The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-10-13
Arkansas Banker Causes
Merriment In the
Association.
SHIP SUBSIDY IS
IN HIGH FAVOR
This Powerful Organization, BY
Rising Vote, Adopt Resolution
Urging Congress to Pass
Some Measure to Foster
Upbuilding Of Mer-
chant Marine.

WASHINGTON. October 12-Thc
American Association Of Bankers to-day
put Itself s1unrcly on record as favorlng
government subsidies for the upbuilding
of the American merchant marine.
Resolutions reviewing the growth of
American commerce and the decline in
American chipping nnd plcdging the
association 10 throw the weight of It's
influence towards tho enactment Of
ship subsidy law were presented by the
executive council Of the association and
adopted by n rising vote In which It
was estimated that three quarters Of
the delegates took the affirmative side.
Robert ]. Lowery, OF Atlanta the author
OF the resolutions. spoke in their favor.
Mr.. Fletcher PresIden, OF the German
National Bank, OF Little Rock, Ark,
opposed Subsidies" for sny American
Industry This declaration evoked the
first applause on the subject. He hoped
the resolutions would be defeated. Upon
q rIsing vote the resolutions were agreed
to.
The resolutions rccitc that the mem
bers Of the association are deeply in
terestcd in the commercial and industrial
interests OF the whole country: that 1t
favors and most respectfully urges upon
Congress the passage of some measure
to foster and encourage the upbulldIng of
the American merchant marine; that the
ship subsidy measure which has received
the consideration Of Congress is favored. 4.
that members of the association recon-
mend and urged upon their respective
senator's and congressman the necessity
of action; and that as an association
Congress be memoralized with a copy OF
the resolutions. n @
Emergency Currency.
The report ofitlle Currency Committee
vas received, but no action taken there
on. The report followed suggestions made
yesterday by Secretary Shaw In his adj
dress before the convention for an emer.
gency currency. Former Representative
Pugsley, of Peekskill who submitted the
report, expressed the opinion that Con-
gress would enact financial legislation
should the bankers present united de-
1nand for some specific measures.
The report outlined several changes In
the system, which it might be advisable
tc 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
Client reserve fund should be set aside N
the United States treasury TO provide Tor
the redemption In gold of about $780, 900
OF silver outstanding: that the Secretary
Of the Treasury should have discretionary
newer to deposit in the national banks
such portion Of the surplus fund In eX-
cess OF s5O,0oo,oDO, whether derived from
customs receipts or internal re'sanue, as
hc may deem proper, to prevent ab-
scrption Of money by the lerasury, the
issuance in times OF great financial strcse
o. supplemental currency, along the lines
suggested By Secretary Shaw SO as to
appear identical with the present national
bank notes, but heavily taxed, SO as TO
secure its retirement as soon as stringent
conditions had passed; this currency not
"a appcar as any new form Of money.
but to be guaranteed by the government,
and banks holding fifty per cent. OF the
canital In government bonds TO be per-
mitted to issue the supplemental cur
rercy in limited amounts.
Benefits of Membership,
An address by Walker Hill, president
of The Nechnnics American Bank OF st.
Louis, on the practical benefits OF mem
,,ershin in the American Bankers Asso-
: Thtrd l.