Perth Amboy evening news., 1908-04-25
CENTRAL BANK
SOLUTION FOR
THE CURRENCY
President Of the State Bankers
Association Delivered Annual
Address at Convention.
DEFEAT or STATE LEGISLATION
gpeoial % the BvBNINa NEWS.

Special to the EVENING NEWS.
Atlantic City, Apr. 25:--At this
mornings session OF the New Jersey
Bankers Association, which Is now
on convention here, President Henry
10. Parker, of the National Bank of
New Jersey, of New Brunswick, dellv-
cred his annual address.
Mr.. Parker discussed at length the
proposed legislation to reform the
currency system of the country. He
divided 1t into three classes: The
Aldrich bill, the Fowler bill, and the
central bank idea. The latter, he de-
clared, while 1t was admitted by all
to be the best means of meeting the
situation, as proven by It's general
adoption In other countries, is re-
ceiving no serious consideration on
the plea that 1t is impossible of es-
Establishment in the present condition
of the public mind"
"The Aldrich BILL" Mr.. Parker
continued, rs proposed as an emer-
|gency device only and 1t is question
able whether 1t would even meet
that need. The principle of a bond
secured currency condemns it be-
cause it perpetuates the great weak
ness of Out present system"
The Fowler Bill.
AS for the Fowler bill Mr.. Parker
says: "Mr. Fowler proposes by one
fell swoop to reorganize the whole
financial system, but while eliminat-
ing the government as a factor in GER
tain operations, increases govern
ment control along other lines"
He declared 1t would mean the bad
hank would flourish with the good
bank until failure overlook the
scheme and proved the plan Utopian
and visionary.
The Central Bank.
On the subject of the central bank
idea, Mr.. Parker said
I'm the proposed remedies of the
currency question discussions, there
are many irreconcilable conditions.
Because of these / believe we are
being led up to the theory Of gov
ernment bank as solution of the
problem. It is, perhaps, the only
scientific solution of the currency
question, its efficacy having been
proved by it's adoption and success
| full operation abroad. Such bank
should take charge Of the federal
finances and act as a rediscounting
agency for all other banks, bank
for banks and not for individuals. 1t
would be the source of a temporary
supply of currency to any banking
institution requiring It, without un-
due publicity and would go far to-
ward preserving the independence Of
the individual country banks"
Legislation in This State.
Discussing financial legislation in
tI.to ofofa Mr. parlxar Caids
I'm conclusion, / wish to say a
word In reference to the efforts of
our association to have enacted into
a law the bank tax bill known as the
IFrelinghuysen bill No. 1853. 1t is not
necessary for me to prove to you the
discriminating tax imposed upon the
stock of national banks in this state
as 1t is recognized and admitted by
all.
"Your executive committee has
given this subject most careful con-
Isideration. We have studied the
question with our attorneys. with the
result that the bill drawn by Charles
IL. Corbin, which failed to pass last
year. was again introduced this year.
| / doubt If any of us had any faith In
our ability to get 1t through the leg
lislature. but that made us more than
ever resolved that II personal effort
and persistent solicitation counted
for anything, 1t must go through.
After many discouragements we were
ldewarded in having 1t passed by the
senate by a vote Of ~ to 4 and by
the assembly by vote Of 39 to 10,
very substantial majorities. We had
finally accomplished what we had
been trying to attain for three OF
-four years back. Our Joy was short
Lived for we learned that Governor
Fort objected to the BILL After
carrying the two lines of breastworlKs
we met our Waterloo at the Fort"