The Washington herald., 1907-09-26
PRAISES FOR SOUTH
Gov. Swanson Tells Bankers
of Commercial Prospects.
WILL BE INDUSTRIAL CENTER
Virginia Governor Ascribcs Success
To Domination of White Race.
Western and Southern FiEanciers
View Money Situation with COmpIa-
eenee-Proceeaing at Atlantic City.

Atlantic City, Sept. 25.-The Hon Claude
Swanson. governor Of Virginia. was the
principal speaker at the opening day 5
session of the American Bankers Asso-
citation, which met on Youngs Pier this
morning. In stirring address, in which
he pictured the South as the coming CEN
ter of the worlds manufacturing indus
tries in every line. Gov. Swanson de-
clared his belief that the disfranchise-
ment Of the negro and his consequent
elimination from politics in many South
ern States has been one of the greatest
actors in the advancement Of the sec
ion of the country south OF Mason and
/ Dixon's line.
AT last the Offices, the business houses,
and the financial institutions OF the South
are in the hands of intelligent Anglo
Saxons." The declared. and with Gods
/ help and our own good right arms we
will hold the negro where he is for his
own good and our salvation"
/ Gov. Swanson dwelt on the immense
growth of the South. and declared that
the Southern States are the only ones in
the country that are entirely free from
/ political graft
/ German Suggests Central Bank.
! Herr Kommerzienrath Moritz Lehman.
representative Of the German Bankers
/ Association. made an address in his ma
1 tive tongue. which was translated.
/ He advocated the establishment Of a
great central bank. similar to the I'm
perial Bank Of his own country, which
/ he said could be so arranged as 10 De on
call IN times Of financial panic.
/ The reading Of the report prepared by
/ the special currency committee appointed
/ TO prepare a plan for securing a more
/ elastic currency. showed THAI the fnan-
I cial experts would recommend the es-
/ Enlistment of asset currency, 10 be-
I issued by banks in times of financial
I stress.
/ The matter VIII come up for final
! action tomorrow. and viii probably
/ cause a lively night on the floor.
West and south CompIacent.
The West and the South at this conyen-
ton are talking complacently OF a busi-
ness reaction. The Woodworking interior
banker is'usually willing 20 look condi-
lions squarely in the face. He talks on
the bright side Of things In the conven.
ton hail when addressing the delegates
I upon conditions in his own locality. bui
he gets down 10 actual facts when asked
by a close friend as TO what is likely q
happen. Speaking in this way, there car
be no doubt that the attitude Of the ranl
and file Of the delegates here is extremely
conservative.
While they ali declare that the aieua-
ton has been we'll handled. and that Their,
& is no danger whatever Of a general panic
+, they say frankly that they have advised
/ their clients % ~ slow about engaging
in new enterprises until the money has
been provided 20 finance the crop-moYins
/ demand.
Money in Good Enterprises.
One reason for this conservatism is the
admit ed fact that many of the banks in
the West and South have their money
/ tied up in perfectly good enterprises
which belong to the category of long
/ term Investments.
/ These men know what it means to en-
pioy "a large portion of a bank loanabl,
funds in such enterprises. and while the
feeling is decidedly optimistic as 10 The
+, probability Of the working out OF the
situation an right, the feeling is genera
! to-day that the banks viii have 20 largely
/ restrict accommodations 30 such demands
J as arise from iegitimateiJ managed BUSH
. ness undertakings. They feel that this is
. distinctly a situation which demands
/ rigid avoidance of flyers and specula-
. tive ventures Of all sorts.