The Washington herald., 1906-11-13

While nothing definite was decided at
the first meeting Of the currency commits
sion Of the American Bankers Associa-
ton, which began yesterday at the New
Willard 70 consider currency reform. the
members are confident that an agreement
viii be. reached to-day or tomorrow and
a plan adopted for submission at the com
ing session Of Congress.
Emergency circulation IS to have first
consideration. Any action taken by the
commission must have a twO-thirds vote
10 be effective. The consensus Of Opin-
ion was that TO secure legislation By Con
gress, the recommendations should con-
template only the most simple reforms.
Mr.. Forgan. OF Chicago. in discussing
emergency circulation. favored handling
q through the national banks Of reserve,
but the discussion following showed gen
eral objection 70 this. as it would confne
the handling of the reserve circulation TO
"a small number of banks. -dr Forgan,
therefore. withdrew the suggestion.
The meeting yesterday afternoon was
devoted TO a general discussion of cur
rency reform. Nearly all the members
made addresses. and in a way gave their
ideas a TO how the new currency reform
should be carried out. Many different
plans were brought out. which were dis
cussed from time 10 time
After all of the members Of the COM
mission has been heard from. after each
has submitted his plans, and after each
has expressed his ideas, an effort
to put before Congress, composed of the
best suggestions which were brought
out during the session of the commission.
Secretary Shaw and United States Treas
Urer Treat attended the meeting during
the afternoon session.
While Secretary Shaw did not make
any suggestion as to how the commits
sion should carry out its idea, he
expressed himself as favoring the cur
reucy elasticity proposition and believed
that It's plans would receive proper at
tendon when submitted for legislation
Plan for Six Districts.
one OF the Ideas which is 10 be submit
ted to the commission and which has the
approval of Comptroller OF the Currency
Bidselr of which Joseph r. Talbert,
vice president af the Commercial Bank
of Chicaso. is the author. is that the
United States bc laid out into six dis
triets where clearing houses would he es-
tablishtd in one Of tne cities of each dis
t-5ct.
Ar TaIbeIt's idea also makes provision
for reserve and tax. lie has prepared
pamphlet Of his plan for currency re-
foTm but is not inclined TO discuss his
views until after his plan is taken mp by
the commission
John T. Hamilton. one cf the-committee
of dve appointed by the association to
dr.sft plans to De- submitted To the
commission. has received many communi-
cations from bankers i'm All parts of the
country who favor the proposition as
suggested by the members. The plan pro
y.des that a currency commission of
seven be- appointed by lhe President. and
confirmed by the Senate. that would reg
uiaJe The money markets in different
parts of the country as the financial con-
ditions demanded them.
This commission would be n0npartisan.
"Fully SO per cent OF the bankers connect
ed with lue association are i'm favor Of
this, o. rather have approved the plans
compiled by our committee. Mr.. Hamii-
ton said yesterday. What the banker