Gilpin observer., 1902-08-14
BANKERS CONVENTION
coLoRADo's MONEY CHANGERS.

Prominent Bankers-speech Of ex.
Comptroller Dawes-Asset Cur
reney System condemned-Ex-cov-
ernor Adams Favors Postal Savings
Banks.
Colorado Springs, Colo, Aug. 9-The
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 at 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 cleo
ton by the association of a 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 highly in
teresting address ON the three cardinal
qualities necessary to the successful
banker of to-day, namely, courtesy, sta
bility and integrity. Mr.. Thatcher laid
especial emphasis on courtesy, claiming
that quality to be Of the utmost impor-
tance in building up a bank. In this
connection he quoted George G. VIII
1iams, president of the Chemical Ma
tional Bank Of New York, who said:
NO institution is too important to ig-
more the laws of courtesy. 1 speak in
praise of politeness out of an expe-
rience Of fifty-nine years in the bank
ing business" Regarding stability,
Mr.. Thatcher said that decision and
positiveness in dealing with men adds
greatly to the bankers influence in
business. Integrity, he stated, was the
crowning quality Of them all. 1.-The
man who possesses it will be free from
corruption and bias. He will not lend
his support to shady transactions"
The address of w. H. Mcclure of
Canon City, 1.-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 mild sensation by announcing
himself in favor Of a government saw
ings bank system, though 1t involved
Of wi 10 v;ynr
banks throughout the country. Contin-
ulng, Mr.. Adams said: "The savings
bank has been practically a failure in
Colorado. This has been in a measure
due to extravaganza in Management,
dishonesty of officers, and payment Of
exorbitant rates Of interest. As q re-
suit more than half the currency Of
this country is hidden In stockings and
private recesses. The government
should establish q natiopal 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
nation Of officers was received and the
following unanimously elected for the
ensuing year: President. G. b.
kountze. Denver; vice president. NJ. d.
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,
Longmont; for two years, +. B. Gibson,
Denver; H. X. Hollister. Trinidad; for
one year, ]. b. Petrikin. Greeley.
The committee ON delegates and al
ternates to the American Bankers con-
nd ha <nrr
Ing were chosen: Delegates, A. G.
Sharp. Colorado Springs. and f. B.
Gibson, Denver; alternates, w. H. Al
lison, Boulder, and Orson Adams,
Grand Junction.
The convention then adjourned until
2 o'clock in the afternoon, when the
ball room of the hotel was crowded
with representative bankers, mining
and business men from Denver, Pu-
eblo 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" MFR.
Dawes explained. ''as now used In the
discussion Of changes in our national
bank laws, means bank notes issued
by Il national bank, and depending for
their security upon the general assets
OF the bank, and also upon n 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
ent 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
rency to take the place of our present
bond-secured national bank note issues