Evening star., 1901-10-17
A BANKRUPTCY LAW
Discussed by W. D. Coles at the
Bankers Convention.
JAMES 4, ECKELS READS 4 PAPER
He is in Favor of Retiring U. S.
Legal Tenders.
OF II E r p A p E r S r E A D
JAMES H. ECKELS READS 4 PAPER
9TH R PAPE ERS RE D

MILWAUKEE,. October 1.-THE closing
days session of the American Bankers AS
sociation convention was devoted to con-
tinuatiOn of the discussion of practical
banking questions.
After a 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 Future of the Pacific Coast
The Federal Bankrupt Law.
Mr.. Walter D. Coles spoke about THE
Federal Bankrupt Law saying in part
The present bankrupt law unquestion-
ably embodies many of the essential provi-
sions necessary to a sound and efficient SOL
vency system. 1t would be far from the
truth. however, to consider 1t as free from
defects. These defects. while oppressive
and unjust in effect, are not fundamental
or irremedial in character. Organized and
systematic effort is now being made by
the National Association of Credit Men and
by other influential commercial bodies to
remedy by proper amendments the evils
resulting from the faulty provisions of the
law"
A bill reported favorably to Congress at
the last session, he said, would, # enacted
give relief against the present unjust pro-
visions of the act concerning the surrender
OF partial payments and would also throw
additional safeguards around the granting
o. discharges This bill would be pressed
Tor consideration at the coming session of
Congress, as it was confidently believed that
ITS passage would give a bankrupt law
winch would prove socially advantageous
in restoring to useful activity insoivent
debtors held in the thrall of debt: in pro-
yidtng for creditors n just remedial pro-
cess tending to promote conservatism il!
business and in establishing throughout the
union an equitable and uniform method of
administering the estates of insolvents
thereby fostering trade and strengthening
credit among the mercantile classes.
James II. Eckels Reads a Paper.
James II. Eckels Of Chicago former con-
troiIer of the currency, was introduced to
the convention by President Trowbridge at
the conclusion of Mr.. Coles paper
Mr. Eekels spoke on Assets Currency"
In Introducing his subject he said he felt
he was getting to be very old story
Three times he had had the pleasure of dis
cusslng banking interests before the con-
Nentlon- He could not he said eIuridate
anything new to the members of the asso-
clatlon At the best all he could accom-
pllsh was to reState some old things The
rOte issuing functions of the cO,Intry are
rot what they ought to be He said the
papers delivered by A. B. Stickney and
Secretary Gage yesterday were thoughtful
IN IN suggestion, and may we'll be considered
by the association. He agreed with Secre-
tary Gage that the financial system had
not reached that point of DEVELOPMENT
MneFe , people Of so much progress, so
much energy and force the people of the
1t should.
He would like to see legal tenders of the
government retired, as there is always a
possibility of their reissue in a form that
Will be detrimental to the country. He
would like TO see the abolition of the SUD
treasury 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 private individual or large
corporation.
He would restrict revenues where the
credit OF the country could be maintained
He believed in great banks and a branch
system OF banks. We have an administra-
tion that commands the confidence of the
people and admiration of the world, and
there is no reason why we might not well
discuss with frankness every public uues-
tion.
Memorial to Late President.
the following memorial on the death of
President Mckinley was presented by the
committee appointed by President Trow-
bridge:
IN MEMORIAM
We, the members of the American Bank
ers Association, are saddened by the
death of our honored chief executive, Will
liam Mckinley. His fame rests securely in
the nation that he loved and helped to
save.
We ackniwledge to the fullest our obliga-
lions 10 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 sus
,dlhed SO much greater loss, and may this
In some small degree testify to our love
and respect for him and our sorrow for his
death. " ms
'slgned) P. c. Kaufman. Myron r Her
I!eh = X Muivain. c. a. Pugsley, ].
v" w hitting, committee