Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-09-15
Considered at the Annual
Convention Of Bankers. !
Plan Would Prevent Financial
Disturbances in The Future.
Speaker Cannon Has Much Faith
In vreeland. AIdrich Act.

tives OF the financial institutions in
Cuba and Hawaii joined today in the
opening session Of the 35th annual con-
ventcn of the American Bankers AS
ISOLATION here
The convention was called to order
by the President, George M. Reynolds.
president of the Continental National
Bank, Chicago, in the Auditorium
theater in the presence of close to
5000 delegates. Reports of the various
committees and officers of the conven-
ton and addresses of welcome and the
responses filled the morning session.
Chicago, Sept. 14.-Delegates to the
35th annual convention Of the Ameri-
can Bankers Association in the open
ing session today had outlined for their
consideration a plan for the organi-
zation of a central bank for the coun-
try with a capitalization of not less
than $100.000,000.
The central bank plan as a preven
tive of recurrence of the flnancia
disturbance of 1907 was outlined by
president George NJ Reynolds in his
annual address. Under this plan sdcl
a bank would be the depository of thu
government, which, however, would
not have supervision or control of its
affairs.
Speaker Joseph G. Cannon, who ad
dressed the convention at the clos.
of the morning session, declared the
law enacted after the panic of 1907
the Vreeland- Aldrich acD, was not
perfect hut had had good results. g
believe" said Speaker Cannon, "tha
the Orly fault of the enacted law i
that it lasts only six years. 1t is no
perfect but it can be made perfect
If that law had been on the statut,
books there would naver have been
suspension of business in 1907 with it.
issuance of Clearing House certif1.
Gates"
After commenting upon "CZardom,
which he defended as having been TIM
rule of the majority since the time o
Speaker Reed, Speaker Cannon said:'
lone of the great questions befor'
us is Shall the country go in debt
for vast amounts because this or tina
set of people says SOP The goot
roads people want s100,0O00O0, thu
swamp lands people nearly as much
and then We are asked to devote an
other S100,000,000 for tie waterways t,
improve our internal waterways.
I'm 100 years we will see it; in 5
years we may. But we will spend GU
money in sensible way for thing
that need doing first. I don't believe
Congress will ever bond futurity 70
$4,000, O0O 500, 100000 or $200,000,0 600
the behest of these advocators. l know
1 will never vote for it,
At the meeting of the National AS
ISOLATION of Supervisors of State Banks
held separately, Lawrence o. Murray
comptroller of the currency. create
tunultous applause with his plan 70,
the cooperation of national and stat,
bank examiners.
Joint examination of banks, nation
al and state, will work greatly to the
betterment of banking conditions" sal
Mr.. Murray. Cooperation in fact I:
absolutely essential to the welfare o
the banker and the depositor. Whei
rotterness is found in a bank let both
the national and the state examiners
be appraised CT the fact.
Examiners should also compile 6
list of borrowers, thus establishing {
credit bureau, available to both state
and national examiners. This would
prevent shifting of securities from
one bank to another
Mr.. Murray was repeatedly inter
rupted by the great applause and whel
he had concluded the supervisors rose
to their feet and pledged themselves
10 carry ont the suggestions of the
comptroller.