The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-10-05
BANKERS TALK
GREAT PROBLEMS
ADVOCATE System of Money
Orders Like That Used by
Government.
OPPOSE POSTAL SAVINGS
BANK PLAN VIGOROUSLY
Many Other Questions Of I'M
pOrtance to Financiers
Taken Up.

Taken up.
LOS ANGELES. Cal, Oct. d.-Dcle-
gates TO the thirty sixth annual conVen-
tion of the American Bankers associa
tion. numbering about 1900, met in ses-
sion at the Auditorium today and took
up matters of vast importance to the
banking interests of the United States
Reports of officers of the association
were read and the convention proceeded
TO business.
That the bankers of the United States
are determined TO have a money order
system that will be equal to that of the
United States government and express
companies was demonstrated when the
report on /, express companies and
money orders was read by G.. X. James
of Pennsylvania, in the absence of ,Jo-
seph Chapman, Jr, chairman Of this
committee.
New Plan Proposed.
The committee recommended plan
that banks shall issue such form OF
money orders as are now issued by the
government through the postof1ice de
partment and by express companies, and
have some financial instltutioneof merit
act as agent The system as proposed
Is similar to a system of 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 efficiency and security as provided
by the postoffce department and express
companies. 1t was shown that the for
eign and domestic money orders now is
sued by the government and express
companies annually amounts TO upwards
of $7,000.000 aud it was urged that the
public would be greatly convenienced
by a, system of money orders issued
through banks as proposed.
The plan as outlined met with the en-
thusiastic Endorsement of the. conven
ton,
Make Smaller Money.
Lee McLung, treasurer Of the United
States, addressed the convention today
and urged a reduction in the size of
paper monSr and a uniform size for
both treasury and United States bank
notes Treasurer McClung exhibited
samples of foreign currency from doz.
en- different nations and pointed out the
advantages of a reduction in size in
the present notes which are ~ x3
inches in dimensions. The speaker de-
clared that the government could re-
ducc the size of bills one-quarter inch
in length and half An inch in width. He
pointed out that the keynote in the
move was economy and said the gov
ernment would be saved $4,000 an
nually AS result of the move, The
proposed new size is identical with the
currency used in The Philippines today,
Mr. McClune read telegram from
President Taft as follows:
"White House. Oct. t. 1909
Lee McClung, United States treasurer,
Los Angeles, Cal:
"PIease present my compliments
and good wishes to the Ameri"
can Bankers association in session in
Los Angeles and say that | hope within
the next few years we may have re
vision of the currency laws so much
needed. WILLIAM II. TAFT
Routine of the Day.
After an invocation Of Rev Robert J.
Burdette of Los Angeles. addresses of
welcome were delivered by Mayor
George Alexander and w, n. Holiday,
president of the Los Angeles Clearing
House association. Responses TO the ad
dresses of welcome was made by George
II Russc1. Detroit. Mich, eXpresidcnt
of the association,
In the annual address of President
Lewis T.. Pierson Of New York city,
the bead of the American Bankers AS"
sociation, he declared strongly IN favor
of central bank, President Pier-on
criticised the United States government
for establishing a postal savings bank,
and said he hoped the government
would be warned IN time by the Okla
homa case to steer clear of bank
guarantees, and dwelt upon the subject
of high prices of living and the 'wnste-
fitness of Americans in general,
He urged that the bankers make n
good showing when the monetary com
mission rendered ITS report
The annual report of Fred T.. Farms
worth. general secretary of the asSocia-
tion. followed. also the annual reports
Of the other officers.
Currency Commission.
Tn the absence of A. B, Hepburn,
chairman of the currency commission,
J. r. Forgan of Chicago made a state.
mont that the currency commission was
IN make report shortly and confer
with fhe monetary commission, recon
mendine Immediately the reforms in
banking laws. -,
mittcc which recommends protection to
hnul,s md bankers from fraudulent
bills of lading. was received with APP
plausc by tho delegates.
Az the afternoon session Irving T..
Rnsb OF New York chairman of the
| National Currency league, delivered All
address upon needed banking and cur.
| reucv reforms from the standpoint Of
the commercial interests of the country.
Nh, Bush pointed out plainly the re-
forms desired in banking and currency.
and urged the convention TO petition
congress for these reforms Addresses
we're delivered during the afternoon BY,
DR.. benjamin Ido. Wheeler. president OF
the University of Callfornia, and l: G,
Rhctt, president of the People s Ma
tional bunk. Stockton, S. G.
Before adjournment today The con
vontion adopted by unanimous vote II
resolution appropriatina from the funds
of The association $1,000 TO be used Tor
tbc relief of the families of those who
met death in the destruction or rhe
nGice of the Los Angeles Times. The