The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-06-30

night, the North Carolina Bankers
ASSOCIATION reassembled yesterday
morning at 10 o'clock in the ball room
of the Seashore hotel, at W~rightsvile
beach. President Geo. W. Montcastle.
Of Lexington, was in the chat, and
Secretary c. n. Evans, of Charlotte,
was at his post.
The programme for the hour was
taken up, viz: the reading of papers on
various topics. The first was an able
paper by President Coldwell Hardy, of
the American Banking Association. and
president of the Norfolk. Va. National
bank. His subject was Organization
Among Bank and the Benefits Incident
Thereto" In his introduction Mr..
Hardy said:
The subject Of this address was as
signed TO me and | take for grantee
was evolved from the fertile brain Of
your gifted secretary. l have not yet
recovered from the shock I sustained
when l got fairly up against it." I
hardly know whether he expected to
swamp me with the magnitude Of 1t,
nor gave me credit for a fecundity of
thought and a flow of language hat
would like the brook run on forever.
The more | weighed and considered it,
the more fully a v | become convince /
that it would take gifts far beyond
mine to do the subject justice in all OF
the ramitications into which the pur-
sui of il in thought and action would
lead one, and it would take more of
your time to listen to it than you might
consider profitable or convenient, even
We're | able to do it justice.
Having commenced my banking ca
reer at eighteen ear of age, my train
ing has been from a practical rather
than an academic point of view, and I
shall naturally speak from that stand
point. and knowing your human week
ness for short ermOns Will make this
as brief as may be, at the same time
giving you, if possible, some thoughts
to take home with you into you count
ing rooms.
The individual banker dates from the
time when the memor of ma run
meth not to the contrary, and the first
appreciation of the advantages of or
ganizatiOn in banking found express
sion in the chartering of joint stocks,
the bringing together of comparatively
small sums from individuals and Dy
combining them into a considerable
volume of capital, make possible the
accomplishment of what only this
large capital could compass, and what
none of the individuals could have done
separately. Without attempting any
review of ancient banking and its pro-
gress. let US come down to the times
within our OWn recollection and the
times in which we live.
This is a day of organization and we
have to put behind US forever the day
when every mar in business was q law
unto himself. In the old civilization
where individualism pr~edoElinated,
great. enterprises were possible. That
G produced strong men-"therc were
giants in those days'-truly-but indl-
vidual effort never yet tunnelled
mountains. constructed railways, Or
carried out any of the great schemes Ct
public improvements that have enrich
ed the world. 1t vas a splendid civil
cation, it produced men. but limited
them to the horizon of their own eff
orts. There is a story told Of the bril-
liant Bob Toombs that he died lament
ing the substitution Of corporations for
individual effort and private partner
ships. His reasoning best appears from
a story told of him in connectio with
the organization of a company to build
a hotel in his home town. He said
There is no need of a company TO ouild
a hotel. every man of character VINO
comes here IS my guest. no others ar
wanted He could not bring hims-if
to the changed conditions that demand
ed the use of many a "mickle" to make
the ''muckles,' WhereWith to build upon
a larger scale han the day Of individ-
ualism could ever hope to each.
Reorganization is the fulcrum Of the
twentieth century and upon it tests the
financial. commercial and industrial
prosperity Of the republic. The es/b-
lishnent of the first pank in a village
is the practical exponent of the prlncl-
pit upon which modern business s con-
Quoted. Prior thereto this man or that.
who has accumulated a small capltal,
loans money and. in an ineffectual and
spasmOdic way. performs some of the
functions Of a banking institution. but
there is lacking the concentration O.
capital to make their operatioO@rga-
ly beneficial. When instead Of & iozer
small lenders. the money is all put .ntO
one fund to supply the legitimate needs
OF the community. the same rlnclr!e j.
in essence put into operation tina later
appears when banks organize for mu-
tual protection and the advantage #
the public"
Mr.. Hardy then went on to explain
the convenience and operation Of the
modern clearing house to facilitate
banking work where two or more banks
are concerned. He demonstrated tha
facility and economy of the system,
and urged that where there arr two
or more banks thy should organiz :
clearing house. He next pointed out ne
advantages of banking associa tons
in this connection spoke cr2c all,
of the work being one by the Arcor-
can Banking Association Of which he
is president and to explain the institute
for disseminating and unity
ing instruction as to the best banking
methods. After speaking al some