New-York tribune., 1907-09-28
FORGET PAST WRONGS"
I, r. NG4LLSS THEME.
SAYS Officials and Politicians M"st
Stop Crying "Wof!
rBv Telegraph - TIE Tribune. :

adjourned sine die at to-day. the short closing
session having been devoted 10 the deliver! OF an
address BY NJ Z. Ingalls,, Of Cincinnati ana lne
election of officers the association for the coming
,esr and members Of the executive council for the
rhree-year term -,
Tn .be afternoon was held the meeting OF the
new executive council. which determined the spl'-
i-1 contest for the Craftsmanship Of the council anu
-. eac-a+ar ryship hy electing Lewis E. PleTson.
president Of the Irving National Exchange Bank OF
New York City the former once. anu r l.
FNa-nsxorth Of Michigan. TO the latter. On me u"
formal ballot for chairman II became evident ''a'
Mr Person was the strongest Of the three cailu1-
dates with J J. Sullivan, of Cleveland. second anu
Joseph 6. Brown. of Raleigh y. c. thrd
formal ballot increased the lead Of Ny fle'soii
whose election motion MADE u1laliiiiO
This election according TO the association Cusol!
IneJres Mr.. Persons election 70 the nTsl VIZ
dencv in 1905 and 20 the presidency IN the Iolo'
ing wear. Great interest had been taken III 'il
for the secretaryshiT. in which there Were '0ul -,
r.eritors and the defeat OF James Il bi---O-'- -,
has for twelve years discharged the duties % -,
.sica has occasioned regret among his many lile
in The banking world In the test Of SIIeiIe, ~,
the executive council only Mr- FarnsWoILh Iii1 =,
French figured. Alessrs. keyser and hal-lliiai ',.
ing practically withdrawn The declolne 80
&c ,s o. ,o+es for Farnsworth 10 i for Branch
-rb -evr secretary IS now secretary OF me -1IO'
gan Bankers Association .=o -,s,-
1-s Iec-;on 10 Office in the association mace nee
,ssa- his resignation from the executive corlio1'
tho n
. ,-a,r Orleans Joseph Wayne, OF + f'l4is
i.lr,7ia 1as chosen I'll the vacancy "a
-be council by the election OF MI ne
chairman 10 the first vice-presioencS q - 80
cia-ior. The council also reelected A a. ,as,-
Minneapolis TO the Office of treasurer oi '--' ">
ciation- - ,a77e 10 the
Preceding the introduction OF MI i Ie - ,rao
convention there brief dlscus7oI .,.r.os -
tical banking topics. in which se'eia- +e-aa,-
took mart and the memorable triumph t
s ,4,a ca,,se Of credit currency was recseo Aii N
motion Of Henry Drnse- president OF me 40 -
National Bank OF New York CITY, eAteIiuio
conventions thanks 10 Congressman Fo"+e.
,is address on the currency and for ms HlleieS1
and great effort in having The Aldr1ch Dill passtN
bv Congress. The following resolution oleiea ~
N- Bolton Ct Louisiana, was ordered feIeiIeu ~
the executive council;
Whereas. The bill Of lading committee OF me Inc
asSoria-son Informs Us the preparation bA tiie
Commissioners on uniform state laws OF unlioIh pr
5t; a. roI % az GRATED by the committee OF this
association for Congressional enactment '''e'e
Resolved That this convention requests n75iraa {af
several states that m haTe 0S mater 70 DO So and
that such committees. with those aIreaa!!, ,s a.
permanent committees WITH me JI g. 80
ing the adoption OF the national leelSiat-ol ~
in thei- several states of the bill OF lading measure
The same shall be ready for state enactment. the
TWO measures being necessary 10 cover cntlrey
interstate and ntrastate bin of ladng transactions
Future Prosperity outlined the causes Of the
present business depression, which he believed
wouid not further If prudence and economy
were observed. He earnestly urged a cessation OF
the dwelling upon the wrongs OF the past" and
advocated the repeal Of the Sherman law. His
speech. which was often interrupted by applause.
was in part follows:
had the honor year ago u deliver ad-
dress 70 the bankers OF ONO. and when warned
them. even in such good times as We were having
then. that there were signs OF coming trouble they
We had then the largest crops ever known.
merchants had more orders on their books than
emp5oved and getting high wages Vet 1t seemed to
me mai the clouds In the financial sky betokened
trouble Our expenses were too great. and II
Ss sa tsa RS In 0G9' it's daily fy @ @ the
people Ct this country-not the expenses OF a lew
rnultirnillionaires. but the ordinary people.
At that I said there was political hysteria
business interests. and IL meant trouble We were
too anxious to eradicate in day or year wrongs
make the prediction that if the Sherman law was
forced il would produce financial disaster to the
business Of country. That, gentlemen. was only
tS8 ifonf sotisT that they were words of
prophecy and truth IS The times s., have demon on
DAY. and what has brought ii about? First OF all
-e S eIeat ~ o-1oTayfo5s esneciaIx the
railroads some of which undertook 10 rebuild and
the rsoney was 70 be provided,
The real question that troubles US is, What OF
ra!stic: not that l think for an instant that me
tie next I've years: neither should we wish IT. The
railroads would be swannpeo with business e Ihs
The banks could not take care OF Their degnanqS 7
excited state Of ever-increasIng business ana a
steady, continued progression where each ana
comfortably where labor is well employed and yet
not so crowded but what il can give good seTNice
that have happened tateiy NlIcsi ~ o-l1 @ nt
strength this conclusion: First OF All We might
consider sale Of tle New York lily BON0s as
the turning point in finances il Is true that
they have sold Al high rate Of interest Every
~ ~ S, ~ 'ts s co in IS GOOD as Kew, York would
this high OF interest for city bonds whlch Wi!
maze our @ c;ty otcers more careful in their ex-
peaditures. Then must put in force economies
surplus 50 as to absorb the large amount Of short
term notes that have been put out ,,.
Rhat the outcome of our crops would be. now
i Is pretty well settled thai whiie tney nay s0s
stin above the average, and with the enormous
f6s1 ever 6efore and prices for them are SO high
that 81 makes the farming community very rich
:le6e15 a day Of goId going into the currency of
The world Of which We get our snare. ana ana TINS Is
llating and healthy food that he needs Now what
is the duty of the bankers to-day?
To furnish readily, and with courage the cur.
rency necessary TO move these crops 10 transport
erbao, 70 re nav their debts and turn the ex
change IN favor of This country charging theTetor
reasonable rate SO that money may al last nave
tts chance II had chance when rates Were go
ing per cent and per cent but with the stand
banks ought make fair return TO their stock.
Oppressive Il, business Money per cent in this
country does not bad business, but goo1
enlargement Of plants in the SHAPE Of current
loans all exteasioas should wait until the capital
could be used The BANKS OF this country should
their face against loans for speculation CT for
@