The Savannah morning news., 1902-11-13

small bankers as bankers I make no
special plea. They are not entitled 10
the protection of the restrictive provi-
slohs OF law relative to branch bank
ing unless, in addition to their own
interest, the interests of the people of
me natlon are subserved. The ques-
tlon is a broader one than that of the
small banks, and as long as the oppon-
ents OF branch banking base their
claims only upon the alleged right of
the local bank to be protected from
the competition of the central bank
they will make little impression, as
against arguments uphoSding branch
Banking, as securing economies and
other benefits to the people as a whole.
oppose it at the present time.
what we should do now. is to con-
solidate our whole efforts behind some
measure for an elastic circulation. the
need of which we all feel. In support
OF such measure. both the friends
and opponents of branch banking can
unite. Instead of demanding as bank
ers, the passage of a law. involving
complex and radical changes, in imam
cia' legislation, concerning which there
is not even among ourselves. any
unanimity of opinion. let Us ask at
this time simply for an emergency cir
culation, which will supply the needed
liz the crop moving period. and In
times of panic, waiting until that re-
form is attained. to urge other re-
forms. Let us now advocate for the
purpose of allowing elasticity to bank
note issues to protect the banks and
the community in times of panic, a
small amount of uncovered notes, in
addition to the secured notes. which
should be authorized by law under the
following limitations: They should be
subjected to so heavy a tax that they
could not be issued in normal times
for the purpose of profit, but would be
available in times of emergency. This
tax should be so large upon the SOL
vent issuing banks as to provide a
1und, which, in connection with the
pro-rata share of the assets of an in
solvent bank, would be sufficient to re-
deem the notes in full. without neces-
stating any preference of note-holders
over deDositors of any insolvent issu-
ing bank. The tax should be so large
as 10 force this currency into retire
ment as soon as the emergency passes.
such currency could be used only to
lessen the evil effect of the too rapid
liquidation of credits which are col
lapslng under a financial panic, but
could not be profitably used as a basis
OF business speculation and imitation
IL should be to the business commun-
lty what the clearing house certifi-
Gates are to our cities in times of
panic-a remedy for an emergency, not
an instrument of current business.
After Mr.. Whites address a recess
was taken until p. M
At the afternoon session a resolution
faVoring the Louisiana Purchase Ex-
position was referred to the executive
council.
J. j. Sullivan of Cleveland offered
the following, which was adopted
without objection:
Whereas experience has demon
strated the inadequacy of our present
currency system, and believing that
the best interests of the country de-
mand system flexible as we'll as sta
BILE, be it
Resolved, That the American Bank
ers' Association record it's unqualified
approval of the enactment of a law
imparting a greater degree of elias
ITCHY to our currency system, making
IL responsive to the demands of the
business interests of the country.
RESOLVED, That we favor the ap-
polntment by the president of this as
soclatlon of committee of seven
members of the association, selected
with reference to their ability and
experience in monetary 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 as
ISOLATION"
A. j. Fame of Milwaukee called up
ms resolution, reported without action
Dy the executive Council, opposing in
vigorous 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 il did
not believe it wise to place
the association on record on that
subject before an adequate solution had
been offered.
The resolution was referred back r.
to AZ. VI OF
Willis S. Payne of New York deItv.
cred a brief address on can Emerg.
ency Currency" in which he urged the
necessity of having proper provision In
the law for an emergency currency
Inc present currency was barely suff1.
cent for trade, he said, and indica-
tons were that with a continuation
OF the present prosperity there would
De a still greater demand for cur.
rency. The government obligations due
to the recent prodigality of Congress
would shortly fall due and that would
require great deal of currency. He
commended the efforts of the Secretary
OF the Treasury to relieve the recent
stringency. He said the Suffolk sy..
tenn would have been perfect had ii
been protected by some form of guar
antee. He suggested a highly taxed
emergency currency, which would be
retired as soon as the emergency
ceased.
A resolution by John L. Ham,
ilton of Illinois, providing
the creation of a committee of nine
to investigate the currency question and
evolve solution. was presented from
the Executive Council, but referred back
to it by the convention.
The call of states then proceeded and
f1ve-minute speeches were made pre-
senting the resources of each state.
Alabama, Arkansas, California, Con-
necticut, Florida and Georgia were
heard, and then the convention ad-
journed until tomorrow morning.
All Of the important business has
been concluded except the election of
officers
Tonight the entire convention was
given theater party at the Grand
Opera House.
The naaIx