New-York tribune., 1908-02-18
AGAINST ALDRICH BILL
STATE BANKERS MEET.
Condemn 1t an ResOlution-FOr Pun
ishmeRt of Bank SIdndcrerS.

The council of administration Of the New York
State Bankers Association at meeting at the
Union League Club yesterday went on record as
strongly opposed to the AIdrich financial bill now
pending in The United States Senate. The bankers
unanimously adopted the following resolution;
That the bankers of the State of New York une-
gqyocaMy M osappr4ve OF the pT0oIslol1S f u hond
secured emergency currency; that they demand an
IN fLa n1essIIre of The currency commission of the
American Bankers Association
Charles Elliot Warren, president of the association
and cashier of the Lincoln National Bank, made
a speech against the bill. Mr.. Warren said:
! believe that if the AIdrich bill becomes a law
the best of the banks and the citizens OK
the country will not be protected Strictly SPEAK
currency. for bond secured currency amounts. to
d currency based liabilities; for. 10 afford rellef
borrow bonds which the issue is based; for TO
buy purchase tn necessary bonds OUT OF tlet
resources, banks would have their capaclty iowa - =
relief of the business community lessened rather
cost. sly. 500 each 81 OF currency issued
under tie conditions Of the bill
The currency that this Cciation should demand
is emergency currency, one elastic, nased on
the best asset OF a solvent bank is its commercial
paper. The best method 80 provide an elastic CUT cur
the control OF the government, to perform the the
functions no" imposed upon me 0htGd a[d =" tbs
depository Of the per cent fund ana shouId De
tinted States central clearing house. issuing in lieu
Clearing House certificates notes on bank assets
ample facilities for quick and prompt redemption.
Each clearing house in existence to-day snould oe
a branch redemption agency OF TINS cehtfat
bank.
There was long discussion among the bankers
whose association represents 80 banks, on
nanding banking legislation at Albany. They said
there were now about one hundred OF these meas
rres pending and expressed the opinion that there
was too much banking legislation. They discussed
several Of the bills and approved those that had
the approval OF the joint Senate and Assembly
Committee on Banking and had been Vised by
Clark Williams Superintendent Of Banks Ihey
EXPRESSED their disapproval, however, Of the bank
reserve bill and also voted against the insurance
OF bank deposits amendment 10 the bill. introduced
at Washington by Congressman Fowler.
The bankers appointed legislative committee
consisting OF Willis G.. Nash, Frederick Lyford
and Edmund D. Fisher. TO confer on pending bank
ing legislation with the joint legislative commit
zee this morning. The committee, which left town
for Albany last night will also draft bill to
make il a misdemeanor TO circulate reports dc
rogatory TO solvent banking institution and af-
fecting its credit.
This action taken result Of the recent
telephone campaign against four banks in Manhat-
tan and one in Brooklyn The Bankers Association
also Joined yesterday the movement Of the Clear
ing House Association and the American Bankers
Association 10 run down the culprits. for which
work the state bankers Will employ Ptnkerton de-
tectves.
Among those present at the meeting were NJ >
Sanford treasurer of the association, of Geneva:
f g EIdridge, secretary, New York city; w }.
Henry assistant secretary, New York City; E G
McDougal. Buffalo; Peter A. Way, Rochester: J.
T SAWYER WaverIy /. W Mott. former State
Superintendent Of Banks Oswego Il. 5. Friedman
New York City; Alexander Fibert, New YORK CITY
D II, Person. New York City,