The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1904-03-25
They Hold Very Profitable Session
in Austin Yesterday.
History Of National Banking System
BY Mr.. Lafayette.
Obstacles Met and Surmounted By It's
Active Supporters.
Banquet rendered Visitors By Aus.
tin Bank Men.
Especial to The Free Press.l

Austin, March 23.-The first annual
meeting of group three, Minnesota Bank
ers' association was called to order at
two o'clock yesterday in the Elks' hall
at Austin.
N. F. Banfeld, cashier of the First Ma
tional bank of Austin, was elected tenn
porary chairman and A. W. Laird, cash
Ter of the Second National Bank of Wi
mona, temporary secretary.
After the temporary organization was
effected the afternoon session was open
ed by prayer by Rev. G. D. Belden of
Austin. Then followed the address of
welcome in happy vein by Mayor
Charles F. Cook of Austin and the re-
spouse by President G. B. Keller of the
First National Bank of Albert Lea. In
his response Mr.. Kellar, among other
entertaining things, touched upon the
marvellous development of southern Min
nesota since he came to Albert Lea in
1854, and in very interesting way re-
/ lated some of his early experiences in the
vicinity where Austin and Albert Lea
are. now located.
| Attorney Lafayette French of Austin
read a most exhaustive and instructive
paper on the struggle for An Existence
of the National Banking SYSTEM" Civ
ing complete history of this system
and the opposition it met with from
the state governments and the Estates
rights" supporters. Mr.. French not only
gave Alexander Hamilton the credit for
being the greatest fnancier of his time
but said he was the great teacher and ex-
ponent of principles that are recognized
today as the basis ofsound governmental
financial policy.
The topic Association Work" was
ably handled by Joseph Chapman Jr, of
Minneapolis, secretary of the Minnesota
Bankers association. Mr.. Chapman's ad
dress as usual was brimfull of wit,
/ logical argument and good, sound bust
ness principle.
After the conclusion of the papers the
following officers were elected for the
ensuing year: President, G. B. Kellar,
First National bank, Albert Lea; vice
president, L. Whitmore, First National
bank, Wabasha; secretary and treasurer,
A. w. Laird, second National bank,
Gooding, Union National bank, Roches-
ter; M. T. Dunn, First National bank,
Leroy.
The convention then adjourned until
p. m. when the Ground Table" discus
sion was taken up with Mr.. N. F. Ban
field in charge of the question box"
This feature of the program proved very
interesting and instructive. 1t develop
ed that there is great difference in the
rates of exchange in the different towns
of the district. After an extended dis
cussion resolution advocating the adop-
ton of uniform rate in the district was
unanimously passed and the chair in
structed to appoint committee consist
ing of one member from each county in
the district to report on the practica-
bility and to recommend the adoption
of a uniform rate if favored by a
majority of the members of the associa-
ton.
The paper on the topic "Should Ma
tional Banks be Allowed to Loan on Real
Estate?" by A. C. Gooding, cashier of the
Union National bank, Rochester, was
careful and very convincing argument for
the affirmative side of the question, and
showed that with proper restrictions it
would be one of the best and safest lines
of loans that a bank could possibly have.
In the absence of Mr.. o. M. Green, as
ststant cashier of the First National
Bank of Winona, his paper on Right
Relation of Bank Employer to EN-
ployee" was read by Mr.. A. w. Laird.
Mr.. Green had thorough grasp of his
subject and a terse, convincing way of
expressing his ideas.
In conclusion the association passed a
resolution of thanks to the citizens OF
Austin, the Elks lodge and the bankers
of Austin for their entertainment and
the banquet given by the resident bank
ers to the association and their friends.
All then adjourned to the Fox hotel
to partake of the elaborate banquet in
waiting for them, after which the fol-
lowing toasts were ably responded to,
J. W. Scott of Austin presiding as
POSTMASTER:
"Some of the Weaknesses of Our
Banking SYSTEM" R. E. Shepherd, attor-
new, Austin; 'The Banker From the
Merchants Standpoint" G. L. West,
president of the Retail Merchants as
sciation, Austin; "The Old Minnesota
Banker and Is He Still in Evidence
L. L. Bennett, president National Farm
ers' Bank, Owatonna; what Interest
Should the Banker Take in Public At
fairs?" by J. B. Sullivan, cashier First
National bank, Waseca; ''The Business
Outlook for 1904" A. w. Wright, at
torney, Austin.
This closed the convention and all
present felt that it had been most
pleasant and profitable meeting, both So
cially and financially.