The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-07
FOR THE GOLD STANDARD
RESOLUTIONS ADOPTED BY THE
AMERICAN BANKERS ASSOCIATION.
Reports of Committees ON Education,
Credits and Fidelity Insurance
The Charging OF Exchange.

uHeQuNOCdlly IN FAVOR OF the SOiQ Slduu-
ard to-day by adopting a resolution. the
meaning Of which nobody can mistake
That action. taken in connection with the
placing of Col Myron T. Herrick, Presi-
dent McKinley's close friend. in line for
the presidency of the association in 1900,
made 1t quite day for the national admin
istration. The adoption Of the gold stand
ard resolution was not, perhaps. surprise.
The association is a sound money body
from end to end. Heretofore all attempts
TO induce the association to take action
which might be regarded as of a political
character have failed. but to-day the view
taken was that the money question was one
which ought to be elevated above politics.
So when the resolution vas brought for
ward the association forgot its historical
conservatism and voted for the declaration
enthusiastically and unanimously.
Walter Hill, of st. Louis, will be chosen
as the next president Of the association.
The nominating committee decided at its
meeting previous to the opening of the con-
vention to-day to recommend his name to
the convention tomorrow, when the an
nual election takes place, and the recon-
mendation will mean an election. Mr.. Hill
has been vice president of the association
during the past year Alvah Trowbridge.
president of the North American Trust
Company, of New York, will be recon-
mended by the committee for first vice pres
ident He, too, will undoubtedly be elected.
Mr.. Trowbridge has acted as chairman of
the executive committee during the past
year.
The report Of the committee on educa-
ton was presented at this mornings ses-
sion. The committee reported that 1t had
examined the operation CT the Institute Of
Bankers, in London, and that the forma-
ton of an institute of American bankers
on similar lines should be a comparatively
easy matter. That the working forces of
the banks were willing and DESTROYS Of en-
tering such an association was, the COM
mittee said, shown by the petitions. The
proposed institute would bring to them
much knowledge of the theory and prac-
tice of banking to be acquired otherwise
only by experience OF individual investiga-
ton. AS a means of education and train
ing, the committee said, 1t must be as valu-
able to the banking houses as to the en-
ployes who enjoyed its benefits. The per-
capita cost would be slight, the collective
value immeasurable. By systematic local
organization in each American city the in
stitute might obtain large membership and
influence within a year. Its aim must APP
peal to those who believe in more intelli-
gent application Of banking practices in
this country
General Whiting, Of Alabama, introduced
a resolution, which was passed, recommend
ing that the committee on education be con-
tinued and that it be instructed to present
to the executive council plan for the or
ganization Of such an institute as that in
London described by Mr.. CornweH.
The committee on credits appointed at
the meeting in March last reported as fol-
lows: First, that committee on credits
be made one Of the standing committees
of the association; second that the asso-
citation establish in the city of New York
an to be d;v the Bs sa
lect Information in regard to the standing
of all parties who, either as makers or in
to perform such other duties as the asso-
citation may from time to time prescribe.
In the absence of Chairman A. c. Ander-
son, of the committee on fidelity insurance,
of that committee.
The fidelity insurance committee re-
ported that no replies mad been
who are private bankers and brokers In the
large cities and do not bond their employees.
| said, that 1.2S2 banks do not use corporate
fidelity suretyship, while 1,Oo4 of our mem
bers carry such insurance. and they are at
bank employees, whose bonds aggregate $54,
| $40; that there was paid for such in
surance during 1898 s21s $50. while the cost
1898, inclusive. has been approximately. ST.
| 2s1. 314. The total losses reported for these
six years, including $4,000 now being con-
| tested by the companies, amount to $171 ,0S4
| or an average Of less than $4,000 per annum
returned on an annual outlay Of over 800;
GOO. 1t will be seen that these figures indi.
81. 900 Of insurance in force. which is a small
er percentage of loss on bank risks than we
na een a to the TO
| litigation. The convention, by rising vote
| decided to continue the fidelity insurance
The report of the committee on warehouse
receipts and bills Of lading was next pre-
| scented by Maurice M. White, IF Cincinnati
E. O.. Leach. of New YORK. Vice PRESIDENT
and cashier of the National Union Bank
got the recognition of the chair. ard in q
which indorse the gold standard. Mr.. Leach
| said that the resolution would stay the
hands of the members Of Congress After
hot debate, it was decided that the resolu-
| tions must be referred to the council. Clair
| man Trowbridge called the council to order
right In the convention. and In moment
| ton to the convention. The resolutions
were then voted upon and unanimously
1
The bankers of the United States mos
| earnestly recommend that the Congress OF
| the United States at it's next G, ss:on enact
| a law to more firmly and unequfvocaily es
| tablish the gold standard in this country by
providing that the gold dollar, which. under
| existing law, is the unit Of value. shall bs
| the standard and measure Of all clues in
| the United States; that all the obligations
of the government, and all paper money, In
| Guiding circulating notes of national banks
shall be redeemed in gold coin, end that the
| legal-tender notes of the United States
when paid into the treasury. shall not bt
| reissued, except upon the deposit Of 81
| equivalent amount of gold coin.
| The representatives of various clearing
| house associations who assembled in con
| nection with the bankers convention de
| clared unanimously in favor of charging
| exchange for the handling Of checks ant
drafts from other cities. and steps wert
taken to carry their recommendation int
effect. The conference was attended. b,
| sixty delegates, representing twenty-five,
| of the thirty-one cities invited to partici
! pate. The following resolution was unani
| mously adopted
| Resolved, That the practice of chargin;
exchange for the handling of out-of-towi
| items is just and proper and within tn,
| scope of legitimate banking; therefore al
| bankers, both city and country. are en-
/ titled TO receive the benefits OF the same.
| Resolved. That we recommend to all tn
clearinghouse associations in the United
States the adoption Of bylaw or al
| amendment to their constitutions as fol
lows: The clearing house association shall
have power to establish rules and regula
tions regarding collections by members o
| the association or banks or trust compa
MES, or others clearing through such mem
| bers and the rates TO be charged for sucl
| collections and also providing for the en-
! forcement of the same. 1t may, from tim
to time. make any additions TO or change