El Paso herald. (El Paso, Tex.) 1901-1931, 1910-05-10
And Convention Cheers the
ibute-Favors the Ship
Subsidy and Central Bank.
"Fhe Texas Banking Law
Good"


! Tuesday morning. Judge o. E. Dunlap,
| president of the ASSOCIATION, and presi-
| dent of the Citizens National bank, of
| WaXahachie, in speaking Of the COM
! mercial revolution which would result
| from the completion of the Panama
canal, referred to Roosevelt as the man
J Of destiny who was responsible for the
| Panama canal and to whom credit
should be given for its completion. This
announcement was greeted with cheers
| by the bankers.
That man of destiny is one of the
most phenomenal and remarkable fig
ures in our history" judge Dunlap said.
I agree with Henry Watterson who has
] said that Roosevelt is the greatest man
| in history since the day of Napoleon"
| Judge Dunlap also referred TO the
| ship subsidy, and the central bank plan,
! advocating both as measures which
the country at large and the affairs of
the banking interests. Judge Dunlap
| said in part:
Praises FL Paso.
This is the second time that we
| have assembled in this historic city.
If the members are subjected to thet
charms and destinations that they en-
joyed on our former visit there is great
probability of the association selecting
Ell Paso as the permanent place for its
annual conventions. You are the ward
er at the western gate OF our Empire
state And every citizen of Texas feels |
that the keepers of this gate are the |
highest type of American citizenship.
The membership of the association |
continues TO increase. The best evil |
dence of this keen interest, in the af- 1
fairs of the association, was clearly |
manifested in the well attended district |
meetings this year.
Texas Banking Law.
tIt was at this city that this assoc /
citation, at its former convention, went |
on record favoring and urging the pas
sage Of a state banking law. Our legis-
lature. subsequently enacted our present
state banking law The wisdom of this
act has been clearly demonstrated, as
has been shown by the growth of the
system The phenomena developmen
of the material resources of our state,
its rapid increase in population, the
building OF villages, towns, and cities
demanded a system Of banking respon-
isve to the needs of the people. The
minimum capital of a national bank
had to be 5000. This was in excess
of the demands of many small places.
which virtually denied such places from
enjoying banking privileges. The state
banking system permits the organiza
ton of a state bank with a minimum
capital of $4,000, thus furnishing ex-
cellent banking facilities to such places
1t has proved amply sufficient to meet
the necessities of the people where such
banks are located
Banks in Good Shape
1.-The entire banking interest OF Texas
was never in more healthy and salts
factory condition. Backed by the won
derful resources of our great state, with
honest and prudent management, there
is no rational reason why any bank
should become insolvent.
The affairs of the association are in
a gratifying condition The protective
department has been exceedingly active
in the apprehension. prosecution, and
conviction of criminals who prey upon
banks. Excellent results have been OBJ
tanned through this department l wish
to- express my appreciation for the
assistance rendered by the officers and
members of the association
Bank Taxation
''Since our last convention there has
been some very important judicial
legislation affecting the taxing of banks,
as well as other property. The case of
Englke VS.. Schlenke as, Tex, in which
Judge Henry rendered the opinion, has
for 20 years stood as a barrier against
equalization of taxation, on basis that
was fair and just to the taxpayer. This I
opinion has been over-ruled, in a recent |
opinion, in the case of Linely vs. the l
NJ. X & T. Ry. 12O S. w. in which case,
Judge Brown, associate justice of the
supreme court, delivered the opinion, N
which he holds that there must be g
equality of taxation, as required by the
constitution. Following this opinion il.
the more recent case of Langley, ct Al. 9
VS.. n. J. Smith, ct al, from Hill county,
in the 5th court of civil appeals, at
Dallas, in which case chief justice
Rainey, delivering the opinion, holds ,
that there must be equality and unifor- u
nifty of taxation, as required by the =
These opinions give that y
relief, against unjust discrimination in
taxation, that has been a serious bur q
len to many species of property in our
state.
Panama Canal.
There are pending matters of national i,
Importance, that every banker must :
feel a deep interest in. The Panama =
canal, as it nears completion, becomes i
In intN'esting factor IN its future in a
luence on the commerce of our govern u
nent, as we'll is that of nearly all the
governments of the world. u
"OGr state with its annual agricul- 6
ural products aggregating in value y
mining s16.0OO.0OO and 16. O0O. 600 head of n
livestock, valued at $500. 5000 classes o
Is as great credit state That is to Y
ay, 'at the end of the year, when ac- II
counts are balanced, Texas is on the =
redit side Of the ledger. The annual =
otal output of all the gold mines OF p
he world for 1909 aggregated $3.50, O00,-
90. which is 100000, 900 less than our .,
nnual agricultural products. And yet n
n our agriculture, we have an mex y
laustible mine of wealth which is in its ;,
infancy. =
Favor Ship Subsidy. -
Confronted with these facts, we are :,
orced to look with a keen interest for :,
market for our products. The canal =
will open to us new markets. And this =.
will force us to seek a means of shin .,
to foreign countries At =,
resent, we have scarceA any ships. "
low we are to get thenA is one of the h,
ifa1 nnRSfi0nS baf u l.