Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-10-18

,ho~ing that the District Of Columbia and
twenty-eight states are now acting under
the negotiable instrument law.
motion was made to take UP considera-
ton of the elastic currency question, but
before 1t could be seconded motion to
recess until o'clock was adopted and a
recess was declared.
Several Resolutions Presented.
When the session was resumed the execu-
tive committee made report approving the
plan formulated by J. b. Newman of New
York, which was reported back to the con-
vention as a resolution and adopted, as fol-
lows: F..
To require all corporations listed on the
New York Stock exchange to issue their
stocks in denominations of 100 shares. fifty
shares twenty-five shares, ten shares, five
shares and one share. Also requiring the
number Of shares to be made part of the
engraving I'm the same manner I'm which
the United States currency Is made and
10 have the certificates made IN different
culors, in order that they may be easily
distinguished one from another, and in this
way eliminating the possibility of raising
the amount on certificates of stock
The following resolutions adopted at the
Ohio Bankers association convention last
August after considerable discussion. were
referred to the incoming executive council;
Resolved, That II is the sense OF tho
Ohio Bankers association that national
banks situated outside of reserve cities
should be permitted to take real estate
mortgages to the extent of % per cent of
their assets. to loan to the extent that they
may properly buy, of munieipal county,
state and government bonds.
Resolved, That ali national banks should
be permitted to count national currency as
reserve. .. ID. SOD
The report of the committee on bureau
of education was made by Chairman ]. w.
Finlay, director of the Union Trust COM
pany' Of Pittsburg. Pa He told of the
growth OF the American Institute of Bank
Clerks and said there are now forty-two
chapters of the institute with member
ship Of s. 200.
Pending Financial Liquidation.
The regular business of the convention
was then suspended and Hon. Charles n.
Fowler Of New Jersey, chairman of the,
committee on banking and currency of the
house OF representatives, was introduced.
Congressman Fowler spoke as follows on
the topic, Pending Financial Legislation"
On behalf of the House of Represent
tatyes, and especially on behalf OF It's
committee, on banking and currency, over
which l happen for the time being 10
courtesy and honor of this invitation
What splendid jury | have before me.
NO man ever stood before better jury.
quisitics of jury; thoroughly honest,
absolutely fair minded, of the highest de.
gree gree Of average intelligence Of any jury
none. Yet II you had met four years ago,
you would have possessed TO perfect de-
gree the other essential to pass an at
torney challenge-absolute ignorance of
the case to be tried. Not so today, how =
ever and 1 thank God devoutly for that.
The American banker has at least reached
Il receptive frame of mind. Prejudice, the
child of object ignorance. has largely dis
A bill has been favorably reported by
the banking and currency committee. and
IL now pending before the House of Rep.
resentatives, providing for the issuance of
So to $40. gold certificates. as well as the
present denominations. The purpose Of
this bill is two-fo4 First, II would en-
plant portion OF the $SO0O0O,OOO of IS
silver certificates with gold certificates OF
the same denomination, and thus make IL
possible to Increase largely the 81 and s.
silver certificates, which are needed
much in the trade of the country.
Broaden standard ON Value.
The second object of this measure is "
broaden the basis of the standard of value,
try, and make II possible TO distribute II
among the mass of people, thereby gen-
our reserves. These objects justify your
active anu insistapt cooperation. Don't
From me establishment of the first sub
treasury sixty years ago the practice of
boarding or locking up money mas been
disturbing factor and curse to business.
up the situation precisely az IL presents
itself today, what shall We do; 90 on as
before, or, like intelligent men, treat this
governments business just as you would
treat IL were IL your own, making only
such distinctions as a due regard for the
peoples interest, from national point OF
view, demands.
Let the government deposit its receipts
from day 70 day precisely as our munlei-
NIL
Ii II had pursued this policy from 1872
down TO the present time, and received, as
Il had a right to do. per cent interest
upon It's balances, II would have received
'S5OO0O.e0O in interest and not have lost
single dollar.
the banking and currency committee and
r. now pending before the house of repre-
sentatives providing for the daily current es
pend upon your active cooperation whether
the government shall do its business as
the bankers of the twentieth century do
theirs or whether it shall continue TO do
IL as General Jackson, inspired by passion,
In his supreme Ignorance, began to do II
nearly century ago
what L. wanted.
What We want. and this Is the erux OF
the whole matter, is this: Place our note
redemption so loca ted In the United States
that no banker will be out OF the use OF
hours; and the cost OF transmission paid
by the government. Then, bank note
credits VIII De sent nome Wnen lnclI mis-
sion Is filled as directly and swiftly as
now are checks and drafts, for the bankers
will want the proceeds OF the note credits
precisely as they want tine proceeds Of
their checks and drafts
The banking and currency committee has
faVorably reported a currency bill TO the
house of representatives providing for an
issue of credit bank notes equal to 30 per
cent OF the capital OF the national banks,
and the method OF guaranty makes such
an issue safe beyond peradVenture,
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