Omaha daily bee., 1908-10-01
BANKERS DISCUSS BUSINESS
General Session Of Association Begins
at Denver.
GUARANTEE IMPORTANT SUBJECT
Nearly Every Speaker Refers to IT
In Some Way-GovernOr Buch-
tel Extends Welcome to
visitors.

DENVER, Colo. Sept. eo.-Today the reg
ular business sessions of the American
Bankers association se.lppl in the city
aIiditorfiin and 'tlfe VAsfflaH whiell echoed
WITH the cheers of the democrats when in
national convention they adopted plat
form favoring guaranty OF bank deposits.
by national law, or IL this is impossible the
establishment of postal savings banks wilt
messed a scene of a body of men repre-
senting the wealth OF the nation repudiat-
ing these ideas as dangerous to the pros
perity of the country.
Already the savings bank section, the
clearing house section and the trust COM
pany section had gone on record against
guaranteeing bank deposits and had either
voted against or shown by their attitude
that they were unalteraby opposed to the
establishment of postal savings banks.
The keynote was struck today In the
speech of Colonel j. d. Powers, president
OF the association, who declared the bank
deposit guaranty was a dangerous faEacy
A vote on these two propositions probably
will not be taken before tomorrow, but the
feeling is so intense among the bankers
that there will be scarcely a speech made
during the convention. with the exception
of the set addresses, that will not be likely
to refer to them.
The program for today is a long one and
includes besides the presidents address ad-
dresses of welcome by Governor Henry A.
Buchtel of Colorado and Mayor Robert w.
Speer of Denver, the annual report of the
secretary the reports OF various standing
committees and addresses by b. f. Walker,
president of the Canadian Bank of Com
merce, Toronto, Ontario on ION Features
OF Banking" and by Woodrow Wilson.
president of Princeton university, on "The
Banker and the Nation"
The remainder of the day was devoted
to a discussion OF practical banking oues-
lions. Several not announced In advance
are expected TO be discussed under this
head.
Governor Henry A. Bucktel OF Colorado,
in his address of welcome said. in part:
1t is for you gentlemen of the American
Bankers association to find a substitute
for the inefficient and semi-politicaI exam
ination of banks which is now maintained
II is only by the expert and searching
scrutiny of bankers, themselves, with
their staffs of men of experience and inside
knowledge, that you can secure an ade-
quate inspection OF the condition of any
bank. Is IT possible for an inspector to
know the value OF paper which is signed by
names which mean nothing to him? You
must find the method of making banks
strong and safe so that guarantees of de.
posits would be as unnecessary as guaran-
tees Of government bonds.
1t is very evident that we can Iearr
something from other nations when you re.
call what happened last fall. 1t required
two months TO bring SlOO.OOOOOO In gold t,
this country from Europe. while the Imperla
Bank OF Germany increased its note clrcu
lation by tile same amount in one week
Consider what an immense amount of harm
would have been prevented If we. with oul
gigantic resources OF real wealth, could
nave increased our available cash by SlOO.
V0O'OOO In one week. Last November tn,
Bank OF England had only Sl65, 600 O0O il
gold reserves, while the United statei
treasury had ssOOOOO.OOO in gold reserves
Yet We suspended cash payments whn,
London was shipping gold to New York