The Washington herald., 1906-10-20
BANKERS PLAN THEIR BILL
Executive Committee Outlines Sys-
tenn of Credit Currency.
Action Is Defeat for the East, Which
Predicts that Congress VIII Not
Pass Proposed Measure.

St. Louis. Oct 19-Shortly before the
close Of the thirty-seeond annual conven-
ton Of the American Bankers AssOcia-
ton this afternoon, G. 5. WhitsOn, of New
York City, was installed as president, ana
Col John D Powers. of AIiddIesborough.
KY, as first vice president. The other
officers and members of the executive
council nominated yesterday were also
elected and installed without opposition.
At the close of a long debate on cur
rency reform. the association adopted the
following resolution, presented by William
George, Of Aurora, H.:
Whereas the currency system Of the United
States is defective in that it is issued and retired
without regard 10 the needs Of commerce; and.
Whereas a problem so important and 50 vital
to financial and commercial interests II the com
try should have a profound consideration impossible
IN the limited time at the disposal Of this con
Fention; therefore be it
Resolved, That committee Of fifteen shat be
appointed By the executive council fvs, members
Of which committee shall be the membefs Of the
prtsent legislative committee, the other ten members
70 be selected with due reference 70 national
State banks, and trust companies. and said com
mittee shall confer with the committee Of the Cham
Der Of Commerce Of New York CITY. and after care
ful study OF plans submitted shall confer with the
proper Congressional committee with the end il
TieE Of the enactment Of a bin covering this sub
Jet,
This was a victory Of the administra-
ton forces Of the convention over the
East, led by Alfred II. Curtis. head Of
the currency reform movement and presi-
dent Of the National Bank Of North
America.
The George resolution was adopted as
Solomon Wexler. Of New Orleans. some
what similar bat eXcfuding the members
of the legislative committee from the
new currency committee and including
one or more representatives of the cur
rency conference. of which Alfred II.
Curtis was president
The plan mapped out by the executive
committee Is substantially as follows:
l. That currency commission Of seven be ap-
pointed by the President and confirmed by the sen
ate, the committee 90 be comparison and the
comptroller OF the Currency to be one Of It's mem
bers.
2 That credit or clearance currency may be- issued
By any national bank or by majority Of the ma
uonal banks Of any city. upon application 10 the
commission. 10 am amount not exceeding . per
cent Of the outstanding bond secured circulation.
s. That the necessity for credit Of clearance
currency and the time IL may remain outstanding
b. determined hy the commission.
3 That the banks issuing such currency must nav
a tax Of not less than per cent per annuuf
5, The tax on the clearance circulation after de-
ducsing the commission expenses TO BE- held in the
treasury as the basis for issue OF gold certif-
Gates to he used in the retirement Of the uncov-
cred Treasury notes
The new executive council of the asso-
citation elected officers this afternoon as
follows. Arthur Reynolds. OF Des Noines
chairman; James r. Branch. New York.
secretary; William c. FitzwilsOn. New
York, assistant secretary; a. a. Crane.
Minneapolis. treasurer.
The council VIII have its next annual
spring meeting at Hot Springs. Va. in
May. and viii then select the time and
place for the associations convention in
1907