The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-17

island my proposition. do not claim that
a system of banking has been devised
which will prevent periods of undue spec
ulation, followed by commercial crises in
| which the SPECTATORS wil be ruined but
| do claim that there is tried and
| proven system of banking which has the
| CO pacity to so support legitimate credits
during such crises as to maintain normal
valuations of property, and thereby pre-
serve the legitimate traders, keep the
| wheels of industry in motion, and labor
fully employed at normal wages also
Claim that such system OF banks Is
necessary to enable this country to sue
| cessfGlly compete in the commerce of the
| world.
/ stand upon these propositions.
Such a system of banking in no respect
resembles a trust 1t does not restrict
competition. In visit to a town of only
l4,O0O population in British Columbia, I
| found branches of five of the great Ca
| madam banks. Besides, loss of a life S
savings by the insolvency banks, bank
ruptey of solvent Debtors distress of FAM
lilies reduced from comparative aff1uence
to want, lack of labor, bed on the bare
ground in summer and on the bare floor
! of a police station in the winter, soup
Kitchens, and other incidents of the panic,
arc no part OF the liberties of the people.
| | appeal to you as Representatives of the
! banking interests, and as patriotic Cit
| liens. to give this important matter more
than a passing thought. This subject Is
/, incCmparably of more Importance than
ny detail of internal bank management.
! Have the courage to at least discuss it,
and, If thought wise, put the machinery
! in motion for another campaign OF edu-
cation. The subject only needs to be
properly presented to receive the support
HIGH PRAISE FOR STICKNEY.
Secretary of the Treasury Lyman J.
Gage was introduced by President Trow-
Fridge at the conclusion of Mr. Stick
| Eey's paper. Mr.. Gage was on the pro-
gramme for tomorrow, but, being in the
| city and desiring to leave before the con-
| vention came to close, a change was
made whereby he was enabled to make
his Informal talk today. As a prelude to
his informal talk Secretary Gage paid a
high compliment to Mr.. Stickney. He
| said:
1T seems to me that anything any
body is liable to say after the great
speech to which you have just listened
VIII come only as an anti-climaX-
| think all of you will be glad that he
spoke from the outside, instead of the
! inside of the counter, because his voice
Will reapt further and will carry it's
weight b JauSe of the fact that he is q
dlSlntereSted party. l wish also to add
/ one thing more, and that is that l wish
! Mr.. Stlckney represented Minnesota IN
| the halls of congress. / do not think /
would venture to come on at this time
! say will conform in some degree to what
! Mr.. Stickrey has SO ably stated
Secretary Gage finished speaking about
! O'Clock.
The convention, by rising vote, ex-
tended thanks to Mr.. Stickney for mis-
| very able address and to the honorable
secretary of the treasury for his infer-
NAL talk. An adjournment was then tatK-
en- until tomorrow
The resolution introduced at yester-
/ days session asking congress to re-eslab-
lish the charters of LOO banks which
VIII soon expire was not reported back
today by the executive council owing to-
he fact that it was mislaid The execu-
tive council will report upon the mat
ter later.
Various resolutions which were intro
| duced yesterday and referred to tho
executive council were adopted by the
convention today, after being approved
| by the council These included resolu-
tons asking congress to repeal the war
1 revenue act relating to stamps, etc., leg.
islation for the punishment of anar-
chists, ETC.; the return of drafts, checks.
| etc., where stamps have been redeemed;
indemnifying senders of unsigned eertiti-
| Gates which may be stolen.
Chairman Tracy, of the committee on
uniform laws, recommended an appro-
/ priation for the furtheranee of the work
in connection with securing an improve
ment in the FAws affecting banking in
terests. Referred to the executive coun-
ell.
! Myron T. Herriek, of Cleveland. intro
| duced the following resolutions
Whereas, an association has been
formed, known as the Mckinley Memo
! rial association, for the purpose of erect
/ TY1n rIalc in tn,
! Washington for the purpose of comment
Grating the life and deeds of our beloved
| and martyred president; therefore be it
Resolved, That the American Bankers
| association, through it's members here
! assembled, earnestly commend this prof.
| ect and desire to aid in furthering this
| project to a successful elimination and
! TO THIS end request the members of the
| association to receive subscriptions at
| their respective banking houses ana
| transmit the funds received to Myron T
| Herr1ck, treasurer of the Mckinley Me-
| moral ASSOCIATION at Cleveland, Ohio
The resolution was unanimously ap-
proved by the convention and referred to
the executive council
The trust section of the American
Bankers association convened in it's fifth
annual session at the Plankington house
| today. Howard Green, of milwaukee,
welcomed the delegates and William G.
Mather, OF Cleveland, chairman of the
/ trust section, responded. Secretary James
R. ,Branchs report showed a balance on
hand of $4,5S7 and total membership of
| 34S, an increase during the year of 60
| per cent
Following are the new members of the
! executive committee: E. A. Potter Chi
cage; F. j. Wade, St. Louis, and l.. l..
| Stanton, New York
John Shelton Williams, of Richmond.
| Va. was elected president unanimously
and John E. Borne, of New York, vice
president.
The executive committee met late this
I afternoon at the Milwaukee club to name
a successor to Breckenridge Jones, of st.
( Louis, as its representative on the exeeu-
tive council of the American Bankers,
association.
/ w. G. Mather, Of Cleveland, was this
| evening elected as the representative of
the trust section on the executive eeun.
Gil of the American Bankers associa-
| ton
The visiting bankers are guests of the
| local bankers at a concert, supper and
smoker at the Exposition building to-
| night.
Secretary of the Treasury LYMAN n
Gage left for Washington this after.
noon.