The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-11
CENTRAL BANK
AS PANACEA FOR
FINANCIAL ILLS
CONTINUED From First Page.D

Continued From First Page.)
tank at least one-fourth filed all the
time. This was the condition, he
claimed. of American banking by the
individualizing OF the banks and the
necessity for each keeping at all times
q legal reserve in hand.
To meet this economic waste he
| proposed two alternative plans: a CEN
trail bank of commercial type. with
| many branches, or bank of banks, as
a national clearing house and depos-
itary of reserves.
The opposition to the branch bank
idea. he asserted, was not SO mucn
from the American people as from local
| bankers. One great reason for CEN
! tralizatfon, he said. was the fact that
while exorbitant rates We're being
| charged in certain sections of the
country, call money is going begging
! In New York and other money centres,
and vice-versa. There is need. he
claimed, for some large institution
which can distribute capital through
out the country at less cost than by
| the present sysem. The problem, he
principles to get rid of national peril
odic collie. He suggested that the pro-
posed central bank. while not a gov
ernment institution, might be made the
fiscal agent of the United States, so as
to give the government a certain con-
troll and supervision. and possibly give
the Secretary of the Treasury an en-
officio seat on the board of directors,
though he did not think the govern
ment should be a. stakeholder
A National Clearing House.
l ton ha
would not compete with other banks
as it would not be commercial bank
in any sense, but national clearing
house. No group of financiers, he
i thought, could gain control of the cen
trail bank without at the same time
controlling a majority of the individ-
ual institutions scattered all over the
country, which he claimed would be all
|most If not quite impossible, and the
influence of the Federal government
for safe and conservative banking
would more than prove an offset. Bank
ers generally he held, should lend less
aid ia speculative schemes and more
assistance to small but genuine com
mercial enterprises. The people, lie
asserted. want a sound credit at rea-
sonable rates at all seasons.
He sharply scored the haphazard
methods OF the Federal government in
sitting up nights to find some new
means of expenditures In order TO
keep from "piling up balance and SO
endanEering the sacred taritf ana
then rushing in at the years end 70
meet a deficit with new taxes or a
bond issue.
, "Ve need a financial reform which
!, Will relegate the tariff to second OF
third place in our revenue system, he
said. IAN income tax would give us
more elastic basis and prove more
equitable a burden than the tariff anc
would not have to be periodically up
!, held In the face OF lnsurSent on
slaughts."
G. G. Barksdale, recently appointed
state Bank Examiner, was invited t
: the platform by President Walker anc
e briefly addressed the convention. eX
planning the provisions of the new
law which requires yearly eNi,mina
: ton of all State banks. The law. h
4 said was not a perfect one, but was
o step in advance already taken by near
d w every other State. He asked tn
u co-operation of the bankers and as
$ sured them that an examination d
), not necessarily imply that there wa
: ANYTHING the matter with the bank
. that the good and the bad were to b.
examined alike.
I See Dress Parade.
By the courtesy Of Col. Clarence F
Townsley, commandant Of Fortres
Monroe, special dress parade wa
given in honor of the visitors in from
of the Hotel Chamberlin at 8 O'Clock
Later. special cars were provided, an
members of the convention visited tn
Yards of the Newport News Shipbulld
ing and Dry Dock Company and wer
given an opportunity to inspect tn
vessels now on the ways, by courtes,
of Superintendent Post.
AS the afternoon was damp ant
foggy, a bridge whist party was siver
in the hotel parors for those who dit
not go on the inspection tour and TO
the wives and others accompany1n
delegates,
Tie nominating committee has oeel
In session until late tonight, and ma
not vet determined on q nomination
& for the presiding officer for the ensu
ing year, Reports indicate that IN
choice will fall on j, w Miller. cashle
Of The Peoples Bank Pulaski, thous
%. r. Miller, the first vice-presiden
president of the First National Bank.
Lynchburg, has a strong following, II
is brother of John NJ Miller, Jr., Q
Richmond
The committee has agreed to nomi
nate n. p Calling, of Lynchbnrg, 70
secretary Julien n. Hill, assistan
cashier Of the National State Bank, G
richmond, treasurer, and George Bryan
Pof Richmond as attorney, all re-elec
tons, The list of the executive com
mittee has not been made up, and VI
nominating committee will meet agai
Vim the morning before the convention