The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-06-19
WOULD CONDEMN
CURRENCY LAWS
Recent Act Of Congress Declared
to Be a Wretched Makesl,ift,
Harsh Measure, Bcne-
ficial Only to Wildcat
Schemes and to
Speculations.

sented In the convention of
the Virginia Bankers Associa-
ton. which was called to order here
this morning, President Richard II.
Smith. cashier of the Planters National
Eank. OF Richmond. officiating.
The opening prayer WAS made by the
Rev. John Garlick Scott, of Hot
Springs.
The weather is ideal for the OCCASION
cool and invigorating. The early hours
OF the morning were spent By the
members calling on Secretary n. p.
Gatling. to register and obtain proper
credentials. and IN renewing OF ac-
quaintances.
The body. as a whole is distinguish
ed looking. and all seem to intend to
make the fifteenth annual convention
O, this association the pleasantest in
its history. Many OF the membera
are accompanied by ladies. who add
materially to social events, and tho
club house and lawn where the morn
ing concert is rendered is a mass OF
cclor OF the brightest variety.
Tho annual address, by the president
followed the prayer.
The Presidents Address.
President smith said In part:
ness conditions assumed a very serious
and even alarming aspect. and we have
passed through financial storm which
might have made many wrecks but
for the foresight md the advice OF
older and more experience bankers.
such as. expressed in the splendid ad-
dress OF the Hon. Frank a. Nanderlip
before our last convention You will
recall that m that address he predicted
that commercial activity would be
curtailed and manufacturers totals
show decrease All this and more
came TO pass. Capital became titnd,
and safe deposit boxes We're very popu-
lar The alarmed public. losing all
sense but that of selfishness, undertook
Ia completely congest the situation By
locking up goid and currency. This
forced many OF the banks to curtail
cash payments and to issue clearing
house certificates. Currency and gold
were sold at premium. 1t was hoped
that this trying period and great emer-
gency would be an incentive to Con-
Sress to give the currency legislation
that is requisite to the ever-increasing
needs Of our great country, and TO re-
peal the laws made at the time when
we were but small nation--laws made
rather to force upon The banks the.
carrying OF the larger portion of a
great national debt tha1fN framed to
meet the requirements of our CONNER
cial needs.
Law II sInkcshift.
What was the result of the appeals
for help in our great need but a'make-
shift? After fishtings and discussions
oter the several bills offered we have
a bill providing that banks may form
voluntary associations, to be designated
rs national currency associations AMI
issue currency under the regulations OF
the bill, provided the Secretary of the
Treasury thinks proper. and II. II his
judgment. business conditions and the
locality demand additional circulation,
he may direct anissue, etc.
what are the terms of this issue.
however. but prohibitive? For this
circulation. which the Comptroller Of
the Currency shall recommend as he
thinks proper and which the Secre-
tary of the Treasury may issue, you
+ have to pay tax at the rate of
per centum per annum for the first
month, and afterwards an additional
tax of l per centum pc, annum for
each month, uatil tax of 10 per CEN
tum per annum is reached In addi-
tion to this, intereat on deposits Of
public moneys; shall be paid at such
rate as the Secretary OF the Treasury
may prescribe, not less, however, than
per centum per annum.
'The fact, however, that the act eX-
p!res on June 80, 1914. proves that the
makers dee.u it si-,t an emergency bill
pray that mo bank in our beloved
Statn will ever be forced to adopt its
provisions, nor that the conditions OF
our great country will require the ap-
plcaton of this harsh measure, a
measure beneficial only to wild schemes
and speculations whic.. do not count
the cost of interest.
State Examination.
During the past winter months there
y has been held session Of our State
Legislature. before which many hills
We're presented pertaining to banks and
banking. Your several committees and
Your attorney. Mr., George Bryan, and
special counsel, Mr., George G, Gregory
We're most jealous In their endeavor to
protect your interests, and their reports
will be most interesting to you. IT Is
to be regretted that Legislature
did not adopta law fol the eXaminat tior
OF banks chartered under tho laws Of
the State, since failure or maladminis-
tration of one bank reflects more or
less on all banks, I do not mean to
say that examination prevents failure
or fraud, but itamnimizes It,
Pcoplc Deserve Credit.
'"rhe people of our State deserve
8 great credit for their confidence and
trust In the banks, as was evidenced
during the troubles of the past year
and he for tina atconfidence there would
have been serious trouble and possible
lGentlaa.sJ - gsatA D. p; Fg q