New-York tribune., 1908-12-03
DISCUSS BANKING LABS.
Suggestions Made WI Become
Basis of Probable amendments.

Washington. Dec. Defects in methods ot bank
examination and the inability Of the Controller Of
the Currency 70 deal with infractions Of the bank
ing laws without resortinE to such harsh punish
rent as the closing Of the offending national
banks were pointed out 70 the National Monetary
Commission today by high officials Of the Treasury
Department Interested listeners were officers
members OF the legislative committee and leading
members OF the American Bankers Association
who viii have opportunity later to approve or
disspp-ove Of the suggestions made Ter amending
the laws governing administrative features ~
banking
IT Is the intention II the commission 70 report
the coming session of Congress such amend
ulenrs as are needed 20 correct faults IN the laws
governing the conduct Of national banks, but IL
is intended 70 provide for general revision
~ the laws in advance Of the full report Of the
commission. which VIII not be made until the nrSt
regular session Of the 61st Congress. No con
test over the currency system banking laws viii
be precipitated upon the present congress IN the
short session Suggestions Of changes Of the
present laws which meet with opposition of 4
character that makes their enactment doubtful
will rejected by the commission and viii be
considered later when the whole currency problem
Is taken up Is believed. however, that there
Is substantial agreement between Treasury officials
and bankers that the methods OF bank examination
should be revised
The hearing today was begun ar 70 a N. and
continued until late in the afternoon A statement
vas made bv Secretary Cortelyou, who added 10
suggestions he had made at a former hearing az
Narragansetr Pier 4 brief statement was made
also nv 7, a Coolidge. Assistant Secretary Of the
Treasury. but most Of the day was occupied oy
Lawrence O. Murray. Controller OF the Currency,
and Thomas =. Kane. the Deputy Controller. They
exnfafnaj in detail the amendments they recon-
.nended in the banking laws. but many OF Jnela
dealt with subjects that admittedly would be met
With violent opposition the part OF bankers
such portions Of Nj Nurrays statement VIII Dc re-
fe-red to the fun committee for consideration Jt
AS agreed THAI the suggestions MADE along lIia'
line should be made public
Great interest vas shown in Mr. Murray's request
for the passage OF a law which would enable him
- deal 3udiciously with minor infractions Of bank
Ing laws so as infict distress upon stock
holders not responsible for the violations. and not
- f-i,1re q community where the banking institu-
ZION is SITUATE would be the case If the bank
we're closed AIr Murray did not complete his
statement to-day When the bankers have given
their views TO the commission. It Is not doubted
that il viII be possible TO draft bill covering such
matters and along such lines there Is a
51nanuity Of expression Of opinion which viii meet
the principal needs
The legislative committeeman OF the American
Bankers committee We're present, were also "
r Porter president Of the Chemical National Bank.
or ,-e1y York: Thomas P BeaI, president Of the
Second National Bank. Of Boston, and Ernest A
F5a-7fu president of the Corn Exchange National
Bank of Chicago. Most of these bankers have re-
ceiv5 recently circular issued by Controller Muir
rav which asked. among other things II the di-
-ectors attended meetings Of the bank boards: II
they took healthy interest IN the proceedings: II
they were familiar with the signatures Of chief Dor
-oUerS and many other things By reason of these
questions some OF the bankers assumed tnat Mr.
Murray was inqUtrinE + they were dummy di-
va~rcrs and they resented the inquiry When he
annsarad before the commission the bankers formed
almost hostile camp. but in the noon recess the
Controller and the bankers came 10 an understand
ing which warmed the frigid atmosphere