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Show 10TS0E URGES H FARM EXPERT IN EM BANK President of Agricultural Col- I lege Makes This Suggestion I at Bankers' Conventioa I ' in Logan. B ANNUAL ADDRESS IS If READ BY M. H. WALKER II Judge Powers Wittily Dis- cusses "Why We Put Money I in Hands of Predatory I Rich Without Security." I Special to The Tribune. Vf LOGAN, July 32. Two meetings Hi were held ioflny by tho State Hi Bankers' association at tho H rooms of the Boosters club in - I this city. Unlike tho delegates to con- KB ventious in "general, the bankers re- Hff fused to bo bored by numerous and 1 5 lengthy speeches with the mercury ml climbing toward the top of tho thcr- H mometcr. 91 j The principal features of the morning 9 I session were the address of welcome by 9 i Mayor II. G. Ilayball, the address of 9 i A.' G. Barber on behalf of the bank- j crs of .Logan aud tho response by judge 9 J Joshua Greenwood of Fillmore. 9 ' Beads Annual Address. g i At tho afternoon sossion M. H. Wal- 9 ker of Salt Lake, resident of the as- 9 : sociation, delivered tho annual address 9 of the president, and the reports of m Socrotary Charles II. Wells and of the j membership committee were heard. The jL latier reported four new members of 9 the association and twonty-ono banks m ; J of the state not yet .in theorganizttion. Jm j Mr. Walker's speech was in part as ill follows: Um Looking back over a span" of more HE than half a century to the begin- 911 nlngs of banking in Utah, and re- HI viewing In my mind the wonderful Hi expansion and growtli which has HI taken place during that period, I am jfi struck with the fact that, after all. H banking still, as described by David H Harum, consists of "lending your H j money and then trying to get It H It Is now fifty-throe years since H ' tlie banking business had Its begin- H ' nlng In Utah. It started ln a per- H fectly natural way. People wanted 9 a safe place for tne?r money, and B f they left It with a merchant In whom 9 thoy had confidence, who thereby V became a banker, for tho customers 9 drew "orders"' or "checka" against 9 It. I can sec in my mind's eye some of 9 ' thoso checks. Often they came Jn 9 written with a pencil on a piece torn 9 off wrapping paper which had sur- H rounded a bundle. They read some- H thing like this: "Please give John U Jones five dollars and charge to my H account." n They were checks, however they H wero drawn, and they were hon- H ored so long as the customer had a H credit. y! . Exchange Was Scarce. J) Exchange waa scarce. When wa X jj wanted New York or San Francisco e l exchange, we usually shipped gold j dust by express to San liYandsco. or j'1 jj direct to New York, and express rJj charges over tho stage coach lines :x came high ln Ihose dayn. J;J Actual currency waa also scarce, and the original financial Institution i f In the stato became a bank of Is- "lij sue. Scrip in large and small de- nominations was put out. On th '.'; face of It, It read something Ilka h ,thls: "We promise to pay on dol- ' i lar to bearer on demand," with tho Jl authorized signature of tho concern. This scrip passed at par as a clr- culatlng medium, baaed as It was on f the credit of tho concern. In fact. 4;: store orders of merchants formed for I years a large portion of the currency l.i of the community. .Ml Deposits Then and Now. H I havo boon unable to find the old -Jjf H records containing somo of the dc- " '( H sired data, but I think I am reason- (j H ably safe In saying tliat the total a i H bank deposits In Utah m 1S59 did not 'j H exceed S25.000. Compare this with jf H the magnificent total of today, $61,- j! ( 9 709,704.73, taken from tho statement of national banks for June 34, 1912, ,0 H and state banks for May 14, 1912. ;4 ( 9 This shows tho growth of tho state ! j 9 during this period, for banking ls an 9 Index of thc growth and prosperity jl j 19 of the entire community. The la.it ;' ; 19 dncade especially has shown progress I H I which la highly gratifying. July 16. j j 1002. the banks of Utah had total j j H deposits amounting to $27,7i:,132.18. H This is an Increase of 123.6 per cent. l .H and at the present time the hank- "a f H Ing business in Utah ts undoubtedly 1 in as healthy condition as It has i jH ever been In Its history. ,j, I jH This Is a wonderful record of prog 9 ress. It Is noteworthy that, although , jH we are ln a western ixnintry, where IH (Continued on Page, rout.). , L NOTED MEN SPEAK AT BANKERS CONVENTION ' (Continued from Page OneO growth is often so rapid as to endanger endan-ger stability, during this entire period of over half a century bank failures have been a rarity even In the moBt trying times. This Is a feature of which wo may all well be proud. 1C shows that the bankers of Utah as a whole have been mindful of their trust and ever, true to the great responsibilities re-sponsibilities Imposed upon thctn by the public. Duties of Bankers. The banker, by the very nature or his occupation, is vitally Interested In material prosperity, and this Is certainly cer-tainly of prime importance, for without with-out a reasonable amount of prosperity, prosper-ity, education and social advancement are greatly hampered. For tho material ma-terial good, we can and should work together. In what direction, then, should the power and Influence of the combined banking interests of 1 tan be turned to accomplish tho greatest It is our duty as bankers to study the subject of irrigation and to prevent, pre-vent, whoro possible, the launching of schemes which are plainly not feasible, lending such nld as we can to sound plans which have every reasonable rea-sonable hopo of success. Utah Mining Sound. Reckless speculation by those who. cannot alTord to lose dpea no real good to nny industry in fact, does actual harm In the lorn; run. Yet the Intelligent investment of additional addi-tional capital to further legitimate mining enterprises is important to the entire state. There Is an opportunity for the bankers to do great good by their aid, when they can consistently give It, in the furtherance of legitimate legiti-mate mining. It is gratifying to note that tho. entire industry is steadily reaching a higher plane. Honesty and businesslike methods are the rule among Utah mining men, and tho spread of theso prlnolpl.es cannot fall to increase general confidence In the mining propositions in this state. Bingham Is really a manufacturing town, and the success "of great enterprises, en-terprises, such as wo can observe there, cannot fall to be beneficial to f the entire industry. The western market is growing and the time will come when our manufacturers manu-facturers will competo for the market mar-ket of the east via the Panama canal or tho transcontinental railroads. Manufacturing has its hazards as well as merchandising, but with the exercise ex-ercise of reasonable discretion, proper aid can be given which should mean great growth In our manufactures during tho next ten years. Transportation Needs. We want the friendship of the railroads rail-roads and they can be of great assistance assist-ance in all the work now under discussion dis-cussion and in many other ways. On the other hand. If injustices In rates exist, shippers now have recourse to the Interstate commerce commission, where such matters can be adjusted. I believe that the railroads are entitled enti-tled to special commendation for the advertising which they are giving Utah, for their efforts to bring settlers set-tlers into the state, and for their cdu- ' catlonal work among the farmers. Conservation. I think all good citizens arc agreed on the importance of provenling all waste or misuse of the national resources, re-sources, but It is Just as wrong for a nation, to act as the traditional dog In the' manger and deprive the public of the rightful use of what belongs to them. Who, for example, is more entitled to encouragement than the prospector, who spends-a lifetime In the hillE, living on meager food and braving hardships, in the quest of wealth, which, if found, will benefit the entire community and nation? Yet we have seen government authorities, who perhaps do not know the difference differ-ence between a burro and a slope, never having seen cither, drawing tho lines tighter and tighter by stringent rulings, and snatching from the prospector pros-pector again and again the prize which may have been the object of a lifetime of difficult, honest search. Encourage Pioneers. It has been the traditional policy of the government to encourage the pioneer and aid him in the development develop-ment 'of the nation's resources. Granting that proper safeguards should be thrown about our national domain, no cood can come from hampering ham-pering the prospector for mineral or oil, who has acted in good faith, or from the withdrawal of other resources, re-sources, without taking any steps whatever to provide for their development. develop-ment. Currency Reform. The subject of currency reform is too broad to bo more than touched upon at this time. A change in the methods of banking and Issuance of currencj' in this country seems imperative. Wo arc especially Interested In that portion of any plan which will make it possible to loan more freely in times of stress, whether it bo through redlscountlng commercial paper to a central reserve aasoclatlon or In nomo other way. This Is really more Important to tho business man nnd other customers of the bank than to the bunk itself. Tho banker can always protect himself by locking up IiIh money and' refusing to loan. No brgad-mlnded banker wishes to do this, as he must always be ready to stand by his customers In times of storm as well as In fair weather, but he ever ha open to him thin course, which might mean ruin to his customer. Injury to the business man may mean the throwing out of work of his employees and the effect spreads In every direction. Therefore, There-fore, this i a subject which is vital to everybody, nnd the working man. the buslne? man. the professional man and everybody else, as well as the banker, should work In harmony to get this problem solved in the best manner for the good of tho entire country and not. with reference to the fortunes of any political party. Banker's Responsibility. The responsibilities of a banker are great. To him arc entrusted tho combined resource? of the people. Too often. T fear, the Important duty that he owes his depositors is not fully appreciated by the general public, especially by those who desire to borrow. bor-row. I am proud to state that I believe that the bankers of Utah as a class hnvo been always true to their trust and that In the future, as In the past, their patriotism, their loyalty to tho state and their devotion devo-tion to their communities will be a powerful Influence for the building up within our borders of a greater commonwealth, so that In time Utah will have as good a right as any to lay claim to the title of "empire state." Dr. .T. A. Widtsoe, president of the State Agricultural college, addressed the meotine on "The Banker's Attitude Atti-tude Toward Agricultural Encourage-ment.'' Encourage-ment.'' Farm Experts for Banks, Dr. Widtsoe" mado an earnest pica for the support and co-operation of tho bankers in aiding the causo of scientific agriculture. He stated that an agricultural expert should be employed em-ployed in ovory largo bank to act as adviser in matters affecting tho farm- I ere, as farmers, frequently consult the bankers of thciT communities, regnrd- jing them as a conservative force in of- I fairs. I-n2J,ea-T,i, X agricultural education, xc SOW J) believed that a higher tvne of scientific arnung would bo developed, devel-oped, particularly in regard to dry farming methods. In this connection lie stated' .h at if all the available water wa-ter in tins state woro scientifically conserved, it would suffico to irrigate but one-tenth of tho arid area, and that the remaining nine-tenths of tho land would have to bo developed by dry farming. According to Dr. Widtsoe, from two to four times as nnich water is used as is nocossary to supply properly prop-erly the acreage under irrigation m Utah. T. W, Sloan Speaks. Thomas W. Sloan of Salt Lake spoke concerning "Corporation Bonds Versus Ver-sus Personal Bonds," and supported the corporation side of the question. During the interval between the afternoon session and tho beginning of the banquet in the library building of tho college, an organ recital was given in tho tabernacle by Professor H. G. Smurthwaite. During this time many of tho delegates look n plunge in tho big swimming pool at the Smart gymnasium. gym-nasium. Govornor Spry and party from Salt Lake arrived in Logan in a private car just before tho opening of tho banquet, tonight, which was attended by 180 persons. Stato Sonator J. W. Punk of Richmond introduced former Governor Gov-ernor Heber M. Wells as toastmaster for the bnnqhef,. Spry Responds to Toast. The toasts given during tho evening wer'o as follows: "'Shylqcks I Have Known," Governor Gover-nor William Spry, "Logan as a Scat of Learning and Mart of Trade." J. 1J. Bankhead of Logan; "Early Days o ?ra"klnT in Nevada and Utah," V. S. McCornick of Salt Lake; "Pointers on How to -Merge Banks," Geuoral GliarJes S. Burton of Salt Lako; "Why ? 0 t?" ur Volley in tho Hands u Y? ?dat-ory Rich Without. Socur-l Socur-l ,74,dK ' W- lowers of Salt Jjuke. In answering the important question, Judge Powers spoke as follows: fol-lows: ' to?stU'"?hvCn sfko J" response to the thA l Innrt j'yrD? P,,t 0l,r MOHOV In the Hands of the Predatory Rich Without With-out Security?" hc snId n pVt: n,olyr cl,,Whooc.'s fondest dream was mat i might some day associate with bankers, with the men who loan us our own money at a high rate of In-.!'?, In-.!'?, a'"1 who causo us to feel how meek and humble wo reallv are when tliey accept our money on deposit for the purpose of loaning It back to us. Tn my early days I considered a banker to be a most sacred being a trille lower" than the angels and somewhat higher than a United States senator. That feeling still influences me to a marked degree. YEen Who Exude Money. There Is something in the atmosphere atmos-phere surrounding this assemblage that in different from anything that I have ever encountered. Several times I have awakened to Mud mvself estimating what an Indefinite "sum will 'amount to when figured at 2 per cent per month, compounded weekly, and 1 have squeezed a sliver dollar In my 'pocket until no one but a banker would recognize it. In fact, I Imagine that I have had somo of the feelings of a banker, for I have hard work to refrain from asking my neighbor to leave his money with me without security, se-curity, I do not know what I may do If I mingle much longer with people peo-ple who exude money from every pore. "Predatory" and "Marplot.". And this brings me to my subject, although po one ever talks on their subject at. a banquet, but the topic given me is so filled with human interest in-terest that I must break the record and refer to It. The question is, "Why Should We L-eavo Our Monev With tho Predatory Rich Without Security?" Now thaL Is a good subject, sub-ject, but I would like to strike out the word "predatory." It doesn't have a good sound to inc. Uncle Jesse Knight is reported as saying during the Democratic national convention, after Mr. Bryan had been called a "marplot." that ho did not know what the word meant, but that it did not sound' right to him. And I do not like tho word "predatory." I told Governor Wells that If I used It that 1 reckoned that I never would be able again to borrow money at any bank in Utah. And It Is not easy, always to borrow money at a bank. Years ago. before 1 owned an automobile. auto-mobile. I desired to borrow a little of a Salt Lake bank, and was informed by the .cashier that lie was very sorry, sor-ry, but that tho fact was that they wore using all their money In moving mov-ing tho wool crop. I went back to that bank with my request every month for a year, and each time received re-ceived the same reply, and I finally concluded that Ihcy were moving thnt wool crop farther than any wheat crop or wool crop was ever moved before. Beauty of Drawing Checks. And all the while my fellow citizens were standing In a long Una nervously ner-vously waiting their turn to put what little money they had Into that bank without security, in the hope, I presume, pre-sume, of helping to push that wool crop along. If there be any one thing more than another that the average citizen delights to do it is to put his money In a bank and to draw checks, and to hc on speaking terms with a banker. There is nothing that tends to bestow more pulchritude upon up-on the citizen than to bo able to walk out of a bank, book In hand. In the full view of tho passing multitude, multi-tude, notwithstanding that it Is an advertisement of the fact that he Is not capable of caring for his money and the banker has consented to act as his guardian. Bank's Divinity. A bank is hedged about with a divinity di-vinity through which the eyes of us ordinary mortals may not penetrate. - Confidence Is the cornerstone of tho structure. All you need in order to create a bank I? a room, a counter, a chicken wire screen, two' chairs and a safe, and enough money to Induce somo one to paint the word "bank" In blc U'ttera on the window and to hire enough young men at 340 to $50 per month to handle the cash which the anxious public will Immediately thrust through the wicket. Of course you need a dlgnilled looking look-ing Individual, who attends church regularly, to sit in a room where tho people can see him in order to Inspire confidence. Petroleum V. Nasby. who used to write for the Toledo Blade, said that when they organized a bank in his little town they procured pro-cured Deacon Pogram to sit in the front window and the result was tine, although they wore troubled greatly because the deacon persisted in taking tak-ing off his collar and shoes In order to relieve his physical nature. Getting Money Back. It has boon falil that th whole business In banking consists In loaning loan-ing money and then collecting It hack. Where some of us would fall as bankers bank-ers would be that, while w probably could loan out nil the money brought In. wo would not bo able to get It all bnck, and your regular banker is an oxptrt at the latter trick I do not suppose that any of you aver borrowed any money -from a bank that io, from over the counter on the outside. 1 am not speaking of those trifling loans of a few liunured thousand dollars that bank officers sometimes accept as an accommpda-tlon accommpda-tlon to the depositors, but, any man who has ever borrowed money from a ba.nk in the regular way, will recall that' on the day succeeding his Indiscretion Indis-cretion there came to him a nice lit-tlo lit-tlo notice saying that his note would be due, In sixty days and not to forgot It; and those reminders kept coming every day thereafter until through Kheer desperation, when the note ilnnlly became due, he rushed In to pay it. And do you recall the glad hand which the banker always gave as ho Invited you to come again? How a Note Speeds Time. ' If timo be heavy on your hands, as ' a remedy, I advise a thirty-day note at a bank. Nothing will cause the time to pass more quickly, although somo things might make the hours more pleasant. If things seem dull, and you follow thin prescription, the month will roll around before you appreciate that the day of reckoning Is at hand, when you .must plead for mercy from the predatory rich. As I look Into your faces and read thereon contentment in every lino that time has drawn, I feel that It must lie a fine thing to be rich, and a much finer thing to bo a banker. It must be great to appreciate that all over the state men are tolling and sweating as they, chase tho elusive dollar In Die hope that they may capture cap-ture it and be permitted to push It over your counter, without Interest and without security, so that it may immediately begin working for you day and night. Fine to Be a Banker. It must bo a fine thing to be a banker and sit all day In a mahogany chair with ono's feet on a mahogany tablo and to listen to the tick-tick of a gold clock and know that with every move of tho pendulum the people's money, pouring In at one window, win-dow, is going out at another window to work for you and for you alone. It must bo a fine thing to bo a banker, and awake in the nlgnt and recognize that while you slept the sleep of the Just made perfect the nickels and dimes and dollars have added to ( themselves more nickels and dlmos and dollars, all your very own but, I am forgetting my subject, and again I face tho eternal query. "Why should we place our money In the hands of the predatory rich without security? It is contrary to all rules laid down by bankers, but wo have done it so long that "the memory of man runneth run-neth not to the contrary." and I presume pre-sume that we will continue to do R so long as banks exist. And the main reason Is that the American banker, with few exceptions, is a high-minded, trustworthy and public-spirited man. I-Ic is conscientious in the management man-agement of his business and recognizes recog-nizes that ho Is a trustee for tho people. peo-ple. He Is foremost in all that pertains per-tains to the good of the community and anxious to aid In the advancement advance-ment of all trustworthy enterprises. He Is always ready to aid those worthy of aid and to render counsel and matorlal assistance when needed. By his adherence to sound business ' principles ho hns gained our confl-' confl-' donee and proved himself worthy, and that is the reason that we put our money in tho banks, secured by the best security on earth an honest hon-est man's fidelity to his trust. The plans for tomorrow's cntcrtain-monts cntcrtain-monts iucludo a ten-mile trip by automobile auto-mobile trip up Logan canyon. The bankers will leavo here at 7:30 o'clock in tho morning, and return in time for tho opening of the morning sossion at 10 o'clock. Tho convention -will concluno with tomorrow's meetings, during which officers of-ficers for tho ensuing year will bo elected. |