Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1911-09-20
MGrvERN Is EAnE PRESIDENT
New Officers Are Elected for the
Executive Committee.
ATTACK EXPRESS COMPANIES
Finanoiers Declare They Usurp the
Regular Banking Privileges.
NORFOLK ATTORNEY EXPLAINS
He Declares that Bank Guarantee
Law should BE Made 60 Apply
60 Express Companies Doing
Banking Business.

An endorsement Of the Aldrich currency
plan. which was recommended TO the
United States Monetary commission by
Senator Aldrich of Rhode Island and may
be enacted into law at the next session
of congress, was passed by the Nebraska
bankers convention Tuesday afternoon.
The Aldrich plan means the organization
Of an enormous trust company or central
bank i'm which the shareholders 10 the
amount of several hundred million dollars
shall be bankers. and this central trust
company will be expected to issue credit
currency TO the banks in time Of panic.
The endorsement of the Aldrich plan
was fought bitterly by Henry w. Yates.
chairman of the resolutions committee,
and was championed by e. r, Gurney OF
Fremont The committee brought in
resolution favoring indefinitely some legis-
lation on the subject. Mr.. Gurney took
the floor and argued for a substitute reso-
luton which was carried by a vote of
% to 20
The resolution offered by Mr.. Gurney
and passed was as follows:
Resolved, That 1t Is the opinion OF the
Nebraska Bankers association, assembled.
that the suggested plan for monetary
legislationp presented by Senator Aldrich
to the National Monetary commission, as
amended by the executive council of the
American Bankers association at the
Nashville meeting embodies in it's main
outlines a satisfactory remedy for the ex-
listing deficiencies in our banking system,
and that we unanimously recommends 10
the senate and house of representatives
the adoption of bill containing the es-
sential features of this plan at the earliest
possible date, and before the necessity
for such legislation shall have been
forced upon the attention of the country
by the recurrence of such financial col
lapse as It is designed to prevent
McGivern Is President.
Francis McGlvern of Fremont who has
been a banker in Nebraska for thirty
years, was elected president of the assu-
citation unanimously. New members of
the executive committee were chosen a.
follows: c. r. McGrew, South Omaha.
]. r. Cain, jr., stella; Carson Hildreth,
Franklin; Heanry w. Yates, Omaha and
p L. Hall, Lincoln This executive com
mittee with the hold-over members held
meeting and elected Henry w. Yates
as chairman of the committee and WI
lyiam B. Hughes as treasurer and secre
tary of the association.
The members of the American Bankers
association held short meeting immedi
ately afterwards and Z. j. Wightman Of
York was elected president of the ma
tional organization for this state. c. L.
Burnham was named to serve for this
state on the national nominating com
mittee.
Condemnation Of the express com
panies, which, they declare, are usurp-
ing banking privileges, ana commenda-
ton for education in agriculture were
the prevailing sentiments OF the Ne
braska bankers during the morning ses-
sion of their convention. The much
vexed question of express money orders
was discussed by Charles II. Kelsey Of
Norfolk, an attorney, who has been in
terested in the legal contests over these
orders
The contention of MIR, Kelsey could be
resolved into the proposition that the
express companies are taking an enor-
nous advantage of the banks because
they are actually doing a banking busi-
ness with their money orders and yet are
not carrying capital at their small sta
tions to cash these orders, leaving that
matter for the bank to bother with and
not submitting 10 the bank guaranty
Ia wv MI iN1lotS NpllNeiiuSh tllah ~ Nht5
were TO do a banking business they
should submit to strict banking regula-
tions.
ANY offer " do any one of the thing
which banks make a business of doing is
uuga ging in their business" said Mr.. Kel-
sey. whether it is transmitting money or
accepting deposits. some of these express
orders read to signify the agreement Of
the company TO transmit money. They
do not actually transmit money, however,
as they do other commodities. Not b.
any means. The price is the same no
matter how far the money order is 70
be sent OF taken. and II II were a ques-
tion of transportation that obviously
could not be the case.
Urges Application of Law.
The bankers should attack this ques-
ton In a sane. well-thought out cam
paign. They should get legal advice and
study the question from legal stand
point. The bank guaranty deposit law
may have faults. but 1t should be applied
to all companies that do a banking bust
ness whole or in part, and the express
companies come under that head"
The Tuesday morning session was
opened with the report of the committee
on agricultural education. The report