Omaha daily bee., 1910-09-28
SEYMOUR PROBABLY NEXT HEAD
y dominating Committee VIII Make
ReDort Today--Address by state
Auditor :. n. Barton On
hank Restriction.

conclude its convention today with several I
more addresses. with the reports OF the
committees on resolutions and on norni- /
nations. and with the election OF officers. I
In the evening dinner al the Field club I
Win conclude the entertainment program,
with Secretary shaw and u. J. Riley OF
Dawson as the speakers
Yesterday the convention heard the an
nuai report OF President weIpton and ad-
dresses BY Auditor of state :. r. Barton.
and A. ID. Noyes Of the New York Evening
Post. A theater party at the Orpheum
wound up the day.
Today the speakers are Henry W Yates
Of Omaha. Joseph Chapman OF Minneapolis.
and Edwin Irvte Haines OF Omaha.
IL is expected that the nominating COM
mittee will report in favor OF @. NJ Sey-
mour OF Elgin Tor president.
Address b1 4. ID. NOyes.
Mr Noyes ado yesterday afternoon
dealt largely with ..-s development Of west
eru banking. Hc said:
Il hardly need say that the recent revolu-
ton in western banking conditions has
been greeted IN the east with the prOfund-
est qualification. Perhaps it would be too
much TO say that the expansion was
watched without misgiving. 1t was not the
first spectacular western banking eXpan-
siOn. There was another. as far back as
1876. when the banks in what was then
the best equipped. the recyless land specu-
lation iTnmirtalized By Dickens in his Mar
tin Chuzzlewitt." and when the southern
banks backed an inflated cotton specula-
ton with such confidence that they got the
prce OF cotton up to the sO-cent-figure,
which Il touched last month in New York
CIty-the only other occasion in the coun-
in, 0r under
depscciated paper money, when It has
reached that price
The panic Of isss. and the eoulplete. d.
nanefgg vrOalraIioE OF the west were the
consequences The years Immediately be-
fore and after ISL told a similar stery.
What was vaguely apprehended in the east.
therefore. during the great forward move
ment OF eastern finance and industry.
was thar interior banking. with its amazing
windfan Of new credit ana new resources.
might once more overdo things. and get
the country into just such another scrape.
West stands Firm.
But the result was reassuring. In 1873 the
country passed through a season OF thor
oug-going liquidation as the penalty for its
financial extravaganees OF the two preced-
ing years. Banks in such cities as Pitts
burg and Baltimore. had to meet pretty
heavy reckoning and very few other east
ern markets, where reckless banking had
been practiccd. got Off scot-free- But
much TO the surprise Of the doubters. the
west not only did not share In the serious
credit unsettIement Of that year but sp-
peared to be chiefly impressed with wonder
a. 20 what was the matter with the east,
ana led the way In 1894 to the great indus
trial recovery which was to follow. Next
came the panic OF l9Us and the east rem
embering that in lS9g. occurred in the west
and south. looked for alarming news from
these hundreds OF young interior institu-
tfans Every body knows how much and
how little OF that expectation was realized
out Of thirty-shree national banks which
failed In the twelve months after the
panic Of 1877. less than ten failures oc-
curred in the section between the Missouri
river and the Rocky mountains, and out Of
lss failures Of state banks, savings banks
and trust companies in the fiscal year end
ing June ~ 1855. that same district was
responsible for only seven.
In other words, the country was a
lsnsth convinced that II had underrates
the stability OF this new banking era OF IN,
west. and the resources OF which the banI
eNpansion was the exponent
prices Out OF Proportion.
The future OF American banking il
closely bound up with certain perpieNitie.
IN the eounty's economic future. The sign
Of the times are not altogether clear. W.
have still got TO undo some Of the pre-
MATURE exploiting Of lgS and 1909. II d
possible that We have put ourselves on to-
High a pinnacle OF prices for commodities
observant men know, without waiting 70
majority or minority reports Of senate com
mittees on cost Of living. that while tariff
and trusts may have aggravated the op
presrve price OF neeessaTies. they did no
cause them. People In England and th
continent are complaining almost as loudll
as our own. But when our bank,ng re
sources have 80 lately shown signs o
bUing oyersrained. and when our foreigI
trade. Whlch normally ought 10 present
handsome excess 81 merchandise export
over imports. has for more than a yea
been tarueN into an actual excess OF i'm
ports-for The first time in fifteen years
IL Ia difncult 90 avoid the conclusion Jha
our piiess have not only been high Il
themselves. bur high out OF proportion {
the outside WoTd
If this IS the situation. Ne shall hav
to correct Il before the country is agai
IN thoroughly sound economic condition
Part % the correctng process Wiu prot
ably have TO be applied through curtailfn
Jhe eXuaNagancs o. our people-a quit
inevitable consequence OF the enormou
prospsFiss % the last ten years. But
large part 0f the remedy aiso lies ia IN
hands of the agricultural west. on IN
side Que nears the serious argument tina
the United states consumes 80 much
home thai a car never again be- a gres
ETaiu-exporting nation but on the 9th,
side Ne are tod hy competent expert
that extension OF irrigation aud adopuo
% intensive culture might increase me Ou
pui Of our farms. and hence our sgricu
tural export trade. by - or - per cen