Omaha daily bee., 1906-07-06
VANDERBILT ON CURRENCY
New York Banker Favors Establishment OF
Pank by United States.
ASSET CURRENCY TO Be SECOND CHOICE
In Address Before Bankers COnven-
tiOn Speaker Says that Some
Change in system
should BE Made.
ASSET CURRENCY TO Be SECOND CHOICE

BLUFF POINT, n. Y, July 5.-Frank A.
Nanderlip, vice president OF the National
CitJ Bank of New York, was one of the
principal speakers at the New York State
bankers association today. His topic was
The Currency" Mr.. Vanderlip said that
the currency problem in this country is far
from settled and he declared II to be tine
duty of the association to take the lead in
a movement for the betterment of cordi-
tions. MIR. Vanderlip's address, in part,
follows:
success. We hear paeans of prosperity
sweety sung on every side. Unexampled
totals mark the measure of every phase Of
industrial and commercial life. we nave
engaged In expenditures of capital on
scale so vast that 1t makes the financial
opera tions Of other days seem petty by
comparison. LABOR was never before so
fully or so prohtably employed. business
was never more s;ttve. Ard so, some OF
With situation that gives such eyl,
dences of health and growth. II financial
have failed to enact proper legislAuon the
blame for that disaster Will I've against
the bankers of New York more dlrecuy
than against any other group OF people.
The one thing that want to urge is the
Importance OF providing scientific eanh ,iih
note currency II we Wlsn a,d an fhrtbeT to
emphasize the responsibility which rests
! particularly upon the bankers OF new
rency. rGrS N rhe pssH pian may take one Of half
] dozen forms. Perhaps the best one were
! it politically possible, would be the quIis, 'i
! tion OF government bank, having iS tlIS
| power of issue whose sole business Woulq
| be I'm It's relation with other banks, ana
| whose chief operations would be redls-
| counting for other banks. do not mean
1 that any existing institution eoulo pe
| metamorphosed into such a Gentral pdIaA; tni.;
/ II would have 10 be freshly orBanlzeu
| from the beginning it's control would neeu
to be largely in the hands ot tHf afs tgyIbvted
among banking interests throughout ne
! country. The princlples o. scIehtomt see IN
asset currency could well be WoIkeu WoIksItCtton On'
as the experiences Of Germany eloquently
! testifes but they can undoubtedly De
worked out in some other way
Favors Asset Currency.
The fear which men 50 commonly nate
Of giving large }S power a,I Gi largely nH disap-
near when the opponents of asset currency
/ have once fairly In their mlnus Wnae T
| damntion facilities That plan can De
devised which will safely permit every
national bank to issue @ oI;eTnnent SeToGle bonds
/ I have no doubt, and / am lncllheu 70
think that it is along that line that iesai
| iation is most likely TO be ODtdlhSu,
! tbnUIb nerhaps il is not the ideal solu-
lion The thing of which am apsoIS'yLIg ~
| certain, however, is that tS soiue,SGN vyiseIy
| nroDnntly and easily If bankers would CIV
to Consideration Of the subject sny'i1Tbbs Tbs
iH,e the attention which it merits ,in ne
IiNo IilN.o1,oInSIbiiitv Is on the bankers OF New
YORK. You cannot hide 6ehi9I Yau cUns csnnot
| s6,ff The responsibility to the shoulueIs , ~
your associates in the west foGt,It,, You aIS 'lF nF
Susspcisi leaders and the responsibility OF
leadership is yours
ResOIution for United Action.
A. the close of Mr.. Vanderlip's ADDRESS
the following resolution was presented anu
unanimously adopted: a..
resolved That the New 1oIE M sseIo7
! panLers' association, in convention asSeli ~
6Iea recommend to each state bankers se :.
ISOLATION the appointment OF 1Wtess,ise
APPOINTED confer With ESsmBeT the SPeGoff of COM conn
mittee of the New h0TK ,.iS. TcnnnnmIttee Of the
american Bankers association toE tns inS,Pov Pow
aaae ~ discussing the question OF lhpIoN
ing the currency laws -. 81.
Elliott c. McDougan, president OF the
Rank Of Buffalo, Buffalo, \. T.. was nom
inated for president for the ensuing year