Omaha daily bee., 1905-10-13
Belief Expressed that Method Proposed
Will Upbuil Fots TT ksrine

WASHINGTON, Oct 12.-The American
Association of Bankers today put itself
squarely on record as favoring government
subsidies for the upbuilding of American
merchant marine. Resolutions reviewing
the growth OF American commerce and the
decline in American shipping and pledging
the association to throw the weight of its
influence toward the enactment of ship
subsidy law were presented. by the legis-
latve council OF the association and
adopted by rising vote, in which 1t was
estimated that three-quarters of the dele
gates took the Affirmative side.
The second days session Of the conveu-
ton occupied three hours and was devoted
to the transaction Of such business as was
contained in the report OF the executive
council. besides addresses interesting and
instrueting on various phases of banking.
The report OF the currency committee was
read. but no action taken thereupon. The
report followed the suggestions yesterday
by Secretary Shaw in his address before
the convention for an emergency currency.
Former Representative Pugsley OF Peek
skill, N. Y. who submitted the report, ex-
pressed the opinion that congress would
enact financial legislation If the bankers
presented a united demand for some spe-
cifc measure. The report outlined several
changes in the system which might be ad-
visable to make by legislation.
Resolution on Subsidies.
The enthusiasm of the day was vented on
the ship subsidy provision. The five enact
ing clauses of the resolution are follows:
Resolved. BY the American Bankers as
ISOLATION assembled.
First-That the members of this associa-
ton are deeply interested in any measure
which Will promote the Interest of the
whole country commerclally ana indus-
trielly, and especially with reference to our
second--That we favor and most respect
fully urge the passage by congress OF some
measure to foster and encourage the up
building OF our merchant marine and give
US back the prestige upon the high seas
Third-That we favor the ship subsidy
~ which S Ss s tnS o@d end To
restore our flag upon the seas and build up
our .merchant marine to, the extent that
future may demand.
Fourth-fhat we recommend that our
Senator'S and confrressmen favor some just
and equitable measure that will bring about
the results and afford the relief above sug-
Fifth--That through our legislative com
nittee we memoralize the senate and the
house ot representatiiVes OF tne ~. Omieeu
The afternoon was given up to sightsee-
ing The convention will terminate with
the session tomorrow, the program OF
which includes the election and installation
Of officers
In the Invocation opening the convention
Rev. DR. T. s. Hamilton deplored all
iapses from the high standards Of honor
among those managing the financial inter
eats Of the country and prayed that con-
selousness might be aulckened and Wills
strengthened that men may execute the
trusts OF the people.
Councils Report Condensed.
Consideration Of the report Of the ex-
ecutive council. which was before the con-
ventlou at adjournment yesterday, was re-
sumed and many communications embraced
therein read and referred to appropriate
committees.
o.. W. Garrells Of ST. Louis read COM
munication containing a resolution pledging
the convention TO send a delegation to
congress- to secure a Joint commission of
legislators, bankers and experts 10 formu-
late some plans OF complete reorganization
of the monetary system. 1t was referred 10
the executive council.
The convention authorized the appoint
mAnt OF a standing committee OF Ave. The
committee was recommended by the ex-
ecutive committee. At the suggestion OF
l.. E. Pierson of the New York Exchange
bank a committee OF fve was authorized
to confer with committee of shippers and
ladins
Resolutions favoring government aid "a
shipping were presented from the execu-
tive council without recommendation, which
served as topic OF discussion. Robert
J. Lowery OF Atlanta, the author Of the
resolutions, spoke in favor of the resoIu-
tons, as did also E. j. Parker of Quincy
III.
MT. Fletcher. president Of the German
National bank OF Attle Rock, Ark, opposed
subsidies" for any American Industry
This declaration provoked the first applaus,
on the subject. He hoped the resolution,
would be defeated.
Favor ship Subsidies.
Upon rising vote the resolutions wer,
agreed TO.
The resolutions recite that the member,
OF the association are deeply Interested 4,
the commercial and industrial conditions
OF the whole country; Il favors and mos
respectfully urges upon congress the pas
sage OF somo measure to foster and encour
age the upbuilding Of the American mer
chant marine; that the ship subsidy whic,
has received the consideration of congress
is favoredi that members of the association
recommend and urge upon their respectiy,
senators and congressman the necessity o
action, and that as an association congress
be nemoralized with a copy OF the resolu
tions.
The currency committees report was thel
read. The report states that II some plal
OF currency reform could be agreed upo
congress might be induced to take action
IL was given as the opinion Of the commit
tee that such legislation should provide tina
United States notes or legal tenders shoul
be retired II practicable. Also that a sum
cient reserve fund should be set aside in tn
United States treasury to provide for IN
redemption in gold Of about 5000 10000 o
silver outstanding: that the secretary o
the treasury should have discretionar
power TO deposit In the national banks sue
portion OF the surplus fund In excess o
s5o.Oo0.oo2 whether derived from custom
reoeiptsN or internal revenue. as he ma