The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-10-18
BANKERS ADJOURN
u,E DAY DEVOTED TO BUSINESS
QUESTIONS.
A MEMORIAL TO M'KINLEY,
CONTROLLER ECxELs AGREES
WITH MIR. GAGE.

.+a IsSuing Functions of the Coun-
~ Not what They Ought to Be,
ne Says-sub-Treasury Should Be
Abolished-Mr. Davis of Georgia
1ntroduces a Resolution Memorial
ling Congress for the Repeal of
the bankrupt Law, Which Was
referred to the Executive Council.
Milwaukee. Oct. 1.-THE closing
aoy,s session of the American Banking
association Convention was devoted to
continuation of the discussion of
rractical banking questions.
f+er a prayer by the Rev. J. B. Lee
- Milwaukee President Trowbridge in
+roduced r. c. Kaufman of Tacoma,
wash. who spoke on The Financial
o,d commercial Future of the Pacific
Coast"
Future of Pacific Coast.
Mr.. Kaufman outlined in enthus-
iastic terms the possibilities and prob
abilities of great trade development
between the western coast cities and
tbe Orient. 1.-THE movements or
commerce" said he, have been hith-
arto from the East to the West, but
the inexorable logic of events has es-
+ahIished the truth of the theory that
the wealth of the East Indies can be
reached more readily by going West
than by going East. In the settle
nent of the recent war, the readjust-
nent of spheres of influences the en-
largement of the open-door policy, the
United States must and will take a
most important part, for it is the only
great power that looks out upon the
Pacific. the scene of~future activity"
Mr.. Kaufman advocated legislation
nv Congress authorizing establishment
of international banks, with head
quarters in New York, and branches
in all the leading commercial cities of
the world.
Walter c. Coles of st. Louis, was
the next speaker. His subject was
THE Bankruptcy Laws"
EckeIs on Assets Currency.
James H. Eckels of Chicago, former
controller of the currency, was intro
duced to the convention by President
Trowbridge at the conclusion of Mr..
Coles paper.
Mr.. Eckels spoke on Assets Curren-
oy." The note issuing functions of the
country, he said, are not what they
ought to be. He agreed with Secretary
Gage that the financial system had not
reached that point of development
where a people of so much progress,
so much energy and force, as the people
of the United States have a right to eX-
pect that it should. He would like to
see legal tenders of the government
@..Y.r q. 49,
of their assuming a form that will be
detrimental to the country. He would
like to see the adjustment of the sub
treasury of the country because it locks
up the money. The sub treasury should
be conducted as is the business of a
private individual or large corporation.
He would restrict revenues where the
credit of the country could be main :
tanned. He believed in a great bank and
Branch system of banks.
Memorial TO Mckinley.
The following memorial on the death
OF President Mckinley was presented
and adopted by a rising vote:
In Memoriam: We, the members of
the American Bankers Association, are
saddened by the death of our honored
chlet executive, William Mckinley.
his lame rests securely in the ma
ton that he loved and helped to save
we acknowledge to the fullest our
oDIgatlons to his memory and desire
70 70 put on record this simple testimony
TO his high character an pure life
Most deeply do we sympathize with
MRS. Mckinley and his family who
nave sustained much greater loss,
anu may This in some small degree
Iestl1y to our love and respect for him
ana our sorrow for his death"
Inc list of officers as reported by
NOmln finnG ,
ca as follows: President, Myron r.
Herrick. Cleveland; vice president,
caldwell Hardy, Norfolk, Va, chair
man OF Executive Council Frank G.
blgelow, Milwaukee; treasurer, George
M: Reynolds, Chicago.
New Members of the Executive Coun-
ch-Kalph VanVechten, Iowa: ]. i.
sullivan, Ohio; ]. L. Hamilton. IIli-
hols; James R. McAllister. Pennsylva-
ma Frank G. Bigelow, Wisconsin; w.
sweeney, Missouri; F. H. Fries.
North Carolina: ]. M. Donald, New
I 10rk; P, c. Kaufman, Washington:
Imam o. Mather, Cleveland.
me me new Executive Council elected
'aIies X. Branch. secretary.
TO Repeal Bankrupt Law.
81, 5; Davis of Georgia introduced the
-oiioWlng resolution, which was refer
'eu 10 the Executive Councils:
whereas, the bankrupt act has had
t-"ie TO serve the purpose intended by
ongress, to give relief to the honest,
IMPRESSED debtor, and
whereas, Its further operation will
nsaI loss upon both the creditor and
ueptor class and the general public by
teuuclng line of credit restricting bus
less thereby checking the wonderful
sCeVelopment of the country promised
through right conditions; therefore
A, resolved, That this convention,
'nIough the executive council of the
-aiilericen Bankers Association, me-
rupt law"
,, NeW orleans and Memphis extended
NJ NIlatons for the next convention.
~ ne place of meeting will be chosen
the executive council at a meeting
!" New York next April.
"a. ne convention adjourned sine die