The news & observer., 1905-10-12
Need of Financial Legis-
Iation Emphasized.
A FLEXIBLE CURRENCY
Shaw Suggests Remedy for Present
Conditions, a Heavily Taxed Nation
al Bank Note Currency. Prosper
ity and Our Monetary System
ContraSted.
Contrasted
(By the Associated Press.) }

Washington d. c., Oct. 11.-There
prevailed in the important speeches
before the American Bankers Associa-
ton here today the sentiment that
financial legislation is necessary. Thir-
ty-three hundred bankers applauded
Secretary Shaw to the echo when he
concluded a lengthy address, the Dur-
den of which was panorama of the
prosperity of the country contrasted
with a monetary system which is in
flexible and liable thereby to bring uis-
aster at any crucial time. Frank A.
Vanderlip, of the City National Bank
of New York, former assistant Secre-
tary of the Treasury, saw the same
prosperity, and he also saw dangers
ahead.
Secretary Shaw suggested a remedy
"a heavily taxed national bank note
currency which would be drawn forth
at times of unusual demand for mon
ey, and by reason of the tax be retired
Immediately upon changed conditions
Mr.. Vanderlip had no advice to offer.
Mr. Ridgefey, Comptroller of the Cur
rency, pointed out the necessity of
changed methods in some respects in
the governments supervision of ma
tional banks.
President SWinney, of the associa-
ton, reviewed its growth and develop
ment for the year.
j. T.. Cox HOnOred.
At a meeting OF the State delega-
ton North Carolina elected j. Elwood
Cox, of High Point, as State vice-pies-
ident; A. C. Brenizer, of Charlotte,
member of the Nominating committee
and RToWn nf RalaiUh of fhp
Executive committee.
Secretary James r. Branch then
read his annual report.
The convention enthusiastically
adopted a resolution thanking Presi-
dent Roosevelt for his action in bring
ing about peace between Russia and
Japan. The resolution extends the
thanks of the association to the Pres
ident for his untiring efforts ''in the
interest of humanity and civilization
which were so abundantly crowned
with success in the treaty of peace of
Portsmouth which has restored tran
guilty to Russia and Japan and has
made for the greater civilization and
betterment of mankind" The resolu-
ton was seconded by Mr.. Jennings, Of
Florida, relative OF William j. bry-
an, whose words moved the hearty
applause of the convention. I'VE love
peace" he said, 'and we love the
President. l would not feel satisfied
to remain silent and hear words of
patriotism that thrill all Americans
without rising here to second this res
olution and move for its unanimous
adoption President Swinney re-
marked that it would be more appro-
pirate to take rising vote. The reso-
luton was unanimously adopted.
Leslie NJ. Shaw, Secretary of the
Treasury, was introduced for an ad-
dress just as the convention regained
it's composure from the peace" Incl
dent. At the close of his address the
report of the treasurer was submitted
and showed receipts and disbuIoe-
ments of $286,125, and a balance on
hand OF $142,674.
The report of the standing protec-
tive committee then was read.
The report of the executive commit
tee was partly received by the conven-
ton but it's reading was suspended ln
order that Mr.. Vanderlip might aG-
dress the assemblage.
w. b. Ridgely, Comptroller of the
Currency, followed Mr.. Vanderlip,
speaking of our prosperity and the
dangers that threaten.