Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-11-23

tary; Prank T. Hamilton, Treasurer.
New Members Executive Committee,
! for Four YearB-V. y. Caldwell,
! Omaha; Frank AEo0ivorn, FrsmOnti
Q. =. Burnham, Norfoki =. ~. Davis,
| Beaver City.
! Resolutions declaring against the issue o.
bank note currency, except as now author
| lzed, were passed by the Nebraska Bank
| ers' association at the closing session OF iu
tenth annual convention Thursday after.
! noon.
! Victory for the champions OF asset cur
/ rency was attained only after a heated de-
/ bate of nearly an hour. In which Henry w.
/ Yates. chairman OF the national legisla-
tive committee and OF the resolutions COM
mittee. with two members OF the latter
| committee arrsycd on the opposing side,
fought alone against numerous defenders
of the credit currency system proposed by
| a committee of the American Bankers as
sociatlon, of which Luther Drake was
member advocated by James H. Eckles III
an address before the bankers Wednesday
and again Thursday by Prof. Joseph
French Johnson dean of the New York
! University school OF commerce, accounts
and finance.
Convention stands by Yates
Though Mr.. Yates was left alone In de-
bate the convention was with him when 1t
came to voting and the resolutions he pre-
sented were passed by vote of 30 TO So.
The credit currency argument was initi'
ated by z. r. Gurney OF Fremont, who
moved an amendment to the resolutions,
and it was taken up by Prof. Johnson, d.
r. Forgan of Chicago. s. II, Bdrnham Of
Lincoln, Charles X. Hart of Prosser and
others. A L. Clarke of Hastings objected
to the words Impending panic" p. L. Hall
\ OF Lincoln withheld his approval Of the
second part of the resolutions on the
ground that It might be construed advo-
eating an asset currency by which the
rights OF the depositors would take second
place to the rights OF the holders Of tn"
currency t.e .,.s,s ~any
What Mr.. Quincy called Ms amendment
was in reality substitute for the orig
innl motion. II endorses the system of
CURRENCY advocated at Washington recently
by a committee Of the American Bankers
association.
Mr. Quincy dramatically pleaded for the
adoption of his amendment, declaring that
with many times larger interests and
broader activities the country Is getting
along with about the same amount OF cur
rency II had ten years ago; but the strin-
gency of the New York money market each
fall is becoming so serious as to menace
tho prosperity OF the bankers and the peo-
, lple of the entire country.
Lack of Elasticity.
THE lack of elasticity in the currency is
: what causes the ups and downs OF inter-
est" said D. r. Forgan Of Chicago. 1t
, Is great disgrace TO US that In the finan-
cial center OF our country interest should
, get low as Ia per cent at one time, and
as high as $50 per cent at another I OBJ
. ject to the words impending panic" IN
the resolutions. The act Of taking out ,.le
j currency would bring the panic and bring
d. II d-n quick"
! Prof. johnson admitted It true, as MI.
, Yates maintained. that New York some
= times sends nearly slOO,OO0OOo west In the
: fall. yet docs not sufler decrease IN bank
. deposits. This holding up OF the receipts,
, he said, is due 20 the fact that the rate
> Of interest goes up and New York Inn
ports gold from Europe.
Mr Yates declared the country could do
business on one-fourth its present volume
= of currency and that the causes Of the
stringency in New York are peculiar to
that market. He showed the immense
= volume per capita OF credit money In the
United Staes, compared with other
countries, and said it would be folly to is-
sue more.
Text of Resolution.
Following is the text or the resolutions
as passed
Resolved, That we are opposed TO the
issue In time Of financial peace. like the
j. present, Of any bank note currency. exeepl
OF United states bonds.
e Resolved. That we favor Legislation by
h congress authorizing the issue OF an
d emergency circulation which will be taxed
!, so heavily that IL would not be issued eX-
= cept IN time OF Of great commercia9il stringeney
j. when the conditions requiring It's issue NJ
ResoIVed. That we favor the repeal OF IN,
q clause in the national currency act limiting
n the redemption of national bank notes L
. &3OO.0OO month.
e Resolutions ON Herman NOuntEe.
70 These resolutions I'm memory Of Herman
d Kountze were prepared by a special com
II mittee, read by Senator Miiiard and adopted
unanimously by rising vote:
y Whereas. II has pleased Almighty God IL
z His wisdom To take from his lie OF useful
ness our fellow banker, Herman Eountze
, president Of the First National hank O
resolved BY the bankers Of Nebraska, Fl
convention assembled, as a testimony O
our regard ana esteem ana IN recognition
n Of the loss our profession has suffered bl
his DEATH as follows
The death Of Mr.. KountHe removed from
K this state and the west one of the ablest
most trusted and beloved memherB nf IN
profession, and We esteem Il a privilege II
form our unqualified appreciation Of hi
high character as a man and his distin
a, guisbed services as a huancier and banker
~ Nj. Kountzc was engaged In the business
le OF banking IN Nebraska from its fosindatiol
1t IN territorial days. and the influence 81 hi
business career Tor half century f1a al
A- ways been toward the upbuilding of Ou
m Institutions end the advancement OF cor
is rect bauking, and, like the purity Of his per
,s sonei llfe win long continue 70 rehec
~ honor ppOn his name.
The ofhcers Of this association are al
H. rected 10 send engrossed copies Of thes
resolutions 10 the family af Mr.. KountE
IL and also one 90 the First National bank.
ns =. l.. Hall delivered an address Thursda
'h afternoon on Banking IN Nebraska Twent
es Years Ago" Ia which he save the nGire
III 20 show the growth OF the banking In
be