Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-09
RICHMOND WINS
1874 MEETING
Of BANKERS
Atlanta Loses in Gallant Fight for
Honor of Entertaining Ma
TONS FinanCiers.

BOSTON. Oct. s.-Richmond. Va
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 representatives had
worked day and night for the con-
vention since the sessions began in
Boston this week and the prospect
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 wou,l
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 uEwise
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.
H. T. Powell, of Macon, discussing
the steps taken by the currency com
mission, voiced the sentiments of
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 II 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-
fidence 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
financier is what the bankers are look
ing for.
Need Bankers Backing.
The people with whom | 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
success until you have the people
behind you. The Owen Glass curren-
cy 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 it 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 10 daily
with experiments. We want certain
ty
This currency problem is too big
thing to risk failure in. We must
know how it is going to work out be-
| fore we risk it.