The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-11-12

was given an ovation when he had con-
cluded although more than once when he
asked If the convention did not agree with
the doctrines he was expounding he was
answered by cries of no" = y INK, +, =
BANKERS PAPERS ..
Interesting Talks on the New South and
on the Scottish Banks.
New Orleans. Nov 12.-At the meet
ing of the Bankers Association yesterday,
| Joseph G. Brown, Of Raleigh, N. c., said:
The New South.
The south had practically nothing at
the close of the war. The world looked
| no in amazement at the east with which
France met the installments of the enor-
! nous penalties imposed by her victorious
foe at the close of the Franco-German
| war. The south, after enduring a war
four times as long, paid in one vast lump
sum penalty five times as large, the
| money value of her slaves being that
! much greater than the amount demanded
Of the French. No country ever rallied
from such desolation, with such spirit
and v1gor as she displayed-a result due
not more to her Astounding natural re-
sources than to the spirit and pluck of
| her sons and daughters. Tried in the Sc
verest furnace, she has proved to the
| world that she Is worthy Of its confidence,
that In her, and her people, are to be
found the real elements of moral and ma
teriaI wealth. Her wealth to-day equals
that Of the entire country in 1850, and
practically all of this has been created
| sinceNthe close of the civil war.
AT the beginning of this new century,
| thousand millions Of dollars will barely
| tell the amount Of capital the south has
| invested in her manufacturing enterprises
alone, and she is annually putting on the
markets of the world her own handiwork
| to the value of more than one and half
billions Of dollars. 49,.
Another declaration of independence
| has been proclaimed and is being de-
Tended. It Is the emancipation Of the
| white man. When the great Lincoln
issued his proclamation of freedom, the
world applauded The most intense
southerner to-day rejoices that the ne
gro's freedom was accomplished. But
scarcely any well informed person is
! found who does not recognize that an
egregious mistake was made when,
through the ballot, the balance Of political
power was placed in the hands of a mass
| Of ignorant people without the least Con-
ception Of the meaning of government.
! The south honors the negro. We can new
er forget the loyal fidelity with which: he
| best interest of both races that the con-
troll Of government should be in the hands
Of intelligent men,
The Scottish Banking System.
John Johnston, of Milwaukee, spoke of
''The Scottish Banking System" He said
in part:
Notwithstanding the fact that there
was no limit to the issue of bank notes,
and notes of small amount were permitted,
Scottish currency for 100 years has never
for one moment varied from par, neither
has penny been lost by a single depos-
itor during all those years. I need mot
remind you that the currency of Scotland
Is an asset currency.
| THE question naturally occurs, why did
the Scottish banks stand firm through all
the years which proved so disastrous to
| the English banks. The popular reason
| Is found in the supposed closeness and
| caution Of the average Scot. I believe
| however, that the high encomiums passed
| upon the Scot for his virtue of caution is
wholly undeserved. His history shows
that he cares little for money when it is
| placed in the scales against things higher
| such as education and civil and religious
| freedom.
| "There can be no question, however, as
to the fact that the Scottish bank main
| tanned a stability unknown in England
| No doubt several circumstances contrib
uted to this: Among them the fact that
the number of stockholders is very large
In some Of the banks they are counted
| by the thousands; one of the smallest,
know, has 5000 stockholders. The banks
rest upon the people, and the people are
| loyal to the banks. In Scotland the feel
ing is universal that the interests Of the
banks and of the people at large are
! identical. There is no such sentiment as
| is to be found in some places, that what
ever favors the banks must be antasonis-
IN to he frxy OF 10y &
Scotland, land, as we'll as property can be
attached for debt, and as all the land Is
registered, 1t is easy for the creditors Of
| the bank to ascertain from the records
what landed property is possessed by The
shareholders Of the banks, which L un-
derstand is not the case in England. This
| tends to create confidence in the minds OF
the depositors and bill holders. .~4s.s;g
ITO an American the two most striking
features Of the banks of Scotland are theil
numerous branches, and their system Of
cash credits or cash accounts.
Il know some Of my friends who have
banks in our smaller cities fear that the
capitalists of New York would invade theil
| territory were branch banking permitted
1t appears, however, as if the banks o.
New York have all they can attend tt
without establishing branches in the dis
tant parts of the country. 1t may be tina
there is something In the makeup of the
! American people opposed to branch banks
but I cannot believe it, Branches flour
ish in every other business, such as insur
ance, and in mercantile and rnanufac
turing Of every description. cannot SEE
why there should be any objection to the
| establishment of branch banks in those
towns where there are at present no banks
whatever ,.-'..
Chairman F. S. Bigelow Of the execu
tive council submitted a report in tn,
course of which 1t was stated that the cur
rency plan of Mr.. Hepburn was Endorsed
in so far as it suggested the issuance o
currency by banks Of $4,000 capital ant
$40, 900 surplus or more, to. the extent O.
half their capital stock at a. tax Of 6 Pc
4 cent Zone half per cent a month";.
A report from the committee on uniform
laws reported success in three states
Ohio, Iowa and New Jersey. So far TWEEN
ty states have adoptedkit. ssESS
The nominating committee of the ma
tional association decided onSthe following
officers: p 1, go. ~
President, Caldwe tHahrdy OF Norfolk.
First vice president. F. G. Bigelow of Mil
.waukee. 49,. 49, .;55s.Es n
Members Of the executive council, G. Z. Far
rell, Indianapolis; A. II. Virgins, New York
Ala Crane, Minneapolis; Luther Drake, Omaha
AL Va Lane, Dallas. q.
Members of the executive council at large