The Birmingham age-herald., 1911-11-21
BANKERS ID INDORSE: CURRENCY REFORM OF SENATOR ALDR|CH More Than 5000 Delegates to the Convention
 Register STATE EXAMINERS CRITICISE THE PLAN Acrimonious Discussion Precipitated When Plan Comes Up in Con- vention-Committees Pre-
 pare Resolutions
 

New Orleans, November 2O.-The pro- posed plan for the reform of the mon etary system of the United States, to be presented to the next session of Congress by the national monetary commission will meet with the almost unanimous indorsement of the Amer Jean Bankers association, which will meet in thirty seventh annual conyer- tion here tomorrow
 More than 5000 delegates to the con vention had registered tonight and in numbers the meeting will be second only to the convention held in Chi cago. -+r...A.
 Committee meeting of the various de- partments of the association were held today, at which resolutions to be pre- scented to the convention tomorrow were finally passed upon.
 While the delegates to the American Bankers association are conceded to be favorable to the indorsement of the So called Aldrich currency reform plan, an acrimonious discussion of the sub 5ect developed today at the Initial meeting of the tenth annual conven- tion of the National Association of Su- pervisors of State Banks. Pierre Jay, vice president of the Bank of Manhat- tan county of New York addressed the supervisors convention in favor of the Aldrich plan. He was followed by J. M. Dolley, the Kansas commissioner of banking, who briefly expressed his disapproval of the proposed plan. F .'When MT. Aldrich or any other man gays that the proposed plan of monetary reform takes care of the interests of state bankers" declared MT. Dolley, mo exaggerates the situation. Until a plan is devised which will thoroughly protect the interests of the state bankers Kan sas bankers oppose any attempt to change our present system" h Mir. Dolley said the state bankers con trolled 60 per cent of the deposits in Amer ican banks and must be considered in any plan which proposes radical change in inc banking system of the country.
 Jay Talks
 Mir Jay said that the reserve associa- ton as proposed by the revised plan of the national monetary commission had none of the competitive attributes which attach to the European central bank or ganizations and declared that no state or national bank had reason to fear the adop- tion of the plan The criticism that Sena- tor Aldrich and his fellow members of the commission proposed the establish- ment of a great bank in New York which would result in the standardization of the credits of the country. The plan. as revised, he said. proposed a centrali- of fha frnl cac gin reserve of the banks of the United States and decentralization of the present cen tralizd credits.
 He declared that careful study of the plan proposed by the national none tary commission would eliminate any fear of Wall street domination of the proposed national reserve association. He gave the details of this feature of the plan and stressed the fact that not more than four members of the directorate of the proposed association could reside in one community or district.
 "As matter of fact said MT. Jay. s.During the 1907 panic J. F. Morgan con- troled the credit of the country That was centralization of credit which, under the so-caled Aldrich plan, will be inn possible"
 ..As to the strength of the proposed na-
 
 1t is estimated that 1t will have total of deposits from the banks and the United States government of $600,0 ,00O.
 Compare this with the total holdings of the great central banks of Europe Tie Bank of England has total of $780, O0o,00O; the Bank of France $500, ,0OOoOO, end the Bank of Germany $200,00O 900. Thus. we see that tho national reserve association would have sum in excess of the total gold deposits of the three greatest banking houses of Europe. If the knowledge of this fact alone would not create confidence we are indeed timid nation.'
 Delegates to the s7th annual convention of the American Bankers association continued to arrive in the city up to a late hour last night on special trains from all parts of the country. These were in- creased by the arrival this morning of several more large parties when, accord ing to Secretary Farnsworth of the as- sociation, the number of financiers in at- tendance will be larger than at any for mer convention.
 While the convention proper will not open until Tuesday morning, today was a busy one for the members of the va rious committees. Beginning at 9 o'clock this morning with the gathering of the administration committee the following committees were engaged in the prepara- tion of reports to be made to the con vention:
 Bills of lading, federal legislative. ex- press companies and federal legislative express money orders, law. trust com pany section. protective laws. executive committees savings bank section, execu- tive committee clearing house Section, fidelity bonds and burglary insurance, ex- executive trust company section, finance and currency commission. The commit tee on forms for national and state banks amendments to the constitution and American institute of banking will prob ably get together some time during the day, this being subject to the call of the respective chairmen.
 Election of Officers
 The successions of officers and the cleo ten of a chairman for which place four candidates are in the field-Arthur Rey- holds of Des .Moines, Ia Ledyard Cogs- well of Albany, N. Y.; William George of Aurora, H., and Sol Wexler of New Crleans--will be considered this afternoon ty the executive committee.
 A petition signed by 56 of the leading investment bankefs sof fhes cointry ask Ing ''that an inyestment bankers section be added to the parent organizat tion will bo presented to the executive council by >~-~~~~~
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