Los Angeles herald., 1909-05-29
BANKERS FAVOR
DISCOUNT PLAN
DELEGATES SUGGEST METHOD
AGAINST PANIC
LOS ANGELES is FAVORED FOR
NEXT CONVENTION
Committee Report Urges Congress to
Defeat Measure for the Establish
ment of Postal Savings
System

DEL MONTE, May 28.-With the
election of officers late this afternoon
and a ball at the Hotel Del Monte to-
night, the conventin of the California
State Bankers association, which has
been in session here for twot days,
came to an end. The report of the
committee on resolutions favored Los
Angeles as the place for the next
meeting. The matter will be deter
mined by the executive committee at a
meeting to be held in December.
The report of this committee opposed
the establishment of postal savings
banks and urged congress to defeat the
bill. Endorsed Gov. Gillett'S action in
appointing former Lieut.. Gov. Alden
Anderson as state superintendent of
banks. and urged the monetary COM
mission to consider the organization of
central bank of discount as pre-
ventive of disastrous EXAMINATIONS OF
periods of expansion.
Lieut.. Gov. Warren H. Porter ad-
dressed the convention this afternoon
and urged the banks to go into politics
in order to protect themselves against
bad banking laws.
H. S. Fletcher of jacksonville was
elected president, and w. H. High OF
San Francisco vice president.
Citing the incident of the transfer OF
the apple in the garden of Eden as the
fruit exchange operation in record, the
subject of Foreign Exchange" was
gone into at length by H. De Saint
Seine. manager of the foreign depart
ment of the American National bank
of San Francisco.
France Banker of World
THAT the international monetary eX-
change in England" he said, is not
due to facilities of discount and rela-
tive cheapness of money, is proved by
the fact that if such were the case the
French capital is better fitted for the
purpose as the French nation has be-
come the banker of the world. Inc
only plausible cause then must be
found in the large colonial empire, the
supremacy of the merchant fleet and
free trade which has made England a
distributing point, monetary exchange
following merchandise exchange.
with a continuation of the marvel
GUS growth of the German nation as a
commercial power the international
monetary center might be shifted in
item to Berlin. 1t might even move
to Yokohama, carried by the growing
merchant fleet of Japan. However
powerful this country might be, now
ever wonderful it's wealth, and how
ever fabulous its resources, 1t could
not attract to New York the exchange
center, owing to the high walls of a
protective tariff and the lack of mer-
chant navy"
Newman Essick, cashier of the Com
mercial National bank of Los Angeles
spoke on preventive Legislation.
Stating that the new California bank
ing act was of a constructive charac-
ter and held splendid promise of great
good to the banks of the state, Mr.
Essick said that it was matter OF re-
greet that California was deficient In
laws calculated to lessen the danger of
losses by fraud.
Punishment for Robbery
He advocated the enactment in this
state of five laws, either proposed or
urged by the American Bankers asso-
citation of credit men, providing heavy
punishment for the robbery of banks
by the use of explosives, the limitation
of the liability of the paying of forged
checks. the dissemination of false and
slanderous reports regarding the sta
blity of a bank or banks, the compul-
sorry recording of vendors liens, and
adequate punishment for the making of
false statements in writing.
EVERY one of these laws" said the
speaker, SHOULD be placed on the
statute books of California by the next
legislature Every one of them can be
placed there if the California Bankers
association by proper committee work
sees to it that each member of the leg
islature is approached by his own bank
err with facts and figures and examples.
BY this means the bulk sales law passed
in Arizona during the last winter, with
out friction, delay or expense. In order
to make the issue clear the laws pro-
posed should be taken up one at a time,
each in turn presented, concentrated
on and disposed of before the next is