The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-10-02
BOTH PLANS GET
JOLT At DENVER
Bankers Resolved Against
Guaranty Law and Postal
Savings Banks.

Denver, Colo, Oct. 1.-The thirty
fourth annual convention of the Amer
lean Bankers association came to an
end this afternoon with the election of
George NJ. Reynolds of Chicago, presi-
dent, and Lewis E. Pierson of New
York first vice president
Thirty-eight new members were an
nOunced, ard vice president repre-
sentinS each of the states having rep
fresentatives i'll the association was
named.
The convention also placed itself
squarely on record as against both the
proposition to guarantee bank deposits
and to establish postal savings banks.
Debate Was Lively.
A lively discussion occurred over the
report of the federal legislative COM
mittee opposing both the guarantee of
bank deposits and the establishment of
postal savings banks. The resolution
offered by the committee. however.
contained condemnation OF the guar
antee law only, making no mention NJ
postal savings banks. A fight led Ey
Clifton R. Breckenridge of Arkansas
was made to include condemnation o.
postal savings banks in the same re-
solution.
Former Governor Myron T. Herricx
of Ohio was the leader in opposition 10
a substitute offered by Mr.. Brecken
ridge condemninS both proposition l..
one resolution.
After parliamentary tangle, during
which several Of the delegates were
sharply called 10 ORDER by the pcesi-
dent. the Breckenridge substitute was
voted down.
Resolution Amended.
An amendment to the resolution was
adopted substituting the words 1T is
a delusion that the tax upon the
strong will prevent .he failure of tbs
weak" for section eight as reported,
which read 1T unjustly weatens the
strong and unfairly strengthens the
weak hank"
The amendment was then carried
without a dissenting Voice
Postal Savings Banks Condemned.
Mr.. Breckenridge then offered tie
following resolution, which was slso
adopted with only two or three dis
senting votes:
.oThat the American Bankers asso-
citation condemns as uTwise and hurt
full all proposals to establish postal
savings banks
Nearly two hours were consumed
with tie reports of vice pres cent
from the several states, thu consensus
of which was that the effects of the re-
cent panic are rapidly passing away
throughout the country.
Currency Commission.
In the report of the currency COM
mission. which was adopted at the
morning session, the chairman use1
these words, in referring 10 the Al
drich- Vreeland measure:
In the Aldrich-Vreeland measure.
however open to severe criticism, corr
gress. by law. has recognized the nor
NAL and legitimate assets of bank as
the natural and proper basis of credit
extended to the bank in the form of
circulating notes. The principle for
which we have so long contended has
thus received legislative sanction. I'd
this extent the labors of the American
Bankers association have been
crowned with success"
Credit Currency.
On the subject of credit currency.
which mad been favored by some
speakers during the various meetings,
the commission said:
Credit currency, commended III
your commissions first report and an
proved by this association at it's last
convention, had further proof OF is
soundness ic principles and efficiency
in operation in those countries having
sucn a currency, during the world wide
crisis of last fall While maintaining
open minds as to the wisest method of
its incCrpore tion into our own banking
system. it is our belief that q currency
based on this principle, so saIe/and eff
cient in the experience of other ma
lions, will he found essential in our
own system"
The commissions report also said: