The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1909-09-14
BANKERS CONVENE
CONTINUED From Page One.J


which individual fancy prompts, We
have thought that true hospitality lies
| in making a guest feel first of all that
he is welcome, and then after provid-
, ing the things necessary fir his comfort
and physical we'll being, to place him
| at ease by allowing reasonable free
| dom to indulge personal inclinations
1t is hoped that this will sufficiently
account fir all gaps or omissions there
may appear to be IN the official prgram
If there be any among you who has not
found suitable and comfortable quar-
tiers, every effort will be made to pro-
cure them and to make them satisfac-
tory on application to any person you
see wearing a reception committee
badge. or at the information bureau at
headquarters. 1t is our earnest wish
that every guest be made to enjoy the
visit here and no effort on our part
shall be spared to accomplish that end.
There is just one central thought
| wish to impress upon you, and it
is neither about Chicago nor her banks
1t is this: The most important work to
which this association can presently
devote itself lies in influencing and in
shaping state and national Legislation
along the lines of sound economic Jaws;
I mean those which embOdy correct
principles and which will promote
sound banking. We have been sailing
for a long time through financial fog
and while in some quarters the SKY
seems to be clearing, the harbor OF
ponular soundness on financial sub
jects unhappily is not in sight; nor
can we yet discern the short line OF
terra firma in our monetary system.
AWAY back in 1885, when this as
sociation first met in Chicago. the
chief subject of discussion was the
then overshadowing cloud-the silver
ouestion. Such men as Lyman Gage.
w. L. Trenholm, George Hague OF
Montreal, Edward S. Lacey. then
comptroller of the currency. and oth-
ers. argued for the immediate repeal
of the Bland act Of 1878. and against
the enforced coinage of standard silver
dollars. They pointed out the newt
Coil
congress to>repeal that act would end
in manic. The Wisdom and sound
were experienced in finance and whose
onini,ns were entitled to respectful
consideration went for naught: but
eight years later the panic came dur
ing which we passed through one OF
the most distressing periods in our
financial history. In a few mohths'
more than $50 national banks and no
,oSs than 400 state. savings an private
banks closed their doors. The loss 10
the business interests of the country
,uas inca4culsbl for the depression FOL
lowing the panic was great ana pro-
l,no-ed. Then came the repeal of that
obnoxious statute and three years later
when the question of the free ana ull-
limited coinage of silver was submitted
IN the people as the leading poiltlcal
issue. that delusion was definitely ana
finally settled 1t required twenty
vears TO educate the people to a prop
or understanding of it. while the pa
trits who fought the silver heresy ana
sought to place our monetary system
soundly upon a gold basis were brand
ed as criminals and conspirators
sThose of YOU who were III the
banking business during the panic OF
1907 no arguments in favor OF refor-
nation are necessary. But there was
feeling among bankers outside the
| larger cities that the disturbance might
have remained local. or at least that It's
, effects would have been nearly lmper-
ceptible in the west. had not the chi
| Gag banks. following the example OF
/ New York without warning suspended
currency payments and resorted to
clearing house certificates. Perhaps
there are yet few who think it was
unnecessary for us to have done so
! but to all who have anJ such lingering
! beliefs, | wish to say that there are
within my hearing bankers from New
! York. Chicago and perhaps from other
cities. who know it is fact, aud who
will confirm the statement that London
| (Which is the market of last resort to
which we can turn in such crises for
!; the purchase of gold) as definitely and
finally refused to sell and ship gold t.
the United States before we ceased cur
rency payments, as New York and Chi
cago banks were obliged to do after
wards. y
.InStead of cenSure therefore, IT Is