New-York tribune., 1906-10-20
BANKERS SESSION ENDS
Currency Reform Plan Causes Up-
roar-WW 60 to CONGRESS.

second annual convention of the American Rank
ers Association to-day was marked bv warmth of
discussion. multiplicity Of moves and comnlexitv
OF countermoves. that at times ocoasioned con-
fusion when the subject of currency retorr, nen
introduced ' P
FROM the time that the welcoming speeches
e,ns e convention on Wednesday. had been
"su ,' until to-oays session the delegates had
looked forward to the Introduction OF the currency
topio' "hen the subject brought forward to-
oay the convention struggled for over an hour
Lia4iy adopting resolution introduced by William
VI aurora, Ill. TO refer the consideration
o.. OF currency reform plan
coilittee 10 be appointed by legislative coun-
cii' ~hich Shall confer with the New York Chamber
VI N0ihinerce committee and submit plan for
enactment into law by Congress
1ne assembly listened to the report of the bank
ing legislative committee It was read by Chair
man Arthur Reynolds president of the Des Moines
national Bank introducing the currency subject and
setting forth the plan formulated by the committee
s creoit or clearance currency. The plan
pi4Seu ten sections. AID Chairman Reynolds said
that 1t was prepared with consideration as TO the
Conoluon OF the country Its necessity the tenn
permanent OF the people and the bost interests of
ciuzens as whole aiming to protect the interests
o1 tno humblest citizens well as those Of the
wealthy. The moment the reading of the COM
nittees report was ended the convention was in an
uproar resolution offered to adopt the re-
port as whole. another to refer it back TO the
executive council without recommendation another
to consider the sections seriatim. and all the while
delegates wildly clanored to discuss the subject
and give expression to individually formed plans.
An hours discussion finally agreed upon, and
the discussion thorough spirited, but
without definite conclusion. At the expiration of
the time limit motion was made by William
George TO refer the report OF the legislative COM
mittee to a special committee and the adoption
Of the motion ended the debate. After installing
President G. S. Whitson and Vice-President J. D.
Powers. the convention adjourned.
The plan for credit clearance currency pro-
posed by the legislative committee is follows:
-,Ft-. First that m a currency commission of seven
fTmed BY the Senate; this commission to be non
member of the commission and the first six mem
oers to be appointed, two for four years two for
twelve years thereafter said members not eligible
issued 5y any netionai bank a majority Of the
com commission on IN any amount not to exceed % per
Third. that the necessity for credit or Clearance
currency and the maximum time that II may re-
sso9 d o 5ad 5o6a the law now sgpaPe to the
notes in a like manner except as 10 the amount
that may be redeemed in any calendar month,
eacs currency must pay tex in the time fxed
l h Y SeP oan Pf for s a fe at not Of sss tSs
bank to deposit With the treasury or depozitories
to Ra the raTsd % the I
OF the credit or clearance circulation outstanding star
shnuni for each additio1ai week that the bank
denption. no fraction Of week to be considered
in computation.
Firth the tax on clearance collections. after
dedGoting the expenses q the co@msaoh and t6s
with the Treasury OF the United States fund
known as the bank credit note circulation fund
@ Secured ms na$Ioaai bang diEsu!StIon ogsssand%s.
All profits IN excess Of this amount after main
tanning this fund. shall be invested by the Sec
retary Of the Treasury in gold at the end OF each
basis for Issue OF gold certificates. which shall
be used in the retirement OF the uncovered Treas
ury notes.
The bank credit note circulation fund" 10 be
used for the Immediate redemption Of credit
clearance notes outstanding OF any failed bank
pending realization the securities deposited and
such securities.
Sixth-Before any bank issue clearance or
Department, repositories 10 be designated by
the commission. approved securities OF the bank.
passed upon by the Controller OF the Currency's
departnent to an amount OF at Least 10 per cent
Seventh-The credit or clearance currency shall
Re retired gradually, at such times and in such
amounts as shall be directed by the commission,
by deposting funds with the Treasury Department
or such repositories the commission may direct.
Eighth-The credit or clearance currency notes to
be printed, and an amount TO be kept ready for
in amount to Is per cent OF the bond secured bank
circulation outstanding. Said notes TO be accept
able the payment OF all obligations the same MS
bond secured bank circulation ana redeernapIe at
any sub-treasury designated depository.
Nfnth-Tnese notes shall be issued denoTnina-
tons of S. SO SO $50 and 800 desired. and the
expense Of printing and engraving to be paid by
The banks taking them out
Tenth-There shall be nothing on the notes desig-
mating the name the number OF the bank issuing
them but they shall be numbered and registered
so that they may be able 10 know at all times the
amount of such notes any bank has outstanding.