Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1900-10-03
THE BANKERS.

The tWenty.siXtn annual convention
of the American Bankers Association
was called to order in the Hotel Jeffer-
son in Richmond yesterday. About
one thousand bankers were in attend
ance.
Mayor Taylor delivered a short ad-
dress OF welcome on behalf of the city
In the absence of VirgiDius Newton,
Colonel Purcell read his address of wei.
come on behalf of the bankers Of Rich
mond, and a response was made BY
President Walker Hill, OF the associa-
ton.
President Hill said, in part: "We
need a currency OF stable value. No
one will buy drafts upon US, or deposit
their money with Us, if these drafts and
their credits represent doubtful and
changing values while competitor ma
lion offers a currency which does MOI
shrink aud is measured ut all times by
an unchanging standard. 1t is no an
swer to say that payment in gold, 1t
that is the standard desired, can be
procured by private contract. 1t is not
as a practical proposition possible to
entirely safeguard ones self against the
uncertainties of variable currency
through private contracts. lthlnk that
all the members OF this association will
agree with me that variable standard
of value is to be deplored and avoided
if possible, though we may not agree az
TO what would constitute such q stand
ard and how it could be best avoided.
Furthermore, few dispute the PROPOSE
ton that gold is the most unvarying
money standard, though some contend
that it is not the only or best standard
to be had. Mr.. Bryan says he first de-
sires to preserve 'greenbacks' from
legislative destruction, and that
he will then consider whether they
should ever be paid, and il
so, how. | would 6rmly estab-
Iish gold as the only standard money OF
bis country, as the past and present
both teach that 1t is the best standard.
Having provided for the possible issue
Of 1899 000, 900 of gold bonds, common
prudence demanded tDat our gold re-
serve should be renlthened, and this
the act OF March IA, 1900, has done,
but it falls short Of establishing the
gold standard 10 this country, and does
not secure it against the policy of
President or Secretary OF the Treasury
hostile to gold. The passage of this
act means, 10 my judgment, one thing
which We should realize if We would
understand the sentiment of this couD-
try on the question OF currency legisla-
ton, and that is, that there is no hope
in the near future, if at all, in the life
time OF this generation OF any elaborate
currency enactment along the lines
OF the baltimore Plan" or any other
which comtempates the issue of money
by the banks.
Governor Tyler then made an ad-
dress of welcome on behalf OF the State,
in which he urged broader basis of se-
curity in the lending of money. II be-
Iieve Twill speak my mind on one or
Two subjects," he said. "In the fret
place, you have heard Of the word COL
lateral Well. my friends, its meaning
needs to be enlarged. Unusually means
10 all of our American cities the securi-
ties that are listed on the stock ex
change and unless man can present to
the great trust companies, savings
banks and national banks. these so-call-
I'd listed securities, he is unable
to borrow from them. VINO lists
these securities? The companies
Of men who do this are them
selves u-ually large holders OF these
listed securities, and are, therefore,
little inclined to enlarge the limits OF
this favored circles. You may have
lands and houses aud cattle, manufac-
turing plants, municipal bonds and
hundred kinds OF property, whose TO-
terest-earnin2 capacity is assured, yet
YOU cannot tap, with ever so small
pipe, these great reservoirs. Even the
small country banks themselves cannot
provide the right sort OF collateral and
so rediscount their notee.
"a better system ought to prevail |
A man is not Disconnected with our
American system because it 3ill not |
lend its money on worthless and
precarious risks; he is not dis
CDuleutcu ocNnuco JOu tcIucO W RO |
into speculations OF doubtful issue. but he |
is Discontinued because 90 many men with |
property cannot always be |
acc ommodated with loan upon it not these |
call loans which will allow you on moments |
notice TO dump the securities on the market |
whenever panicky tremor rurs through the
street, but time loans, when q man can pre-
pare TO meet them, both principal and inter
est, and pay back the money that he has bor-
rowed. A better system should be devised
either through branch banks or bureaus of
or closer union and inspection
should be made among the different banks of
the different States SO that surplus in one
could help to make up deficit in another.
City methods can never DO applied to toun-
try ways.
"You will notice thst l have not said
VOID about free silver. | do not want to in
ject into this welcome any unnecessary dis-
turbsnce, nor have suy occasion to call out
the police while you are in Richmond. Let
me again repeat, gentlemen OF the associa-
ton, We give you most cordial and hearty
welcome TO our state and capital city"
The annual reports Of the president, the
and the treasurer we're then read, !