Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-10
WINS
1874 MEETING
Of BANKERS
Atlanta Loses in Gallant Fight for
Honor Of Entertaining Ma
TONS Financiers.

BOSTON. Oct s-Richmond, Va d,
won the 1914 convention of the
American Bankers Association this
afternoon. Atlanta losing the honor
OF entertaining the delegates after a
hard fight.
| Atlanta's representative had
worked day and night for the con-
vention since the sessions began in
Boston this week and the prospects
had appeared more favorable to the
Georgia city. The claims of Ricn-
mond, however, were regarded as the
stronger when they were put for
ward to-day by a number Of her
leading citizens.
| The Atlanta delegates, while dis
appointed at the outcome OF the hot
ly contested fight, nevertheless took
their defeat gracefully and added to
their congratulations of the victors
the announcement that they would
be in the fight again next year.
Joseph A. McCord, one OF the two
| Southern members of the associa-
tons currency commission, helped
draft the report which branded the
| Owen Glass currency bill "socialis-
&c" and imposing unwise hardships
| on the banks and equally unwise
hardships on the general public" This
severe condemnation Of the admins
| tration's monetary reform program
was adopted as the voice OF the con-
vention.
The big feature of the convention
Wednesday was the presentation to
the convention of resolutions drawn
up by the currency commission. These
resolutions roundly denounced the
owen Glass currency bill.
Financial Moses Sought.
II. T. Powell, of Macon, discussing
the steps taken by the currency COM
mission, voiced the sentiments of a
great many OF the delegates when he
made the following statement to The
Georgian representative to-day:
THE financial situation is very per-
picking. We are wandering around in
a wilderness just at present, so far
as any satisfactory solution of the
currency problem goes. And the sad
part of It all is that there does not
appear to be any Moses in sight to
lead us out of the wilderness into
! the promised land.
What is needed is a man of great
financial experience, In whom the peo-
pie OF the country have unlimited con-
fdence. No such shining light APP
pears in sight as yet We are all
looking for great leader, a financial
Moses.
I'VE think the world and all of Will
son down in Georgia, and we have
confidence in his honesty and SINGER
| ity. He is a great man as a scholar
and a historian. Yet President Will
son is not a great financier. And a
financier is what the bankers are look
ing for.
Need Bankers Backing.
THE people with whom l am ac-
quainted haven't the confidence in
President Wilson's financial policies
| that is a prerequisite to their success.
Any currency legislation, to be effec
| tive, must have the cooperation CT
the bankers. with whom reposes most
of the ready money of the country.
1t is like the enactment Of a pro-
hibitory law with reference to liquor
you can not make such an enactment
a success until you have the people
behind you. The Owen-Glass curren-
CIV bill can not be a bowling success
In its present form because it is OPP
| posed by the great majority of the
bankers of the country.
The intention of the bill is of the
best. 1t aims to make possible an
elastic currency. Should 1t do this,
it would prevent panics. Yet it is an
: experiment at best The question Is:
viii 1t do Just the things that are
intended by it?' 1t is no time TO daily
with experiments. We want certain
ty.
This currency problem is too big
a thing to risk failure in. We must
know how 1t is going to work out be-
fore we risk it.