New-York tribune., 1906-07-07
BANKERS END SESSION.
e. c. McDougaH Nesc President
II. Il. armstrong Speaks.

Bluff Point n. Y. July 6-The features OF to-
days closing session OF the convention OF the New
York State Bankers Association. At the Hotel
Champlsin, the election OF officers and ad-
dresses by Robert b. Armstrong. or New York
City. former Assistant Secretary OF the Treasury
Fesius J. Wade. president cf the Mercantile Trust
Company OF ST. Louis who spoke What Causes
tluctuetiOn in Money Rates" and Robert j.
Lowry. president OF the Lowry National Bank OF
Atlanta who spoke briefly giving statistics show
ing the great in industrial prosperity in
the South during the last twenty-five years. IF
Horace Greeley alive" said Colonel Lowry
''his advice to-day would be- GO South. young
man,
follows: President. Elliott C McDougall. presi-
dent OF the Bank OF Buffalo; president. Charles
Elliott Warren. cashier OF the Lincoln National
Bank, New York City; secretary, r. o. Eldredge
cashier Of the Ney Amsterdam National Bank
New York City and treasurer. Hiram r. Smith,
president Of the Bank OF Rockville Centre. Long
Island David Cromwell OF White Plains. n. "
who has been treasurer for three terms and who
was again nominated FOR the Office, withdrew just
before election. as did P. n. NcPhai OF Rochester.
the third candidate
trip TO Avsable Chasm this afternoon and a
ban. concert and lawn fete tonight brought the
convention TO a close.
ar. Armstrong made plea for fair play for the
corporations. He said that the percentage of cor
rupt corporations infinitesimai. He said in
part as follows:
That a corporation should disobey the laws is a
cause II is corporation. should be crippled and
done e. death by III conceived and hastily enacted
legislation IS not IN ACCORDANCE with the American
peoples idea Of fair play. There is not railroad
one moment the granting Of rebates Every rail-
road man worthy Of the name welcomes such legis-
sibity OF an entirely impartial business admins
tration Of mis- property. an increased and even in
Because a sensationaiist wrote book great
wrote the book admitted that he did not care to
improve conditions. but that he wrote II as part
form al things two cstimable but impractical men
turned on Foreign competitors eager for any op-
portunity 10 assaiI American industry. seized the
big stick. and, under the glare OF the calcium Of
Taclcins bose Drod,;cts from which Il viii take
Zen Years 10 recover Abuses there NAV have been:
undoubtedly there were. And yet there are sincere
people who believe that even packer Is entitled
20 some consideration. A man who commits muir
DER IS entitled 70 fair trial before he is branded
that the evils Of packing might have been corrected
There Is too NUN unhealthy legislation and not
half enough healthy respect for the laws we have
In the OF socialism and anarchy which is
NOW approaching US there should be one bTlwark
citizen can look at ali times with confidence When
fhe courts lose the respect Of decent Americans
and socialism grow boll When one Of the highest
The decision OF judge or court that act
closely approaches anarchy. Were a less exalted
locked up for contempt Of court or be accused of
following the teachings Of the late Herr Most st.
that ne never should have been appointed But he
his Office He heard the evidence and the law and
rendered his decision. presumably within the die
tates Of his conscience and the memory OF MS oath
oG Office. AS such. whatever might have been his
hdence wsalch the acts OF me yuoiclaIy MuSt ever
have IL this country Is TO remain great, solid and
y This time Of our prosperity % our our expanding
our yet greater future there must be preparation
FOR the inevitable reaction that follows the
roof in the middle Of cloud burst. The time 10
IN the depth Of an Industrial depression So much
has been said about currency reform that to az;
students of our currency system agree that in times
gFsStes6 5Tss ~ as S 4 AeSander Hamilton
and hastily remodeled because OF the necessity OF
financial legislation which Is neither scientific nor
atsfaetoTy That G0mPshe s sFr Ipoa
the details few agree
proposltion no matIeT ThaI AVIS, l1S strt and is
come as a united movement participated in by
bankers of all sections Of the country. Not one
banker here would permit without a protest, the
mission Yet the individual who happens to be
T5IiTEfaS bower @ 70 interfere with the financial
machinery of the country his judgment dictates.
exalted position have been wise patriotic and of
~ 1aII an the details the bankers Of the country
VIII realize than they do now the value of the
ent secTetary Of the Treasury. which at least on
one occasion. saved this country from disastrous
snd far reaching panic Yet il is too much to
expect that this country will always have Sec
retary of the Treasury a man whose foresight,
Judgment and courage enable him 10 do the right
thing at the right time. Too much power is to-day
IN the hands of the Secretary of the Treasury A
scientific. practical currency reform eliminate
this unknown quantity A real currency reform
can secured when the bankers really want IT, but
II must come a united and unmistakabe express
sion from the bankers Of all sections OF this United
States.
Eestus J. Wade spoke on What Causes Fluctua-
ffon in Money Rates?' saying, in part:
few weeks ago received letter from The