The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-01-03
INDORSE The PLAN
BOARD OF TRADE DIRECTORS
WANT SUB-TREAsURY HERE.
BY AN UNANIMOUS VOTE.
THEY ASK CONGRESS To PASS THE
ACT PROVIDING FOR 1T.

rectors as to the Sub-treasury
scheme and Point Out Its Certain
Advantages to the City-BanI1s
Can't Be Injured and the City VIII
BE Benefited, Say Messrs. Myers
and Lnne-ODiniOns of New Or
leans Banking Experts to the
Same EHect-ResOIutiOns Will BE
Sent TO Senators and Representa-
tives in Congress.
At meeting of the directors of the
Savannah Board of Trade yesterday
afternoon resolutions were unani-
mously adopted, requesting and urging
the favorable action of Congress on
the bill to establish a sub treasury in
Savannah.
Besides the directors at the meeting
1t was attended by Hon. Herman My
ers, president of the National Bank of
Savannah, and Mr.. Mills B. Lane,
president of the Citizens Bank and of
the Savannah Clearing Association
Both of these gave their enthusiastic
Endorsement to the plan for the estab-
ishment here of a sub treasury, say
ing that it could not possibly affect in
jUriously the interests of the banks nor
ran, on the other hand, to rebound
greatly to the interests of the city.
The chairman, Capt. Purse, read a
communication from prominent
banker in New Orleans, describing the
operation of the sub-treasury there and
expressing the opinion that the estab-
hshment of such an institution in this
city would be very beneficial and ma
terlally enhance the Importance of Sa-
vannah as a business center. Mr.. Lane
had received similar letters from the
officers of the New Orleans Clearing
Association, all of which expressed the
same opinions
Mr.. Myers said that his bank was
put to considerable expense in shining
accommodations of silver to New York
and in addition suffered a considera-
Ole loss Of time. The time would he
saved IL the silver could be taken 70
the sub treasury and silver certificates
received in its stead. Mr.. Lane offered
some experiences of the inconvenience
10 winch his bank had been put by the
sloWness OF the present method Of get
ting silver to and from New York
A further advantage that Mr. Mvar-
suggested was the facility with which
worn and dilapidated notes and hills
could be exchanged. In the North
Wnere communication with sub-treas-
uries is always easy and quick. the
paper money is noticeably clean AMI
new, while in the South it is frequently
tattered and torn.
There was no difference of opinion
among the assembled directors of +he
Board of Trade as to the ADVANTAGE of
sub-treasury in Savannah and az
Following resolutions, offered bv Mr.
Lawrence Mcneil and seconded by Mr.
crank G. Battey, were unanimously
adopted
whereas the Savannah Clearing AS
ISOLATION, comprised of the banks of
TINS city, has through it's president
MI M. b. Lane, requested the CO.
operation of the Savannah Board of
Trade in urging the adoption of the bill
OF senator Clay of Georgia, now pend
ing before Congress, providing for the
establishment of a sub treasury at Sa-
vannah, and,
whereas the Board of Trade, speak
ing the unanimous opinion of its direc-
tors, in meeting assembled, are of the
opinion that the establishment of a
sub-treasury at Savannah would great
ly enhance her importance as a finan-
cial center and benefit generally the
business interests of the city; there
fore, be it
Resolved. That the directors, speak
ing for the Board of Trade, ask Con-
n % h Ixy anNY
Senator Clay, providing for the estab-
lishment of sub-treasury at Savan-
nah. and,
Resolved, second, That in the opin-
ion of the directors it will be to the
beneht of the country at large to en-
act Senator Clay's bill into a law. be-
cause of Savannah's extensive and
growing commerce, domestic and for
eign, and the enormous sums dsbursed
here in conducting both; and
Resolved, lastly. That the directors,
on behalf of the business interests of
Savannah, ask the cooperation of the
other members in Congress from Geor-
gia in aid of Senator Clay and our
immediate representative, Hon. r. F.
Lester, in securing the enactment of
Senator Clay's bill and that copies of
these resolutions be sent to each of
our senators and representatives in
Congress over the signatures of our
president and secretary"
Copies of the resolutions will be for
warded to the members of Congress,
as the resolutions provide. 1t is prob
able that in the course of a few days
other mercantile and official bodies
will take action on the subject, and a
determined campaign will be waged
for the purpose of securing the estab-
lishment of the sub-treasury In Savan.
nah.