The Daily Missoulian. [volume] (Missoula, Mont.) 1904-1961, 1910-10-05
EXCHANGE REFORMS
SUGGESTED
BANKERS DISCUSS NEW FORMS
OF DRAFTS AND NEW SHAPES
or CURRENCY.

LIS AiSNlNS wv W tue
thirty sixth annual convention Of the
American Bankers association, num-
bering about 1900 met In session ut
the Auditorium today and took up mat
tiers of vast Importance 10 tile banking
interests Of the United States. Reports
of officers Of the association We're read
and the convention proceeded 10 busi-
ness.
That the bankers of the United States
are determined to have Il morey order
system that viii be equal t. that of
the United States government and eS-
press companies was demonstrated
when the report of the commit
tee on express companies and money
orders was read by G. II. james
of Pennsylvania, In the absence Of
Joseph Chapman, Jr.. chairman OF
this committee. The committee rec
commended plan that banks
shall issue such form Of money orders
as are now issued 10y the government
through the postoffice department and
! by express companies, and have some
/ financial institution Of merit act as
agent The system as proposed Is SIM
liar To q system nf travellers checks now
In vogue. but has a great deal wider
scope and provides facilities for sending
/ small or large money orders through
/ banks with the same guarantee of cf.
i ficlnncy and security as provided by the
postoffice department. and express
companies. II was shown that the
foreign and domestic money orders now
issued by the government and express
companies annually amounts to up
ward OF $7000,0o0, and 1t was urged
that the public would be greatly con-
yenienced by system OF money Or
ders issued through banks MS proposed
The plan as outlined met with the
enthusiastic Endorsement Of the cpnpen-
tion.
Smaller Notes.
Lee Mcclung, treasurer Of the United
States, addressed the convention tpda,
and urged a reGhction In the size of pa.
, per money and a uniform size for boti
treasury and United States bank notes
Treasurer McClung exhibited sample.
OF foreign currency from a dozen diff
ferent nations and pointed out the ad
Yantages Of reduction In size In th.
present notes. which are Ia by
inches In dimensions lie said the gov
ernment would be saving $4,000 an
nnally as result of the move. Th
proposed new size Is identical viii
! the currency used In the Philippines TO
day. Mr. Mcclung read Telegram
from President Taft, as follows:
r White House, October 4. 1910. lie
i, McClung, United States treasurer, Lo
y Angeles, Cal Please present my com
Il pliments and good wishes to the Amari
s can Bankers association, In session /
I Los Angeles, and say that hope with
q In the next few years we may have
revision of the currency lava, so muc
l: needed
. tsigned) WILLIAM II. TAFT"
N Routine.
After an Invocation by Rev. Robel
/ j. Burdette of Los Angeles. address,
Of welcome We're delivered by Mayt
= George Alexander and w. IL. Holida
president of the Los Angeles Clearlr
House association. Response to the az
dresses of welcome was made i
Il George H. Russell, Detroit, Mich, g.
president of the association
In the annual address Of Presidel
Lewis Z, Pierson of New York cit
as the head of the bankers associate
es declared strongly In favor. Of centr
or bank. President Pierson criticised Il
IL United States government for esta
10 fishing the postal savings bank, al
es said he hoped the government would
ce warned In time by the Oklahoma ca
he to steer clear of bank, guarantee
IT, states and dwelt upon the subject
on high prices OF living and the vast
r. flIlness OF Americans in general ]
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