The evening times., 1900-10-04

ment of trade and commerce, seems to have
been selected as the scapegeat upon whose
devoted head are unloaded the anathemas
of those who have positive ideas upon n
naneial and commercial questions, ranging
from the economic policy of adhering TO
an enlightened monetary standard to the
| political expediency of combinations OF
capital.
The Bunker Not n Despot-
at would seem only fair that there
should be a difference of deduction by the
popular mind as to the extent Of the bank s
responsibility; but it is often the case that
the only agreement reached by champions
of different financial schools-the deyotee
at the shrine Of government fiat or ardent
disciple of sacred ratio-is that in some oc-
cult, psychic manner the banks profit
through public distress, and that their
healthy growth BODIES no good to the COM
monwealth.
prejudice has been called the great OBJ
stacle TO progress. The prejudice against
the banking business is not confined alto
gether to the ignorant, the worthless, or
the constitutional specialists in philippe,
and while more pronounced in certain To-
caiities. can yet be called widespread. l
do not by any means infer that it is uni
/ versal. representative, or increasing, and
am glad to believe the majority of intelli-
gent citizens this year OF grace and pros
perity appreciate the benefits of banks and
respect those engaged in the business; but
We do not have to seek far in any locality
to find traces of a misjudgment which we
know to be artificial, wrong, and uncalled
for.
1T is not eXaggeration to say there are
those in every community who believe the
banker financial despot, whose mandate
IS potent to cause bankruptcy; who be-
lieve the banker chuckles in unholy glee
in times Of panic and business depression
going forth like a black-winged cormorant
TO devour the farm, the cottage or the sue
I culent collateral tid-bit. And these same
wiseacres picture the banker turning his
attention TO the national calamity business
when the supply of individual victims runs
short-buying up peoples representatives
IN the interest of pernicious legislation, Or
getting up panics to satisfy the bankers
well-known love of excitement (), or
meeting in conventions, as has been said
! to consider what shall be done, who shall
| be done. and how we shall do them.
| Whether the bigotry of a benighted mi
| nority IS influencing public opinion TO fur
/ ther unjust legislation derogatory to bank
ing interests, as must ever be the conse-
/ quence, TO the injury of general business
/ interests; or whether the better Judgment
/ of the people through education as to the
{ 1c44AO ut anu dStS Ol Ddiklu5 lHSLtIutlOES Is
gaining the aScendency, is a question OF
interest and its solution "a consummation
! devOutly to be wish't.' especially to bank
ers whose business interests are establish
ed in localities where such remarkable
financial theories are propagated-
The Finnncier's Civic Pride.
Certainly there is nothing in the his
tory of banking in this country to justify
much prejudice The banks have always
been power for good in the community
when honestly managed and every banker
| of experience has known sleepless nights
trying to work out the salvation of his
! customer and at the same time fulfill his
! duty in the preservation OF his sacred
! trust a public custodian.
| The bank merits favorable public opin-
| ion in the light of history The names Of
patriotic bankers who pledged their all il
the cause Of freedom and the rights ot
man for which our forefathers shed theil
blood are craven in the hearts of true
Americans in letters that can never fade
The noble declaration on which coIonists
built their hopes and consecrated theil
lives TO the cause of liberty, bears the
| bankers signature, and its principles to.
day bear the bankers endorsement
Government bonds. selling at a pre-
MUM which establishes the credit of oul
country above any nation of the world
| the issues suggested, subscriptions mad,
through and eneourag ged by bankers of tn,
whole republic in substantial amplitude
a safe currency system; through the earn
est and untiring efforts of bankers in edu
eating them upon a subject they are vel
qualified to teach-these are a few an
swers to distorted public opinion which
can hold the banker lacking in civic pride
The banking institution is the heart o
industry, and to its throb responsive. tn,
energy and ingenuity of man is stimulated
| and the boundless resources of our coun
try made available TO mankind; the magic
tour Of husbandry is rewarded in bounte
Gus store; the eternal hills yield wealth
emolumentS to industry and skill the fur
mace fires burn rightly. the wheels 0
traffic turn, the song of prosperity chord
with the busy hum of men, when to tha
| heart untranlmeied flows the capital AM
savings OF the community with confdenc
and trust. to be again projected through
the channels of industry to build anew tn
tissues of commerce..
Mr.. Conant said in part:
| Several recent events have called at
tentiOn in a striking manner to tn
changes which have come over tbs
economic world within the last few
years. A period OF stagnation in busi
ness which lasted for many years ha!
| given pldtC " puSliOl4lSilHl ACTIVITY II
Europe, in the United States. and ever
in the partially developed countries O
the Orient. This activity has been espe
, / cially marked in this country, and ha:
been accompanied by changes in ou
| commercial and financial condition
: which have attracted the attention o
shrewd financiers and far-sighted stu
dents abroad as well as at home. Mucl
of the foreign capital by which tn
country was developed prior to 1893 wa!
l withdrawn from the United States afte
that year by the process of returnin;
, American securities which had beer
, sold abroad This process was at frs
one of intense suffering to this country
by depriving US of necessary working
capital, arresting industry, and throw
ing labor out of employment. But VI
; are now witnessing a new phase of thi!
development. Sending abroad an enor
nous volume of our products and in
creasing our exports of manufacture