The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1908-07-31

; ital, but its primary purpose woult
not be to make money, but to safe
guard the general banking and bust
ness situation.
There is a rough plan for an or
g%anization with a variety Of interest.
that will naturally keep check on eact
other. You don't want to give the
money lending power to a department
Of the government; nor do you wan,
to put the money-issuing power Who'll
" in the hands Of a private corpora
ton. But here is a plan for private
ownership, widely distributed among
bankers, who would be interested in
all sections Of the country, with first.
class banking ability in the manage.
ment and supervision by public Off.
Gals Of the highest responsibility.
The position OF director would be one
of dignity and honor, and, selected by
the bankers OF the country, there is
every reason to believe that the board
would be made up Of capable and hon
orable men.
"The prominence and Importance OF
the institution would assure the con
slant scrutiny and criticism Of the a.
~nancial world. The frequent state
ments OF it's condition, every change
in the discount rate or policies would
be the subject OF discriminating com
ment In every country Of the world.
as are the policies OF the Bank OF
England. All these conditions as ito
organization and publicity would com
pei conservative management. and
keep It within the lines followed by
similar institutions elsewhere.
This Institution, In my judgment,
should do business only with its con-
%stituent members and the government.
It should certainly moi receive deposits
or make loans except to or through Its
constituent banks. It should devote
its resources to supporting and sup
~plementing the services Of the local
banks in their communities. The
banking business with the public
would be done as 1t is now, the local
banks would be owned and managed
as they are now, but back Of each local
bank would be the resources Of this
central institution. In this country
now It is almost discreditable, a sign
Of weakness for one bank to borrow
money Of another, and when 1t is done
1t Is usually by some subterfuge. but
abroad 1t is the common legitimate
practice for the local banks to re-dis-
count or borrow at the central bank.
That is what the central bank is there
for. It Is a central reservoir upon
which all parts of the country may
draw from in time of need"
After further detailing this plan for
the establishment OF such an institu-
ton, the speaker concluded by say
ing: "A central bank as is now pro-
posed would be no more antagonistic
to the local banks Of the country than
the federal government at Washing
ton is antagonistic to the state and
other local governments. It is needed
to complete the system"
At the conclusion Of Mr.. Roberts ad-
dress the reports Of the nominating
and resolutions committees were
heard and approved by the convention.
The resolutions committee reported
resolutions favoring the establishment
Of q su~b-treasury at Seattle, and en-
dorsing P. G. Kaufman, Of the Fidelity
Trust company Of Tacoma as a can
didate for treasurer Of the American
Bankers association.
Resolutions Of thanks were adopted
thanking the Billings bankers and citi-
zens for the hospitality shown, the
banks OF Minneapolis for their invita-
ton to visit that city after the CON
vention just ended and the Seattle
Clearing House association for its In
vitation to hold the next annual con-
ventton in that city during the EXPOSE
ton next year. A resolution OF con-
dolence on the death of the late T..
H. Talcott, Of Livingston, was also
adopted.
Election Of offcers.
w. w. McCracken OF Hamilton was
elected president Of the State Bank
ers' association with the adoption OF
the report Of the nominating commit
tee. He was escorted to the chair By
Messrs. Gould, Ramsey and w. J..
Johnson. Mr.. McCracken made q short
speech Of acceptance during which he
thanked the members Of the associa-
ton for the honor they had bestowed
upon him. John B. Edwards Of For
syth was elected vice president and
Frank Bogart Of Helena was reelected
secretary.treasurer. A vote Of thanks
for their services was given the re-
firing officers.
g. w. Butler Of Miles City, james
e