The Montgomery advertiser., 1908-05-17

do not consider the vreeIand bill the final solution of the important question of our banking and currency. decided step in advance to authorize the use of commercial paper or bills receivable as the basis for bank notes in bonds. It is the Business of a bank to have bills receivable; that is what 1t Is organized for, and 1t is by loan- ing money on such bills a bank per- forms its greatest service to the con1- munity in which it gathers deposits. These loans furnish the funds for the commercial business of the country. whole banking business and for that reason the very best possible basis for building circulation. -
 The Vreeland bill also includes 6 provision for a commission to consider the whole banking and currency ques- tion. Such a commission can leisurely and carefully study the questions and that after the general discussion we have had the result of the deliberations of such a commission will be general revision :, and great improvement .s6 of sound basis. This Is matter of more importance to the people at large and business men in general than 1t is to the banker. The American people are entitled to the best system of finance which can be devised and should never be contented until such a system fs adopted.
 I do not advocate the vreeland bilf1 as measure to restore confidence and hasten the revival of business. Nor as something which will in the future mess. believe such crises are in evitable and perhaps not altogether without their good effects. When bus mess gets going too fast and there is not only necessary but desirable that there should be some check and occa- sionally a healthy reaction I have never never heard a sugga,sation ,a 1.yt which s,ob l crises. do believe. however. with proper banking laws and systems. these crises need not be accompa panied by that the principle of the vreeland bill of providing means of allowing solv- ent banks to procure and issue eur rency based on their bills receivable, the neutral and legitimate assets of a going bank, will prevent to a very great extent. If 1t does not end. bank panics. last autumn that if he was sound and solvent, he could have secured what currency he needed for any demand there would have been no bank trou- had been so badly managed that they should have failed Such a law would be far more dependable reliance than any guarantee fund system which In
 
 up such lot of badly managed insol- vent concerns that it would be a men, ace Instead of protection. advocate banks, for a their % own p purposss they the 'd do not need 1t half as much as their GUS toners. The banks. by such means S tn they ynsi1 siqoPt Eotset thsmseXsS last fall and by cooperation and for bearance they saved us from a worse condition. The clearng house certin- risdly. hastily and Without u suthority % of organization, believe with prep aration and organization in advance. 1t will meet all reasonable emergencies and protect not only the banks, but the general public, who have a right to demand that they shall be protected m their business against any sur. den disaster to the banks to whom they look for support and protection.
 After MT. Ridgely had completed his address, President Buck announced that an 1ntermisslon would be allowed, or der that a delightful lunch, already spread invittngly upon the tables. might be partaken of by those desirous Of so doing. The meeting was there hour.
 The meeting was again called to or. der at 1l:3O a. m, and Sol Wexler, National Bank. New Orleans was in- troduced as the last speaker on the program Mir. Wsxler's subject was Lessons of the Panic" and was pre- sented most Interestingly,
 The lesson of the panic was. the speaker said, lesson of the times. He stated that the occurrence of such financial disturbances as that witness ed last fall was due to a greed that should be curbed, and might be ini- tially laid at the door of unsuitable ambition for commercial power. | To the small investor, and the man | who believes in a too flexible curren- cy the lesson of the panic, declared Mir. Wexler. should be a most valuable
 Avoidance of the alluring schemes of the promoter he declared a very necessary essential of stability and he advised the banker not to employ in making Investments capital needed in | his own business.
 While emphasizing the duty of the banker to the public, MT Wexler said that the public should not expect the banker to be infallible and should make due allowances for distressing conditions that might arise independ- ently of his agency.
 Tt is impossible" declared Mir. wex- Ter. "to hs an expert upon all matters from spelling to building battle ships. Men can be selected who are capable tricate, and perplexing questions in the 1 world of finance or elsewhere should be submitted to those who have made voived :"
 MT. wexler said that he considered the Vreeland bill favorably, and that 1t was well suited to the times. though | imperfect In some details. The dim culty of such a bill. he thought. was that 1t advertised panics and might thus induce crises through fear of such Contingencies. Any currency sys- tm, he declared, should have within itself the power of recuperation. The central bank idea he did not favor un- conditlonally, as possibly conducive to an extension of credit not tusti1able.
 Finally taking up the discussion of the qualifications of the banker, Mir, Wexler sa!d that he should regard banking as a profession. and should make a thorough study of finance and economics. The banker must lay aside strenuosity. he declared. and cultivate | contentment
 closing. must have their proper re- wards"
 This address was delivered in a very entertaining manner and was we'll re- ceiVed by the audience who bestowed liberal applause upon the speaker.
 Following Mir. Wex1er's address came the reports of the committees; H L. McElderry, chairman of the Exeeutlve Committee. group No. 2, briefly re- viewed the work of his committee at the last meeting held in Anniston.. He stated that twenty-two meIaoers were present at the meeting: ana that the deliberations of the body had oeen oI mutual benefit to all who paruelpated.
 1,ha ,,,aftar next taken up was the