New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-22
BANKERS CONVENTION.
CITIES TWO QUESTIONS
y Establish a Uniform Bank
Money Order System.
rEr TELEGRAPH TO TER rRrBuNKl

,.-s, Association settled two iraportan, ,,,,o.
Il 6ecided that a uniform system Of h.,,
- orders should be established. and .hs+
.-es-s should not engage in carrying their
=, sselity insurance or that OF their ernpiovas
~esse two questions have been widely discussed
ar Eve years A committee Of leading bankers
,,s been az work investigating the advisa bTity
a surety concern under the supervision or
- American Bankers Association which
..,rd issue indemnity bonds 10 the thousa,5s
= asnk employees whose positions afford them
.hsncs 70 peculate. This committee finally "a.
.--tea to-day an amendment TO the oonsti+u-
.irr q the association providing for the organ
.rsfson Of its own surety company. The execu-
i've committee reported against the ameaduen.
-r Z sosnt majority. and in the convention q,
Re afternoon after a spirited fight the amend
msut was defeated An absolute majority was
secured. but tNo-thlTos vote is required 70
shsnge the constitution Il was plain IN the ae
haie that many o. those who opposed the amend
rent were interested In surety companies. one
n de advocates OK the amendment ehop-ed tbaS
Is; year the banks lost only $4,000 bv recu-
stion while they paid out more than S2sl0es)
:, surety companies
81 the adoption q uniform syster, Of ham,
--anev orders. all the banks OF the country re
rlsce6 In the Money Order League which viii
ear the express companies and the ros+ofz7ca
fsr lucrative business q this kind. CARRYING ,-+o
ne fcht the advantage of a reduced fee scbef-
ue ana every influence which banking fnstf-,,-
A X ha-l
VIII he payable IT any hank in the United
s-stes and -te plan is eventually to axe
-se~e orders Payable by banks anywhere in the
wo-l6. The bankers declare that they are
-e-ely preparing 70 so after long neglected
me q business which should have been in their
--r,1nce from tl.a beginning. The project is Of
hsf interest % small banks East as Wei as
West
New-T0-kers were wei -epresenred among the
sHeers The secretary Is James Z. Branch OF
IL - EraaG-st.. a05 The assistant secretary IS
b.
Charles :. F4lrchild made he report for the
committee on currency. Edwin Goe6au. vice
rrssi 4er- Cf the Bank q Discount OF New
York. stirred I'D some feeling IN the discussion
Z rhe money order scheme by proposing that the
selection az committee 10 take charge Of this
-sU system De- ves.ed in special executive
committee 0f five This was taken as an insult
90 the president who wiA Ge elected this week
and L was voted down.
The delegates assembled 81 The California
-heat-e- Following ,le roll cali. Mayor
serr-i-z made address OF welcome Tor the
--r and Governor Ea-Cee extended a greeting
.1r -1e state Another address OF welcome
rs uz5- tv jones 4. Phelan on behalf of
te san Francisco bankers. President Hardy
maze brief response and then delivered his
annual address - the convention, which was
ll-T as l--ioN@
The ----a-eicDreo prosperity q the last few
Years brought Us last fail 20 climax OF high prices
WHICH .----s IT. tLl --Ll-lC1 our rlch harVeSts
also fosters che rares- s. among the substantial
55zne--.a- s-r1ctlTes which have failed. signaIly
90 sand ne rest OF tine CreTsaElg1lne people
s1e r-ol-5-E lot oteIsc-aIlL-ols Haa been capt
tllZlE and recs pitallzlns schemes q ali KINDS
sae nelc-s Ie.5te. WIN p2per Drodts. 70 under
urte 11-at1ns which they were unable 70 carry
TIE boom had gone TOO lar. the natural reaction
- If ard q Eensral houseclesring began where
vac nos Ir--el p L-le N--l-IE OF o. over
equalization and inflated F,--1ues. We have
arces O. t1e most drastic character without
suits ex-eT- 70 The few who have got too far
see aSd -He VA 5 stili st-evrn With crsD1ies
nd .--5ee5-5le.. -eclr5rigs But general business
T5e rast za5o-.lT q us feel assured we have had
81 ar aH ire currency We have needed and that
it--eae- 5Usr THIS tine would lend
t--the- undesirable stimulus 70 Speculation. The
.asa q q central bank or .6ranch RANKING sys-
-eu-Ela-- conception o. free gov
e-lze1t sll Institutions, and. unless mistake the
Yetae-- VIII any form q currency be accepted
VICE. does not carry with x the same confidence
security Ehich our bank notes now enjoy.
L The formation Of our great Industrial corpora
-5es oe15 90. 81 g. :, 81 e 80
rl1-se --il-.,iors- Eliminating nose q z Ea-1-
uer- or fictitious character. nearly al OF them
l5.saiza-i11 ana The weak POINT VITA al Of them
ls bee- re failure 10 provide reasonable work
There has been greater creation q securities in
n co--o-la-i1f oL many @ our r4l.foa1s t--et'
f : s-eF1s - 49, SO u-Scb fas Created an
established value for their legitimate securities,
sI1olt hardship 10 the patrons q the ROADS. Inc
en0rm0us increase o. business developed BY our
prosperous l.ri9r has So overtaxed existing ia
elites 10 n--essi-ate extensive IrupTO yeTneTls
winch have brought the roads into the market Win
lo-rCwt-Es which have seriously taxed oUr re-
sources but where these improvements have been
n1H--Ezer OF legitimate basis, there Is. arpar-
ezly. Ike reason - aEprehend any difficulty IA
e-yLg DeU 70 successful coIlp4eIloN anu
so1le lrilrem has recently been made. ot IRE
llll1st ~ eaklE New OK bank s----
r--t The form and method o. making Jils Stage
--ll has been. more cr less, a subject t- D-7-
l-sslor t1r some rlme past Il TIE IeLLH ~
-ltO- 81 p-Ll cation not acc y e as ~ s--C-L
- make it what lt should b, b-t 90 not s4f+ 1t75
= The publication, OCCASIONALLY. q an iIo,E l11aL
ak Statement. which u subseque-t-y cetsi-lls =
~ -----a-- would BE . poor excuse Tor t1e s-f-
Preston cf bank s-a-ements II general and tnli-A
-efts would be unanimously vetoed Bank stalt-
e-- ID general. convey fair and lrte-lLeeil- ~
--r p..---y from other pubic colpQfallo1-s -
required q most important service Wcl4o pe
'ea1ere- 10 the public
The Currency Committee said IN its report:
A. The opinion q your committee the most serious
-tel ls the reform q the Sub-IreasuTy system ~
- e thar tie money Wlthcr7aWu ION. "
-hs IL custom duties, as wen as internal = :
-.es sna. D. deposited IN the banks. anc thos .
zoe available Tor Use il the community from
4-l = has been Withdrawn G..
-ssaFl-E Tire question OF circl4alloL &c a.
80 RIOS important requirements Is the ll-.Ass.
-t.eal of TIE present limitations OF SSVVivs =
ila -rpr She Withdrawal OF clrcula tloi- 20 nc
~ e1ra-sl1n and contraction VIII be autornaL-
- governed rv the surrounding slt4AllOl.z a.,
.lerge1cy circulation could WITHIN caIe.-- l.
l.LA p safely permitted upon Lr oIt-el l.-frf.s
ISL win The Treasury Department q see1i -
eepta1le 70 The Secretary u the LrsaslTgs 80 60
49, h-Cn deposits circulalon e'elu = $3.50
Promptly 70 meet actual ernergencies, which Wo1lo
~ Do possible u were taken Tor tte e1aLll-
--an - general assets by the se-re 5gs ~ ~
az of Der cent Der annum should BE- imposed
--n such emergency circulanon 20 - - -
q 49, aside as safety fund 70 secure me tIli1t-
go Treasury f0r The redemIll nor OF ilO''7 ~
tcREPT1sEwENT SOLICITING SHlNDLE-