Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-11-13
BANKERS CURRENCY Bill
Committees Eset in Washington and Draft
RECOMMENDATION to Congress.
WILL PROVIDE EMERGENCY CIRCULATION
Sessions Are secret and Texts of
ResoIuuons Arc Not Given out
One Omaha Banker In
Attendance.

WASHINGTON, NOV. l2.-Grautyiug prog
ross, according 20 the members, was made
at the meetings today of the committees
representing the American Bankers essoci-
alton and the New York Chamber Of Com
merce. who have gathered here to endeavor
20 agree on a measure for the consideration
of congress giving authority to banks to
issue emergency circulation in cases Of
financial stringency. The meetings were
presided over by President a. 3. Hepburn
Of tho Chase National bank of New York
city, the chairman of the bankers conf
mittee, while James r. Branch Of New
York acted as. secretary.
Secretary Shaw. Comptroller Of the Cur
rency Ridgeiey and United States Treasurer
Treat were present portion of the after
noon session, and each of them addressed
the members. Without committing himself
to any one plan, Secretary Shaw told the
bankers OF his desire for some reform in
currency legislation which. when put into
practical operation, will meet all the legiti-
mate demands of trade He spoke hope
fully of the excellent results to be obtained
from such gatherings as the present for a
thorough and earnest consideration Of the
subject.
Two Plans Considered.
Two plans are being considered by the
bankers. one proposed by the bankers
committee, which contemplates the appoint
ment of a nonpartisan committee OF seven
members, Of which the comptroller Of the
currency shall he one, to pass on all APP
plications by banks for permission to in
crease their circulation. and the other, ad-
vanced by the Chamber Of Commerce of
New York proposing to make the issue
OF credit currency automatic. Both plans
4 have been discussed very thoroughly by the
banking public.
Today Frank A. Vanderlip and Charles a.
Conant. representatives of the New York
Chamber of Commerce, who were present
I at the meeting, explained in detail the
scheme advocated by the chamber, the mo-
tives which impeled the members to adj
vance 1t for consideration and the good
results which they believed would follow
it's adoption. Following the presentation
of this plan there was a general discussion
of various motions setting out in principle
the views Of the members introducing then
as to what should be recommended to con
gress to secure the reforms desired.
Among those who spoke were President
Wade Of the Mercantile Trust company OF
st. Louis, President Forgan Of the Firs
National bank Of Chicago, President Perrin
OF the American NallOIldl Dduh pl AilNlal'
apolis and Vice President Talbert of The
Commercial National bank Of Chicago.
Resolutions Not Given out.
Notes were. taken on the various PROPOSE
tons and the results it is said, disclosed
considerable unanimity of opinion ON th'
principles they declared for, which gave
hope to the members that some form O
lrecomm ndation TO congress may be reache,
at the present sessions of the committee
The sessions of the committees are in secre
and neither the text Of the resolutions no
the results of the vote on them were mad
public. -, b rt..-
The meeting adjourned at 6 o'clock unit
10 O'Clock tomorrow morning. Those presen
included the following
Arthur Reynolds, president Des Nome
National bank; +. f. Swinney presiden
| First National Kansas City; James J.
i'organ. president First National, Chicago
4 Joseph 7. Talbert, vice president CONNIE
nal National, Chicago; Charles H. Huttis
president Third National, St. Louis; Fest
| wade, president Mercantile Trust compAn1
St LOUIS; Luther Drake, president Me-
chants National, Omaha.