New-York tribune., 1906-10-18
EIGHT FORCLEAN MONEY
noressmam Foscler Outlines Fut
ore Legislation for Bankers.

a.. tho Lords PRAYER. David r. Francis de-
,..rsd the opening address of welcome followed
- wscoming addresses from Governor Folk of
,o,ri Mayor Rolla Wells of ST Louis. and
- ysn Blarcom. president Of the National Bank
:. commerce Of st. Louis. who is chairman of the
reception committee
president Hamilton replied the welcome ac-
..raAd and delivered his annual address. in part
as follows
The examination of banks has been brought to
tosh state end national banking institutions; and
y saaII amount Of blame has been attached 70 the
Los5sgernent Of these departments. both state and
rrstioSaL as il has been shown that they have not
hen as thorough they should have been in their
The Blame does not rest wholly with these de-
,srtments. but should be shared by the lawmakers
bth state and national. The attention OF Congress
onlv by the Controller or the currency ana the
ENGAGEMENT OF state banking departments, but by
t ne oalss5 assoeation. as well as bv the American
Bankers Association TO the fact that there are not
ssD~,"rf examiners TO DO the work properly. The
wages that an examiner can make are not in keep
Ma men in ike capacity in banking institutions
khe result that it is hard TO get and 10 keep for
s Tbe nTesent method Of paying examiners so much
t each bank examined is all %Tong aS n in order order
banks must be assigned to him than he can pos,
s9onsibility Of their position. and the number OF
.io1s more thorough The banks would be only TOO
d % haze @ h made ma rsef So If PSSsO ss be but bas u Is
rsts with our m NATIONAL Congress ana not not With the
for time and again has the attention of Congress
beer called n this very condition.
sensational news makes TOO much of every bank
failure and aims by its articles 10 make them as
failure the public is led TO believe that every
dollar Of Sgegy depoStor is lost and the entire say
many commit suicide and other acts of despera-
minds Of the public so that without reason. upon
the sishtest rlInor & runs have been started on
and have no apology for bank wreckers. yet
great injustice is done perfectly sound and
solvent institutions through the press in its eager
mss for Sensationalism-
Ne do not realize our good fortune in having for
the head OF our government President and secre-
taTy Of the Treasury who ara fearless men of such
the management OF the financial affairs this ma
ton 1ley nave more more man once saved the country
from financial embarrassment by the deposit OF
public funds At critical times by accepting other
anticipation Of gold imports These have been
timely moves and their authority by law has been
ranted their action. and the gentlemen have had
the ooursse TO meet the emergency.
President Hamilton recommended an enlarge
rent of the executive council of the association.
the organization Of clearing house section and
the recognition Of the National Institute of Bank
Clerks by giving them three representatives on the
Executive council
The annual report Of the secretary. James r
Branch. of New York. showed that in the fiscal
year there have been 9 persons arrested for crim-
nal irregularities in banking circles Of which 115
have been convicted and thirty-hve are awaiting
uIsL The aggregate capital. surplus and deposits
q the membership is SIe.5l464s,572
The annual report of the treasurer. Ralph Van
Fechten, yice-president Of the Commercial Ma
aOnal Bank Chicago, showed a balance on hand
Il the close OF the fiscal year of SIS a0I 65
ne report Of the protective committee was read
Z r sWinney, president Of the First National
s2ak Of Kansas City.
Congressman Fowler spoke on Pending Legis-
&aon IN part as follows:
.sleanness is next to godliness; therefore let us
.g9t 10 make our money clean as 1t is good.
ana let NE say right here that you Will get nothing
N I-e Wy OF legislation unless you-I mean you
men men who are sitting before me- you bankers as
bankers, not merely men--nterest yourselves
- Ctaiilahohg that your representatives vote for
sAe ullgs you want Let us understand this once
cessation and agree upon certain principles let il
t SeCoiae part Of your daily life. duty Of every
Iaeke them only one of hundred recollectionh. it
First then. let here and now resolve that we
VII have clean money; and pledge ourselves to one
cured such legislation as viii bring this end about
suca la| is now pending before the Banking and
demand il and work for II.
A Dill has been favoraby reported by the Bank
ing and Currency Committee, and is now pending
before the House OF Representative, providing for
ss the present denominations. The purpose of this
@ n.1 IS tEyofoid First it would enable the Secre-'
sgAe0eoo0 Of s. silver certificates with gold certif
Gates Of the same denomination, and thus make II
possible to increase largely the 81 and 81 silver
certificates which are needed so much in the trade
than any other class viii you pledge yourselves
s.s ana now TO fight for this change or go on for
eonstatly sing because Of additional popula,
wnich 10 make them? This is your business; Will
gcg attend 10 il?
tie basis of the standard of value, increase the
quantity q gold in the country, and make 1t pos
Eole 70 distribute ii among the mass OF peopte'
enng os ee1es Tese objects Justify your ac-
i've and lnSisf1nL CG-OpeFatiOn. Don't forget II,
From the establishment OF the first sub-treaSSury S
sixty years ago. the practice of boarding or lock-
g up money has been disturbing taf5oT s the ana na
sSo taking up the situation precisely as II pre-
!oIe OF, Ike intelligent men, treat TINS govern =
nents business just as you would treat it were u
regard for the peoples interests from national
The fiscal opera5ors Of our government are such
s: {e 5 coming Eear M We e aay 1 nvs Tn6eea we may
again have same excess of revenue had from
~ 70 1892. when we lowered our bonded debt from
geV0 What shall he the conduct Of the Treasury?
should # not he suon in no way 10 interfere WIN
IF We shoId repeat this record, We could pay off
1900 Of our debt, and leave II at sfsC0gU1 OF
cure our bank notes, which aggregate S6l7coo 600
uoa Of our debt. il would have 70 be deposited from
Mg capital OF tie country would be reduced by the
Our barking capital is now depleted more than
sa.cpg0 by This ancient and inane procedure: and,
tsholgh the government has control Of this money,
II Is paying per cent upon fl; for the interest
Ia.d On the bonds held by the government goes to
le banks that have put up the bonds to secure the
deposits
Let the go-ernmsnt deposit its receipts from day
y cay precisely municipalities .and great
business i9terests DO If it had pursued this policy
ron 1879 down TO the present time. and received.
tA j had tic right do. per cent interest upon
- psla 1ces II would have received S600o00Oo in in
sTsEt ne and not haze lost single dollar.
n N''N N40~--- -+-'--I' " 49, ~ -9' "
Do you want more than 81 and 81 bills. and q
siesder and better diffusion of the gold standard