Fisherman & farmer. [volume] (Edenton, N.C.) 1887-19??, 1900-10-04

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That sens Of the leaders Of the p<o.
- shsuA nnd 1t TO their ADVANTAGE to
tscry the pekristisEa of bankers Is, am
Nrs. . source Of regret to all the mem
bars OF this association; but ! NAV
cessfui contradiction. that no other
single class OF men are SO dependent
On good times" as bankers. and none
do more to make times good or stand
more bravely in the breach and sacri-
f1ce more to stem a panic and avert
the untold evils that follow In IT'S trail.
than bankers. And no one class oe
men, frem the days Of Robert Norris
TO the present time. have made more
personal sacrifices and ventured their
fortunes more freely for their country
than American bankers; and yet some
who must know this hesitate not to in
duce many to believe that bankers are
the enemies of their country. Let US
..ope that the ever-increasing intelli-
gence OF the people Will soon make them
tmpervious to such unjustifiable mis-
representation and such unmitigated
aemagoguery as now misleads them to
terests. Let US. the bankers of the
country, Ia the meantime 60 steadily
along the pathway that conservative
but progressive commercial methods
marks out for us. working in the future,
AS we have in the past. for the pros
perity of the people in times of peace.
and the honor and safety OF our coun-
try in the troublous times of war,
which, let US pray. may not come upon
ls again In our generation.
Governor Tyler then made an address
81 welcome on behalf Of the State, in
which he urged broader basis Of Sc
:urity in the lending of money. II be-
teve I will speak my mind on one or
two subjects" he said. In the first
place. you have heard Of the word COL
ateral? Well. my friends, its meaning
aeeds to be enlarged.
1T usually means, In all of our
American cities, the securities that are
listed on the stock exchange, and un-
ess d man can present to the great
trust companies, savings banks and
sational banks, those so-called listed
tecurities, he is unable to borrow from
hem. Who lists these securities? The
company OF men who do this are them
selves usually large holders Of these
ssted securities and are, therefore, lit
lie inclined to enlarge the limits of this
favored circle You may have lands
and houses and cattle, manufacturing
plants. municipal bonds. and hundred
kinds OF property whose interest-earn-
ng capacity Is assured yet you cannot
zap with ever so small a pipe these
great reservoirs. Even the small coun-
Try banks themselves cannot provide
The right sort Of collateral and so re-
discount their notes.
"A better system ought to prevail, a
man Is not discontented with our
American system because it will not
Tend it's money on worthless and pre-
eAFious risks: he Is not disconnected be-
cause you refuse to go into speculations
OF q doubtful issue. but he Is discOn-
tented because SO many men with In
some bringing property cannot always
be accommodated with loan upon it;
not these call loans which will allow
you on a moments notice to dump the
securities Of the market whenever pan
lcky tremor runs through the street,
but time loans, when a man can pre-
pare to meet them. both principal and
Interest. and pay back the money that
he has borrowed. A better system
should be devised either through
branch banks or bureaus OF informa-
ton or a closer union and inspection
should be made among the different
banks Of the different States so that
surplus III one COuiQ ncip 10 MAKE up ~
deficit in another. City methods can
never be applied to country ways"
The annual reports OF the president,
the secretary and the treasurer were
then read, and just before the hour OF
adjournment were also rad the re-
ports on Education" Uniform Laws"
and Fidelity insurance" An informal
report was made on express company
taxation and the report of the detective
committee was submitted and all OF
lhem were briefly discussed.
Tonight the visiting bankers were
EiVen a reception a the Jefferson Hotel,
and at 1920 o'clock sat down to an
elegant banquet.