The Birmingham age-herald., 1911-11-22
which must be uniform throughout the

 country.
 "7 TO give the reserve association power to protect it's own reserves, and thus enable 1t at all times to perform it's most important function, that of sustaining the credit of communities and the country. For this purpose the association Is required to keep its as- sets always In liquid form, and its re- discounts and investments must be in short time paper or securities. To en- able the association to strengthen it's own reserves it may, first, attract gold from other countries by an advance in the discount rate; second, purchase and borrow gold; third, buy and sell for eign exchange through it's constituent
 members or it's correspondents or agents in foreign countries. A large portfolio of short time foreign bills has been found elsewhere the most effec-
 tive means for increasing the gold sup ply of countries and preventing its eX- portation in critical times.'
 | in his annual address President Watts gave emphatic indorsement to the Aldrich | plan.
 I At the morning session telegram from | Charles H. Huttig of St. Louis, chairman l of tile executive council. was read, ex- | pressing regret at being unable to at ! tend the convention because of illness By | a rising vote the association instructed
  | of American Beauty roses to MT. Huttis. | At the afternoon session the convention | began consideration of proposed amend
 ments to the constitution and heard re- | ports of the associations officers. The session was enlivened by warm | debate started by Mr. Godwater of Art- | zona, who opposed the proposed amend
 ment providing for the election of six
 members to the executive council from l the membership at large, two being lected each year until total of six is
 added to the council. Arizona and New Mexico, he said, are not represented on
 the council, and in this respect they were l like Hawaii, Guam, Cuba. Alaska and other possessions of the United States.
 He made an appeal for representation of i the smaller states on the council. l This brought out further opposition to | the amendment, many holding it as inn proper and impracticable to increase what l was regarded already as an unwedly l body. President Watts spoke on behalf
 os them but it was lost by a large vote.
 After this amendment was disposed | of all business was made a special or | der for 10 o'clock tomorrow morning. President Watts then introduced Paul | NJ Warburg of Kuhn, Loeb & Co.,, of New York city. who spoke on "Circulat- | ing Credits and Bank Acceptances." + Phe relation of the state banks, savings
 
 | al Reserve association was the subject | of an address delivered by F. H. Goff
 president of the Cleveland Trust com | pany of Cleveland O. MT. Golf said be considered this the most difficult problem
 with which the monetary commission had | to deal
 l MT. Golf was followed by A. Patt An drew, Assistant Secretary of the United | States Treasury, who spoke on 'rhe Re- l lation of the Government to the National
 Reserve Association" MT. Andrew said
 the adoption of the Aldrlch plan would mean the complete reorganization of the 1 sovernments banking system of the coun-
 try.
 l Mir. Andrews Speech
 MT. Andrews subject was The Re- ation Of the National Reserve Asso-
 citation to the Government" He spoke ! in part IS follows;
 1 fffOne of. the merits of the proposed plan
 is that it contsmplates the complete with
 crawsl of the federal government from l the banlzing business. Ever since the government was organized, it has un- l ldeptalSens to carry on banking operations in some form or other; first. as part