The Washington herald., 1906-11-13

/ ers are not after currency reform simply
for their own benefit. but for the better
ment Of the business man. the farmer,
and. in fact every one IN general OF
/ course. while curreH' elasticity viii
/ benefit the people. IL ~ in the bank
/ ing business and assist carrying on the
/ business Of all concerned In a better and
more satisfactory manner.
Abandon Central Bank Idea.
While there has been some talk not
only among the members Of the commits
sion, but the bankers IN general, of "a
central bank OF issue TO be established
/ here, it is understood that the idea is 70
| be abandoned. Members of the commits
sion several of whom expressed them
selves on the subject. did not believe that
the suggestion was practical Others,
however, seemed, in a way. to favor the
/ idea, but were not inclined to discuss the
proposition. In a report by the special
committee OF the Chamber OF Commerce
of New York, suggestion is made that
/ a central bank of issue be created which
would be conducted on the plan followed
! by the Bank Of Germany or the Bank
OF France.
| To a man. the commission, composed
/ of fifteen members all of whom are al
tending the first meeting of the organiza-
I tlon, is in favor of currency elasticity
owing 10 the great change of the condi-
/ tions OF This country. TWO members OF
the Chamber Of Commerce of New York,
/ Frank A. Vanderlip and Charles A. Co
nant. are attending the meeting
More money is needed In circulation al
the present time than was necessary ten
cr fifteen years ago. People are accus-
toned to carrying more currency. the
bankers believe. and where a man had a
collar several years ago, to-day he has
two or three In his pocket.
seek tn Help Markets.
With the adoption OF the currency re-
form. which is the mission Of the com
mission, the plans Of which it was created
TO formulate. one of the ideas is 10 better
the markets. and particularly during the
fan of the year. when the crops begin 10
move.
One Of the plans 10 be submitted 10 the
commission. ana which was drafted by
the Bankers Association. is for the Sc
lection OF a commission of several mem
bers to be appointed by the President and
confirmed by the Senate. One Of these
would be the Comptroller of the Cur
rency.
II would be the duty of this commission
to determine the situation IN the different
parts of the country and 20 decide
whether there was "a demand for the is
suance of credit or clearance currency 10
cope with the scarcity in the financial
world
A. b. Hepburn, president Of the Chase
National Bank, of New York. was Sc
Iected as chairman Of the commission.
r. Branch secretary Of the American
Bankers Association. was chosen as the
secretary of the currency commission,
which was appointed at meeting OF the
bankers in ST. Louis last month. The
commission was welcomed 20 Washing
ton after being called 10 order by the
chairman. ". Y Cox. of this city.
There has been some talk Of the commits
sion going 20 New York TO complete IT'S
task. having been extended an invitation
to do 80 by the Chamber Of Commerce,
but IL is hardly probable that the sug-
gestion viii be accepted.
banquet This Evening.
ltr Cox. during the course of his re-
marks. explained that Washington was
the proper place of meeting for the com
mission. and assured the members Of
their welcome. The commission viii be
entertained this evening with banquet
al the New Willard by the local Bankers
Association.
There was some talk that possibly at
this session 81 the commission q plan Of
currency elasticity TO be taken before
Congress could not be decided upon, and
that in this case it would be necessary TO
call another meeting. which would be
held next month, either here or in New
York At the conclusion Of the confer
ence last evening, however. the members
were confident that an agreement would
be reached before the session was brought
to a close and a number of them were
of the opinion that another meeting TO
decide upon the currency reform would
not be necessary
Members of Commission.
Members Of the commission who are at
tending the meeting are as follows:
Arthur Reynolds. president Des Moiues National
Bank Des AIoines, Ios4.
F. F. ssinney president First National Bank.
Kansas City. Mo
James A. McCOrd. cashier Third National Bank.
W '. Cox. president second National Bank
Washington. -. &.
john L Hamilton. vice president Hamilton q
9
James 3. Forgan president First National Bank
Chicago H.
Joseph T. Talbert vice president Commercial Ma
ti0na Bank, Chicago, III.
Charles n Huttig president Third National
Bank St L0ris. No.
Festus J. Wade. president Mercantile Tulst Com
pauy. St Louis. No.
John Perrin. president American National Bank,
indianapolis. Ind
A. B. Hepburn, president Chase National Bank
New YORK.
Luther Drake, president Merchants National Bank
Omaha. Nebr.
solomon Wexler. vice president Whitney Central
National Bank New Orleans, La.
AIyron T. HerricE, ex-governor Cleveland. Ohio
Robert WarlroD. president Peoples National
Bank, Pittsbug. Pa.
The sessions viii be resumed at 10
o'clock this morning
Secretary OF the Treasury Shaw left
for New York at midnight He expects
10 return Wednesday. While declaring
mis- visit 10 be without special signifi-
canoe, II IS believed Secretary Shaw will
look over the financial situation, hold
ing conferences with some Of the men
representing big interests, and determine
whether it IS necessary TO deposit more
funds TO relieve anticipated stringency.
The Secretary recently announced that he
viii take no action in this direction at
present
Ex-senator Hill Not III.
Albany, \. Y. Nov 12-Ex-Senator
David B. Hi said today that reports Of