The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1908-07-28

MI NEH ~ 4AAGS " ~ w
Billings and her people, the elegantl
rounded periods Of welcome On th
= part Of Mayor Foster, ana the geni,
! greeting spoken SO enthusiastical]
by friend Hays, were scarcely Il
CURED to make on welcome sure.
Billings hospitality Ii like ever,
thing else emanating from Billing,
!, vigorous, lusty, hearty, perfect an
complete. When Billings IL don
I there 10 nothing left to DO. For YOU
warm grasp Of the hand, your Who'll
souled words Of cheer, your beamin
smiles Of pleasure, We sincerelysth than
you, friends Of Billings"
After praising the boosting spiri
shown by Billings people, Senate
Meyer closed by saying: ~
"Once more, our hosts, we thanl
you for cheer and welcome and ibefor,
we part I hope we may drink to III,
toast: @S3
Here is to the Billings booster,
A43Mty aEF4fN98
May he never cease to show
"And here's to the Magic City,
May she never cease to grow"
& ~ Presidents Address.
President Moroney in his annual I'd
dress opposed federal and state guar
antees Of national and state deposits
characterized the Northumberland
currency bill, 50 measure OF political
e~xpediency" and declared himself
against postal savings banks.
He thanked the members OF the as.
ISOLATION Tor the honor, they bestowed
upon him at the last meeting, which
he did not attend and said that the
financial storm Of 1907 was q thing
Of the past. The Northumberland
measure, he said was the outcome 81
the panic and although 1t did not meet
with his approval was a step in the
right direction. as was the appoint
ment OF q currency commission.
Guaranteeing OF national and state
bank deposits by the federal and state
government sayors Of paternalism, he
declared and said that he was opposed
to ~paternalism in any government.
"If this widely proposed plan were
carried out, the conservative banker
must pay into the common pot his
share of the insurance to maintain
credit and make good deposits drawn
into the recklessly managed bank Of
the plunger," continued President Mo-
roney. $ @
Doubts Benefits Claimed.
IL the postal savings bank is estab-.
alished, one thing seems certain and
that is the retirement Of the govern
ment's bonded indebtedness, which
means the abolition Of national bank
notes. Thereafter national bank notes
would have to be predicated on their
general assets. / doubt very much
II postal savings banks will bring out
boarded savings as Is claimed by Its
assss a%
i. ". Award, cashier Of the First
National bank Of Kalispell, discussed
the great question Of financial reform
IN an address on 'tOur Most Pressing
Problem" sg
After q comprehensive review Of
The events in the world OF finance pre-
ceding the storm Of last year, he del
;lared that It's fundamental cause was
not our bad currency system, but re-
suited from a REIMBURSEMENT Of prices
md an exposure Of vicious financial
PRACTICES, regardless OF the soundness
II the monetary system. He said
hese were bound to creep IN and that
'xtreme confidence and extreme cau-
ion were phases Of human nature
hat cannot be controlled by lesgisla,
@N N.flg %
Committees Appointed.
He declared the provisions OF the
'ew currency law were cumbersome
nd said that what was needed was a
nancial system SO fundamentally
that there will not be with
rawals beyond ordinary business
eeds, just because some evils and
buses are brought to Light.
AS q practical solution for the prob
m he suggested the establishment
I a central bank, with exclusive note .
powers. This bank to hold the
sserves of the national banks and
ian them money on their re-dis-
'unted bills. He advocated concerted
on the part Of the bankers Of
le country and concluded by saying: :
have done too much patching to
financial structure. The time Is
at hand when we must tear down !.
I'd build anew. It is to be hoped that :
no distant date, this problem will .
J seriously approached with the fear !
ssness and fortitude It's Importance !,
'mands." :
At the conclusion Of MI. Awards
dress, President Moroney announced !,
e appointment Of the following COM !,
s
- l&&lE. %. .Gl4t4aAV 81 .UF %R-aA 4t.gEB go FlsSNI VT