The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1917-05-16
BANKERS ARE HERE
BANKERS HAVE TOWN TODAY
LOOKS LIKE BIG NIGHT
ALL FEELING FINE.

The convention of groups enc and
two of the bankers districts of South
Dakota was i'm session today at the
high school auditorium, with about
100 men in attendance. Up to noo
today there there We're about forty,
having arrived by train. but by far
the greater number had arrived last
night by automobile. The reception
committee composed of the bankers
of Madison. made the visitors COM
Portable. then attended the business
meeting.
At noon today a special train from
the south brought many arrivals.
The Commercial club rooms had been
made ready for their reception and
registration. and where they made
their headquarters during the few
~unoccupied hours of the day. For
the transportation of the visitors and
their wives and ladies about town
and to the various points of inter
est. 3S automobiles were requisition-
ed by the local committee. Local
banks closed after noon.
The program Cor the day, as ar
ranged by the committee was as fol
lows. Business session at ? o'clock
D.. m. Banquet at the cafeteria at
the lake. 6 o'clock and ball at the
Normal gymnasium at 9 o'clock.
The business session, held in the
auditorium of the high school, was
opened by John w. Walden. who de-
Iiyered the address Of welcome. Jas.
s. Thompson. of Centeryille. answer
ed and paid a tribute 10 the city.
Noting that it was not wholly a
matter of furnishing men. money or
munitions i'm the position the coun-
try has found itself i'm. Jas 49, Lam
bertson remarked that the country
should turn itself tO the problem OF
raising more food. He also called
the attention of the money and cred
1T men there gathered that they urge
an amendment Of the provisions in
the rules and constitution Of the fed
eral reserve banking system, whereby
a more equitable system of exchange
and clearing be instituted Under
the present method ii works q hard
ship on country banks. and on their
corresponding and clearing ccnters,
and should be remedied.
on the conclusion of his remarks.
the high school girls glee club sang
The Star Spangled Banner The
audience found il very acceptable
and rendered applause.
Classifying taxable property was
the subject of "A paper by A. b. Oar
ling. of Mitchell. Taxation is as old
as civilization. the speaker said. and
is the only method of furnishing the
sineWs of government. While not
going so far as to advocate too com
plicated or numerous a list Of prop
erty classes. he advocated at least
the division of it into classes of prop
erty and moneys and credits.
Hon. Theo. Void, governor Of the
federal reserve bank Of Minneapolis.
next spoke. To illustrate the trend
Of his remarks he read a paper writ
ten by the late Lord Roberts, who
held that the present war is a bless
ing. and that Germany may be con
sidered the best friend of those fight
ing against her. That the long peace
and high state OF civilization was de
b|ilitating the other nations, their
anemic conditions making them in
different. and subject to an already
incipient decay was shown by the au-
thority. Mr.. Void said that war was
the drastic operation for a sick pa
tient. and likened it to the countries
who were going down in dry rot until
this great war overwhelmed them.
OF the manner Of paying for this
great war debt about to be incurred,
the speaker said hat some imprae-
tical economists advocated the total
and immediate payment OF il by di-
rect taxation. in his opinion future
generations would enjoy the fruits OF
victory. and he thought that a ratio
of about fifty-fifty would be about
right. His idea vas to care for pos
terity. but not to hang everything up
for them to have for themselves un-
earned. OF the subscriptions for the
war costs. he hoped the bankers
would over subscribe by a very great
margin, thus put TO sleep any idea OF
a direct tax for its dissipation.
At the conclusion of the meeting
il IL intended to 20 to Lake Madison
for the rest Of the afternoon. and
after the fish feed. to attend the ball
at the gymnasium. The meeting is
pronounced by those interested as
being instructive and wholly success
full.