Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-01-18

ouce IN TINS country any inststutaon eAos
ing elsewhere. The reserve association
| is not like the Reichsbank. or the Bank
| of France, or the Bank of England, yet II
| embodies among its functions the vaiu-
| able features common to all OF these In
Stitutions.'
| The resolution presented as the united
conclusions Of three of New YORK 5
| largest commercial organizations, ana
representing the views of the great imam,
cial interests OF the metropolis anu
| money center of the United states, as
offered by Welding Rigg, Tor the JOINT
| committee, is as follows
Central Bank Practical.
Resolved. That this convention I'M
equivocally declares in favor of the crea-
| ton for the United States of central
| banking organization. based upon the foi-
| lowing general principles:
| That such central organization be a
| corporation endowed with a large stock
capital and not merely an association OF
| banks. Is u
| That its stock cauital be owned by in
| corporated banking institutions, whether
| under national or state charter, Wiling
| to assume equal duties as basis for
| equal privileges.
| That its administration be divided be-
| tween the government. the member-b nks
| and the commercial classes, in manner
| which will safeguard against individual,
| sectional or. political domination.
| That its business be limited to trans
| actions with the government and with
| the incorporated banking institutions
which become stockholders. !. e.. member
banks, except as provided In paragraph
| nine. clause b.
| to a fixed moderate return and profits
| in excess of such dividends. after pro-
| viding for a reasonable surplus and emer-
gency fund, be turned over to the govern
ment
That it's business be conducted through
branches to be established in the bank
| ing districts into which the country snail
| be divided, the member banks OF the
several districts constituting joint asso-
Citations and sharing In the admlnlStra-
| ton Of the branches.
That 1t shall. free of charge, receive
and disburse al moneys Of the United
States government in places where IL
shall have offices.
posits.
That it shall have power:
Powers Of the Bank.
To issue circulating notes payable in
gold. to be secured by gold and negotia-
BILE paper, and. If necessary eventually to
retire the present bond-secured bank
notes, to a limited amount by govern
ment bonds;
For the regulation of its gold reserve
to buy and sell bullion, and to contract
for loans of gold, and under proper re-
strictions to deal and invest in foreign
bills of exchange;
To require the member-bankS to keep
with it portion of their reserves pre-
scribed by law;
To rediscount. only for member-banks.
scribing the limit of amount for each
| member-bank, the maximum time to run,
and determining the degree Of guarantee
to be provided by the joint associations
| of member-banks Of each district.
Under careful and proper restrictions to
discount approved American bank ac-
TO transfer funds standing to the credit
of a member-bank, to the credit OF any
other member bank at any of its
| branches.
To buy and sell the bonds and Treasury
notes of the United States.
| That the central organization is u1ti-
| mately to become the sole nOte-issuing
power.
There Arc Objections, Too.
There is objection to the central bank
idea. said Mr. Ring, on the score that a
| central bank might be subject to political
manipulation, and on the possibility of
| rivalry over locating. How to avoid
these difficulties. he said, has not yet
been decided He favored q permanent
committee to plan financial reorganza-
| ton.
Mr. Truesdell, a colleague of Mr.. Ring
on the joint New York committee, SUBJ
mitted resolutions calling for q commit
| tee of seven to organize q Business Men s
Monetary Reform League, with central
| offices in Chicago. and branches in the
centers of commercial industry over the
| United States.
| The resolution also calls upon the Ma
| tional Board of Trade to use its influence
| to obtain the cooperation of the COM
| mercial organizations affiliated with it.
Committees of the proposed league are
| advised to undertake the education OF
public opinion and to carry the legislative
propaganda before congress. Consolida-
ton of the National Board of Trade and
of the National Currency League is ad-
vocated.
Favor Big Merchant Marine.
"One-cent letter postage" was unani-
nously Endorsed. Commercial reciprocity
with other nations was favored, and for
mer advocacy OF ship subsidy. or such
legislation as will promote the growth of
American merchant marine to plane
commensurate with our foreign COM
merce,' and rivers and harbors improve
ment was reaff1rmed at last nights ses-
sion.
Reorsa nization of the Board of Trade
to make of 1t body representative of the
entire commercial interests of the United
States was proposed in plan submitted
by the Boston Chamber of Commerce.
A committee of eleven was selected 10
confer with the National Council of Com
merce and other commercial bodies not
affiliated with any national commercial
organi Zation, with View to amalgama-
ton into a single association of all the
business interests of the United States.
The cooperation of the Department of
Commerce and Labor in the plan of re-
| organization Is to be sought A prelimi-
nary report of the committee. it Is ex-
pected. will be made before the present
convention adjourns.
The support of the Board Of Trade for
the Lowden bill. for the improvement of
the consular and diplomatic services, was
| asked i'm letter from Secretary of State
Knox.
To Better Consular Service.
The bill contains the essential prin-
ciples of the existing executive orders
regulating promotions in the diplomatic
and provides for the ascertainment by
impartial examination Of the qualifica-
tons of candidates for appointment to
these services"
The membership of the committee on
American merchant marine, with the ad-
dition Of II. c. Reynolds. was appointed
a committee to urge upon Congress the
| passage of legislation in the interest of
| the American merchant marine.
| Resolutions of coincidence were passed
Il ~, Nrvtc ~ ~, -