Los Angeles herald., 1908-10-02
BANKERS OPPOSED TO
FINANCIAL REMEDIES
OBJECT TO POSTAL SAVINGS
AND GUARANTEE
Vice Presidents Report That Recent
Panic Conditions Are Rapidly
Disappearing from All
Parts of Country
LBy Associated Press. I

DENVER, Oct 1.-The thirty fourth
annual convention of the American
Bankers association came to an end
this afternoon with the election Of
George M. Reynolds of Chicago presi-
dent and Lewis e. Piorson of New
York first vice president.
Thirty-e eight new members were an
nounced and a vice president repre-
senting each of the states having rep
resentatives4 in the association was
named.
The convention also placed itself
squarely on record as against both the
propositions to guarantee bank de-
posits and to establish postal savings
banks.
Nearly two hours were consumed
with the reports of vice presidents
from the several states, the consensus
of which was that the effects of the
recent panic are rapidly passing away
throughout the country.
In the report of the currency COM
mission which was adopted at the
morning session the chairman used
these words in referring to the Aid
-Vreeland measure:
Success for Labors
'In the Aldrich- -Vreeland measure.
however open to severe criticism, con-
gress by law has recognized the nor
NAL and legitimate assets Of a bank
as the natural and proper basis of
credit extended to the bank in the
form of circulating notes. The prin-
ciple for which we have SO long con-
tended has thus received legislative
sanction. To this extent the labors of
the American Bankers association
have been crowned with success"
On the subject of credit currency
which had been favored by some
speakers during the various meetings,
the chairman said:
Credit currency commended in your
commissions first report and approved
by this association at its last conven-
tion had further proof of it's soundness
in principles and efficiency in operation
in those countries having such q cur
rency during the worldwide crisis OF
last fall. While maintaining open
minds as to the wisest method of its
Incorporation into our own banking
system, 1t is our belief that a currency
based on this principle, so safe and
efficient in the experience of other ma
tions, will be found essential in our
own system"
Committee Appointed
The commissions report also said:
"It was sought to impress upon con-
gress that if not possible to enact I'M
meQlauely Sucn laWS dS Wouiu give ue
| a. thoroughly scientific banking anc
currency system, it would be wisest tc
defer all action on the subject except
for the appointment of an able COM
mittee instructed to make thorough
investigation and submit its recon-
mendations to a subsequent congress.
although this view was not adopt
ed in full, the commission feels that its
efforts were not in vain, in as much as
the committee desired was appointed
by the congress. The high standing
and recognized ability of this congress
sionaI committee warrant the conf
dent expectation that it's report and
recommendations will form the basis
for such action as will give us a bank
ing and currency system such as our
vast commercial interests so urgently
need and such as will make this coun-
try the greatest financial power in the
world"