The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-10-18
JAMES H. ECKELS SPOKE
DISCUSSED "ASSETS CURRENCY BE-
FORE THE BANKERS.
Also Approved Secretary Cages Rec
- Adjournment
of the Convention.

MILWAUKEE,, Oct. 1Z.-The closing
days session Of the American Bankers
Associations convention was devoted TO
the continuation of a discussion OF prac-
teal banking methods. After a prayer by
the Rev. j. Beveridge Lee, of Milwaukee,
President Trowbridge introduced p. c.
Kaufman. of Tacoma, Wash. who spoke
on 1.-The Financial and Commercial Future
of the Pacific Coast" Walter D.. Coles, of
St. Louis, was the next speaker. His SUBJ
ject was The Bankruptcy Law"
James Fl. Eckels, of Chicago. former con-
troller of the currency. was next intro
duced to the convention. He spoke on
Assets Currency He said he had read
the papers delivered by A. b. Stickney
and Secretary Gage yesterday. Both welc
thoughtful in suggestion and may well be
considered by the association. He agreed
with Secretary Gage that the financial
system had not reached that point of de-
velopment where a people of so much
progress, so much energy and force as the
people Of the United States have a right
10 expect that it should. He would like
to see legal tenders of the government re-
tired as there is always q possibility of
their reissue in a form that will be detri-
mental to the country. He would like to
see the adjustment Of the subtreasury of
the country. 1t stands as a menace to the
trade and commerce of the country because
it locks up the money. The subtreasury
should be conducted as IS the business OF
a private individual or large corporation.
He would restrict revenue where the credit
of the country could be maintained. He
believed in great banks and a branch
system of banks. We have an administra-
ton that commands the confidence of the
people and admiration Of the world and
there is no reason why we might not well
discuss with frankn6SS every PUBIC queS-
ton.
At the conclusion OF Mr.. Eckles's speech
he was vociferously applauded and thanked
by the convention by a rising vote.
The list Of officers as reported by the
nominations committee were elected as
follows: President, Myron I. Herrick, Of
Cleveland; vice president, Caldwell Hardy,
of Norfolk, Va; chairman of the executive
council. Frank G.. BigelOw, OF Milwaukee;
treasurer. George NJ. Reynolds, of Chicago.
New members executive council; Ralph
Ohio; job l.. Hamilton, OF Illinois; James
r. McCallister, of Pennsylvania; Frank G..
Bigelow, of Wisconsin,; +. F. Sweeney, of
Missouri; F. II. Fries, Of North Carolina;
]. NJ. Donald. of New York; F.. c. Kauff-
man, of Washington; William G.. Mather.
of Cleveland.
1TeSlueIl lION DIluSc On II iAS was
presented with a beautifUi silver punch
bowl by the members OF the association.
j. s. Davis, of Georgia, introduced the
following resolution. which was referred to
the executive council:
Whereas, The bankrupt act has had
time to serve the purpose Intended by Con-
gress, TO give relief to the honest. OPP
pressed debtor. and,
Whereas, Its further operation will en-
tail loss upon the creditor and debtor class
and the general public by reducing lines
Of credit restricting business. thereby
checking the wonderful development of
the country promised through right condi-
tons; therefore, be IL
Resolved, That this convention, through
the executive council OF the American
Bankers Association, memorabilia Con-
gress 10 repeal the bankrupt law"
The following memorial on the death of
President Mckinley was adopted:
We, the member OF the American
ankers Association, are saddened by the
death OF our honored chief executive, VIII
liam Mckinley His fame rests securely