9
THE CHICAGO BANKER
October 30, /pop]
All Forms of Surety and Casualty Insurance in One Company
CONSOLIDATED
CASUALTY
COMPANY
IN THE HEART OF
AMERICA
ROBERT B. ARMSTRONG, President OFFICES: Entire 18th Floor, Majestic Bldg., Chicago, U. S. A.
Capital
$2,000,000
Surplus
$2,000,000
Deposits
$33,000,000
We solicit accounts of banks and bankers and offer them our complete tacilities for the handling of their out-oi-town items
W. B. WELLS, Vice-Pres.
J. R. COOKE, Asst. Cash. R. S. HAWES, Asst. Cash. J. F. FARRELL, Asst. Cash.
C. H. HUTTIG, President
G.	W. GALBREATH, Cash. D’A. P. COOKE, Asst. Cash.
H.	HAILL, Asst. Cash.
gattonai 3Sank of Commerce in Jleto fork
is prepareb to transact all branches of bomeSttc anb foreign banking. Accounts are soticiteb from banks, bankers, firms, corporations anb inbibibuals, toko map relp upon courteous consiberation anb the berp best terms that are consistent toitt) goob business metfjobs. Corresponbence is inbiteb. Capital, Surplus anb Unbibibeb profits ober
$40,000,000.00
please him. I hope he will accept my challenge. If he does I think I can make things interesting for him.
“As Senator Aldrich is to expound his views on the central bank in Chicago, nothing would please me better than to have one of the debates in this city.
“I am unalterably opposed to the central bank idea, and as I stated in my open letter to Senator Aldrich, I believe the establishment of such an institution in this country would be inimical to the general welfare of the country. The special interests will be found on the side of the central bank and opposed to the best interests of the public.
“This currency question is bound to develop into ojie of the most bitter controversies in the history of the nation. I believe it is as momentous a problem as has come up for settlement since the Civil War.”
Congressman Fowler is attending to private business in Chicago. He expects to leave for the East to-day or to-morrow.
National Copper Bank
The stockholders of the new National Copper Bank, Salt Lake City, have elected the following directors: W. W. Armstrong as president. The directors named were W. W. Armstrong, John S. Bransford, John Dern, A. C. Ellis, Jr., Sherman Fargo of Park City, George E. Gunn of New York; Lafayette Hanchett, David Keith, Duncan MacVichie, J. B. Risque, W. B. Thompson of New York. Col. Enos A. Wall, P. J. Morgan, and W. V. Rice. The officers named by the directors were W, W. Armstrong, president; W. V. Rice and John Dern, vice-presidents. The new bank will have a paid up capital of $500,000, and a surplus of $50,000. It is planned to open the new bank for business about January 1st.
־V*
J. P. Bowdoin succeeds W. S. Witham as a director of the Bank of Adairsville, Ga.
A new bank building is.to be erected by the Jackson (Miss.) Loan and Trust Co,
sidération and determination, right, as they did that of the good standard, if only they be given *an opportunity oT"Eaving both sides of it fully presented and thoroughly discussed) may be informed as early as possible—I now challenge you to a joint debate on the following propositions :
“First—A central bank will not effect nor accomplish the necessary reforms of our finances and currency ; it is unsuited to our conditions ; it will accentuate many of our present evils, and precipitate and develop evils of a most serious nature.
“Second—Our financial and currency problems must be solved on economic lines of an entirely different character.
“I assert that you cannot successfully and beneficially superimpose a monarchical form of banking on nearly 25,000 individual, independent, free banking institutions which have grown up and developed in harmony with the principles of our republican form of government, and are themselves republican in form and character.
“To establish a central bank in this country under existing conditions would be undemocratic, unrepublican, unAmerican and inimical to the general welfare of the people, because with a central bank will come a most discouraging and disheartening favoritism, the gradual breaking down and ultimate destruction of our purely individual and independent form of banking.
“I will meet you in joint debate on the above propositions at one or more of our leading cities, up to 100 or more of them if you choose, at such times and on such conditions or terms as may be agreed on by us hereafter.
“My letter to Senator Aldrich speaks for itself,” said Congressman Fowler at the Congress hotel. “I stand ready to meet him in joint debate at any time and on as many occasions as may
CAPITAL & SURPLUS
$1,000,000
Pays a rate of interest consistent wit!¡ good banking
Charles N. Fowler
Charles N. Fowler, congressman from the Fifth New Jersey district and former chairman of the house committee on banking and currency, who is now in Chicago has addressed an open letter to Senator Nelson W. Aldrich of Rhode Island, chairman of the monetary commission created by congress and also chairman of the finance committee of the senate, challenging him to a joint debate in one or more cities on the subject of a central bank.
In his letter Mr. Fowler says he is opposed to the establishment of a central bank under existing conditions, because he believes with it would come a most discouraging and disheartening favoritism and the ultimate destruction of our purely individual and independent form of banking.
The letter follows:
“Just before you started for Europe in August it was stated in the press of the country that as a result of a meeting of the monetary commission of which you are chairman, a central bank was to be advocated by your commission, and that on your return from Europe you would proceed to visit various cities in different sections of the country with a view of instructing the people on our financial and currency needs, and recommend as a ‘cure-all’ a central bank.
“After your departure there was an evidently inspired and well organized propaganda in favor of a central bank, conceived and carried on for the purpose of preparing the way for your home coming and your arrangements to ‘swing around the circle’ and initiate the people of the United States into the mysteries of your central bank plan.
“Inasmuch as I am convinced that the one thing above all others that this country does not want is a central bank, because it will not effect nor accomplish the necessary reforms, but in the end will make a bad condition immeasurably worse, therefore—in order that the American people (who I know will decide this most important question, now pending before them for con-