The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-10-18
America Destined to Domin-
ate the Pacific.
TRADE WITH THE ORIENT
Kaufman on Commercial Features of
Pacific Coast.
ADDRESSES AT BANKERS CONVENTION
Walter D. Coles Speaks on the BANKRUPTCY Law
Other Practical Banking Questions Dis
cussed by the Financiers in Their
Closing Session.
Closing Session.
(By the Associated Press. }

Closing Session.
(By the Associated Press)
Milwaukee, Wis, Oct. 1.-THE closing
days session of the American Bankers
Association convention was devoted to
continuation of the discussion of practical
banking questions.
After prayer by the Rev. J. Beveridge
Lee, of Milwaukee, President Trowbridge
introduced P. C. kaufman, of Tacoma,
Wash, who spoke on the financial and
commercial features of the Pacific Coast
He outlined in enthusiastic terms the
possibilities and probabilities of great
trade development between the western
coast cities and the Orient. 1.-THE move
ments of commerce. said he have been
hitherto from the east to the west, but
the inexorable logic of events has estab-
lished the truth of the theory that the
wealth of the East Indies can be reached
more readily by going west than by go
ing east. In the settlement of the re-
cent war, the readiustment of spheres
of influences the enlargement of the open
door policy, the United States must and
viii take most important part, for it
is the only great power that looks out
upon the Pacific, the scene of future ac
tivity."
Mr. Kaufman advocated legislation by
Congress authorizing establishment of
international banks. with headquarters
in New York. and branches in all the
leading commercial cities of the world.
Walter d. Coles, of st. Louis was the
, next speaker. his subject was the bank
ruptcy law.
| Jas. H. Eckels of Chicago, former
comptroller of the currencl was intro
duced to the convention by President
! Trowbridgc at the conclusion of Mr..
/ Coles paper.
| Mr. Eckels spoke on assets currency
The note issuing functions of the coun-
| try. 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 expect that it should.
| He would like to see legal tenders of the
| Government retired as there is always
| is a possibility of their reissue in a
! form that will be detrimental to the
country He would like to see the abol-
| ishment of the sub-treasury of the cOun-
try. 1t stands as a menace to the trade
and commerce 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 corpora
| ton He would restrict revenues where
the credit of the country could be main
tanned. He believed in great banks and
a branch system of banks.
The following memorial on the death
of President Mckinley was presented and
adopted by a rising vote.
We, the members OF the American
Bankers Association are saddened by the
death of our honored chief executive,
VIM. Mckinley.
ills fame rests securely in the nation
that he loved and helped to save.
| We acknowledge to the fullest of our
| obligations to his memory and desire
to put on record this simple testimony
to his high character and pure life.
| Most deeply do we sympathize with
| Mrs. Mckinley and his family who have
| sustained so much greater loss and may
this in some small degree testify to our
love and respect for him nd our sorrow
| for his death
The list of officers as reported by the
nominations committee was elected as
follows:
President, NJ. T. Herrick Cleveland;
vice president. c.. Hardy, Norfolk, Va;
| chairman of the executive council, f. G.
Bigelow, Milwaukee; treasurer, G. NJ.
Reynolds Chicago.
| New members executive council Ralph
| Van Vechten Iowa; J. j. Sullivan. Ohio
Jno. L. Hamilton. Illinois; Jas r. Nc
| Allister, Pennsylvania; Frank G. Bige-
| low, Wisconsin; W. F. Sweeny, Missouri
G. H. Fries, North Carolina; j. NJ Donald
New York; ID. C. Kaufman, WASHINGTON;
w. G. Mather, Cleveland.
| The new executive council elected JAS
R. Branch secretary.
| j. S. Davis, of Georgia, introduced the
following resolution which was referred
! to the executive council.
Whereas the bankrupt has had time to
/ serve the purpose intended by Congress
to give relief to the honest oppressed
debtor and
Whereas, its further operation will en-
tail loss upon both the creditor and
debtor class and the general public buy
| ing by reducing lines of credit. restricf-
ing business, thereby checking the wono.
| erful development of the country promises
| through right conditions, therefore. be 1,
] Resolved. That this convention. through
the executive council Of the American