The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-10-20
TO STUDY CURRENCY REFORM.
BANKERS' CONTENTION NAMES
A CONFUSION.
Its Duty Will Be 10 Examine Plans Sub
mittcd, and After Finding One mat II
Gan sanction. 20 Urge Its Adoption by
Congress New Diners Installed.

Congress New Omc-rs Installed.
close Of the thirty second annual convention
OF the American Bankers Association
| this afternoon, G. =. Whitson Of New York
city was installed as president and Col.
John D.. Powers Of Mid~dlesborough, Ky.
a. first vice-president.
Al the close Of a long debate on currency
| reform the association adopted the follow
ing resolution presented by William George
Of Aurora. III.
Whereas the currency System OF the
United States is defective, in that it is
issued and retired without regard to the
needs of commerce, and,
Whereas a problem 80 important and 40
vital To financial and commercial interests
Of the country should have a profound
consideration. impossible in the limited
time at the disposal Of this convention;
therefore he il
"Resoired, That a commission OF fifteen
shall he appointed by the executive council,
five members Of which commission shall
be the members OF the present legislative
committee, the other ten members 70 be
selected with due reference to national
banks, State banks and trust companies,
and said committee shall confer with the
committee of the Chamber Of Commerce
Of New York city, and after careful study
Of plans submitted, shall confer with the
proper Congressional committee with the
end in view Of the enactment Of a bill cover
ing this subject"
This was a victory for the administration
forces Of the convention over the East, led
by Alfred n. Curtis, head Of the currency
reform movement and president Of the
National Bank Of North America.
The George resolution was adopted as a
substitute for a resolution offered by Solo
mon Wexler Of New Orleans. somewhat
similar, but excluding the members Of the
legislative committee from the new cur
renCy commission. and including one or
more representatives of the currency con-
ference, of which Alfred II. Curtis was presi-
lent.
The debate was precipitated by the re-
port of the legislative committee, presented
by Chairman Reynolds. Mr.. Curtis OPP
posed the report.
Congressman Fowler" he said, "is OPP
posed to this plan and il will be defeated
II presented To Congress in the form OF a'bill
II a plan is prepared by a commission and
supported by the association II will stand a
good chance of being passed"
Curtis was supported by Wexler with his
resolution. Georges resolution wascham-
pioned by Festus j. Wade Of st. Louis, the
new president of the trust company section.
The legislative committee which will
make up a third of the commission il headed
by former President John NJ. Hamilton
and will favor a currency reform bill based
on their report Of to-day.
The plan limits the issue of credit cur
rency to banks in cities that have clearing
houses.
Among the other ten members Of the
council will be n New Yorker, probably
A. H.. Hepburn, John Clafiin or Frank A.
Vanderlip.
The legislative committees plan differs
in some respects from that proposed by
Congressman Fowler of New jersey, cha iT-
man of the House Committee on Banking
and Currency. The Fowler plan provides
for the issuance Of uncovered or unsecured
circulating notes; the committees plan for
secured credit or clearance currency.
The Fowler plan provides a small tax TO
force the retirement Of the emergency
currency and the committees plan pro-
vides for the retirement of the currency
| by the commission il it is not voluntarily
withdrawn.
The new executive council Of the ASSOC
citation elected officers this afternoon as
follows:
Arthur Reynolds Of les Moines, Ia,
! chairman: James r. Branch OF New York,
secretary; William G. Fitzwilson. New
York, assistant secretary; A. A, Crane,
MINNEAPOLIS, treasurer.
Mr.. Branch received 20 votes to IA cast
for John Mccarthy of Chicago.
The council will have its next apnual
spring neeting at Hot Springs, Va, in May
and will then select the time and place for
the associations 1907 convention.