The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-06-18
SPIRITED DEBATE
ON ALDRICH PLAN!
Passage of Proposed Act Urged
by Sands, Who Refers to Nor. 4
gan as Head Of Centralized
Money Power-John p, y.
Branch Opposes Idea
of Central Bank. li.
Especial to The ,rimes.

the eighteenth annual cnnvan tin,, 3
the Virginia Bankers Associa tio,, IN
orouEht to close. f. p Miller nfE
n ,,!rS, was elected president Tor I
e ene ensuing year by the narrow mars /
gin OF one vote. over his prlncipal IN,
oonent. Thomas B. Mc.ldnms, of Rirh,
mond, IN whose favor thlrty-fiye h,lsi9
lots were cast Tho third cnnt,iSnte
LOT the Office was II. ~ Phflfips ~ !
williamsburg ~ - - - - Y
Waiker Scott of Farmvilic, wa,
siec.ed secretary, receiving thirty fivo
Won Shilling. OF Hampton, reesIvn1
twenty two votes l - Z
unen r Hill. of Richmond, WINS re-
eiected treasurer, and George h Rryan
vas reappointed at attorney to thu as.lS
ISOLATION y -
The following vice-presdenis were
elected without oppositlon: W. b. Vest. 1
Vile; G. E. Tiffany, of IVarrenton .'4Ar4 \,
W. Bell, Of Abingdon. and w. NJ Cod.
win. OF Norfolk: Arthur Lee. Of Nav
port News; j. NJ, Hurt. or Blackstone.
and b. " Booth, OF nanville. The de-
rented candidates for election 10 the
G G were, ]. d. Tucker, OF South
Boston: N. Fl. Williams, Of Chase c.fty.
Thomas G.. Smith. and Carroll Pierce
both of AleXandrIa.. ll3iii IA !. .,i.5S'''i
FOLLOWING the conclusion OF tho (busi-
ness of the session the members OF 5thas
association and their friends enternd
heartily into the social gaieties of tho
resort. Moro than 100 az thcn, ,haSi
tea on tho clubhouse / avn this evan ;lse &
several members OF the Richmond con-
tingent Will remain over I'm III lateqfn
the week, IA ~
sands Launches Debate.
Members of the assooia ton thfa
morning participated in the most
strenuous debate In Its history. was
launched by o. j. Sands president sof
the american National Bank OF Rich.
inond. who did not mlnce matters in
his address upon proposed currency Tor
isia ton Mr. Sands urged tho passage
OF the proposed Aldriuh currency act
as amended by the American BanlSers,5
Association. lie dissected the present$
currency system In mastery way. y
pointed out It's detects. and called up-s
on the banking interests of tie State
10 urge their representatives in Con =
sress to use their influence in bringing
about tho passage of remedial Iegts-5
iation In this respect. Although he
seriously questioned the ability OF
this country ever being able to adopt
a radical revision of It's financial and
banking system. all at one time he.
said that unless the bankers made !;
some attempt to settle the question in |
the near future, such legislation would !
not result until the country had ex- !
perienccd some terrible financial calam !
fty, bringing all classes to their knees:i,
MIR. Sands further stated that Ftne!
bankers were timid class OF people,
that they dared not openly attack the
present banking system. for fear that /
it would hurt the standing of the banksl
In the eyes of the people. and breed |.
discord He referred to j. F. Morgan
as the head of the centralized money
power in this country. and Spoke OF /
the danger of this power passing into I
the hands of some less public spirited 1
man. M 4sti 3.
Opposed by Branch.
John F. Branch. of Richmond, refer
red 10 as The ''nestor OF Virginia Bank
ing" sturdily opposed the idea of e I
central bank, and suggested the adop- !.
ton OF system of asset currency.
Congressman Edward h. Vreeland.S
who was present, disagreed with the /
venerable Virginian. and referred Ito /
the action OF the American Bankers
Association us giving up this plan at
currency reform, and approving the
resulted disultory argument upon
the advantages of the two systems, and /
the need OF some reform in the pres /,
ent mode of finance sa5
Finally Joseph NJ. Hurt. of Black :
stone. introduced resolution authors
izing the president OF the Virginia AS:
ISOLATION to appoint committee Of
twenty bankers, two from each OF the{,
ten congressional districts In the L
State. TO study proposed currency law
and instruct their representatives In
the lower house before the neYp meet
ing of Congress us to their nndings:9
This pla:. OF deciding tho question syas
finally passed BY the close margin =
of four votes. Tho president will an ~
nounce the committee in few days.
CntteIl Advises Optimism. VI
Edward James Cattell, OF PhiladelEs ~
phia. swept the bankers off their feet
this morning In one of the most mas
tcrly addresses of tho day. He re
ferred to the great natural advantasea
of the State OF Virginia. and called 4
upon the bankers as the leaders OF III
grent moral thought in every com III
munity TO guide public sentiment
along the lines of optimism and make Y
their State accessible to the great y
property. which Is her due. He ro.i
cited n mass OF statistics. showing
the great need for the development y
OF roads In this country. and the cor. IS
servation and Harvesting of her great III.
waterways. Out OF 2,t00, 900 miles Of \.
road In the United States he snld thai e
only $4,000 miles wero In condition..
comparable withjlthose OF Europe. UsaG
spoke OF the great economic saving
which would result to tho farmer bySs
the Improvement OF tho roads tn 4Vir-at
slnia. and SURPRISED his hearers by histt
knowledge OF detail Iey said thai
the longest bridge could be carried Y
over tho highest mountain q by tkoSf
smallest in the form OF q barrel OF 90 VS.