The Washington herald., 1906-11-11

a meeting Of prominent bankers win he
held In Washington beginning at L o'clock
tomorrow at the New Willard. the pro-
ceedings Of which viii be watched with
keenest interest by fnanciers all over the
United States. Il is the first meeting OF
the currency commission Of the American
Bankers Association, and its object Is to
suggest to the American people and 10
Congress a plan to establish in this coUn-
try a more elastic banking currency to
meet the financial emergencies which are
constantly arising in the course of bust
ness.
The Secretary Of the Treasury and the
Comptroller Of the Currency will be in
vited TO attend the sessions of the com
mission, and it is expected that both viii
deliver addresses before the commission
adiourns.
This commission was appointed by the
executive committee of the American
Bankers Association, pursuant TO "a reso-
luton adopted at the recent meeting Of
the body in s.. Louis
Members of Commission.
The commission is comDosed of the fol-
lowing welI-known fiuanciers of America:
Arthu- Renolds. president Des AIoines National
Bank. Des Moiues, Iowa
z, T. sWimey, president First National Bank.
James A 1IsCord. cashier Third National Bank.
Atlanta, Ca.
W, Y. Cog. president Second National Bank.
Washington. +. &.
John l. Hamilton. vice president Hamilton &
Cunningham. Hoopestowu. III.
James b. Forgan. president First National Bank.
Joseph T. TaIbsrt vice president Commercial Ma
tlpual Bank. Chicago. H.
Charles NJ Huttg. president Third National
Bank, ST. Louis No
Iestus J. Wade president Mercantile Trust Com
Tauy, 81. Louis. Mo.
John Perrin. president American National Bank
Indiana polls. Ind.
n b. Hepburn. president Chase National Bank
New York
Luther Drake president Merchants National
Bank. Omaha NsbI.
Solomon Nexlsr, vice president Whitney Central
National Bank. New Orleans. Ia.
Myron T. Herrick, ex-governor, Cleveland. OHIO.
Robert AaHtrop. I1ssident Peoples National
Bank PlttshEr6, Pa
The currency comlnission wiz consider
various proP0s l-tons sor- the establishment
of a more elastic currency than is to be
had under the pIeAent banking laws.
such currency has been long advocated,
both by the banking and business inter-
ests Of the country. and has at different
times creDt into the terse phraseology of
political platforms.
Matters to Be Considered.
Amons the leading propositions to be
brought before the commission are the
report Of the legislative committee of the
American Bankers Association. and that
recommended by the New York Chamber
Of Commerce, and the various measures
that have been introduced in Congress.
w. V Cox, the local member of the
commission, yesterday made the follow
ing comment UDon the interest attaching
10 the meeting and the Importance Of The
subjects 10 be discussed.
"One Of the hopeful indications Of the
adjustment Of the currency question was
shown at the St Louis convention last
month, when various measures were sug-
gested by their advocates, who in nc
case were insistent that the particular
measures should be adopted if others
were equally meritorious. The personnel
OF the commission shows that these advo-
Gates are as a rule members of the cur
reRcy commission.
The establishment OF a government
bank of issue in Washington to meet
emergency conditions has It's warm advo-
Gates, but IL Is hardly thought probable
that this measure would meet with favor
IN congress merit0rious as the PROPOSE
tion might be.
OutgTOwth of Committee Report.
1t is pleasing 20 note that this ques-
tion Of a more elastic currency was fist
taken up seriously at the meeting of the
American Bankers Association in this
city year ago. when the president Of the
body. John /. Hamilton. appointed a leg
islative committee OF which he was a
member, and which included Arthur Rev
nolds. Of Des Moines; z. 7. Swinnev. of
Kansas City, formerly a president of the
association, James a AIcCord of Atlanta
and myself. This committee had several
meetings during the year and submitted
report at the ST. Louis convention last
month. out of which the present currency
commission has grown.
''The Importance of this meeting can
readily be appreciated. and # is not too
much to expect that from its proceedings
may be evolved "a proposition which viii
be framed into q bin and pass Congress.
and thus place on a better basis the
finances OF the country
Mr. Cox furnished to The Herald a copy
OF the plan Of currency reform worked
UGA NA TIE te-lstdAikt tDtlLililLEG. OF NElC1
he was a member. which was presented
TO the Bankers Association, in St Louis
and received much favorable comment
from all sides. Mr.. Cox said the com
mittee in framing the plan had in mind
the condition of the country. the neCes-
sity of currency legislation, the tempera-
ment Of the business community. and the
best interests of the people Of the whole
country. He said the purpose was to pro-
tect the interests Of the humbiest citi-
zens as Well as those Of the wealthy
Outline of the Plan.
The plan as framed was as follows:
''First-That a currency commission OF
seven members De appointed by the Presi-
dent and confirmed by the Senate, this
commission to be non-partisan. The
Comptroller of the Currency TO be q
member OF the commission, and the frs
SIX members TO be appointed. two fol
four years, two for eight years, and twc
for twelve years. and for twelve years
thereafter, said members not TO be eligible
for reapp0intment
..Second-That credit or clearance cur
rency may be issued by any national
CONTINUED ON FOURTH PAGE.