The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-11-13
CHEER FOWLER BUT
OPPOSE HIS VIEWS
The Congressman Criticises
the Bankers Freely.
AND THEY APPLAUD HIM
Former Comptroller Dawes Speaking on Fl
naLcial Reform Urges Consolidation of
Efforts for an Elastic CircuI, I,tion---
Currency Discussion.
Currency Discussion.
(By the Associated Press.)

~ASSONA0bNo
New Orleans, Nov. 12.-The second
days session of the American Bankers.
Association was resumed at 10 O'Clock to-
day after prayer by Bishop G. A.
Rauxel.
Under suspension of rules Colonel
- Lowry, of Georgia, asked that Mr.. Kit
tredge, the Secretary of the Bureau of
Education, be allowed to say few words
about the Bank Clerks Institute Mr..
kittfedge made Il short verbal report in
addition to the formal report made yes
terday.
John L. Hamilton, chairman of the
committee on Fidelity Insurance, took up
the report of that committee which was
formally presented by him yesterday.
The call of States was deferred until
later. The discussion of the currency
question was then begun Congressman
Charles N. Fowler spoke on assets cur
rency and branch banking. He discussed
the features of his bill ex tempore Con-
gresham Fowler did not spare the bank
ers. but criticised them with a freedom
which, however, won applause. He was
given an ovation when he had concluded,
although more than once when he asked
if the convention did not agree with the
doctrines he was expounding he was an
swered by cries of NO
Fcrmer Comptroller Charles G. Dawes
spoke on financial reform urging consoli-
dation of efforts for an elastic circulation.
Horace White, editor of the Evening
Post, of New York, spoke on Assets
Currency
Mr.
was taken until A p. m.
At the afternoon session a resolution
favoring the Louisiana Purchase EXPOSE
tion was referred to the executive coun-
Gil.
JJ Sullivan, of Cleveland, offered the
following, which was adopted without
objection:
Whereas, experience has demonstrated
the inadequacy of our present currency
system and believing that the best in
terests of the country demand a system
flexible as well as stable, be it
Resolved, that the American Bank
ers' Association record it's unqualified ap-
proval of the enactment of a law i'm
parting greater degree of elasticity to
our currency system making it respon-
sive to the demands of the business in
iefeSt or the country.
Resolved End. That we favor the an
pointment by the president of this asso-
citation of a committee of seven members
of the association selected with refer
ence to their ability and high character
as bankers and their experience in none
tary affairs. and representing different
parts of the country, for the purpose OF
carefully considering the entire subject
and report to the next meeting of this
association
A. j. Frame, of Milwaukee, called UP
his resolution reported without action by
the executive council, opposing in Wig
orous language the proposition for asset
currency and branch banking.
Chairman Bigelow, of the Executive
Council, said the council had declined to
act on the resolution because it did not
believe it wise to place the association
on record on that subject before an ade-
quate solution had been offered.
The resolution was referred back to the
Executive Council by vote of SO to Al
Congressman Pugsley. of New York,
delivered an address on IAN Emergency
Currency"
Willis S. Payne, of New York, del<,-
cred brief address in which he urged
the necessity of having proper provision
In the law for an emergency currency.
The present currency was barely suf-
nclent for trade, he said, and indications
were that with a continuation of the
present prosperity there would be a still
greater demand for currency The gov
ernment obligations due to the recent
prodlgality OF Congress, would shortly fan
due and that would require a great dea,
OF currency. He commended the efforts
of the Secretary of the Treasury to re-.
lieve the recent stringency. He said the
Suffolk system would have been perfect
had it been protected by some form q;
guarantee. He suggested a highly y-taxec
emergency currency which would be re-
tired as soon as the emergency ceased
resolution by John T. Hamilton. Of
Illinois, providing for the creation of
committee of nine to investigate the cur
rency question and evolve a solution. was
presented from the Executive Council
but referred back to it by the convcn-
tion. -
The call of States then followed and
five minute speeches were made pre-
senting the resources of each State
Alabama. Arkansas. California, Connec-
ticut Florida, and Georgia were heard
and then the convention adjourned until
tomorrow morning.
All of the important business has been
concluded except the election of officers.
Tonight the entire convention was
given theatre party at the Grand Opera
House. St,tsR