Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-10-12
FAvoRs TAX on NATIONAL BANK NOTES
Says This Would Increase Circulation
Timss Of Unusual Demands.
VANDERBILT SOUNDS NOTE or WARM
Bidding Up Prices for Stocks Ca
Continue Indefinitely.
RECEPTION At THE WHITE HOUSE
Resolution Passed ThankinG the
President for HiE Services in
Ending war In the
Orient.

WASHINGTON. Oct. 1l.-There prevailed
in the important speeches before the Amer
lean Bankers association convention the
sentiment that financial legislation is neces-
sary Thlrty-three hundred bankers ap-
plauded Secretary Shaw to the echo when
he concluded lengthy address. the burden
OF which was panorama OF the prosperity
II the country contrasted with a monetary
system which is inhexIble and liable
thereby 20 bring disaster at a crucial time.
Frank o. Vanderlip OF the city National
bank Of New York former assistant sec
retary of the treasury. saw the same pros
perity and he also saw dangers ahead. Sec
tetary Shaw suggested remedy-a heavily
taxed national bank note currency which
would come forth at times OF unusual de-
mand for money and by reason of the tax
be retired Immediately upon changed con-
ditions. Mr.. Vanderip had no advice to
offer
Mr. Ridgley, comptroller Of the currency.
pointed out the necessity of changed
methods in some respects in the govern
ments supervision Of national banks. Pres
ident Swlnney Of the association reviewed
its growth and development for the day.
Reception at white House.
thanked for his successful EFFORTS in maxi
ing peace between Japan and Russia. The
president received the bankers and the
women accompanying them at the White
HOUSE. There was music and floral deco
rations, but no speeches. The president
shook the hand of every one of the visit
ors and extended his warmest greeting.
The program OF the day was too heavy
for accomplishment and the session, which
began shortly after. 10 o'clock and termi-
mated only that the delegates might get
luncheon and repair to the White House
at 3 o'clock, left several matters Of busi-
ness to augment the work of tomorrow.
Meetings Of delegates from several states
for the perfection OF state organizations
were held. Iowa elected Arthur Reynolds
OF Des Moines to the nominating commit
TEE. North Carolina elected J. l.. woodcoS
OF High Point as state vice president.
The asesslen, tomorrow win include dts
oussions Upon vafious phases OF banking
The bankers were received at the Cor.
coran Gallery OF Art this evening.
Thank President ROOSEVELT.
The convention Enthusiastically adopted
resolution thanking President Roosevelt
for his action in bringing about peace be
tween Russia and Japan. The resolution
was presented by former Representative
c. A. PugsIey OF Peekskill, N. Y, whC
said in explanation that where a mar
had wrought a great deed in great way
he was deserving of great credit. HI
believed that It was eminently haing tha
the bankers convention should pause IL
its deliberations to express its apprecia
tion OF the magnificent work OF Presiden
Roosevelt in the interest OF peace. IN,
resolution extends the thanks of the as
efforts ''in the interest OF humanity anC
civilization, which were so abundant!
crowned with success in the treaty o
peace of Portsmouth and has restored
tranquility 20 Russia and Japan and ha
made for the greater civilization and bet
terment OF mankind"
The resolution was seconded by Mr.
Jennings of Florida, relative Of William
J. Bryan, whose words received the heart.
applause Of the convention.
I'VE love peace" he said, "and we low
the president. l would not feel satisfe,
to remain silent ana hear words of pa
triotism that thrill all AmericanS withou
rising here to second this resolution an
move for its unanimous adoption"
President swinney remarked that
would be more appropriate to take ris
ing vote The resolution was unanmousl
Secretary shaw Talks.
J Lsshe NJ. Shaw. secretary OF the treas
ury. was introduced for an address. Jus
AS the convention regained its composur
from the peace" incident.
Secretary Shaw particularly devoted him
self to the condition of trade between tn
United States and South American couu
tries, quoting extensively from report
made by various experts who had mad
examinations, ans concluded as follows:
The reports are literally full OF speclh
INSTANCES where our manufacturers hay
refused 10 change their patterns 10 met
the conditions OF south American trade, &
where they have abandonea trade partl
demand sufficient 70 Keep their factory en-
ployed, Does anyone doubt that the repr,
sentatives Of American transportation con
pahies would do much toward correetin
these defeets2
Possibly someone viii say. who car,
particularly for the American mRnufa,
turer7 II Is his business, not ours" We
farms ia Iowa and ! want my tenants
feed the men who manufacture for thes
roarkets am selfish IN fact, l am {
enough TO know That no one Glass Of 81 Anne me-
All ouf beopIe prospered. q hope SisPi Rm WIN, WI,
enough TO know that the prosperity of A.
one ss si1s5 aeS sass s,ass ss PFossBPsry sP Of all
Philippine islands. and these possession
plus the Panama canal, plus a merchal
marine. would insure 10 the American NJ,
pie somewhat more than their present
per cent of the one thousand millions
trade washSd by the shores OF the Pacid
We occupy the best position on the ma
We have the safest and the most convel
lent form OF money ia the world we spes
the language Of commerce. Our farms Or
duce more tnan the farms OF any OH,
country; Our mines yield gold literally /
. the carload, silver by the trainload Al
there n unloaded ON tho shores OF a sing
commonwealth more iron ore than al
other country produces. Our forests Ne
1ooO0o,0oo feet OF lumber for every daV
the calendar year. our factories turn ,ol
more hnished products than all the ~
tories Of Great Britain and Germany car
hined BY more than 800OOOO. 900 eve
twelve months We transport this mate
less product OF farm and factory fore
and mine from the Interior 70 the sea
onc-third what similar services cost an
4 where else beneath the skies. We csrrs
from point 20 point along the COAST IN K
ter vessels. on qulckar time and al chaan
rates than others. hut at our coast n,
4 We are brought 10 an abrupt halt Ne
Nc are no longer indcpendenf CO1r foreSs