The Lamar register., 1902-08-13
BANKERS CONVENTION
coLoRAoo's MONEY CHANGERS.

Comptroller Dawes-Asset Cur
rency System condemned-Ex-Gov
ernor Adams Favors Postal Savings
Banks.
Colorado Springs, Colo, Aug. 9.-Thc
Colorado Bankers Association closed
the final session of the first ANNUAL
convention here with an elaborate ban
quet at the Antlers hotel last night.
At 10 o'clock this morning the meet
ing was called to order by President
Hayes, with over 100 representatives
Of Colorado banking institutions in at
tendance. The principal business trans
acted was the election of officers for
the ensuing year and delegates and al
ternates to the annual convention of
the American Bankers Association to
be held ut New Orleans November 11th
and 18th.
The report of the committee on con.
stitution and bylaws was adopted af-
ter considerable discussion. The con
stitution provides for the annual elec-
tiOn by the association of IL president
vice president and secretary treasurer.
The executive committee shall consist
of these three officers, together with six
others to be appointed by the president.
Three will hold office for three years,
two for TWO years and one for one year.
This provides for three holdovers each
year.
J. A. Thatcher of Denver was then
introduced and delivered n highly in
teresting address on tile three cardinal
qualities necessary to the successful
banker of today. namely, courtesy. sta
bility and integrity. Mr.. Thatcher laid
especial emphasis on courtesy, claiming
that quality to be of the utmost impCr-
tance in building up bank. In this
connection he quoted George q. VIII
liams, president of the Chemical Ma
iional Bank of New York, who said:
NO Institution is too important to ir-
more the laws of courtesy. | speak in
praise of politeness out of an cxpe-
rience of fifty-nine years in the bank
ing business" Regarding stability.
Mr.. Thatcher said that decision and
posiiiveness in dealing with men adds
greatly To the bankers influence III
business. Integrity. he stated. was the
crownlng quality of them all. The
man who possesses 1t will be free from
corruption and bias. He will not lend
his support to shady transactions"
The address of w. ii. Mcclure of
Canon City. The Savings Bank and
Its Advantages was read by the sec
retary. Mr.. Mcclure being delayed by
the washouts.
At the conclusion OF the addresses
President Hayes called for discussions
of the papers. and ex-Gov. Alva Adams
sprung n mild sensation by announcing
himself in favor of = government saw
ings bank system, though 1t involved
the destruction of private savings
banks throughout the country. Contin-
uing. Mr.. Adams said: "The savings
bank has been practically Il failure in
Colorado. This has been In n measure
due to extravaganza in management.
dishonesty of officers, and payment Of
eXorbitant rates OF interest. As II re-
suit more than half the currency of
this country is hidden in stockings and
private recesses. The government
should establish n 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
ination Of officers was received and the
following unanimously elected for the
ensuing year: President. G. Is.
kountZe. Denver: vice president. NJ. ID.
Thatcher. Pueblo: secretary and treas
urer Fred g. Moffat. Denver: members
| of executive committee for three years,
J. A. Thatcher. Denver: ]. A. Hayes.
Colorado Springs; +. ii. Stickney.
I.ongmont: for two years. +. Il. Gibson,
Denver; II. X. Hollister, Trinidad: for
one year, J. b. Petrlkin. Greeley.
The committee on delegates and al
ternntes to the American Bankers con-
vention then reported and the follow
ing were chosen: Delegates. A. c.
Sharp. Colorado Springs. and +. b.
Gibson, Denver; alternates. w. II. AL
lison, Boulder. and Orson Adams,
| Grand Junction.
| IN ynp inv, uIf I
O'Clock in the afternoon, when tn.
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 national bank and depending for
their security upon the general assets
| of the bank, and also upon IL limited
| guarantee fund in the hands of the
| government, as trustee, which guuran-'
tee fund is created by limited pay
ments by all the banks choosing 10
issue such currency. Under our pres
ent laws. national banks are required
to deposit in the hands of the govern
ment us 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
rency to take the place of our present
bond-secured national bank note issues