Los Angeles herald., 1905-10-14
BANKERS SESSION
COMES TO CLOSE
APPEAL FOR AID TO OUR
MERCHANT MARINE
Harvey o. GouIder Urges That Govern
nent Make Effort to RehabIitate
This Failing American
Industry
BY Associated Press.

BY Associated Press.
WASHINGTON, Oct. 13.-The pro-
gram of the American Bankers asso-
citation today included a discussion OF
practical banking questions by the dele
gates, an address on "Our Commerce"
by Harvey D. Goulder of Cleveland, o.,
and the election of officers.
The report of the currency committee
submitted yesterday may also be taken
up for discussion and disposal.
Harvey D. Goulder, president of the
Merchant Marine league, in his address
said:
"Humiliating as it is to our national
pride, this country has not only to adj
init that following consistently a sys-
tenn of protection in trade, it has
neglected the shipping industry, which
should have prospered with the rest of
our interests and has been prevented
by the discrimination, however induced,
but that this has been done against the
example of free trade nations who uni
formly have selected the shipping in
teTests for reasons Of far reaching if11-
portance as the only single interest to
proper cost by the country that can
have a merchant marine and would
keep it's place on the seas
From the general experience it may
be taken that a foreign merchant
marine is an essential element in the
sounding out of the affairs of a nation
which has a sea coast and the possi-
bilities of foreign trade. lay aside the
political question of disturbing thirty
two working commercial treaties, and
ask you gentlemen when you go home
to take up the question of discriminat-
ing duties as a purely business problem
and see if with no duties on exports,
with 80 per cent of our goods coming
in free from South and Central America,
half of our goods from all over the
world coming in free, with the duties
laid precisely the same regardless of
the distance travelled by the ship, how
system of discriminating duties could
be devised that would be workable.
Cost of Thorough Test
1.-The price of a single battleship for
the navy would more than meet the eX-
pense of a thorough experiment in the
rehabilitation of our foreign merchant
marine, and compared with the expense
which we are approving in connection
with the Philippines for our navy and
army establishments and in the build
ing of the world canal, the cost of a
thorough test might be described as a
drop in the bucket
A discussion of the practical banking
question was opened by c. P. Allis of
Erie, Pa, who advocated a system of
insurance for national bank deposits.
He said that an annual assessment of
$100 paid by national banks would have
paid all losses to depOsitors from bank
failures in the last five years, besides
leaving a surplus of $4,000, 900, and that
an annual assessment of $225 for the
last forty years would have paid all such
losses during that period. Mr.. Allis
said the fact must be recognized that
there is an underlying current of mis-
trust of banks pervading every COM
munity. This is augmented by the
weekly report of bank failures. Mr..
Allis indicated that the best way was
to have the government supervise this
insurance.
Mr. Robinson of the First National
bank of Winfield, Kas., believed that a
strict observance of the national bank
act would obviate many failures. He
limited that in many instances loans
were made in excess of legal restric-
tions.
The discussion ended without action
by the convention.
Hamilton Chosen President
John L. Hamilton was elected presi-
dent of the American Bankers associa-
tion, and members of the executive
council for a term of three years were
selected as follows:
George NJ. Reynolds, Chicago; Milton
r. Miles, Washington, D. c.; J. L.
Edwards, Burlington, Iowa; H. B. Will
cox, Baltimore; ]. j. Sullivan, Cleve-
land.
The following five additional men,
bers of the executive council were
elected, having been nominated by the
vice presidents of states:
Joseph Chapman, jr, Minneapolis;
A. G. Lupman, Hartford City, Ind; H.
P. Hitler, st. Louis; L. A. Peirson, New
N. C.
The savings bank section of the asso-
citation presented protest at not being
allowed representation on the executive
council.
By resolution the convention resented
frequent alleged reports that the asso-
citation placed noted criminals on salary
to prevent their continued fraudulent
operations. No such arrangements
were ever made with wrongdoers, it
was declared.
Handsome silver punch bowls were
presented Mr.. Swinney, the retiring
president, and Mr.. Branch, the secre-
tary of the association, upon the COM
pletion of his ten years service in that
position.
Among the vice presidents elected for
the different states were:
Arizona, P. P. Greer, Clifton; Cali
fornia, P. E. Bowles, San Francisco.
The convention then adjourned sine
die.