Coeur d'Alene evening press. (Coeur d'Alene, Idaho) 1907-1929, 1908-06-17
nANKERs oPPosE VIEW Law.
Convention at Lewiston Ends With
Election OF Officers.

LEWISTON, Idaho. June 1.-THE
Idaho bankers. in convention, voiced
their disapproyal of the compromise
currency bill recently passed by con-
gress, when they loudly cheered Ar
thur Reynolds of Des Moines, Iowa,
who condemned the Bill in vigorous
terms in an address on Currency
Reform" In the following vigorous
language Mr.. Reynolds paid his re-
spects to the bill:
ut is a Observation-Disclosures
legislation; bastard born of the un-
ion of senatorial courtesy and emer-
gency requirements; makeshift ex-
pediency, neither honest nor warrant
ed by conditions.
THE original Aldrich bin was con-
ceived in a back room of a Wall
street bank, where railroad bonds
form the chief investment of finan-
cial institutions. Nelson w. Aldrich,
watchdog OF the treasury, aided in
It's conception and fathered 1t
throughout its career of vicissitudes.
James w. Forgan, that honest bank
or of Chicago, was sent for, shown
the bill and asked to get In line. but
he declined and refused to have any
thing to do with It,"
Mr.. Reynolds paid tribute to Con-
gresham Fowler when he said that
no man In America had better know
ledge of the currency question, and
he spoke in kindly terms Of the cur
rency committee of the lower house
when he, as a member OF the delega-
ton from the American Bankers as
ISOLATION, appeared before the COM
mittee, urging some necessary legis-
latIon. The senatorial committee,
however. failed to give them more
than a short Ave minutes, saying that
It was unnecessary to hear from the
bankers in regard to the contemplate
ed legislation. Mr.. Reynolds declared
that an elastic currency Is badly need
ed, one self-actiVe, which expands
and contracts automatically with the
needs OF the country.
Mr.. Reynolds paid a high tribute
to the country bankers when no said
that the country bankers assets are
the best security obtainable,, because
the country banker is in close touch
with his constituents and their needs.
He deplored the legislation which
makes utility bonds collateral secur-
ity and also declared that the bank
act which compels national banks to
purchase government bonds as Sc
curIty for issues OF bank notes was
an injustice to the banks, as they are
compelled to pay a premium for Sc
curitles which are not worth what
they bring on the market. He point
cd to the quotations Of German i'm
perlals and English consols, which us
ually sell below par. as an example
Of the fact that our banks pay a
premium for our bonds not warranted
by the actual value. based on earning
power.
state Bank Commissioner w. s.
CLANCY read paper on the duties Of
bank directors which placed the bur
den on some bank directors who fai
to keep In close touch with theil
institution.
The following oflcers we're elected;
President. Frank Johnson. Wallace
vice-president, Boyd Hamilton, Occur
d'Alene; secretary. l.. A. Coate
Boise; treasurer. d. e. Hayes. EN-
NETT; executive committee; Chair
man, ]. A. Givens. Nampa: b. +. o.
Neili, Wallace; ]. e. Clinton. Jr.
Boise; II. II. Keller. Weiser; Il. II
HOLSTER. Idaho Falls; F. w. Ketten
bach, Lewiston. Mr.. Kettenbach
Lewiston. Mr.. Kettenbach also wal
selected as delegate to the convention
OF the National Bankers association
in Denver. September 2s. Secretar!
Coate was elected as a member OF thu
executive committee of the Nationa
Bankers association.
Next years convention will be hell
in Seattle. the associations from Ida
no. Oregon. Washington and Mon
tana meeting together. The conven
ton closed with a reception ant
dance given at the Elks' club. Man,
delegates will leave for North Yak
lima. where they win attend tn
Washington convention, The asso
citation is growing so rapidly that on
ly Ave banks in the state are no
represented In its membership.