The Barre daily times. (Barre, Vt.) 1897-1959, 1912-02-23
VERMONT BANKERS
FAVOR LEGISLATION
As Recommended by the National Mon
etary ommission-Annua Meeting
of State Association at
Montpelier.

annual meeting OF the State Bankers as
sociation at Montpelier yesterday after.
noon and evening The meeting was
called to order by President +. II. Far.
rington of Brandon. A. j. SibIey, vice.
president of the Capital Savings bank OF
Montpelier, welcomed the visitors and
Henry f. Field Of Rutland responded.
The speaker of the day was Congress
man George w Prince of Illinois, mem
sber OF the national monetary commits.
sios, concerning the work of which he
spoke so effectively that the association
declared itself in favor of legislation fs-
vorable to the report OF the commission
now before Congress. Mr.. Prince began
his address with some Of the causes
which brought about the formation OF
the commission The bill formed by ex.
Senator Aldrieh was adopted by the
American Bankers association and both
bankers and business men favored the
plan. If there We're a national reserve
fund. it would seem that there would be
in addition better system of banking
II a general federal supervision were
adopted, money trusts could be tiirottled
and big interests could be controlled and
managed. 1t is not necessary to destroy
always in order to control. and it is
better to control by legislation and fed
eral management. if possible; il not,
some other method may be necessary
The monetary commission, he said,
provides against one directorate get
ting control of the system OF banks The
profit on the national reserve IS limited
to five per cent and all above that
goes to the government except the sur
plus to be created. No loan on stocks
and bonds is permitted and if the reserve
fund becomes reality there will be
foreign branches, which may make New
York the financial center OF the wori,
as London has been. Iii the bin should
become law, there will be a uniform rate
OF discount Canada has "A central bank
ing system and under il she had but
seven failures Of banks TO Onr 800 in
the same period While the United States
might not have the same system. she
can use the same policy and principles.
Mr. Prince asked the bankers to con
slider the proposed bill and If they liked
it, to write their congressman and SEN
ator. or If they did not like ii, to sub
stitute something better and send that
to Washington. There was a discussion
after the address. r. l.. Ward of Bur
lington presented resolution, fayuring
the passage of the bill. Mr.. Prince was
made an honorary member Of the asso
ciation.
Mr.. harrington, as president of the as
ISOLATION, made brief address. stating
that there were I02 banks in the state
and that the membership of the associa-
tion was but 67, and expressing the
wish that the numbers might be in
creased.
Officers were elected as follows: Pres
ident, Arthur q Eaton Montpelier; vice
president. Charles p. Smith, Burlington
secretary, Clarence S. Webster, Barton;
treasurer D. L. Wells, Orwell; executive |
council. w. w. Russell. White River |
H. H. Mcfarland. Hyde Park, |
[. +. Abbott, Bennington. For one year, /
+. +. Burgess, Burlington.
About l25 sat down to the banquet, I
served at the Pavilion. during which the I
band orchestra furnished music. I
A. G. Eaton, the newly elected president.
presided and J. A. DeBoer was the toast
master OF the evening.
The principal speaker of TIE evening
vas George f. Allen, educational director
which is Il section of the American Bank
RS association. His theme was "Eln
.ation," and consisted principally Of a
description OF the work of the institute.
Iere course of study provides for
standard of bankers educa
ion, in series of lesson pamphlets and
The course covers the theory
md practice of banking and such prin
iples of law and economics as pertain TO
he banking business.
The course includes banking. organi-
alton, administration, accounting, loans
md discounts, collections and transits,
tocks and bonds, clearing houses, public
nance, etc. and law which comprises
he consideration of commercial law with
pecial reference TO negotiable instrI
lents.
Credit is given for final examinations,
ut institute certificates are issued only
0 students who have passed final eXam-
nations in both banking and law.
The officers OF the institute include
of banks in Virginia, Cal
fornia Washington. New York, Minne-
ota, Tennessee, Philadelphia, Colorado.
hio. Illinois. Michigan, and Maryland.
Other speakers OF the evening We're
:. G. Howland of Barre who talked con
erning National and State Topics"
: C. Williams of Newport on Bank
.dvertising"; George Chapman Of Wood
toek on Taxation General remarks
ere also made by H. G. Woodruff of {
arre. c. j. Gallehan of New York City,
H. Ward and L. C. Mower of BlTling-
IN. II. F. Smith of the National Shaw
nut bank Of Boston, and Vice President
p Smith of Burlington.
The number of representatives from
ie various banks of the state, were as
Flows: Barre. Is; Barton, 2; Ben
ngton, 2; Brandon, 5; Bristol, L; Bur :
ngton Is; Chelsea, l; Enosburg, ?
l. Ludlow. v; Manchester. /,
IA; Newport, 2; Mortified,
Orleans. 8 Orwell. / Poultney. s
rector. 8; Rutland, II; st. Albans, 3 !
/. Johnsbury, Swanton. j; Yer
,nnes, /; Waterbury, 8; Winooski and
Toodstock, each.