New-York tribune., 1902-05-08
SA VJNGS BANKERS MEET
REPRESENTATIVE HILL, OF CONNECTr.
CUT. DELIVERS AN ADDRESS ON THE
FOWLER CURRENCY BILL.

The ninth annual meeting Of the Savings Bank
Association of the State OF New-York was held
yesterday in the Chamber of Commerce rooms
About two hundred and fifty officers of savings
banks were present. Andrew Mills president or
the Dry Dock Savings Bank. who IS also president
Of the association. called the meeting order and
delivered his annual address. The annual election
then took place. the following officers fo~ tha
coming year being elected; President. Charles A.
Schieren. president of the Germania Savings Bank
Brooklyn; first vice-president. James Mcmahon
president of the Emigrant Industrial Savings Bank
New-York; second vice-president Edward P. Daw-
son. president of the Onondaga County Savings
Bank; third vce-president. Charles B Hanaman
president Of the Troy Savings Bank; secretary
William G. ConkIin. president of the Franklin
Savings Bank, New-York; treasurer, Samuel D.
Styles. president of the North River Savings Bank
New-York Executive committee, William C.
Sturges. presiden. Of the Seamens Bank for Saw
ings; James NJ Wentz. president OF the Newburg
Savings Bank; William B. Van Rensselaer,, presi-
dent of the Albany Savings Bank; Bryan H. Smith.
president of the Brooklyn Savings Bank; John D.
Hicks president OF the Bowery Savings Bank:
Robert s. Donaldson, secretary Of the Erie Coun-
" Savings Bank; Alexander r. Orr. president Of
the South Brooklyn Savings Bank Charles E.
Sprague. president of the Union Dime Savings
Bank; David Hoyt. secretary of the Monroe COun-
ty Savings Bank.
The question Of raising the rate of interest
throughout the State TO 4 per cent was discussed,
but it decided that IL would not be advisa-
sentatives of New-York banks declared that their
institutions found IL profitable to pay per cent.
but agreed that il impractiCable at present for
banks in cities of the second and third class to
make a change. The present rate Of interest IN the
majority Of savings banks in this State is 81 per
cent.
A. Ten Eyck Lansing. president of the Jefferson
County Savings Bank. entertained the members
with detailed account of novel method OF book
keeping employed IN his institution which enables
the banks officers to detect error at moments
notice After a discussion Of the general subject OF
enlarging the scope of investments for savings
banks and the transaction Of routine business.
an adjournment was taken for luncheon
President Scheren presided at the afternoon
meeting and introduced z. ]. Htn. member OF
Congress from Connecticut. who delivered ad-
dress the Fowler Currency bill. Mr. Hill said in
part:
I take the position here to-day that the United
States has no more right to put in circulation any
form OF legal tender money which it viii not re-
itself proclaimed than an individual has 10 issue
his note with the deliberate intention OF detaultns
the greenback. which is all fiat, should be redeemed
in gold and the silver dollar. which is more than
on March the New;York. Chamber. Of Com
merce unanimously voted that the hrst stone in
the foundation Of the structure of national credit
1900" and to that end favored the exchangeabiity
January Il. a bill to that end has been upon the
House calendar; and cannot he toucned because
forsooth. some Republicans who voted for il two
years ago now fear that the agitation Of the sill
question will hurt them in their districts this
fall and some Democrats who were driven by pub
lie sentiment 10 cast a like vote -hen,
that political conditions have changed
Geatiemen there Is no room in a sold standard
there is neither place for nor safety in banknote
issue adapted the increasing needs OF
merce" to use the language OF your resolution ot
five years ago. every banknote practically be-
comes slight draft upon the Treasury reserve Of
gold and every bank will look 10 the Treasury for
relief in time OF panic. they been doing
thirty years. even when their notes have not been
made redeemable IN gold
The greenbaCks should be paid and the ultimate
retirement of the legal tender silver dollar provided
for now, and meanwhile made exchangeaols for
gold.