Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1901-10-16
AM. BANKERS ASSOCIATION.
Commends Project to Raise Mch'n'
ley Memorial at Canton, y.


Milwaukee. Wis, ls.-At the opening
OF the second days session ol inc
Amer lean bankers association paiih-
ers from various sections oil Inc coun-
try reported IN ave minute speeches lhe
general condition OF Business Inc gen,
eral trend of the statements showed
that business Was in thoroughly sat
isfactory condition.
Following the call Of states came a
discussion OH practical banking ques-
tions.
a. b. Stlckney, president Of the Chi
cage Great Western Railway company,
read an interesting paper on The
Medium OF Exchange and the BANKING
Funet ion."
Secretary Of the Treasury Lyman j.,
Gage was introduced by President
Trow bridge at the conclusion OF Mr..
Stlckncy's paper. Mr.. Gage was Oh the
program for tomorrow, but being IN the
city and desiring to leave before the
convention came TO a close, change
was made to enable him to speak today.
Mr.. Gage expressed the opinion that
There is too close an Intimacy be-
tween the governments finances and
commercial affairs" but he added 'it
is a comfort and satisfaction TO note
that at the present moment the IN
furious effect OF such intimacy appears
TO be at O minimum He urged that
the present is q most propitlous time
for enacting reasonable reforms in the
currency and banking laws.
Mr.. Gage summarized his financial
convictions az follows:
"First--I believe It 20 be most de-
sirable that the demand liabilities OF
the government known as legal tender
notes should be put in the way of re-
tirement and cancellation.
"secondI believe that this can be
accomplished without any burden OF
interea to the public treasury.
"Thiri-.I believe that our system OF
bank note circulation can be ana ought
to be so modified as 10 make II more
responsive 10 commercial and industrial
requirements.
FOURTH believe that beyond act
ing as guardian and trustee for the
people In relation to national banks,
the government guaranty to bank note
Issues should cease
Fifth believe that the public
moneys IN excess Of q reasonable work
ing balance for daily use should be de-
posted In national banks. That a sim
pie and safe system of distribution Of
funds can be devised I have no doubt.
SIXTH believe that In periods of
national peace and prosperity the pub
lie revenue should be somewhat IN ex-
cess Of public eypediture, and that sur
plus revenue should be applied to the
reduction Of the public debt"
After presenting some statistical
facts showing the present strong and
satisfactory condition of the national
finances, Mr.. Gage, In conclusion, said:
Looked at from the standpoint OF
true craftsmanship, II would appear
that the present Is the most propltious
hour In all our history. and as favor
able as any period we may hope for in
the future to enter upon reasonable
and judoious measures to eliminate all
elements Of financial weakness which
experience has brought to light and to
perfect our now faulty system OF cur
rency."
The resolution introduced at yester-
days session. asking Congress TO re-
establish the charters OF LOO banks
which will soon expire. was not re-
ported back today by the executive
council, owing to the fact that Il was
misaid. The executive council viii re-
port upon the matter later.
Various resolutions, which were In
troduced yesterday and referred to the
executive council. were adopted by the
convention today after being approved
by the council. These included resolu-
lions asking Congress to repeal the war
revenue act relating 10 stamps, ETC.,
legislation for the punishment OF an
archists, the return of drafts, checks,
etc, where stamps have been re-
deemed; ndemnifying senders of UNI
signed certificates, which may be
stolen.
Chairman Tracey, Of the committee
on uniform laws, recommended an APP
preparation for the furtherance OF the
work in connection with securing a
compilation OF the laws affecting
banking interests. Referred 10 the ex-
eeutive council.
Myron T Herrlck. Of Cleveland, in
troduced the following resolution,
Whereas. as an association has been
formed, known as the Mckinley Mem
orial association. for the purpose Of
erecting suitable memorials in Canton
and Washington for the purpose OF
the life and deeds OF
our beloved and martyred President;
therefore, be It
Resolved. That the American Bank
ers' association. through its members |
here assembled. earnestly commend this |
project. and desire 20 aid In frrtherinh |
this project TO a successful elimination. |
and TO this end requests the members |
OF the association to receive suhsc.p |
lions at their respective banking |
houses, and transmit the funds received |
TO Myron T. Herrlck treasurer Of the /
Mckinley Memorial association, at |
Cleveland. Ohio"
The resolution was unanimously |
adopted and referred to the executive
council.