Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-09-15
DELAY CURRENCY BILL
Bankers Legislative Committee
Makes a Report to the Ma
tional Convention
CONGRESS MAY ACT NEXT YEAR
Committee Found Disposition to
curtai Legislation Until After Presi-
dental Election President Big
Glow Favors Further Reduction Of
Silver Stock.

New York, Sept. 1E.-The conven-
ton of the American Bankers Asso-
citation, which was opened at the Wal
dorf Astoria yesterday received re-
ports from various committees, inclu-
ding one from the committee on cur
rency legislation.
This committee reported that its
work had been limited to gathering
ideas for q future currency bin, 1t be-
ing deemed inexpedient to present q
bill to the last congress- President
Bigelow in his address covered the
same ground, saying that 1t being 81
presidential year it would have been
futile to try to interest congress III
the currency matter.
The association rejected a proposed
amendment to the constitution which
would have created a board OF trus-
tees for the management OF fund
from which members would be REIN
bursed for losses by dishonest employ
eS.
President Bigelow in his annual adj
dress says.
II by no means advocate or believs
in a. credit currency for the purpose
of expansion. We have abundant cir
culation. / believe large reserves,
with proper tax. to accumulate a
safety fund for prompt redemption OF
notes OF failed banks would work In all
periods of rest and readjustment like
the present in healthful contraction oil
issues.
II would like to think as to the a.
menlments and changes in currency
laws that in the not distant future the
government will begin at least to re-
tire the greenbacks. If not more than
S., 100000 a month.
Silver Situation Strained.
Il would like to see part of the sill
yer stock converted into subsidiary
coins and part OF it sold outright. 1t
is strained and abnormal situation
that We have In silver. Everything has
been done by practical rules and regu.
lations to minimize the danger of these
silver issues, but still they are inher-
emily wrong.
II would repeal the limitation on re-
tirement OF national bank notes-if not
at once. would certainly increase the
limit to $6,000,000 and afterward, to
$12, 100000 month, and finally take
it all off,
81 would allow the secretary of the
treasury under warrant of law to de-
post all internal revenue and all GUS
toms receipts in national banks on APP.
prevail security.
while I think the limitations Of the
national bank act as to strictly com
mercal banks, in the matter of real
estate. are wise and prudent, I think
at the same time, small banks in coun-
try districts can we'll be allowed to
carry a certain percentage of paper
on real estate security. and l think
times of trial have shown in this
country that such paper so secured
has been entirely safe and as con-
vertible as ordinary investment bonds
Currency Commute Reports.
The report of the committee on cur
rency legislation was as follows:
your committee appointed by the
president of the association begs to
report that its work has been limited
to getting general idea as to the dis
position at Washington in regard to
any bill that would have the support
of the banking interests of the coun-
try, so that no formal bill was drawn
up to present to either house or con-
gress. A tentative bill was prepared.
with the kind assistance of the comp
troller of the currency, which would
probably serve as a basis on which to
commence.
ut was found that the feeling at
Washington. displayed practically by
everyone, was that this Vexed question
would have very much greater atten-
ton at the hands Of the legislature
IL a concrete bill designed to aid the
commercial interests Of the country
were presented by a proper cofnmlltee
representing this organization. YOU
will bear in mind that legislators nave
had an infinite variety OF bills pre-
scented to them in the past, either dl-
rectly in the house of representatives.
ar before the banking and currency
committee of the house, where such
legislation must originate.
"The president and secretary, work
ing in harmony with the committee,
visited Washington by special request,
and the whole matter, SO far as the
association was concerned, was care
fully presented to people with author
itv there, and every indication showed
their great desire to aid any legisla-
ton which had the sound and solid
support of the banks of this county
Many Criminals Captured.
The report of Secretary James r..
Branch. showed that during the past
wear the associations detective agents
have captured, in different sections OF
tho country. seventy-five professional
hank criminals, and that fifty four
oon,,iotad The report stated