The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-12-16
BANKERS HEAR
CREDIT ADDRESS
Secretary Of National Associ-
alton Points Out Objections
to Pending Bill.
MEASURE NEEDS CHANGE
J. H. Tregoe Discusses Currency Leg.
isIation-Business Standards Are
Sought to Be Elevated.

The regular monthly meeting of the
Bankers Association of the District was
held in the red room Of the New Willard
last night.
The feature OF the sessionewas an adj
dress by Mr.. ]. H. Tregoe, secretary
treasurer of the National Association OF
Credit Men.
Practically every bank in the city was
represented.
In the course of his talk to the bank
ers. Mr.. Tregoe announced his opposi-
ton to the Owen-Glass currency DILL
which is expected to pass this week.
In Mr.. Tregoe's opinion the measure
has six points of objection: First, the
number of Federal reserve banks should
be reduced: second. the Federal reserve
board should have at least two represent
atives of Federal reserve banks; third
there should be no discrimination in the
handling OF circulation bonds between
those banks which do or which do not
enter the entire system; fourth, Federal
reserve notes should not be an oolga-
tion of the government and they should
be redeemable only in gold; fifth, the
Federal reserve notes should not De IN
denominations of less than 6s, ana sixth,
Federal reserve notes or bond secured
currency should not be counted IN the
reserve of member banks under any cir
cumstances. -
Nv Tregoe told the bankers that the
National Association of Credit Men take
a vital interest in banking and currency
owing to its definite relation to COM
mercial credits.
Imitation to BE Avoided.
oTbe association recognizes said he,
that no matter how scientific a measure
NAV be enacted, abuses may crop IN
and imitation ensue unless steadiness'
noise. and conservatism are maintained.
sTThe country declared Mr.. Tregoe,
has suffered at periods through inhaton
and as credits are subject to ana are
controlled by laws as tmmutable as
grayitation, the aftermath Of imitation
must mean readjustment. Readtust-
ment brings crises which invariably &C.
casion waste and expense to mercantile
interests.
Our association wants to instil into
the consciousness of bankers the neces-
sity of exercising widom and discretion
for the maintenance of the deposit and
leger dollar at par. Currency To-
day is not its gold and lawful money.
Currency is the check and it is neces-
sarv to avoid every situation which will
interfere with free and uninterrupted cir
culation of the check.
I'VE recognize" continued Mr.. Tregoe'
that bankers and business men must De
educated upon economy Of distribution,
for it is through unwise distribution that
imitation primarily occurs and leads TO
the bad-debt loss that attends the period
of reimbursement. As an association, In
addition to this necessary and import
ant education on economy of distribu-
ton, we are endeavoring to have bust
ness men understand what direct part
in building up our national wealth and
in the economy of commerce, is being
played by our national wastefulness.
I'VE are endeavoring to have busi-
ness men lend their efforts to the con
traction of the large annual bad-debt
loss, approximating S25O,oOo,0OO annually
and the reduction of the annual hre
waste amounting to the same sum and
to other features IN order that less toll,
financially, mentally and physically, may
be exacted. We aim to elevate busi-
ness standards and through our edu-
cation attack wastefulness.
I'VE wish to throw around the de-
post and leger dollar safeguards which
cannot be successfully invaded by con-
ditions which now make them vulner'
able