New-York tribune., 1911-11-25
| BANKERS EMPHAT|CALLY
INDORSE ALDR|CH PLAN
American Association COmmendS
Currency Scheme with but
One Dissenting Vote.
NOT A POLITICAL QUESTION
Congress Urged to Deal with
Proposition on Economic
Grounds-William Living
ston Elected President.

New Orleans. Nov. 2i.-With but one dis
senting vote, the American Bankers Asso-
citation to-day gave it's unqualified approval
10 the proposed Aldrich plan for the re-
form OF the monetary system Of the United
States Congress was urged TO deal with
the proposition as an economic question
outside the domain Of party politics. Con-
fidence was expressed that the high pur-
pose actuatng the National Monetary
Commission assures the working out OF the
details i'm accordance with the sound prin-
ciples stated in the plan. I'm such a manner
as to gain the confidence and support OF
all classes"
After the election of officers. the @th
annual convention OF the association. when
convened here Tuesday, came to a close.
Detroit was chosen unanimously on the
first ballot as the convention city in l9l2
Boston, Atlantic Guy, Chicago and jack
sonville. Fla. gave notice that they would
ask for the convention in 1918.
Vice-President William Livingston, of De-
troit. was elected president and G. H.
Huttig. of St. Louis. was chosen vice
president. The convention then adjourned.
AIdrich Plan Will Correct Defects.
The report Of the currency committee
prepared by James Il. Forgan. Of Chicago
in part follows:
Your currency commission. along with
the officers of your association, was Calleo
into conference with the National None
taty Commission at Washington on lues-
daV March ~ last, to consider senator
Aldrichs suggestions for monetary Ie&ls-
latiOn -,
1t a meeting OF the commission held inn inn
mediatev after the conference II was
unanimously agreed that the plan SuS-
gcstcd by Senator Aldrich is founded on
correct principles, will correct eNlstlhs de,
fccts I'm our national banking SYSTEM an" ~
that with further developments IN some OF
it's details II can be made thOroughlI
practicable. Subsequently, we discussed
with the National Monetary Commission
every feature Of the plan, giving our Ied-
sons for suggestions made.
Later our report was published in PAM
phlct form and circulated among the mem
bcrs Of this association. our reconliheIlI,at :,
tions have since been very geheraliy
adopted I'm a revision Of the plan recently
published by Senator Adrch.
As a result Of the work we thus initiated.
followed up by the Individual efforts OF
members Of the committee and OF Mr..
Farnsworth, your general secretary, out ot
fortv-siX state bankers associations, twen-
ty-nine have passed resolutions at thelf
annual conventions ndorsing Senator Ald-
rich's plan as revised ny MS. while Of the
remaining seventeen state associations TWO
had held their conventions before the plan
was brought out, two have not Yet held
their conventions. and at the conventions
of tho other thirteen the subject was not
considered.
The report was unanimously adopted ana
the currency commission was authorized
10 continue to represent the association
before tho National Monetary Commission
and Congressional committees.
Central Bureau a Success.
Cotton bills Of ladng frauds and rem
edies to check them were discussed In a
report by the bills of lading committee.
Beginning with the statement that forged
bills Of ladnG I'm circulation have at times
seriously threatened the ability OF South
ern planters and bankers to use valid
bills. the report goes into tho suggestion
for the organization Of a central bureau.
This question has been agitated among all
classes Of cotton men on both sides OF
the Atlantic, and regarding IT the report
says:
Your committee has been consulted with
regard to the formation of a central pu,
reau under the auspices OF the LlNeIpool
Cotton Conference. All the work mas peen
II
II has been extremely valuable in reconclI
ing the attitude of the foreign purchaser
of cotton bills to that OF the home car
rier and seller Of exchange.
The committee arrives at the conclusion
that the absolutely fair working OF the
central bureau plan is becoming under
stood. THE actual working Of the central
bureau has proved conclusively that II is
possible TO check up bills Of lading with
certainty" the report concludes.
The executive council elected the follow
ing officers tonight: Chairman Of the eN-
ecutivc council. Arthur Reynolds Des
Moines. Iowa; treasurer Of the association,
J. Fletcher Farrel, Chicago; secretary,
Colonel Fred l.. Farnsworth. New York;
assistant secretary. William q. Fitzwilson
New York; general counsel, Thomas B
| Patton, New York; manager protective de-
| partmcnt, L. w. Cannon, New York.