New-York tribune., 1902-05-15
ASSET CURRENCY THE THEME
MISSOURI AND KANSAS BANKERS DE
eide AGAINST BRANCH BANKS.

Kansas City Mo. May 1f.-Missouri and Kansas
bankers at their conventions here to-day adopted
strong resolutions against the system of branch
banking proposed in a bill now pending in Congress.
The question up the morning session and
caused much discussion In the afternoon the dis
cuss!on centred around the addresses delivered by
J. IL. EckeIs and Charles q. Dawes. former Con-
trolers of the Currency, who took for their theme
Asset Currency Prosperity was the keynote of
all the remarks. The resolutions against branch
banking declare the system To be "unpatriotIc
un- American unbusinesslike and tending es-
tablish monopoly OF the great and honored bust
ness of banking i the hands of a few millionaires.
to the exclusion of the men OF the West old and
young. who have labored faithfully and well to
make banking system what il is to-day, the
best in the known world"
The Mssourians in their meeting also adopted
resolutions condemning the theory of branch bank
Ing. declaring it 10 he uuwise, unsafe unsound and
detrimental to the banking interests of the United
States w. T. Jones. of St. Louis delivered an in
terestlng address The Federal Bankruptcy
Law"
At the afternoon session the delegates In Joint
session at the Grand Opera House. The discussion
of asset currency was opened by James II. Eckels.
president of the Commercial National Bank of
Chicago.
Mr.. Eckels said 1t to the credit of the bank
in this convention that they had taken up
the discussion of economic questions of vital i'm
portance to the country. He continued:
The business interests &c of the East and West
arif ao oi az i % 1 St 'e are t lohnica @
perity in the West There is no octopus in the
East reaching it's tentacles to clutch the West
The growth OF the Eastern banks is but reflection
Of the growth Of the Western banks, and vice versa
Poverty is the heritage of part of this
country and riches the heritage of another part
but in this great country poverty and riches are
the heritage of all sections. This country has
passed the point of provincialism. and discussing
great economic questions pTovinCialism ought to
be avoided.
Mr.. Dawes spoke against asset currency. lie said
in part:
In order that collapslng credits may be protected
in times of panic by greater elasticity
circulation, favor emergency circulation, unse-
cured by bonds, but subject to so large a
an instrument of current business This cur
Iency will appear only when needed in a panic and
Will be retired when the emergency is over on ac-
count of the heavy tax.
Confidence in the sta blity and safety of our mo
dunn of exchange is of the foundation stones
confidence in our currency by decreasing to anv
extent Its safety is fraught with danger existing
business conditions.
Asset currency subject only "A small tax will
become an instrument Of current business and add
TO the amount of credits in existence to be cared
for in a panic. The more issued In ordinary times
the less could be issued In times of panic Ii is no
time 10 indulge in radical experiment with our
currency IN this country. We do not want an asset
currency .that Will help us into a panic when we
are OUT OF one, but emergency circulation which
VIII help US out OF a panic when are in one
In the discussion that followed half a dozen
southwestern bankers, among them Charles :
Gleeu' ol 4opeka, Kan. presented different views
Inc convention adjourned this evening.