Los Angeles herald., 1910-10-05

ingstone of Detroit. chairman. The
latter committee suggested several
amendments to the constitution. All
three reports were accepted and passed.
Adjournment was then taken until 2
o'clock.
COMMITTEES REPORT
In the afternoon the bill of lading
committees report opened the session.
This report, which was later highly in
dorsed by the convention, introduced
some radical and much needed reforms
in the present system of issuing bills OF
lading, and 1t is expected that 1t will
prove the beginning OF making the bills
of the future absolutely safe as secur-
ity for loans.
The report OF the committee on ex-
press companies and money orders next
had the attention of the house, follow
ing which the more important discus
sion of the currency reform was re-
sumed.
Lee McClung. treasurer Of the United
States, introduced the subject, but he
spoke of a physical reform in currency
rather than theoretical. Before begin
ming his address, however, Mr. Nc
Clung read a telegram from President
Taft, which was received with ap-
plause by the delegates.
Mr.. McClung traced the history OF
paper money-its origination and
growth in use. He then stated several
reasons for the proposed reduction in
the size of the United States paper
currency. Among other reasons was
the economy Of the thing-the ability
of the treasury department to keep
cleaner and fresher bills in circulation
If the proposed plan is carried out.
He also bespoke the support of the
public for the present administration
In this reform and others.
EDUCATOR SPEAKS
President Wheeler of the University
of California followed Mr.. McClung.
Taking the position of an outsider,
with little practical knowledge Of the
inside of banking, he proceeded to
show the bankers themselves as others
see them. His subject was THE Banks
as Public Servants" and his remarks
were received with appreciation by the
bankers.
In reality Mr.. Bushs address was
an advocacy of the Central bank idea
as a remedy for the present unsatis-
factory condition of the currency and
banking system of the United States. In
ringing terms he defended the Central
band devastating that in a modified
form all the objections which have
arisen to it can be overcome and es-
tablished to the salvation of the coun-
try in times of stress. From all ap-
pearences the big bankers, those To-
Gated In the large cities, with enor-
nous capital, are in favor of the CEN
trail institution, while the smaller
bankers, throughout the country are
against 1t. At the conclusion of Mr..
Bush's remarks he was applauded free
ly and the sentiment Of the convention
seemed to favor the ~lln he advocated.
"BANK ORATOR" TALKS
Immediately following him came the
opposition to the central bank in the
person of r. G.. Jthett of Charleston,
s. c., who spoke on "a Southern Bank
er's View of the Currency Question"
Mr.. Rhett is known among the mem
bers of the association as the banker
orator" of the south, and he certainly
lived up to his calling yesterday after
noon. He advocated the reforming of
the currency and banking laws some
thing similar to those in existence in
Canada-known to have one of the
most elastic currencies of any nation
only he went further than the Cana
dians have, making the system more
perfect and secure than in it's present
form. Occasionally during his speech
bursts of applause came from the side
of the house occupied by the southern
states, and at his conclusion all Joined
In paying tribute to his mastery man
ner in handling his subject.
With the conclusion of this speech a
large portion of the delegates left the
convention hall and little other busi-
ness was transacted before adjourn
ment.
The next important session Of the
entire convention will come Friday
morning, when the discussion of the
currency question will be resumed.
Today a great portion of the delegates
and their friends will go to Catalina
island-only those who are members of
the trust company section of the as
ISOLATION remaining in town. This sec
tion will meet In the Auditorium this
morning. remaining in session through
out the day. Tonight theater parties
at the Orpheum and Belasco theaters
will be enjoyed.