New-York tribune., 1906-07-06
VANDERBILT SEES PERIL.
TALKS ON CURRENCY.
snrgests Government BanH-AsEss
Ner York Bankers to Lead.
tBy Telegraph to The Trlbune.l

rBv Telegraph 10 The Tribune.l
-, rshauplain. y. Y. July 6-"Currency re-
ho.e. ,ss been sounded as the watchword Of the
foL.-,n annual convention Of the New York
- Tsnkers' Associaticn. which opened to-day
-. Hotel Champlain. The question was brought
g .-on,inence BY an address made at the opening
o.,ipg by Frank A FanderliD- vice-president OF
-. S-stionaI City Bank. oE New York City.
tns tn-s.--,ssatey after the address John r. Van
--.--1er. secretary and general manager OF the
49,, safe Deposit Company. Of New York City,
.L..-osuoea the following resolution:
.,,,os That the New York State Bankers
Ass5c1s state bankers association the appointment
g az lSelegate who SHALL with other delegates like
wise sPR9l5'sY gsE York Chamber Of commerce and the
Of ne ,He committees Of the american Bankers
sslo-etion for the purpose OF discussing the ques-
ssSS ~ improving he currency laws.
-. resolution was unanimously adopted.
-ba choice OF a treasurer promises to be the
-, that VIII divide the convention at the cleo
- ~ officers tomorrow morning p H. Nc
-sau president OF the Merchants Bank. Of ROches-
= and Hiram R. Smith. president OF the Bank
= pocty1lle Centre. Long Island. were nominated
" s.v for the oflce. and David Cromwell, presi-
-. n the First National Bank. OF White Plains.
-, ,-ssant treasurer was renominated. Nominees
- =. other Offices Of the association Elliott
= rT,Dougal president OF the Bank OF Buffalo.
"a nov vice-president OF the New York State
5.nkers' Association. for president Charles Elliott
-rsrren cashier OF the Lincoln National Bank.
.-sv York City, for Vlce-presloent' ana EDWARD -.
-gs,asee cashier Of the New Amsterdam National
- Of New York City. renOminated for sec
rstary.
Alfrea H. Curtis. president Of the National Bank
= vortb America New York. is the retiring presi-
s.,t In his address which opened the business
,seting this morning ne SAID, speaking OK the re-
,sn, insurance scandals:
I'VE stn believe that the vast majority Of busi-
ness men are honest and have no price"
Tro-nieht there was association dinner for the
-h-ss hundred members and their friends, at which
A y. curtis was toastmaster. Speeches were made
Nv Colonel Cowes 9TH Infantry. for the army; John
4 Van Wormer, Hartman Baker. Of Philadelphia;
: n Kiburn. Superintendent OF the Banking De-
-srfnnent. state Of New York. and John P. Knight,
manager Of the Montreal Clearing House.
This convention is one OF the most interesting
ver held BY the association from social point OF
rev Golf and tennis tournaments are in progress.
and trip 10 the Plattsburg Barracks for the dress
parade was made thissafternoon.
Festus J. Wade. president of the Mercantile Trust
Conpany, Of ST Louis and Robert B. Armstrong,
Of New York. president Of the Casualty Company
Of America. win address the business meeting to-
MORROW morning.
Mr. YANDERLIPs SPEECH
M vanderlp's address was in part as follows:
There are in cur laws few important enactments
in relation 10 money that have not followed ana IN
calamity. The Bank Of the United States was re-
chartered q result OF the monetary chaos IN
vrhir
was devised because state banks allowed their notes
positoTies for public funds. The Civil War was
responsible for the greenback and for the national
hank note. In financial legislation we have been
oppoF1untsts. We have rarely done anything until
forced 10 90 +; by nisfortune -. . ,.,... a..
these days Of prosperity to adopt the principle OF
letting well enough alone. Such a banker may say
tist ihe growth Of his banks deposits and the
size OF his stockholders dividends satisfactory
Currency @ legislation which could hardly make him
more prosperous and might make him less So A
canvass OF the opinions OF many bankers might @
leave doubt as 10 whether or not there Is any
currency pronieIa certainly there are ilaly suS t
They viii tel YOU that We have currency as good
one note IS better or worse than another for all
aTs equally certain Of final redemption in gold:
They viii tell you that there is no lack or currency
n country which has been able 10 increase Jus
geld stock IN ten years from $.goso9o 70 $&1,4,o7 &
he Zoi'r,e ~ note issues has risen from s25 600
S 70 s55 So6 90 in The same ten years So at the
start o. any discussion Of the currency, we nave
doubt thrown On the very existence OF currency
problem. We must first examine the question as
g whether not there is any need at all for the
discussion.
DERANGED FINANCIAL SYSTEM.
physician counting the pulsebeat and taking
the temperature OF a patient may foreten with
certainty impending crisis IN the patent pngS
sond9g qutceni Of the Rusebest means S ta dhat
Danger must be removed, or sooner or ater SERIOUS
results NAV ensue Let me tell you that alternat-
Val Street are Just as certain Indications Of
ceranged financial system as is the register OF IUs
lca disorder Serious results may not mIneoiately
IoloW IN elthar case but If the evidences OF De oe-
rsngement repeatedly recuT, IL is only a question
q tine When in both instances, unfortunate results
The physician who inds the pulsebeat too rapid
Goes not necessarily locate the dlrdculty IN the
wrist of the patient for the reason that 1t is there
re finds the evidence that something is wrong;
ner would there be more logic in saying that pc
Val Street, the seat Of the difficulty must be IN
Val Street and the remedy should be applied
mere The trouble is not with Wall Street; II IS
fundamental and is inherently related to our un-
Periods Of excessively high rates for money. re-
curing seasons Of stringency following each de-
other periods OF superab bundance. OF gorged bank
tss ss ana interest rates falling 70 point where
q our Imperfect financial system They point
believe with absoirIe certainty toward organic
weakness. The fundamental causes which lead at
oae tine 70 manifestations Of high rates, at another
2 abn0rually low rates. that bring periods Of
Sts3aSency s followed almost in a day by periods IN
n ean be wisely employed-the fundamental causes Of
ge-itv Just rs surely as temperature and pulse
Deal nav become physical danger signals that the
We fsoeivas eriodical Warnings in the abnor
- -. register q the pulse Of Wall Street money
Observed n IL the money centres Of currency
: y We sit smugly by and say that We are satisfied
VI The measure Of prosperity which we are hav-
Wings IS @ 6ey We a % e we | s65heP sq on on % later wee @e VIII
core 70 another period that is not satisfactory. We
w come 70 another period such has preceded
sele enactueut of nest Cf the important existing
nnanc-al legislation Then we are likely. in great
isLe and @ith little consideration, TO enact legis-
~ ,S.lon which might better be undertaken before
NE necessity for IL becomes painfully evident
CONGRESS NOT ALONE TO BLAME.
believe there fe>the sravest need Cor legislation
Gl.en VIII provide q scientific system OF banknote
S-.le.-y believe, too, that there Is no group OF
isn upon which The responsibility for such lesis-
.sl9h .ies so heavily a. II does upon the members
e !, .-.e Aew York State Bankers Assocla tion Con-
gless is not alone blame il we are lacking IN
A-se currency laws. II financial leaders are ut
tsrIy ooliRlous 10 the necessity for such laws II
,ntahAers even after they come 10 the conclusion