Weekly journal-miner., 1911-10-04
KEY OF MILE HIGH
 GIVEN TO BANKERS
Leading Financiers of Arizona And Nation Enjoy Hospitalities Of
 "The Place to Live"

present time there are but five banks in the territory which are not mem- bers of the association, two of these being new banks which have been opened this year.
 In addition to the regular officers to be elected at this session there are two members of the executive eOun- cil to be elected. Mir DOane Merrill of Benson, and MT. R. B. Burmister, having each served three years, re- tiring.
 A letter from the librarian of Harvard University was then read in which Prof. Sprague of that in- stitution requests that he be furnish ed with a copy of the November, 1910 proceedings of the Arizona Bankers association in which there is an article by Harry Choynski on "Foreign Exchange" The report is desired by the Economics department of the, university and the fact that it was written by a member of the Arizona association was the source of great satisfaction to the members present.
 Treasurer Christy's Report.
 Treasurer Lloyd B. Christy then read his report which shows that there Is a surplus in the treasury suf ficient for carrying on all the busi- ness of the association and an in- crease over that of last year.
 The meeting then adjourned till ? o'clock
 Governor Sloan's Address.
 '.I presume you bankers know as well as I do that although the poten- tial wealth of Arizona may be very great it's actual present wealth is quite ineonsiderable as compared with other states and even cities having approximately the same population, namely 100000 people.
 ''I note for the present year that we have seventy banks, state and national. These have a combined capital including surplus and undi- vided proceeds of about four and half million dollars and deposits ex- ceeding somewhat twenty million dollars
 "We have spent and are spending a good deal of money on our eduea- tonal institutions and on our public schools, but none of this money has been wasted as the results speak for themselves.
 Relatively l do not regard our tax rate as high as compared with the interest rate. Cordially it is not higher than in a majority of our western states. notably Oklahoma, where l am told that the average tax rate is not far from 6 per cent.
 "The average tax rate in the sev- eral counties in the territory is $2.s3 on each hundred dollars, varying from $l.s4 to s3.49. This includes the 65 cents levied for territorial purposes and road tax.
 ''I am not one of those whp hold that the best administration is neees- sarily the cheapest or that the chief duty of public officials is to save expense. Efficient government is bet ter than cheap government; the ideal government is that government which combines economy with efficiency that spends money when it is needed, where it is needed and not more than is reasonably needed. Gentlemen, this Is the last convention that you will ever hold in the territory. We are about 10 enter a new era in our history. Whether this will be for better CT for worse will depend upon our wisdom and foresight and the in- telIigent and right use of the oppor- tunities which statehood will present
 "We are living at a time when the representatives of capital and of wealth are subject to criticism of all sorts, some of it may be just, most 1. of 1t certainly unjust. For this req ! son business men sometimes shirk i from assuming any responsibility in the matter of public affairs or in en- gazing in activities of any sort which . are not directly and intimately con-
 
 fairs. The very fact that this feel ing exists makes it doubly important . that bankers and others should not . withdraw from public affairs, but should wisely, courageously and upon broad lines of patriotism and good citizenship aid in every way the cause of good government
 Delegates.
 Following is a list of the delegates;
 J. P Roach, New York.
 F. $. Gallagher, Gallup, \. NJ.
 Y. E. Plumer. Tucson.
 Robt J. Wood, New Orleans.
 B. D. Judkins. Long Beach.
 c. B. Smith, Chicago.
 p. p. Greer, Globe.
 A. F.. Edwards, Pasadena.
 Harry Choynski, San Francisco.
 John Clausen, San Francisco.