Rocky Ford enterprise., 1902-08-15
BANKERS CONVENTION
coLoRApo,s MONEY CHANGERS.
First Annual Meeting at Colorado
Springs - Large Attendance Of
Prominent Bankers-speesh Of ex.
Comptroller oawes-Assst Cur.
rency System condemned-Es.oov.
ernor Adams Favors Postal Savings
Banks.

ernor Adams Favors Postal Savings
Banks.
Colorado Springs, Colo. Aug. 0.-The
Colorado Bankers Association closed
the final session OF the iiisI annual
convention here with mn elaborate ban
que; nt the .Antlrrs hotel last night.
Al ~ o'clock this morning the meet
Ing was called To order by President
Hayes, with over 100 representatives
OF Colorado banking institutions In nj.
tendance. The principal busilcss trans
acted was the election OF officers for
the ensuing year and delegate and al
tcrnatcs to the annual convention OI
the American BANKERS Association la
bc held AT New Orleans November llih
and 18th.
The rcpor, Of the committee on con'
stltution and bylaws was adopted af.
ter considerable discussion. The con-
stitution provides for the annual clcc.
ilon by the association Of president
Vice president and secretary treasurer.
The executive committee shall consist
OF these three officers. together with six
others To he appointed by the president.
Three VIII hold office for three years,
two for two years and one FOR one year.
This provides for three hoidOvcrs each
year.
]. \. Thatcher OF Denver was then
introduced and delivered u highly In.
tcrcstIng address ON the three cardinal
qualities necessary To the SUCCESSFUL
banker of to-day. namely. courtesy. sta.
bliIiy and Integrity. Mr.. Thatcher laid
especial emphasis ON courtesy. claiming
that quality TO be- OF the utmost impo''
tancc In building up u bank. In this
connection he quoted Gcorsc u. VII
lInIns. president OF the Chemical Ma
tIonni Bank OF New York. who said:
NO Institution Il too important TO X.
Bore lkc laws Of courtesy. ] speak In
praise OF poiltcncss out of M cSpc'
ricnce Of fifiy.ninc years In the bank.
Mr.. Thatcher said that decision AMI
posItIvcncss In dealing with men adds
greatly to the bankers influence In
business. Integrity. he stated. was tho
srowning quality OF them nll. THE
man who possesses IL will be free from
corruption aud bias. He will not lend
his support to shady transactions"
The address OF W. II. Mcclure OF
Canon City. THE Savings Bank aud
Its Advantages" was read by the see
rctnry. MIR. Mcclure being delayed by
the wnsliouts.
At the conclusion Of the addresses
President Hayes called for discussions
| OF the papers. and cx-Gov. Aiva Adams
sprung n mild sensation by announcln;
himself In favor OF n government saw
ings bank system. though II involved
| the destruction OF private savings
banks throughout the country. Contin.
uing. Mr.. Adams said: THE savings
bank has been practically u failure In
Colorado. This has been In u measure
due to extravaganza In management.
dishonesty OF officers. and payment OF
cxorbitant rates OF Interest. As u re-
suit more than hair the currency Of
this country Is hidden In stockings and
| private rcccsscs. The government
| should establish a national savings
bank. and pay two or three per cent
interest. thus gathering In every cent
now hidden throughout the United
| States"
The report OF the committee on nom.
inntion Of officers was received and the
| following unanimously elected for the
ensuing year: President. q. Is.
Kountzc. Denver: vice president. NJ. d.
Thatcher. Pueblo: secretary and treas.
urcr. Fred q. Mofrat. Denver: member.
| OF executive committee for three years.
| J. A. Thatcher. Denver: J. A. Hayes,
| Colorado Springs: +. II. Stickncy,
Longmont: for two years. F..B. Gibson.
Denver: II. X. uollistcr. Trinidad: for
one year. J. b. Pctrikin. Greeley.
The committee on delegates and al
| ternntes to the American Bankers con.
rention then reported and the follow.
Ing We're chosen: Delegates. a. q.
Sharp. Colorado Springs. and +. i,
Gibson, Denver; altcrnates. w. II. Al
lison. Boulder. and Orson Adams,
Grand Junction.
ton ,It tnp ,att
o'clock in the afternoon, when the
ball room of the hotel was crowded
with representative bankers. mining
and business men from Denver. Pu-
cblo and all portions of the state, to
hear the address of the day by Charles
q. Dawes, former comptroller OF the
currency. He spoke on the asset cur
rency and branch banking system.
THE term asset currency" Mr..
Dawes explained. "as now used In the
discussion of changes in our national
bank laws, means bank notes issued
by n national bank, and depending for
their security upon the general assets
OF the bank. and also upon limited
guarantee fund in the hands of the
government, as trustee. which guaran-
tee fund is created by limited pay
ments by all the banks choosing to
issue such currency. Under our pres.
cnt laws, national banks are required
to deposit in the hands of the govern
ment as security for their circulating
notes. government bonds equal In
amount to the bank notes outstanding.
which deposit makes the notes safe
whether the bank fails or not"
Mr.. Dawes said that one of the prin-
cipal arguments for the asset currency
plans is that they will provide II cur
rcncy to take the place of our prescn,
bond-secured national bank note issues
when the bonds are retired. There
are at present. he said. about $780,
100000 government bonds outstanding,
and on April Both S31T.iSI.130 were a
basis for note issue. He said that there
is no future emergency near enough to
justify present asset currency issues If
they are not safe under existing condi-
tions.
He pointed out that 1t would be prac.
ticnlly impossible under the plans
urged to determine the fund needed to
protect the note issues, and particu-
larly so when its banks would be i'll
definitely increased and 1t would for
ever be impossible to determine the as
sessment to be levied on the solvent
banks to protect the note issues OF