Richmond planet., 1904-09-24
NEW YORK HERALD" Sept II, 1904
BANKERS APPLAUD
NEGRO RlNANCIER
John Mitchell, Jr., of Rich
mond, " ms Fnthusias-
tic Admiration as
Convention Closes.
ELLIS II. ROBERTS SPEAKS.

Few features of the sessions of the
Convention IF the American Bankers
Association which came to a close yes
terday, created more attention or evoked
more applause than a speech delivered
by Negro. He was John Mitchell, Jr
president of the Mechanics Savings
Bank of Richmond. Even the address
of Ellis II. Roberts, Treasurer of the
Unite d, on 1.-The Strength and Weak
ness of American Finance" received
no more appreciative comment The
Negro financier defended his race from
the accusation of iuferiority, which had
been made, covertly at a previous ses-
| sion of the Convention.
After prayer by the Rev. James Nj.
! Farrar, of Brooklyn, the chairman in
! troduced w. f: Schweppe, of ST. Louis,
who read paper on "Credit Indemnity
and its value TO the Banker" He said
that since the establishment of the first
bank, in Venice, in I'LL, the principle
| of demanding collateral for loans has
never changed. He suggested system
| of credit insurance which would reim-
burse the insured from loss. The close
intimacy of the rels tions between the
banker and the mercantile interests of
the country would, Mr.. Schweppe was
sure. commend the plan to all financial
| in stitutions
Ellis III. Roberts address was made
| without the aid of notes and his remarka.
| bic ability to quote long items of statis-
/ tics from memory excited admiration.
| Mr. Roberts made point of his sug-
! gestion of an international clearing
house. He quoted figures showing that
In the last fifteen ears the United States
| had exported $500, 23l ,329 in gold and
had imported SS45, ,452. 765.
FULL SUMS CARRIED ACROSS.
-
Yet the full sums of imports and ex-
! ports, said Mr.. Roberts, were carried
across the ocean at great risk, heavy
cost for freight. and not little loss by
abrasion. Why should this treasure be
carted back and forth between ma
| tions, as the banks of this and other
| cities used TO deliver money TO each
| other? is it not possible TO frame a sys-
| tenn by which only the differences NAV
be paid in metal at proper intervals?
1.-The international organization may
well have its vaults in London, Paris
and Berlin, as well as in New York.
and the treasure can be divided in the
ratio of the gold of the several countries
The certificates of the four vaults can
be interchangeable. The barbarism of
shipping kegs of metals east and west
over the Atlantic may go with the meth
cd of the mummies and the cave dwell
ers.
1t was when the proceedings of the
| convention were about to close that Mr..
Mitchell asked for the privilege of the
floor. He was the only Negro delegate
to the convention, he said, and he had
found no difficulty in obtaining all the
privileges which had been accorded any
other member of the ASSOCIATION.
haUa faIy ha Oh &c Al
white man." said Mr.. Mitchell, ''and
the Negro is BOW knocking at the door
of finance, and only time stands IN the
way of our reaching the pinnacle of our
hopes.
''BLACK LoAFERS" IN THE SOUTH.
cit is the black loafers in the South
who cause the troubles and persecution
or our race, and we despise them Just as
the whites do. L am glad TO be able to
tell the people OF the North the real sit
uation in the South. l came here at the
earnest solicitation of the whites of nv
section, although am native of Vlr-
ginia."
Mr.. Mitchell told the story of his early
struggles for an education and referred
aHectlonately 20 his old nanny" who
had given him good council IN his
gates from both North and South to a
pitch of enthusiasm which eliminated
IN storm of applause.
Mr., Mitchell was thanked by Mr..
Bigelow, the president of the associa
ton, for his candor, and he compliment
ed him on his speech, saying in conclu.
sion:-
1t was not a shadow Mr.. Mitchell
(referring to the word used by delegate
IN a speech at Thursdays SESSION. that
you threw across our Convention, and
your eloquence has shown that in
speech-making the South has no color
line"
After the convention adjourned Mr..
G.. s. WhItson, of the National CITY
Bank, was elected chairman of the Ex-
ecutive Council; James r. Branch was
chosen secretary for the tenth consecu.
tive term, and Ralph Van Vechten, of
Cedar Rapids, Iowa, was selected for
treasurer.
After the theatres closed last night
the delegates and their wives began TO
leave the city for their homes.