The Birmingham age-herald., 1911-11-25
WITH ONE NEGATIVE
 VOTE THE BANKERS
 APPROVE NEW PLAN

CONTINUED FROM PAGE D  near the question was carried over until the next convention.
 Currency Committee
 The report of the currency committee, prepared by James B. Forgan of Chicago, follows
 Your currency committee along with the officers of your association were call ed into conference with the national monetary commission at Washington on Tuesday, March 2S 1911, to consider Sem ator Aldrich's suggestions for monetary legislation.
 'At meeting of the commission held immediately before the conference it was unanimously agreed that the plan sug- gested by Senator Aldrich is founded on correct principles, that it is ingenously adapted to present conditions, that 1t will correct existing decificits in our banking system and that with further develop ments in some of its details 1t can be made thoroughly practicable. We then went carefully over the plan paragraph by paragraph, recording such suggestions as occurred to and the conclusions we arrived at Subsequently we discussed with the national monetary commission every feature of the plan giving our req sons for the suggestions made. Our sug- gestions were well received by Senator Aldrich and the other members of the national monetary commission. Later our report was published in pamphlet form and circulated among the members of this association. Our recommendations have since been very generally adopted in a revision of the plan recently published by Senator Aldrich.
 "On May ?. 1911, we reported to the ex- of thair f,ooefipo n NQ h. vile, and submitted to them Senator Ald- rich's plan as revised by us. After re- ceiving our report, the executive council by resolution unanmiously approved the plan thus revised. AS a result of the work we thus initiated, followed up by the individual efforts of members of the commission and of Mir. Farnsworth. your general secretary, out of 46 state bank CTS associations, 29 have passed resolu- tions at their annual conventions indors- ing Senator Aldrich's plan as revised by us, while of the remaining + state as- sociations, two had held their conven- tions before the plan was brought out, two have not yet held their conventions and at the conventions of the other 13, the subject was not considered.''
 The report was unanimously adopted and the currency commission was au- thorized to continue to represent the as-
  commission and congressional commit tees.
 The single vote today at the meeting of the American Bankers association against approval of the Aldrch mone- tary reform plan was cast by General William R. Hamby of Austin, president of the Texas State Bankers association, and prominent banker of the Texas cap- ita1
 
 Hamby gave out the following statement as to his position:
 T think the United States is big enou0 to assert its financial supremacy, "a instead of copying after European " tems to maintain one of it's own We have $19, ,OO0, 100000 of banking power and will soon have a banking power equal to that of the rest of the world. I do not believe the Aldrich central reserve as- socation Is necessary to bring our finan- cial institution into closer union.
 "The Aldrich plan makes it possible to concentrate the entire banking power of the country under one corporation man. agement, assumes parental control and robs the local banks of their independ- ence and would be as dangerous as gov ernment ownership of all public utilities. 1 The burden of nearly all said for the Aldrich plan is that we discuss if alon Q A'oA- Poi tiSoii iiiiSo' ycI tHe OTSdHlZdtlOn A.F ls1 fNe 4S pyi .icai, and could not Le kept out of politics.
 "The machinery of the plan is elaborate, intricate and throws many safeguards around the election of directors. but would not prevent selfish or corrupt fi- nancial interests from getting control of local associations and in that way of the central head, which is contingency not too remote to contemplate. Aldrich evi- dently recognized this danger or he would not have made so many safeguards.
 With its laterals and branches reach ing every section of the country, all un- der one corporation once entrenched be- hind it's financial and vested rights for 50 years. the Aldrich bank would be the dominant factor in every political cam patgn."