The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-09-30
Bank Guaranty and Postal Say
ings Banks Are Opposed
WARM DEBATE INDUCED IN
Clark Williams of New York Says That
City Controls 20 Per Cent of the
Banking Power of the Union
and Opposes Guaranty.

Denver, September 29.-The trust COM
pany section of the American Bankers
association went on record this afternoon
in opposition to the bank deposit guar
anty proposition, making the third sub
sidiary association of the American Bank
ers' association to declare itself thus.
A motion to vote on postal savings banks
was defeated. All the speeches made
were against the postal savings bank
plan.
The resolution against the guarantee or
bank deposits was offered by f. II.
Fries of Winston-Sale N. c., who acted
for the legislative committee. The intro
duction of the resolution preciptated
debate led by Breckenridge Jones of ST.
Louis in the negative as to whether the
section had a constitutional right to con-
slider any proposition not of exclusive in
terest to trust companies. The resolution
was carried "a to ..
In the election of officers A. A. jack
son of Philadelphia was chosen president.
F. II. Fries was elected one of the new
members of the executive committee.
Among dozen called on for remarks
was Clark Williams of New York, FOR
merly president of the trust company sec
tion He said that 20 per cent of the
banking power of the United States was
in New York and that 1t was unanimously
against the guarantee of bank deposits
Address of Hughes.
william e. Hughes delivered the speech
of welcome in behalf os Denver to the
trust company section OF the american
Bankers association.
He congratulated the assembly that IL
was in no sense partisan. 1t was a tfulh'
apparent to all, he said, that there is a
great moral awakening in the land, ana
neither of the great political parties could,
in his opinion, hope to retain or acquire
power that did not promptly recognize
this fact He believed that the masses
demand that the tariff must be radically
reformed; that Individual and state rights
must be fully recognized, and the honesty
and dependence of the courts be at all
times maintained; and that trusts, cor
porations and combinations, especially
those dealing with the necessaries of life,
must hereafter do their work in the open
and under the direct supervision OF gov
ernment, state or national
Continuing, be said:
political bribery and secret political
campaign contributions and all blacxmail-
tional resources must hereafter be better
preserved and education in the public
schools adapted to meet the practical
wants of everyday life. An adequate
navy must be provided; the standard OF
all trusteeships must be raised, and
better system of banking and currency
must be given to the country"
Discussing the tariff the paramount
issue Mr.. Hughes said:
IAN fair-minded men feel that they owe
more to their country than to any party.
and they should refuse to contribute to
any political victory that they do not
think will make for the final good. The
longer I live the more respect the pa
triot and the less l respect the intense
political partisan. When parties are mis-
led by sophisticated. sympathy mad lead
ers trumpeting false calls to REFORM
there comes up to every citizen the ques-
tion is it for the final good? These
words and the further words that the
moral awakening and popular reforms we
here speak of have been the work OF
decent men of all parties were few days
ago among the last utterances to the peo-
pie, of one of democracy's greatest states
men,
Further on he said:
Gentlemen of the American Bankers
association, we have the promise of both
the great parties that the tariff and most
of the other reforms called for shall In
the end be brought about, and we have
this to congratulate ourselves with. The
country is fairly safe whichever way the
election goes; this wave of moral reform
in politics will give us a tolerably good
administration whichever party may be in
power. You pay your money and nke
your choice the issues are not now wide
ly different the vital questions. II
you pay money, however, as campaign
contribution to either party, see to 1t that
the payment is duly published; it looks
better so; besides a reformed popular
taste demands it.
GAS to banks, banking, trust and trus-
teeships, l wish to say that l am op-
posed, and / am in hopes this American
Bankers association is opposed to having
government ,or anybody taxed by govern
menD guarantee bank deposits. This is
socialism, And If they are opposed 1
hope they will by proper resolutions,
speak out and say so. This guaranteeing
on the part Of the government, as l view
it, is all wrong in principal
In conclusion Mr.. Hughes advocated an
increase of the navy. He believed I'VE
should build annually at least four first
class battleships'
GiIespie's Address.
Lawrence Gillespie of New York made
the following address,
.When we parted after our successful
convention in Atlantic City last autumn
perhaps very few, If any, had any pos
tive convictions to what the coming
year would bring to of experience
and trial, embracing the most violent and
far-reaching financial disturbances that
this or any other country has probably
ever seen. Yet now we must all admit
that there were at that time inumer-
able signs indicating that the conditions
under which we were living and thriving
were not all that they should be. One
of our leading bankers in well-directed
speech before the chamber of commerce
of New York had referred to the cur
rency laws of the United States as dis
graceful and characterized the lack of
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