Evening star., 1911-01-19
Oppose Federal Grain inspection

VppOBe 3SOSIdA 0TUA0 4uepcCtAOA'
Federal inspection Of grain, proposed In
a bill pending before Congress, was de-
nounced as calculated to work grave In
jury to the trades affected. The unalter-
able opposition Of the board to such leg
islation was reafhrmed.
Opposing the approval OF the central
banking organisation plan ~ n New
York idea," expressing the views OF
financiers representing only q section OF
the country, e. r. Wood raised the only
dissenting voice. Welding Ring Of New
York, answering Mr.. Wood, said that
the same idea was expressed In seven OF
nine resolutions submitted from all parts
Of the United States; F. L. Hitchcock
view that the central bank idea was the
expression Of the sentiment Of widely
separated sections.
These resolutions In general outline
follow the Aldrich plan for monetary re-
form. State banks. however. are includ-
ed within the membership OF the proposed
central organization.
The resolutions declare in favor of "a
central banking organization" on the
following principles:
"That such central organization be
corporation endowed with a large stock
capital and not merely an association OF
banks
s'That it's stock capital be owned by in
corporated banking institutions. whether
under national or state charter, willing
to assume equal duties as basis for
equal privileges.
To Safeguard Depositors.
That its administration be divided be-
tween the government the member banks
and the commercial classes. in a 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.
That dividends on it's stock be limited to
fixed moderate return, and profits In
excess of such dividends. after providing
for q reasonable surplus and emergency
fund. be turned over to the government.
That its business be conducted through
branches, to be established in the bank
ing districts into which the country shall
be divided, the member-banks of the
several districts constituting joint asso-
Citations and sharing In the administra-
ton of the branches.
THAT it shall. free of charge, receive
and disburse all moneys Of the United
States government in places where 1t
shall have branches.
THAT it shall not allow interest on
deposits.
Enlargement Of Power.
THAT 1t shall have power of issuing cir
culating notes payable in gold, to buy and
sell bullion and deal in foreign bills Of
exchange, to rediscount commercial pa
per only for member banks, to discount
approved American bank acceptances
and to buy and sell the bands and Treas
ury notes of the United States.
''That the central OrDani niZaff0n Is ulf{-
mately to become the sole note-issuing
power"
Admitting that the board is failing
In it's purpose to be great national
body, John p. Truesdell. chairman Of
the committee on extension Of influ-
ence, urged the necessity for making
the organization the recognized rep
resentative OF the business men Of the
reported progress" and the resolu-
tfon adopted creating q subcommittee
to draw up q plan.
Meetings Of the board elsewhere
of extending the influence Of the or
ganizatfon, was suggested by A. J.
Logan Of Pittsburg. He extended an
invitation from Pittsburg to hold
convention in that city.
The deaths Of Representative Will
liam W. Foulkrod Of Philadelphia and
Henry R. Whitmore. affiliated with the
board, were subjects of memorial resO-
lutions
Last Nights Banquet.
Ambassador James Bryce of Great
Britain lauded American enterprise In
building the Panama canal and President
Taft's policy of promoting reciprocity
with Canada; Secretary MacVeagh Of the
Treasury proposed the abolition of finan-
cial panics by reorganization Of the ma
tional financial system, and Representa-
tive ] Hampton Moore advanced a propo-
sition for the erection of q stupendous
memorial in Washington I'm celebration
Of the completion Of the canal. all speak
ing at the banquet Of the National Board
of Trade, in the red room Of the New
Willard Hotel. last night.
Other speakers were Representative
John w Weeks of Massachusetts,.
a member of the ntionl monetry
commission, who spoke in the stead Of
Senator Aidrich, and Wilbur ]. Carr.
director Of the consular service, who
praised the work for commerce Of Amer
lean consuls abroad.
National Trade Exposition.
Representative Moore proposed to estab-
iish In Washington q national trade ex-
position. where business men Of the
country might come to get information
as TO how to run their respective busi-
ness houses or manufactures. On exhI-
bition in the buildings that the bill pro-