The Montgomery advertiser., 1908-05-16

7t.7s President Tennessee Valley Bank, De- e.-r- .@s cntur, Ala.
 surdity. Your committed looked into the matter the first thing after its ap- RS insa tansie % Which h it '@1 was "e too late to I've respectfully recommend:
 First Amend our rules. custom. or years the life of the legislative com rnittee shall cover the life of the Leg
 "second Specially. instruct our next committee as a matter of nrst and su- preme importance, to procure such amendments to the banking laws as will make the examinations of banks "Third. Instruct our next commit tee to press to passage a law that will part cf the the name of business concerns to such as accept deposits and do a panfea are protected against the second
 'Tn conelusion. your committee re- grets that 1t could do nothing in the way of alnendipg the laws regulating the taxation of banks Much effort and time was wasted on the matter. and large enthusfasms and unanifnity developed on the proposition that tax alton is now too. onerous. But not
 
 three, could be feund to agree on any scheme that would make them less SO. and at the same time stand a'.breatn- Ing chance in. the lsgislatiys and sx- SsiXe ,!s G depertn1ents z: Pf our State gov The Afternoon Session. -. r TheS afternoon session Of the bank ers'lconvention was commenced at s:sp o'clock in the auditorium of the. New Exchange Hotel. Practically every seat in. the spacious room was occu- pied. and more interest. if such a thing be possible, was manifested in the pro- ceedings than had been shown in the morning session.
 The speakers for the. afternoon were George E Allen. secretary of the York. and s. D. Scudder. assistant to the president, International Banking Corporation, New York. The address of J. H. Cranford who was to have spoken during the session. was post poned.
 After brief and most compliment ary introductory speech ps E. J. Buck, president of the association, Mir. Allen began his address. the subject being Our Opinions and Others" With, a facility born of a thorough under standing and appreciation of the many phases of the topic, Mfr. Allen informally addressed his audience. His
  the intention Of coerctng his hearers Into an adoption of them. were pre- gented in a very pleasing manner, and by the interpolation of several witty, apt stories MT. Allen had his listeners laughing as we'll as thinking. He said:
 Blunt frankness characterised the ad- dress of George E. Allen. of New York, Secretary of the American Institute of Banking on the subject of Our opin- c"The. ancient Creeks and Romans" said Mir. Allen. whom we respect of having given us many of our best ideas and Ideals. believed this great world probable-that some of our accepted theories may be equally errorneous?"
 Continuing. Mir, Allen said in part snG of conpsSS thSsSSh with such recklessness of expression as usu- ally goes with lack of logic, indicates that some if not most of us. are any thing but rinfallible and suggests the propriety of earnest seach after truth, without prejudice or preJudgment, and than immature advocacy of particular issues.
 Issuing Notes Not AL
 "Discussfon of the currency question has created the impression that to is- sue notes Is the end and aim of all banking and that American bankers are in some sort of conspiraracy to get rich quick by printing something or other from steel plates.
 . The facts are that t%o;thirds of the thrive without issuing any notes at all and few of the remaining third avail themselves of their full privileges.
 Any profits to banks in issuing cur rency of whatever form may be invest edtin the future as in the past and pres ent to quickly find some normal level in accordance with the irresistible laws New York never suspended specie pay ments druing the civil war and presurn- ably knows It's business has not issued a dollar of notes since 1t became a national institution over forty years oO' YreeIand's Idea.
 ConRreesnlan Nreeiand, who is A the profits in the issuance of currency a few years ago by changing his insti- tuition from a national bank to a trust company. It will thus be seen. that tho currency question Is one of public poll lev rather than banking practice and that bankers are more Interested in 1t as citizens than ar RsnS ss Sa9EsTs cSrrsncv
 .In the meantime the war between asset currency and bond,seeured cur rency goes on and on. Strong argu- inc most significant feature of the sit nation appears not so much in the StrenKth or weakness ot either set of arguments as in the iact that neither hae made any particular impression up- an ths naonie or upon Congress.
 Y".afhe Subject of deposit insurance is another thing which has two sides. All the arguments in the s,as'I affirmative smnr,ev of the common people. All the srruTnents in the negative apply to c Tnnmsreial deposits. the money of captains and ieuts;n;ants o,sd,,dD of industry ssL sSS nons Is not the solution of S5ss nrobiem in the separation of kav- Snrs From comm ercial deposits rather thSn in fixtnk one policy to cover