The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-05-14
ENDORSES
GOOD CREDIT LAW
Candidate for Governor Addresses
Annual Meeting OF Credit
Association.
BISHOP o'coNNELL SPEAKS
Sccrctary-Trcasurcr Of National
Association Tells How Bust
ness Has Grown.


Addressing about $50 members Of the
Richmond Association OF Credit Men
at dinner last night in the Business
Mems Club. Henry C. Stuart hailed as
the next Governor of Virginia. pledged
his support for legislation which may
promote sounder. firmer basis of
credit In this State.
cannot tell YOU anything about
your business" said Mr.. Stuart but
| can assure you that | most heartily
indorse every movement or pieco of
legislation in this State for the ad-
vanccment of q safer credit system and
the exposure of dishonest commercial
dealings"
Following his Introduction by Her
pert W. jackson, president of the Nir-
GINA Trust Company, who presided.
Mr.. Stuart was forced to bow acknowl-
edBcment 20 prolonged applause be-
fore beginning his brief address. His
welcome was most cordial. Preceding
the speeches of the evening. the bust
ness OF the annual meeting. including
the election of officers. was transacted.
The officers elected were: John $.
Harwood, president. Walter a. Will
Jams. vice president r.. y. Britton,
treasurer. Executive committee-Rives
Fleming, f.. T. Hlnckle. j. r Woodiin,
Il. y. Jones and T.. b. i. Whitmore.
According to the annual reports of
Secretar! 10 Lane Stern aud Treasurer
HiN. the association is in its most
hourishing state. The membership
now numbers iG3, including nineteen
from Petersburg. Receipts for the
year amounted TO s3.060.S0. with dis
bursements Of s2.32l. Eleven delegates
were elected to represent the associa-
ton at the national convention In Gin
cinnati, June 1i-20. as follows: Leon
Wallerstein, r. y. Jones. II. $. Bins
wanger. l. G. Chelf. Hugh Antrim, c.
$. Fenson, Henry Clarke, Walter A
Williams. Thomas T. McAGams, .. j.
Sands and L. y. ]. Whitmore OF Pc
tersburg o. J. Sands is to address the
convention on the subject, Commercial
Paper"
HirhoP O'COnneil Speaks.
Preceding MIR. Stuart. the Right Rev.
j. Dennis O'Connell. Bishop of the
Catholic Diocese OF Virginia, gave
short speech pleading for the eleva-
ton OF business standards
Contrary to the statements OF
some" said the bishop. IL hold that
there Is harmony between the moral
laws and the commercial laws The
impression often found In the youthful
mind that only sharp practice pays re-
turns In business Ia destructive to
community. and ought 10 be wiped out
BY cooperation OF the church and
business. II can he proved that hon
esty is the best policy"
Bishop o'Connell was followed By J.
II. Tregoe. secretary of the
National Association of Credit Men
who delivered the principal address.
There have been two great move
ments in the last decade" said Mr.
Tregoe. First the growth of the
economic conscience, which was a pro-
test against the waste of our natural
resources. and. second. the growth OF
the social conscience. which is pro-
test against the waste OF men and
methods. IT is the duty and the aim OF
our association TO father a third move
ment. the awakening OF the business
conscience. The National Association
OF Credit Men is the largest CONNER
cial Organization In the whole world.
with membership OF more than l Z 900
even larger than most OF us realize.
business Done on Credit.
Credit and it's instruments repre-
sent the real currency or the country.
not gold coin and bank notes. In 1912
total of 5000. 600, 600. 900 worth OF busi-
ness was transacted between American
merchants. yet the total of actual cur
rency in the United States to-day is a
little more than $3700 100000. Com
merce Is supported by credit and credit
is supported by cooperation. During
the ten years preceding the year 1896
the Dank ciearlngS or this country in
creased only per cent; during the
ten years following 1896. the bank
clearinss increased lS5 per cent The
growth OF credit was responsible for
the vast increase.
ut is not the laXity of the Federal
bankruptcy law, but the infusion into
tho veins OF this country of vast
amount OF foreign blood, still retaining
in many cases its instincts of sharp
practices. crooked dealings and dishon
est methods. which is responsible for
dishonest business failures. The cred
II men must stand together TO educate
this new element up to the standard
of American business: The State must
do it's share also. Our system OF law
was inherited from the English com
mon Law. and is not "a commercial code
Legislation to assist honest business is
needed almost everywhere
MY message to you is: make hon
esty not policy. but principle"
Henry G. Barbee, president OF the
Norfolk Credit Mems Association
brought greetings from the members
of his organization.