The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-10-17

Washington, October l2.-Ihe
American Association of Bankers to-
day put itself squarely on record as
favOring government subsidies for the
upbuiIding of the merchant marine
Resolutions reviewing the growth Of
American commerce and the decline
in American shipping, and pledging
the association to throw the weight
of it's influence towards the enactment
of a sh~ipsubsidy law Were presenicI
by a rising vote, i'll which it was es-
timated that three quarters of the del
egates took the affirmative side.
Robert !. Lowery, of Atlanta, the
author of the resolutions spoke in their
favor.
NJ. Fletcher, president Of the Ger
man National Bank of Little Rock,
Ark, opposed subsidies for any Amer
can industry. This declaration evoked
first applause on inc subjett. He Top
ed the resolutions would be defeated.
Upon a rising vote the resolutions
were agreed 20.
The resolutions Iecite thai the mnm-
hers of the association are deeply il
trested in the commercial and ind IS
trial interests q: the VIII Die country
that it fayors and most respectfully
urges upon Congress the passage OF
some measure to foster and encourage
the upbuilding of the American mer-
chant marine; that the ship subsidy
measure which has received the con-
sideration of Congress is favored; that
members of tie association recon-
mend and urged upon their respective
Senators and Congressman the neces-
sity of action; Inc that as an asSOCla-
ton, Congress be memorialized with
a copy of the resolutions.
Report of the currency committee
was received, but no action taken
thereon. The report followed SuS-
gestions made yesterday by Secretary
Shaw in his address before the con-
vention for an emergency currency.
Former Representative Pugsley, OF
Peekskill, who submitted the report,
expressed the opinion that Congress
would enact financial legislation
should the bankers present a united de
mand for some specific measures. The
report outlined several changes in the
system which it might be advisable TO
make by legislation.
1t was given as the opinion of the
committee that such legislation should
provide that United States notes, or
legal tenders, should be retired if prac-
teal. Also that a sufficient reserve
fund should be set aside in the United
States treasury to provide for the re-
@-o, - void of o6n1If Ce00 00l G60
of silver outstanding; that the sec"e-
tary of the treasury should have dis
cretionary power to deposit in nation
a. banks such portion of the surplus
fund In excess of $50, 600, 900 whether
derived from customs receipts or IN
ternal revenu as he may deem proper,
to prevent absorption of money By the
treasury, the issuance in times of great
stress of supplemental currency, along
the lines suggested by Secretary Shaw,
SO as to appear ~indentical with the
present national bank notes, but heav-
lily taxed so as to secure its retirement
as soon as stringent conditions had
passed; this currency not to appear as
any new form of money, but to be
guaranteed by the government and
banks holding fifty per cent. of the
CdplIdt III SOftl uI1SnI JULIUS W bS
permitted to issue the supplemental
currency in limited amounts.
An address by Walker Hill, president
of the Mechanics American Bank, Of
st. Louis, on the practical benefits of
membership in the American Bankers
Association was delivered.
\ Five minutes description of the bus
mess and prosperity Of different parts
of the cou try were INDUCED in by
the conven' ion for a half hour, when
adjournment was taken until toner
row morning.
The convention was invited to meet
in Detroit, Mich, in 1907. No action
was taken.
Cruiser Charleston Soon to Re PLACED