Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1902-11-12
HERRlCE TALKS TO BANKERS
President Of American Association Refers
70 Morgan as Prodigy.
RlDGLEY INDICATES DANGERS TO NATION
says Country is Trying to DO Too
Much and Must Allow Greater
Note Issues to Stave on
Depression.

NEW ORLEANS. Nov. 1.-THE American
Bankers association began its annual
meeting here today in Tulane hall. After
prayer by Rev. DR.. Beverley Warner ad
dresses of welcome were made by Acting
Mayor William Mehle, City Attorney
Samuel L. Gilmore, on behalf of the city;
Prof. w. c. Stubbs. on behalf of Governor
Heard. and r. NJ. walmsley of the Clearing
House association, on behalf of the local
bankers.
President Herrick replied to the well
comes and delivered his annual address.
He said in part:
American democracy in it's imperial
progress has found its power and sure sup
port in the confidence and good will of
mighty nation emphasized in It's bankers.
Its trade conquests, its financial gains, in
ternatOnal prestige and its wOrld-sweeping
plans are personihed, for the average OBJ
server, here and abroad in the mastery
gentleman who presides in his unpre-
tentious banking house at the corner of
Wall street and Broad.
The banker son of a banker is a prodigy
In the eyes of scores of millions in the
civilized world He stands before the world
as the embodiment of all that is over
whelmng, magical and epoch-malSng, IN
recent American commercial growth and
life. He is looked upon as the incarnation
of the power of money, the climax of mill
tant wealth and American lust OF CONNER
! tlal ana INDUSTRIAL dominion.
Yet Mr.. Morgan is not even Incorporated.
Banking, in Chis most potent and por-
tentious form, Is not great stock COM
pany still less anything which can be called
trust. 1t is merely a man and his part
| ners 1t is a Connecticut Yankee, who has
| gained wonderful control of Wall street,
not, however, by inherited riches or lucky
gambling. but by the force of his personal
! ity and his commercial generalship.
Readjustmeut of Old Ideas.
Here is a fact wei calculated to compel
| radical resdjustmert of the cherished no
| tions of those who have made a hobgob-
| blin of banks and bankers, and named their
! monster the money power, other conol'
| tions equally impressive and conspicuous,
have been operating forcibly in the same
! In an era of trusts (using the word in it's
| popular sense) and great combinations aim
! ing at the restriction, II not the entire re-
! movai, of competition, a movement reach
| ing far and wide in trade and productive
industry, the banks have gone on IN the
| the idea of individuality and independence
6 cherished tradition. The banks of the
| United States stand before their country
sorvatism and straightforwardness
! In its very nature banking is the opposite
| of the business of any trust, of the type
| which constitutes a political storm center,
| There can be no monopoly. or product IN
banking, nor can we imagine a combination
among debtors that would restrict COM
merce, yet We must acknowledge II TO be
the chief business of banks to become
| circulating system of the vital fluid or
commerce and while acting harmoniously
These facts are too big and plain to go
unnoticed by the average American. There
| is no lodging their meaning. They acquit
| banks and banlS lScrs of the charges which at
various times and in certain places have
been made to pervert public sentiment and
. to prejudice the public against a class of
men whose notable services are too often
discounted by ignorance and thoughtless-
ness. The more the tendency toward com
lit hon, Int not inn
affects commerce and industry the more
| the banks will Inevitably gain favor by
! trust movement in the direction of over
| capitalization the reader the country will
be to look upon banks and bankers as
| champions of independence In business and
as safeguards of conservatism.
Conditions Present Opportunity.
DO not these conditions present an OPP
portunity to the banking interests of the
! United States which Is too valuable to be
lost? Have we not, as bankers, been given
the best chance ever accorded to insure tc
! us the hearty good will and entire con-
| fidence of the American people, which shall
, mean not only faith in the solvency of the
| banks, but also friendliness toward them
and a willingness now and then to look
through bankers spectacles, at legislative
that we are not profitably enriched by the
increment of usurious interest which Is
really Withholding blessings from the
| needy? Is any greater gain to be hoped
for from the concerted action and the ut
most influence of banking interests thar
the winning of such complete public trust
and good will as the American banks anC
bankers have always desired, but have
never as yet obtained?
1t is not many years since the most con.
spicuous labor organization of that day IN
the United States barred from member
saloon keeper, the lawyer and the banker
And a painfully large number of meT
other than knights snfd Of Labor thought & tn,
hard on the liquoE seller. The feeling
, which found expression in this curious bal
to American knghthood has been greatly
weakened by the logic of events, ever
where il was formerly most common. Toe
many of those who fifteen or twenty yeart
, ago were avowed enemies of the banks
have become depositors and stockholderi
in the Institutions which they denounced
. to permit of the continuance of such senti
Shall we not, then, be wisely conten
simply as American citizens. not strivinI
as an association to furnish ready mad'
laws on any subject2 II would be a sorry
day If bankers were ever to forget tha
they have peculiar responsibilities which
. dwarf whatever possible obligation rest
: upon them to take part as a class, in Law
Cannot believe that the country is read,
> to accept a bank made scheme of legisla
ton. However it is more willing now thar
s ever before TO give the. banks their full
share in ths 5aV9Ts Of e fSS fRs
e are now as they were in Jackson's day
0 really the simple embodiment OF and re
: ceptacles of the active Industrial powe
of the people, and as much entitled to al
. equitable participation In all the aboundinl
| glories of this great republic.
Officers Make Report.
The report of the secretary showed
, present membership OF 1884, with an an
nual income of SCI. 800. There was ne
increase in membership during the year O
97S.
f. S. Bigelow chairman of the executiv
4 council submitted a report in the cours
= of which II was stated that the currenc
r plan OF Mr.. Hepburn was endorsed insofa
L as II suggests the issuance Of currency b
d banks OF $4,000 capital and $4,000 surplu
G or more, to the extent of half Of their cap
e ital stock at tax Of per cent
J. ]. Johnston, vice president OF the Ma
y rine National bank OF Milwaukee, then ad
dressed the convention on The Scottis
II Banking System" and Joseph G. BrowI
president of the Citizens National bank G
Raleigh. N. c.. spoke on The New South.
The committee on uniform laws reporte
much progress during the year in the effor
d 10 have the negotiable instrument law en-
AZ.