The Delta independent., 1902-08-15
BANKERS CONVENTION
coLoRAoo's MONEY CHANGERS.


Prominent sankers-speeeh Of ex-
Comptroller Dawes-Asset Cur
reney System condemned-Ex-Gov
ernor Adams Favors Postal Savings
Banks.
Colorado Springs, Colo, Aug. 9.-The
Colorado Bankers Association closed
the final session Of the first annual
convention mere 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-
stftution 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 lie quoted George @. VIII
liams. president OF the Chemical Ma
iional Bank OF New York. who said:
NO institution Is too Important to !g-
more the Laws OF courtesy. speak In
praise of pollteness out of an expe-
rience Of nfty-nine years in the bank
ing business" Regarding stability,
Mr.. Thatcher said that decision and
posit!veness In dealing with men adds
greatly 10 the bankers Influence In
business. Integrity. be stated. was the
crowning quality OF them nil. The
man who possesses It will be free from
corruption md bias. He will not lend
his support to shady transactions"
The address Of W. II. Mcclure Of
Canon City. "T'he Savings Bank and
Its Advantages" was read by the Sec
retary. Mr.. Mcclure being delayed by
toe Waahouta.
At the conclusion OF the addresses
President Hayes called for discussions
OF the papers. and ex-Gov. Alva Adams
sprung q mild sensa ton by announcing
himself In favor Of government saw
ings bank system. though II Involved
the destruction OF private savings
banks throughout the country. Oontin.
uinR. Mr.. Adams said: THE savings
. hank has been practically . failure In
Colorado. This has been In . measure
due TO extravaganza In Management.
dishonesty Of officers. and payment Of
rxorbltans rates of interest. As 4 re-
suit more ti,an half the currency Of
this country 10 hidden In stockings and
private rec~sseA The government
should e@tabliAh Q national savings
hAnk. asd 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. c. B.
kountxe. Denver: vice president. n. u.
Thatcher. Pueblo: secretary aud treas
ursf. Fred q. Mofat. Denver: members
of executive committee for three years,
J. A. Thatcher. Denver: ]. A. Hayes.
Colorado Spring.: r. II. Stickney.
1.onEmont: for two ycars. y. b. Gibson.
Denver: II. X. Hollister. Trinidad; for
one year. J. B. Petrikin. Greeley.
The committee on delegates and al.
ternates to the American Bankers con-
vcntion then reported and the follow.
Ing were chosen: Delegates. A. q.
Shnrp. Colorado Springs. and r. B.
Gibson, Denver; nlternates, W. II. Al
lison. Boulder. and Orson Adams,
Grand Junction.
The convention then adjourned until
. o'clock In the afternoon. when the
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 limited
guarantee fund In the hands Of the
government, ms trustee, which Euaran-
tee fund is created by, limited pay.
ments by all the banks choosing to
issue such currency. Under our pres
cnt laws. national banks are required
TO deposit In the hands of the govern
mcnt Ms security for their circulating
notes, government bonds equal In
amount to the bank notes outstanding.
which deposit makes the notes safe
whether the bank falls or not"
Mr.. Dawes said that one Of the prin-
cIpal arguments for the asset currency
plans Is that they will provide a cur.
rcncy 10 take the place OF our present
bond secured national bank note issues
when the bonds are retired. There
nrc at present. he said. about $3.50.