Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-10-13


nanccs, Will talk on the advantages of
commercial education. the ScatCh syS-
tenn Of banking is to be exclaimed by
Robert Rlyth, general manager of the
Union Bank Of Scotland; Walker Hill,
Pr sidcnt Of the Mechanics American
\ati"Ial Bank, 81. Louis, will discuss
practical b' ntlits Of membership in the
American bankers Association.
The general condition Of business is
/" y" discussed upon the call of Sec
lions North, South. East and West.
I'll" following officers subject to rati-
ticHtirn in convention. today, We're, yes
t"ru"y. nominated by the nominating
rtihln'tteC of the American Bankers
AsSn"iH:icn:
President, John l.. Hamilton. Hoops
ton. ILL.,; vice president, G. S. Wnitsun
New York City; executive committe.
q. NJ. Reynolds. ChicaE,: Charlie; !
Edwards. burlington. F,...,; j. j. sal
livaII. Clcyrland; iIr..rr Wilc"v. f:"i,i-
more, ".ld Milton II. Mites. Diytrir; NJ
Columbia.
The other vice presidents. named i'll
cludr Chas. q. Allen. Mainr: Edward
Wells, burlington, VT; ex-Gov. ~ an
berlah. Meriden, c.; Edward T. Met
calf, Providence, ana H. NJ Butchel-
den Salem, Mass.
In Tie invocation opening the con-
vention. Rev. Or. Teunis $. Hamlin de-
plored All lapses from the high stand
ards Of high honor among those man
aging the financial interests Of tn,
ry ana prayed that consciousness
:right bc quick nd and wills strength
f
W jr tiri...
4, .~"rI,"u.. .,~rf.u,,..,.i.... ..,.r.l-
,.,lG~ tu 'r I.. '..u.f nr ..r. wv.
..'.ri,.. tt...s !.:,s..- ..,...s,.t wy: IVY.
''t.,i u:'r:,,n c't,-.> .......t,t a.. ...-
..,. "t'i Ia-' ="rn. tsq ,N,.,
I,s. Il IT,. .1 ivy Y. :..:l.' ~ ,r-t...
ana than instead Of RESTRICTING loan.
tr ,no-;,nth ~ the cuoital stock to
make the limit onc-tcnth Of The actual
unimpaircd capital employed We're re-
ferrcd I" the executive council.
The convention authorized the ap-
p"intncnt of standing committee of
i've ~ 4 law committee. 4 committee
Of five also was authorized to confer
with Il committee of shippers and car
r.CrS t. agree on :; uniform bill of
fading
Resolutions f2vorin- government al.
"A" shipping were ~, Srn.'d from IN
.lccntjvr council Without Y c.nm...s.
H,ion ANA aft'r som ii.''--.-..si ".~.
.-.r..,.l .o III ,-.. ...s.t,.
T'.' .r'... '.f .. ..r.,:.. t.,.-
-.'- ;'t-. '.... 49,. a. .... .',,.i..
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i.i IN g, oh D. d., 49,
ubsidy IN, a.,urc >,h.rh has r,c,v,l
Ii" consideration VI tlnEr. W IL favor
"a. The currency committees rcpnr.
was presented by Former Congress
man &. A. Pugslcy for James NJ.
i 0alds of New York. who was alb
:, ..,.
The report states that if some plan Of
currency reform could be agreed upon
Congress might be induced to take ac-
ton.
It WAS given as the opinion of the
committee that such legislation should
provide that United States notes or L.
gal tenders should be retired if practi-
Cai. Also that 4 sufficient reserve fund
should ne set aside in the United States
treasury t" provide for the redemption
Of sold Of about $500. 600. geo Of silver
outstanding. that the secretary Of the
treasury should have discretionary
power to dcpo.it i'll the national banks
such portion Of the surplus fund in ex-
cess of $50000,000 whether derived
from customs receipts or internal reve-
nue. as ~ may deem proper to prevent
absorption of money by the treasury.
such deposits to be guaranteed by
4 .lit tf nG 80
acceptable to the secretary. an amend
mcnt or repeal of the limitation of So
oo0OOO FER month upon the withdrawal
OF circulation by national banks so
that the limit should be either Sc 400 O0n
or SO, O00.G00 or to abolish the limit. that
expansion and contraction might in a |
measure become automatic: the issu-
:mcc III times Of great financial stress |
of supplemental currency. along the |
lines suggested by SEC. Shaw SO as t.
appear identical With the present ma
tinnal bank notes but heavily taxed. so |
as to secure its retirement as soon as |
stringent conditions had passed. the |
currency not to appear as any form of |
money. but to be guaranteed by the !
ana banks holding 50 per |
cent. of their capital i'm government |
bonds to be permitted to issue the sup |
elemental currency in limited amount
The committee questioned whether
the time mad come to depart from the |
present system Of national bank cir
culation. The present output of ST. |
coo 600 of gold daily is regarded as al
leviating tho monetary situation nr1 I
n n NJ ass: ...sf--.5.g lhr ,lerar'd 'n. |