The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-05-12

Mrs. evans EaS returned from oouln
Alabama, where she was called on ac-
count of the illness of her sister.
Mr.. C. A. N. Alien of Goodwater was
in the city today
Miss Lizzie Vandergrift of Branchville
is the guest of her cousin, Miss Ruth
Phillips.
stable and the soundest of all the bases
of wealth, and we have no case on record
where a bank in the agricultural dis
tricts, conservatively conducted with ag-
riculture as the security for its loans, has
ever failed or so much as gotten into
trouble. The dark spots mark where the
spirit of adventure has led beyond the
farm to the illusions of larger and quicker
returns.
This leads me to congratulate the men
who control the banks of Alabama, on
the prudence, wisdom and conserva-
tism which has characterized their pas
sage through the period of imitation and
promption now about drawing to it's
close They have been true to their trust
and to their real function as bankers.
They have not been swept into the field of
promotion and exploitation. They have
not used the money of their depositors
except for legitimate loans. The result
is, they now occupy position of strength
state leading position among the states
of the union. Surely In no other state
do the banks have their assets more Sc
curely in hand, prepared for profit in the
sunshine or to take shelter II haply 1t
should rain.
Most important Measure.
"Since the last meeting of our associa-
ton, the measure Of most Importance to
us all was the passage by the legislature
of bill to regulate the business of bank
ing in the state of Alabama. Alabama
hitherto with the minority of some half
dozen backward members of the sister
hood, thus takes her place In line with
the progressive states which regard the
banker as trustee of other mems goods,
and which undertake to guard this, along
with other trust estates. Without ex-
press instructions from our association
to back the measure, your president
deemed 1t part Of the duties of his Of
flee to press forward what was so OBJ
yiously to the benefit of the banks and
the patrons of banks, and he left no
stone unturned In his labors to secure the
passage of the bill. He took counsel with
others and aided the efforts of others
and called still others to his assistance.
If anything were lacking to convince us
how important the measure, it would be
by which the bill escaped defeat All
great reforms are enacted and all great
dangers averted in doubt and travail.
1.-THE benefit of the law cannot as yet
be measured We know, however, that
no one has been hurt and that the genial
sunshine which sprouts the impulse to
bank expansion has not been chilled. II
is too soon to suggest amendments. In
the meanwhile we may be sure that If
the law is not all we wish, If 1t does not
compel the keeping of the whole house
of the state bank In order, our patrons
are at least sure that we will all oc-
casionally dust the parlor
Credit to Cody.
Before leaving the subJuct let me do
Justice where justice is due, and here
write into the record that the chief
credit for the banking law that now
adorns our statute books belongs to MI
chael Cody, president of the Union Bank
and Trust company, of Montgomery He
was first at the cradle and but for his
own staunch labors and perhaps his pray
ers, would have been chief mourner at
the tomb.
I'VE must all regret the failure of the
negotiable instrument law before the
legislature at the last session, and 1t
is none too soon to begin preparations to
avert similar failure at the next oppor-
tunity. Whatever flaws some of us may
be able to see in some of its clauses the
system as a whole is the result of the
best brain and banking talent of the
country. 1t is already in operation In
more than twenty of the states, and
these include the most Important bank
ing states of the union. To postpone Its
enactment here is to be behind and out
of line with the march of events and de-
velopment in this great country. Ala
bama must not reconcile herself to any
secondary place in the business system
rightful destiny except by aiming at the
lead. And why should we not?
Think In Large Figures.
81 come from the mineral district where
the process Of expansion has been so rap
Id and wonderful that the people are ac-
customed to thing in large figures for
the future, and we have learned that the
larger our ideas, the larger our achieve
ments. We can see, too how large the
near future looms before the people OF
South Alabama, and can hear amid our
mountain Businesses the loud clangor OF
progress on the gulf. For every spadeful
Of dirt turned at Panama there will be
brick laid at Mobile, and our old CUR
City shall not much longer be gulf
port, but great American metropolis
For every sail that shall whiten the
canal. there will be fresh banner OF
prosperity flung to the breezes at Mont
gomery and Selma, and in all the region
round about. Whether we as individuals
do our duty or not, the forces at work