The Montgomery advertiser., 1901-10-17
SPOKE 10 THE BANKERS
GAGE DELIVERS AN
 ADDRESS.
Discussed the Relations of the Treas ury to the Business World.
 Recommends Retirement of s Demand Obligations.

Milwaukee, Wis, Oct. l6.-President Trowbridge, of the American Bankers Association, opened the second days con- vention by introducing the Rev. Charles s. Lester of Milwaukee, who delivered the prayer.
 The convention immediately got down to business by receiving statements upon the call of States by bankers from vari- | ous sections of the country, who reported In five minute speeches the general condi- ton of business. The general trend of the statements showed that the business was in thoroughly satisfactory condi- tion Following the call of States came a discussion on principal banking questions.
 A. B. Stickney, President of the Chi cago Great Western Company, was then introduced and read and interesting paper on "The Medium of Exchange and the Banking Function"
 Resolutions were adopted asking Con- gross to repeal the war revenue act re- lating to stamps. etc. legislation for the punishment of anarchist, etc; the return of drafts, checks, etc., where stamps have been redeemed; indemnifying senders of unsigned certificates which may be stolen.
 Myron T. Herrick of Cleveland, intro- duced the following resolution, which was approved and referred:
 ''whereas, an association has been formed known as the Mckinley Memo rial Association for the purpose of erect ing suitable memorials in Canton ana Washington for the purpose of commemo- rating the life and deeds of ou rbeloved and martyred President therefore be 1t
 Resolved, That the American Bankers Association through it's members here as- sembled do earnestly recommend the pro- feet and desire to aid in furthering the project to a successful elimination and requests the members of the association to receive subscriptions at their respect i've banks and transmit the funds receiv- ed to Myron T. Herrick, treasurer or the Mckinley Memorial Association Of Cieve- land, O."
 Following is abstract of an address de. Myered by Lyman J. Gage, Secretary or
 Mr Gaze discussed the relations of the treasury to the business world ana ex- pressed the opinion that there Is too Close an intimacy between the govern ment's finance and our commercial af- fairs" but he added that 1t IS comIort and satisfaction to note that at the pres ent moment the injurious effect or sucn intimacy appears to be at minimum. The speaker urged that the present Is a most propitous time for enacting reason able reforms in the currency and banking laws. .., victions as follows:
 First, believe it to be most desirable that the demand liabilities of the govern, ment known as legal tender notes should be put in the way of retirement and can celiation. Second, I believe that this can be accomplished without any purden oi interest cost to the public treasury Third, I believe that our system of bank note circulation can be and ought to pc so modified as to make 1t more responsive to commercial and industrial G requiFesmebni5sI, m rem biI haliavA that beyond acting as a guardian and trustee for the people in relation to national banks, the government guarnty to bank note issues should cease. Fifth, I believe that the public money iH excess as of as sSsoId be denosited in national banks. That sim pie and safe system of distribution Of funds can be devised l have no doubt Sixth. I believe that in periods of na- tionai peace and prosperity the public revenue should be somewhat in excess plus revenue should be applied to the reduction of the public debt