Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-05-15
OPPOSE R[ system
Bankers OF Two States Oppose
the Bill Now Before
Congress.
Resolutions Passed by Interstate
Convention in Session at
Kansas City.
Proposed System of Branch
Banking Not in Favor in
the West.

Kansas City, May 15.-Missouri ano
Kansas bankers, at their conventions
here yesterday, adopted strong reso-
lutions against the system of branch
banking proposed in a bill now pend
ing in congress. The question came VI
at the morning session and elected
much discussion.
In the afternoon the discussion cen
tered around the addresses delivered
by j. II. Eckels and Charles G.. Dawes,
former controllers of the currency, who
took for their theme, asset Cur
rency."
Separate meetings We're held in the
forenoon by the different associations
The kansans, after listening to adj
dresses by President Scott Hopkins, of
lowing:
"Resolved, That the members of this
association have carefully listened to
the recent discussion of the subject
of branch banking as advocated by
the able gentlemen from the east and
combated some of the ablest and best
known members of this state associa-
ton and of our neighboring state of
Nebraska, and we hereby affirm our
answering allegiance to that view of
the proposition which condemns it in all
it's forms as being unpatriotic, I'M
American, unbusiness-lihe, and as
tending to establish monopoly of the
great and honored BUSINESS of bank
ing in the hands of a few millionaires
to the exclusion of the men of the
west, old and young, who have labored
SO faithfully and well to make our
banking system what it is today, the
best in the known world
The Missourians, in their meeting
also adopted resolutions condemning
the theory Of branch banking, declar-
ing 1t to be unwise unsafe, unsound
and detrimental to the interests of the
United States.
The Indian Territory bankers rejected
ers' association to consolidate the two
organizations.
AT the afternoon session. when dele
gates to all the associations met 10
joint session at the Grand opera house
the discussion Of asset currency was
opened by James H. Eckles, president
OF the Commercial National Bank of
Chicago.
Mr.. Eckels said it wos to the credit
OF the bankers in this convention that
they had taken up the discussion of
economic questions OF vital Importance
to the country.
me business interest of the east and
west, and of all sections of the country
We're Identical, he said; prosperity in
the east was reflection of prosperity
in the west. There was no octopus in
the east reaching out it's tentacles to
clutch the west. The growth of the
eastern banks was but reflection of
the growth of the western banks, and
vice versa. Poverty was not the hertz
age OF one part of the country and
riches the heritage of another part, but
in this great country poverty and riches
We're the heritage of all sections. This
country has passed the point of pro-
and in discussing great
economic questions provincialsm ought
TO be avoided.
Referring in particular to the asset
currency. Mr. Eckles said:
Our banking system is yet incom-
plete and presents a constant course OF
study for its betterment. The improve
ment of the bank note function of our
banks is needed. Today it rests upon
o bonded security, and it is an I'M
scientific note issue. It's best defenders
will not say that beyond the element
of soundness it presents any single
feature that warrants the clinging to
ii. 1t has soundness, but it has no re-
sponsive requirements to the varying
changes and needs of commerce, and
what is needed is currency sound and
also of volume sufficient to meet the
needs of all the people,
Charles G.. Dawes formerly comp
troller of the currency, who followed,
spoke agaist the asset currency plan.
He said in part:
AS opposed to the plan for asset
currency and in order that collapsing
credits may be protected in times of
panic by greater elasticity in our
circulation, I favor an emergency cir
culation, unsecured by bonds, but sub
ject to so large tax that 1T will not
only be made safe but cannot be used
as an instrument of current business
This currency will appear only when
needed in a panic, and will be retired
when the emergency is over on account
of the heavy tax.
Confidence in the stability and safe
ty of our medium of exchange is one of
the foundation stones of prosperity.
Any change calculated to decrease con-
hdence In our currency by decreasing
to any extent its safety is fraught with
danger to existing business conditions.
Bryan Studying Cuba.
HaNana Nav 1h-NNilian I pn..a