The Providence news. (Providence [R.I.]) 1891-1906, 1901-04-19
BANK CELEBRATES ITS
TOOTH ANNIVERSARY.
National Exchange Entertains Large
Party of Leading Citizens at the
TrOCaderO--TWOA Addresses rlade.

ID. ISL; July, =. ID. 1913; July, A. ID. 1915
In July, A. -. 1919, one of the two de-
faications which your bank has suffered.
reduced the dividend 10 % cents. With
these four exceptions normal dividends
have been regularly paid from January,
A. ID. 1902. 10 the present time.
I'm joining the great group of national
banks YOU secured continuing existence
as bank, and you relieved yourselves
OF the daily study of counterfeit detectors
and insoivent bank reporters. The irrtat-
ing question OF what bills can he ac-
cepted I'm deposit has ceased TO weary
you. You have secured effective protec-
tion for your creditors, your shareholders,
your circulation. Yet I'm useful banking,
next To security, and second TO IL only,
ranks elasticity In loans and currency.
mo one pretends that you have obtain
ed this and no one Genies that this is
desirable. The technical skill which arr
ranged and conducted the notable banks
OF Boston. New York. Charleston, New
Orleans, indianapolis and Philadelphia is
competent to remedy any ailment recoE-
nlZed i'm the banking organism But
whether other Influences will ever allow
"A remedy 10 be applied you can foretell
better than / can.
AT all events you have escaped the
vagaries OF local legislation. Look at
the old banking laws OF Rhode Island.
The act of A. ID. 1886 forfeited the charter
of bank which received more than g
per cent per annum on its loans. The
act OF A. ID. 1897 provided that If a banks
capital was $4,000 it's loans and discounts
might be ~ per cent of it's capital plus
it's deposits. and circulating notes might
Issue amounting 10 - per cent. OF the
capital
"If "a banks capital was $500. 900 it's loans
and discounts could be 30 per cent OF it's
capital plus us deposits, and its Outstand-
ing circulation 20 per cent OF It's capital.
What ideas of banking prompted the
trainers OF these acts and how could
respectable bank II honestly and law
fully conducted, earn it's living?"
COL. GoDDARD's REMARKS.
President Sheldon then introduced VIII
liam Goddard who made brief but in
teresting address He said:
"Mr. Green has led us through fields of
historical investigation which he has
Hooded with the light OF hdelty and OF
rhetorical grace. He has described to us
the courage and confidence OF the men
who, "A century ago, founded the bank
ton, and he has told us of the work OF
the generations of men who. succeeding
10 the responsibilities which the founders
laid down. have discharged them with
honor and ability.
1T is, however. permitted TO me 10
bring you the congratulations and the
cordial salutations OF your elder brethren
OF the Providence National bank ana, so
far as mere seniority permits me TO speak
for other banks. of all the moneyed
institutions in the fair city OF Provi-
dence.
I'VE look back upon your past history
with something of personal pride. and We
confidently anticipate for you long and
happy future OF prosperity and useful
ness
ut is said that the founders OF the
Providence bank looked with scant favor
upon the Great ton OF the Exchange bank.
for the reason that they doubted whether
in the town OF Providence there could be
found men who were competent To sue
cessfully manage another bank.
For an apprehension by my ancestors,
proven by your record to be so inbound
ed, today make no apologies for the his
tory OF banks everywhere proves that
their success depends upon upright and
Intelligent management In aCtNiauCe
with sound maxims. How many banks
throughout the country have ceased TO
exist because of disregard OF these fun
damental conditions and because their
governors failed to read the signs OF
changing conditions"