Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-11
DOWN TO BUSINESS
Continued from First Page.)

us New Workers. Kentuckians or orego-
mans, but we are all Americans. We realize
as never before that this government OF
ours is indeed national government, and
not the weakly governmental force of sep
arated and Jealous states We have COM
mon pride In the names of Jefferson and
Jackson, of Lincoln and Grant and Lee,
and OF that splendid galaxy of other dis
tinguished statesmen, soldiers and patriots
who have builded these United States on
such everlasting foundations.
ITO bankers is Washington of especial in
terest. The whole financial history of the
country is closely interviewer with it. Here
the country's financial laws are enacted,
and from here enforced. 1t was the seat
of the first great bank of the United States
and is today the headquarters of the larg-
est banking institution in the Countrywide
treasury of the United States. The ma
donal banks of the country look to Wash
ington for their legislation and largely for
their government The man of all men
who comes nearest being the arbiter OF
their destinies, the controller of the cur
rency, issues his orders from here. 1t Is,
therefore. more than an ordinary honor,
to be called upon to preside over this the
thirty-frst convention of the American
Bankers Association in the great city of
Washington.
The Years Work.
'The business of the association during
my term of office will be given you in de-
tail through the reports OF the secretary,
treasurer and the various committees.
When elected president little more than
one year ago. 1 asked and expected the
loyal support of every member and officer
of the association. The success or failure
of the years work depended on this. 1t Is
a great pleasure at the years end to state
that such support has been faithfully and
loyalty given. 1 would bespeak my thanks
and those of the other members of the as
ISOLATION to the secretary and executive
council for their work so faithfully and
conscientiously done, work that will be
more fully appreciated when the detailed
statements of such work are laid before
you.
Since our last convention death has
been amongst US, and there have gone to
the great beyond twos often honored and
Gen. Charles Parsons of St. Louis and Mr..
Joseph c. Hendrix of New York.
u think l ought to voice the deep sense
of chagrin and shame that every member
here feels at the disgrace brought upon the
high office of president of the American
bankers Association. the banking profess
sion In general and good citizenship every
where by the felony of one who was hon
ored by us, held in such esteem and now
Justly occupying a prison cell. By his own
voluntary act he stabbed in the back the
financial institution of which he was the
head and exchanged an honored carer for
criminal record. The lives of the men to
whom L have referred serve to point q
moral or adorn a tale The former as
model and an incentive: the latter as
warning and an admonition.
Change in Laws Needed.
1--WE have cause to congratulate ourselves
upon the abundant evidence that the past
year has been in the main marked by pros
perity In all lines of business, and COMPARE
lively few bank failures have occurred.
All such periods have, however, produced
feeling of over-confidence and lead to
the floating of unsound Industrial enter
prises. The few bank failures of the past
year are mostly traceable to excess loans
MADE 10 such enterprises or their promot-
ers. The present statutory provisions of
the national banking act limiting loans to
any one individual, firm or corporation to
10 per cent of the capital stock of the
lending bank seem to be Inadequate I
would recommend change in the banking
laws permitting banks to loan one tenth of
their combined capital and surplus to one
Individual. firm or corporation, and pro-
vide suitable penalties for any bank yio-
iatlng the law. At the same time I would
recommend that any funds passed to sur
plus be reported to the controller of the
currency and be not thereafter allowed to
be In any way impaired under the same
penalties and conditions as now prescribed
Tor impairment of capital stock.
~4S oAAShSy ducSI1Ou.
"Financiers differ as to the proper meth
DDS OF assuring at all times a currency am
pie but not redundant elastic but not capa-
Die or Interior manipulation. Asset currency
and emergency currency are terms not
yet capable of exact definition. It has been
said that fools often rush in where angels
fear to tread In considering this question
let US not emulate the former nor arrogate
to ourselves the wisdom of the latter. but
n tn h,,oi
we solve the question Alright, and having
once made up our minds have The couraR
TO enforce our convictions.
In conclusion. gentlemen O: the associa-
uon. l wish as the most appropriate of
words to voice the sentiment which ali of
you must feel of good will and wishes for,
the President of the United States, who. in
the nigh office which he fills with distin-
soishea aoili5les brings to bear upon ques-
uons OF public moment profound sense of
patriotism and sincere desire for the ma
TONS and the individuals good am sure
l utter your thought in hoping for him con-
sinued heaitn and strength and unmeas-
ured success in his high endeavors
I'VE congratulate him upon the hannv
ana successful outcome of his long wise
ana patient labors to bring peace to our
unhappy and warning ne.ghbors, and we
express the hope that our country and our
country's power and greatness NAV ever
nnd its highest field of usefulness in pro-
noting the arts and spiendors of unbroken
peace
Before reading his annual report secre-
tary Branche made an announcement re-
gardlng the reception TO be extended the
delegates by the President.
Report of the Secretary.
The report, in substance, follows:
For two years the work of the protec-
tive committee has been conducted through
the secretary's office with reduction of ex-
penses. During the past fiscal year. ending
August 81, 1905 the Pinkerton National De-
tective Agency has obtained splendid re-
suits toward suppressing crime for the as
sociation. They have captured sixty-two
professional bank criminals, thirty-fiye of
whom have been convicted. The total
amount OF their sentences aggregate eighty
TOUR years This does not include nine in
deserminate terms: and nineteen of those
arrested are now awaiting trial. The pro-
tective work of the association last year
cost S2603l.61, while for the year ending
August 81, 1904. II cost S34 2S2 a. a de-