The Montgomery advertiser., 1906-10-20
BANKERS IN WARM DEBATE Concluding Day's Session
 Lively. CURRENCY REFORM DISCUSSED Report of Committee Called Forth
 Many Protests. / Matter Was Finally Referred to a CeA : mission to Act for the Con-
 yen.ion-The Omcers
 gre Elected.
URRENCY REFORM DISCUSSED
Matter Was Finally Referred to Ca.

St. Louis. Oct. 1s.-The concluding days session of the twenty second an nual convention of the American Bank CTS Association was marked by warmth of discussion. multiplicity of moves and complexity of countermoves that at times occasioned confusion whom currency reform was introduced.
 From the time that the convention opened. the delegates had looked for ward to- and at times impatiently clam ored for the currency topic. and when 1t was brought forward today the con- vention was eager to struggle with 1t. And struggle 1t did for over an hour. finally eliminating its efforts in the adoption of a resolution introduced by William George of Aurora. H.. to refer the plan to a committee which shall confer with the New York Cham Der of Commerce Committee and draft a bill for presentation to Congress
 With almost breathless interest the assembly listened to the report of the Banking Legislative Committee as 1t was read by Chairman Arthur Rey- holds, President of the Des Moines Ma tioanl Bank, explaining the plan form ulated by the committee for credit or currency clearance.
 Chairman Reynolds stated that 1t was prepared from consideration as to the condition of the country, It's neces- sity, the temperament of the people and the best interest of the citizens of the whole. aiming to protect the interests of the humblest citizens as well as those of the wealthy.
 Convention In Uproar.
 The moment the report was conclud- ed the convention was in an uproar. After an hours discussion a resolution was offered by William George to re- fer the report to special committee and fhe adoption of the resolution end- ed the matter.
 Five minutes later the majority or the delegates were hurrying from the hall to enjoy a boat ride on the Mis- sissippi River.
 The report of the Bank Executive Committee presenting a plan recom- mending for credit or clearance cur rency was taken up and discussed.
 The plan follows; ..y s, < Ffrst-That currency commission of seven members be appointed by the President and confirmed by the Sen ate this committees to be non partisan. .. Second-That credit or clearance cur rency may be issued by any national bank or majority of the national banks of any city upon application to the commission in any amount not to exceed 50 per cent. of the bond secured circulation outstanding.
 Third-That the necessity for a credit or clearance currency and the max imum time 1t may remain outstanding shall be determined by the commission and the laws now applicable to the re- demptIon of bond secured notes snail annly to these notes in a like manner. except as to the amount that may be redeemed in any calendar month
 Fourth-That the banks issuing credit or clearance currency mu"- nav tax during the time fixed by the commission for Its redemption al mt less than three per ent per an mum.
 Fifth-The tax on the clear circu . lation. after deducting the expenses "f the commission and the manageme"| of this department shall >e deposited with the treasurer or the un'et States as fund known as Bank credit note circulation tuna untl' this fund equals five per cent, ct tho bond secured national ,ank circula- ton outstanding.
 Stxth-Before any bank can issuo credit or clearance currency II must deposit with the treasury depart. msnt or Repositories to be designated by the commission, approved securi ties of the bank
 Seventh-The credit or clearance currency shall be retired gradually at such times and such amounts as shall be directed by the commission.
 Eishth-The credit or clearance curreny notes to be printed and an amount to be kept ready for emer- ccncy distribution by the government equal in amount to twenty-five per cent. of the bond secured bank cir culation outstanding.
 Ninth-These notes shall be issue in denominations of 8, s1o. s2o. $50 and $lon as desired
 Tentn-There shall he nothing o1 the notes designating the Lame or the number of the bank issuing them. but they shall be numbered and reg istercd by the Treasury apartment.
 George Resolution .1doPted.
 resolution introduced hy William, that the bank executive committed. currency plan be referred 10 coni- D., ,l,n of fifteen which shall he auoointed by the executive council. five members of which shall he the present legislative committee, the otH- CT zen members tn be selected with due reference to the Ie Ii pnal, Sta'- banks and trust companies an" sara committee shall confer With the com mittee of the Chamber If Nommer of New York city and -fter carefu; investigation and study of plans sub mittei. shall cooperate with the prop CT congressional committees with the end in view the enactment of a bill covering this subject.
 Edmund c, Vaughan president If the National Bank of Cuba at Havant was introduced and addre ssed the convention on Banking in Cuba"
 The American Bankers Association today elected the following officers.
 President G. $. Wh;:son. Nice-Pres- ident of the National City Bank of New York city.
 First Vice-Presdent, J. n. Powers, Vice President Citizens State Bank. Middlesboro. Ky.
 Members of the Executive Council to represent the State Associations;
 .F. O. Watts. Nashville Tenn; Clay H. Hollister, Grand Rapids. Mich; C. Q. Chandler. Wichita, Kas.; E. C. Chamberlain, San Antonio, Tex; Fred erick Kasten, Milwaukee, Wis.
 Members of Executive Committee at large:
 J. A. Lewis, St. Louis; F. H. Cur tis, Boston; D. A. Culver. St Paul; J. K. Ottley, Atlanta. Ga; John T. Tren- cry. Pawnee City, Neb.