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Show Ibank clerks will meet j in richmond next year Byron W. Moser, New President of American Institute ol Banking. Dr. David Starr Jordan Delivers Eloquent Address on International Peace; Judge King-Disc King-Disc usses Com b nations, WITH the election of Pyron .Moser of St. Louts as president presi-dent for the ensuing 1 ear and the naming of Richmond. Virginia, Vir-ginia, a the next convention city, the American Institute of Banking, in Bps sion here since Wednesday morning adjourned at 6:30 o'clock lust -night. Mr. Moser was given the presidency by acclamation, DO Othi r candidate ha ing been advanced for the honor. Harry V. Havnes of Washington, f. .. chough not present h) the convention, iai- elected vice-president, Harry BmaJc, of Chicago, was elected socre-tary. socre-tary. and frwin L. Bourgeois, of ;,v Orleans, was elected treasurer, all by acclamation. No other names were presented. Salt Laker Honored. (j. B, Kcllv, Former residen of tliej Jsalt Lake chapter, was given a place on the executive Council of tbc national! institute iu the only content thar developed de-veloped in the convention over the ua-tional ua-tional officers. Boborj H. Bean, of Bos-j ton, and T. R. Durham, of Chattanooga, also wore elected to the council there being three vacancies to be rilled lis the , institute at large. V s meeting of the! council after the convention had adjourned, ad-journed, L. H. Woolfalk, of Seattle, and C. W. Allendoerfer, of Kansas I ity, were elected to the council as repre- j sentatives of the Fellows of the Institute, Insti-tute, The PellOWS are those members' holding certificate;, of graduation in the courses of the institute. Teu amendments to the constitution, submitted at the first session of the convention by the executive council, were adopted after certain revision and elimination had been made from the floor of the convention. The amendment amend-ment providing that the retiring president presi-dent should be chairman of the executive execu-tive committee was lost b overwhelming overwhelm-ing vote, though in it-- place the convention con-vention adopted an amendment giving the retiring president and all other retiring re-tiring officers ex-officio powers in the council. Fight Over Big Problem. An attempt by the resolutions committee com-mittee and a nnnoritv of 'he delegates to place the institute on record as indorsing in-dorsing the national reserve association as proponed by the national monetary commmission . met with defeat after a lively fight in which parliamentary ruling rul-ing and impassioned oratory became badly entangled. The fighi against such action was led DV President. Raymond Ray-mond B. C'o, who insisted thai it was noi within the province of the institute to commit itself on national issues. ''This organization is composed of stndeuts of banking and its sole pur-pOse pur-pOse is rhe education of it. members in things pertaining to hanking." do-clared do-clared Prceidenl Cox "Any attempt I to take issue in national OUOstioUG he fore our threat organization, tho American Bankers' association, hat acted, not only unfitting but very presumptuous on our part, i John W. Oorby of Chicago, who .it tempted to have tho institute indorse i the reserve association idea at the first meeting of the convention, continued I his efforts yesterdav afternoon but I failed to get his motion before the convention con-vention because of the persistent ad verse rulings of the chair, backed bv I the majority of the delegates. Resolutions expressing the gratitude I of the convention for the entertain ment provided by the Halt Lake chap Iter and the city in general vvero adopted. Richmond Is Victor. The right for the honor ot entertaining entertain-ing the institute next year waxed to a j white heat Louisville, Ky., which was I presumed in advance to oe the lead-ling lead-ling aspirant, lost before the eloquent invitation of Richmond; Tiic delegates from the latter Mt stirred the COn- j venttou to prolonged applause bj their i word pictures of the beauties and aii-I aii-I vantages of their city. Scranton, l'a.. j figured strongly in the contest before the balloting, but was snowed under in ' the final vote, whicb WBS R8 follows-. Richmond, 337'; Louisville, D6; Scran- I ton, b2. The vote was made liuauitnous i at the suggestion of the delegates of : the losing cit ies At the morning session yeatordaj the delegates listened to Inspiring ad-(ir'-.-e- v David Starr Jordan, presi 'dent ot't!n i, eland Stanford university, and Judge William H. King 'of s:'it Lake, irhe snbstituted tor senator W, i V.. Bocab of Idaho, who was unable to attend Dr. .Ionian talked of international interna-tional peace as a factor in the extension exten-sion and development or Vmcrican banking power anri Judge i1" die-ciiKsed die-ciiKsed the control of industrial combi- UatioDfi cng.'ieil mi interstate COm- aiereo. Startling In its clear and piercing arraignment of war as the prime cause of the high cost of living in the world todsvy, brilliant, eloquent and epigrammatic, epigram-matic, Pr Jordan's address moved the convention to the highest pitch of enthusiasm en-thusiasm of the, three days' session. Keen shafts of wit punctuated the ad-dress ad-dress ihroughout, bringing from the au- Mil urn Q. B. Kelly, Salt Lake, Was Chosen for National Executive Council of Bank Clerks. Idience ofl repeated applause Many men and women other than the official delegates crowded the convention hall I to hear the distinguished advocate of peace. 'Dr. Jordan's Address I I n part. Mr. Jordan said: l ' t hope to allow today a number of things in regard to riiit: banking, pawn hmUiiiLC aii.j democracy ami their relation rela-tion to wm- and peace I hope I" slew that banking as we know it Is :i product oi democracy, that it i- opposed t war ao( waste and debt, and that pawnbrok-iop pawnbrok-iop came before banking .u'f its ptirpoxe was ! promote these very eviiF, war, ;s:. and dent, that the rise ol the pawn- 'i ket came fn i'" transition stage from absolute monarchy t" government by the people "I wish to show tliut the war of the last cental; would have bankrupted civilization civ-ilization II it had 'mii been for the pawn- broker who took in pawn the earnings of the world Tor a century to oome, "l wab to show further that the steady rise i the cost of living, since ISO", the steady loss- in the purchasing power of gold and the corresponding rise in interest inter-est rates in a world-wide matter, due to no local cause. "I wish to ghoiv finally that it is- due prlnuirlb in Ihe doubling of the taxes- of the civilized world since 1 VP 7 . To pay his tn n -, the noddle man must Increase his profits, Mid the Una -tress Tails on the nroip which is Weakest. I Shall show-that show-that this increase of taxes has hero solely ill the Interest of war. war scares and war preparation; that the hu.ue armies and navies Of Hie world in no May make for peaoe, hot thai International wars can Hex r-i occur again, because all the great nations, oin- own excepted, are In debt to the limit to the unseen empire of finance while on the other hanfl the network of banking, of commerce, of civilization, of common Interest Is alread) so close as to forMd ail forms of war between civilized nations. There will be dvlj wars, no doubt, until courts and congresses Are everywhere established! and there will hp the strangling of Petrslas ami trumpery attacks on wild tribes in Africa But we ina rest assured that I lie franco- Prussian Prus-sian war- is the last of its kind. The credit of the world, its civilization, its commerce, its banking, could not stand another Moneylender Rules. fhe toie oi the pawnbroker began wltli nut revolutionary war Before that time his business v.ns precarious, with huge profits ami crushing losses. Kins were had pay; their credit whs poor and thej could noi borrow much at s time-nm time-nm the credit of the parliament was better, bet-ter, and from s pawnbroker In Prankfort-on-t he-Main, the parliament of KnRland borrowed the money to pay the Hessians with the profits, some M00. 000, on this transact ion. Mayer, called Rothschild the pawnbroker of the Landgrave ot Hesse i asael, was established In hit larger business, busi-ness, ife became "uncle" of the uuz of Denmark. He took England In pawn to furnish means for her struggle against Napoleon, lie saw Napoleon submerged DJ a Wave of British gold' anil hi.s sons saw her In debt to themselves and their associates of the unseen empire of finance fin-ance to the sum of nearly $4,000,000,000. "On this sum the people ot' Great Britain have paid about 1140,000,000 per yen- of Interest ever since, Thev wll ro on paying to the end of tiio present regime reg-ime of debt and waste As matters are. ilo debt will ncer he paid the debt can never be paid and only occasionally by the government aiicd liberal lias there been any attempt to reduce 11 All this money was borrowed for war. The bonded bond-ed debt ol lhc world is, with trifling exceptions, all war del i here money Is borrowed for other purpo.seB it is because be-cause the reernuo!'' have bepn used for wa r. "The two tools of financial tyranny have been deferred poyments and tndl-reet tndl-reet taxation By the last, the people liover know what they pay or What thev pay It for. By the former, all debt is shoved off on the next ?cneraiton This generation pays only the interest. By this means; it Is said, we have none far beyond the kindergarten stage of living ueyqna nor moan. tne civlliaea worio is Hvliip beyond the means of the fourth generation if we knew what we were paying for the state of rtah would think twice before paying- 7,ui'".of'u a yenr for the support of the army and navy, bpsdde.i mor than $Z,OOO.0OO additional for pensions pen-sions without asking some questions as to the need for all Hits expense, and without suggesting to somebody that there might he room for economy Concrete Examples. "if Salt Lake City could Ret hack some ii. irt of the $800,000 xhe pays every year io he insured against an attack from Europe Eu-rope il mlRht help a hit In her financial development "Cngland went Ural in debt trance went farther with about &S,000,000,000; Russln with 12,000,000,000 ; Italy with 13,000,000,000 epaln with 12,000,000,000 Japan with H,300,0000;000-j the United States win, f 1,000,00.0.000. The bonded war debt of the world, the endlesK caravan 'I cipher,' ik now 37,O0O,0OO,000. The Interest on " is about 1 1,250,000,000 per year, and both dcM and Int'eresl and Interest In-terest rates are RrOWlng, While I he hpnds themselves staud at about so cents on fi, a fact which is putting an emi to the businese of 'slant pawnbroklng.' Bui the battle will never begin again, The nations controlled by ih unseen empire em-pire may bluster :i:td threaten, but they win never c an farther until those who Control their credit come forth from (heir strong boxes In London, Paris, purlin, VW una and New York, 'and t'l the fig! t-ers t-ers to iiht. There is no profit in war any more to anybody hut contractors and ghouls. War means waste, and in th word-, of a New York dealer In international interna-tional Feeurlties, 'A banker dos not naturally nat-urally look with favor on the destruction of property." "In dlscufislnjr the high ,-om of living In America mosl of our people confute three or four different thin;:, 'Thir oOS( or high living doubtless affecta thowo who live bu- vond their means. If a man mortgages lih house to buv an automobile, ii may embarraas him. but it does not impoverish impover-ish his neighbors, unless thev lose their heads ;i nd follow hi? example These things do not raise the price of luxuries, they rather tend to cheapen them by pro-duclng pro-duclng them on a larger scale "It Is true that we in America arc growing more to UUp. comfort, cleanliness -'triil safety when we travel or when we atay at home. V" like to save, our time by eostlv accessories If necessary, and tbe average man Hvos on a scale of comfort and decem-y unknown to the average man uf BSurope Bui il v. e can afford It, and We surely can why not? U does not make anj harder the lot of the man who cannot or will not follow the prevailing fashions. These fashions hae their toad sides and their Kod sides, but I need not d lacuna them here They have nothing to do with tbe rls In the coat of living Effect of Tariff. "The protective tariff is not the cause. Its purpose is to rais prices and H doe thia In thoae lines of industry where It affords leverage for some degree ol monopoly Its purpose Is to ahut, out foreign competition. This effect may be neutralized oy nome competition. Whatever What-ever its results, it Is a kind of special spe-cial privilege, and as such It Is opposed op-posed to tbe theory and practice of democracy. It Is opposed to sound economics, eco-nomics, and its only Justification lies In the fact that the uprooting of vested wrongs harms llkewipe vested rights Hoi while the tariff causes high prices, it does not cause n steady rise in prices, for the tariff has heen Substantially un-ctianBrd un-ctianBrd through all the economic vicissitudes vicis-situdes of the past fifteen years. It le with ixt7. with the costs of the Boer war. with tbe steady Increase of military mili-tary expenses that the rise In the coal of living properly begins "It Is a world-wide matter felt perhaps in America less than sjnywhere else, because be-cause our people are farther from the bread line than those of any other of the great countries, commonly called powers because of the mischief they could do should they again 'run amuck " "When I was in Japan, not long since, an editor came from Osaka, more than 100 miles, to ask iue why the cost of living In Japan had risen go lhat a farmer could noi eat his own rice after paying his taxes. It was not because of ' the cost of high living; there ara hut joo automobiles In all Japan. I.af-cadlo I.af-cadlo Hearn says that the farmers of .Itipan wade In water up to their kneea half the year to produce rire they cannot can-not afford to '-at. buying cheaper rice (and living on three-Ojuarter rations In Order that Japan ma- keep her placn among the great powers T have seen the sHine conditions In rural Austria, In northern Italy In Ehigland. nread riots, tax riots. wae riots, the rise of un-re.ot un-re.ot all over BurOpS have their prima! Cause in tax exhaustion. Excessive taxation tax-ation crowds 'he middle man. the mer-l mer-l hunts, the butcher, tbe baker. lie raises his prices If he ' All. lie cannot help doing It. but the final stress falls On Ihe man lowest down.' And this man bears the burden of Idle -armies, of use- less navies, of hectoring diplomacy, of war scares started by armament syndicates, syndi-cates, of all Die burdens laid on democracy democ-racy by the forces of outworn savagery and waste. Bonds Not Absolute, "Because the future dollar will have less purchasing power than the dollar of today, the rata of interest rises, when It ough( to fall. Government bonds are no longer emblems of stability. The conservative con-servative banks, resting their credit on government bonds and gilt edged securities, securi-ties, must change their method:? or go to the wall, as the great Birltbock bank of London has alreadv dono. "Only the "Tntted Plates can lead the way out of medieval savagery and waste, and unless that way Is followed we shall find in the rising cost or livinc the symptoms of the coming bankruptcy of civilisation. "An immediate need is the appointment appoint-ment of a civil commission in the United States which shall give a definite purpose pur-pose to what we call 'national defense.' No one. can justify gigantic: expenditures blindly undertaken. Tn every nation today to-day all military matters are out of the control of reason or of finance It Is not nacessarj for up Io Strive for Ideal perfeetlon of defense against unknown or Imaginary foes. No nation would attack us If it could: none could if II would It is not noresaary for us to pay out a million dollars a day because two other nations Uhe sublime folly of the age) are doing the snnie thing And finally we Khould not take our ad vice 'n these matters solely from Interested parties "The most powerful, ne m,.!-t unscrupulous unscru-pulous lobby that ever existed on earth is that of the armament syndicates oi Europe. We do not need In America to ask these nor their i epresentall ves to grant US the blessings of frugality and peace.- In brg-inninpr his address, Judge King said: "It. is with fear and trembling that 1 occupy this morning the place of the distinguished senator from Idaho, but in my' life T have found hat T hnve been' a substitute until 1 have become used to It " Ever-Present Problem Taking up his subject .luJrrp Kmc said: "The question of combinations of trade is not a new one. Tt, is the problem prob-lem of the day. Tn former times the people thought of eivil and political freedom. They recognized these rbts and thev were written in the COnstltU tion of the Country, Now the problem has come to bp that of industrial and economic liberty. How best to preserve industrial libcrtv is the question that confronts US. 'The evils of which we complain in this connection are not so serious as .some WOuld have us believe. The world IS growing better constantly and I be-liove be-liove these questions will be solved sat-isfact sat-isfact ori I v in the natural course of event-1. Bankers have a higher eonca2 tion of pnhlK duty than ever beforp aut so it is with other businesses and professions. Of course there are industrial in-dustrial CombinBtionfl' that h:ne been and are now pernicious to public welfare wel-fare This must be ndniittea. So long as men are ambitions they will desire to rise to wealth and power and wealth is power. ' ' The speaker analyzed the eoononie situation as it is. now and showed the tendency at present to be towards centralization, cen-tralization, particularly in the case of capitalistic enterprise. He pointed out the injurious effects of this centralization centraliza-tion as practiced at present bnt de-clared de-clared that if properly directed the concentration of capital and industry could be made to work out a greater ecnnumv in the production and manufacture' manu-facture' of the daily needs of life, thus effecting a decrease in the cost of living. liv-ing. Brilliant Reception. The roucludiop- social feature of tbe bankers convention was a public reception recep-tion in honor of the delegates and their ladies at the. Hotel "Utah last night. Folly 1000 persons, including: ma-ny of the "socially prominent in Salt Lake, gathered in the foyer and the lobbv of the hotel and spent the evening dancing danc-ing and enjoying the excellent musical programme arranged for fcbj occasion. The Hotel Utah orchestra, under thrt direction of Prote?sor J, .J. Mc leuan, and assisted bv Mrs. Emma Ramsey Morris. Mrs. Lizzie T. Edward. Miss Stella Angell, M. J. Brines and Horace S. Ensign, holoists, gave a concert of unusual merit. Lunch was served 1n the supper room on the mezzanine floor and the guests lingered until after midnight. mid-night. Today a spf-'ial train will carry the delegates to Bingham for an inspection of the great CODper mines and tho smelters. smel-ters. The train will leave the Salt Lake Route depot, at 8:o0 o'clock this morning and will return at 1 o'clock t bis afternoon. A maiorit. of the delegates will leave Sail Lake tonight, many of them going, to Yellowstone park on the special bankers1 train which brought most of the eastern delegations to the city Some left, last night, while not a tew will remain in the city over Sunday. |