Of
the banking business. Where there IS
one man who keeps an account I'm a
commercial bank. there are probably a
thousand who are members Of the vari-
Gus fraternal orders. and are thus in
terested iu and understand the prin-
ciples Of insurance, and II is for this
reason that insurance does not meet
the obstacles that banking does and IL
not attacked by demaEogues. II this
IS true Of Insurance, II would also be
true Of banking under similar circum-
stances.
1.-The only thing 20 DO IL to educate
the people so that they viii understand
that, like insurance business. the bank
ing business Is a decided advantage 20
the people generally. and that any in
jury done 10 banks is reflected back
upon the people themselves in the way
Of curtailment OF loans. high rates ~
interest, general suppression Of enter
prise and consequent loss Of all classes.
When the people understand this as
they understand other lines Of bust
ness DEtluQltt VIII 2l~aiIftf- Inc on
ietence Of these p~rpiudires has been
no fault Of the harks thnmse'Ess. as
far as their daily operations arc r1a-
ceTned. which are Of the greatest pos
sible benefit 10 every class in the com
munity.
The fault has been that the bankers
have not heretofore taken UP the task
Of educating the people. The most ali.
surd statements in regard 10 this pres.
emf very serious evil are allowed 10 p.
unanswered and are generally aCCrpta1
by the people as true. Ever since ths
late bond issue the papers which favor
government paper money and free sill
yer, have been full Of the widest non.
sense az 10 the enormous profits tina
would accrue 70 the banks through tht
issue of notes based on the new bonds
and these statements are believed hl
probably % per cent Of the people VIII
read them. All OF these wiIlful mis-
representations should be met and an
swered promptly. and this cannut D.
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