Los Angeles herald., 1910-10-04

earthquake fallacies by building fif-
teen-story skyscrapers, and would build
them higher but for the laws forbid
ding obstruction of aerial navigation.
Welcome to the state that has more
politics than population, more religions
than politics, more fads than religions,
and more real estate offices than fads.
with golden sunshine, then, and
silver starlight; with the ripple of the
laughing sea and the song of the mock
ing bird; with perfume OF orange BIOS
SONS, so dear to your daughters with
fragrance of carnation and heliotrope,
sweet to your wives; with beauty of
roses that bloom all the year; with
welcome that is sincere, with friend
ship that is true. with comradeship
that is loyal, with warm hearts and
open hands, as banquet governor of
this mighty commonwealth, l extend to
you the peoples welcome to Cali
fornia."
PRESIDENT PERSONS ADDRESS
Louis e. Pierson, president of the
association snd president of the Ex-
! change National bank of New York
city, one of the strongest institutions
In the United States, was next on the
list. He addressed the banqueters on
'The American Bankers Association"
| He traced the history and growth of
the association from the initial con-
Louis to the first meeting in New York
in May, 1876 when but seventeen men
were present. He said that the as
sociation, which started with seventeen
members, now numbers 1,500 members,
and has representative in every state,
territory, city and town in the United
States. In concluding he said that
bankers must get together and work
as unit for proper banking laws and
a reformation of the currency system.
The details of this work, he said, were
in the hands of the convention dele
gates, and he declared that this work
was. the one great task of the present
convention.
G. M. Reynolds, president of the
Continental Exchange National bank
of Chicago, the second largest .nstitu-
tion of it's kind in the world, spoke
upon the relation of the bankers to the
public. In the course of his address
Mr.. Reynolds said that he believed ere
fifteen years pass California will have
two cities of 100000 inhabitants-Los
Angeles and San Francisco. Los An
geles, said Mr. Reynolds, will attain
the million class because it is not only
the playground Of the world, but has
the facilities readily at hand to be-
come the workhouse of the nation.
What development has been made, said
Mr.. Reynolds, is Juvenile when COM
pared with what may be attained.
wealth in the banks said Mr..
Reynolds, SHOULD not be used in
speculation. Rather should it be de-
voted to building up communities.
Public utility corporations should be
given liberal loans. Bonds OF such
when 1t is proved that the speculative
element is not present.
Bankers have the power, and
should use it, to mould public opinion.
It is the duty of bankers to teach the
public what the rights of money are,
and then force the moneyed interests
to respect the peoples interests. Insist
that capital be used properly, and in
sist that capital be respected by the
public and you as bankers fulfill your
duty"
REFORM OF CURRENCY
Charles H. Huttig of st. Louis, one
of the fathers of the present currency
commission, spoke on Need of Cur
rency Reform" He said that had our
currency system been proper and ade-
quate there would have been no panic
OF 1907. He declared the present sys-
tenn is cumbersome, impractical and
unscientiflc. He declared that there
are three ways to reform the cur
rency system, the central bank of is |
sue, the clearing house plan and as
set currency. 1t remained for the con-
Vention or 1910, said Mr.. Hutt1g IN
closing. to decide in measure which |
plan will be followed.
Events over which he had no control |
compelled former Governor Miles c. !
Moore of Washington to be absent |
from the banquet. p C. Kaufman of |
Tacoma replied In Governor Moore's |
stead to the toast, Community Of Pa
cific Coast Interests" He read a |
lengthy telegram from Governor Moore |
and extended an invitation to the |
bankers to hold one of their next con- |
ventions in the Puget sound region.
The final speaker of the evening was |
f.. o. Watts of Atlanta, Ga, Mr. |
Watts will succeed to the presidency |
OF the association at the present meet
ing. He said that since the war new
era has set in in the south, and that |
now that section of the United States |
is forging ahead In a manner which |
not only surprises citizens of other
sections, but those of the south as
well.