The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-05-20

thirty years old when the supreme
moment came which proved its worth
lessness. s&
"In 1892 it was appealed to by
bruised hearts and aching heads; it
was asked for bread and it gave
stone. 1t failed. 1t was a dead fetch
in August, 1898. @AaT
"Relief came not from the national
banks but from the self reliance of
our citizens and the superiority of bus
mess expedients over government di,
rection. Through financiers in our
great cities, and through corporations
experienced in handling such crises,
and not through the national bank sys-
tenn did our people Work out their
own salvation. The banks adopted
methods which have gained the name.
The Emergency Currency.
This consisted of a general adop-
ton of: /. The Clearing House GER
tificates-not new in invention-but
2. Certified checks which became
currency. g. Pay checks to meet the
weekly pay rolls. a @
with all these safeouards is our
Lank currency really safe?
THE answer is found in the fact
that the percentage of bank failures is
very small, and that the losses to note
holders and depositors when compared
to the total of notes and deposits is
so small as to become insignificant. 1t
is safe to say that the bank currency
of the present day is safe enough to
warrant it's use to an extent greater
than is now customary.
"And finally, brethren, What of To-
morrow? The past has found us even
at our posts doing duty as responsible,
reliable men, The present brings no
Of to down
shame Our banners have ever been
aloft, clean, radiant, resplendent The
future may be left to take care of it
self, and no dread of grave disaster
need intrude upon our peaceful lives.
"But there are little bots upon oul
escutcheons, little evils that confront
our view.
"We all want business and are all
glad to have it come our way. Shah
we seek it, or in the language of the
street. Shall We drum for it?'
High grade newspaper and maya
zine advertising cannot be condemned;
it is the medium of publicity that
every good bank should have.
"But the cheaper forms of modern
advertising through book agents
methods: privately circulated letters
of appeal fiamboyant posters asking
for business, together with the mis-
representations and innuendo such
methods create, are open to serious
criticism.
.'The better way. the only legitimate
way, is to establish a standard OF re-
snectability and soundness, and by and
through this standard draw the busi-
ness world to your doors.
North Carolina Bankers: | salute
Won. as one who has been with the
association for many years, honor
Won Safe in counsel; conservative in
action: prudent in life and faithful to
promise.
Address of Col Burgwyn.
Col w. H. S. Burgwyn, of Weldon,
was the next speaker, his subject be-
ING "rPhe New Orleans Cotton Con-
vention. 80,
His subject covered in detail tie
proceedings of the bankers and cot
ton growers gathering, the STEPS Ia
ken looking to the holding ana mar
keting of the cotton crop and the re-
eults obtained by the steps taken in
tba convention. OF the bankers con-
vention he said:
Before any business was transact
cd (by the bankers) the Finance
Committee appointed by the Cotton
Convention We're announced, and sub
mitted the report of said committee
made to the Cotton Convention as
follows: "Your committee on FL
nancing and Holding the Balance of
the Crop until Legitimate Prices are
Secured, concludes, after last nights
exhaustive session and this mornings
discussion, that each State and local
section seems amply able to finance
their present holdings. We believe
the cotton now in the hands of the
producers should remain at home on
the farms or be stored in local ware
ft1l1 i
from the elements and damage by
fire. The banks and commercial
men evidence their willingness and