The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1913-08-15
COUNTRY BANKERS STRENUOUSLY OPPOSE
CERTAIN features OF GLASS.0WEN BILL
Lively Discussion Follows Able Address of Mr. Sol Wexler,
Who Approves Provision That Items Shall be Cleared
at Par-Bll Thoroughly Anayzed--Reso-
utions of Protest Adopted

all banks, especially banks that may
become part of the proposed system,
and
Whereas, 1t is desirable that the con-
ditions of the law be such as to invite |
all banks and trust companies to parti |
cipate, and
Whereas, The said bill contains some
conditions that are especially danger
Gus, and are menace to country
banks, and
Whereas, The exigencies of the stu
alton demand that some expressions
be made in behalf of country banks,
therefore,
Be 1t Resolved: First that in con-
sideration Of the many questions in
volved, and the undoubted ability of
Congress to deal with them, that we
confine our expressions to those par
ticular features of the bill that stand
out strongly focused against the best
interests of the country banks:
| iNCoOiNCu oCNOllu, nat Sldle DdnhS
and trust companies should be admit
ted as members, and be allowed to par
ticipate in the organization of regional
banks, and in the first election of di.
rectors, and that they be entitled to
all the privileges allowed national
banks.
. Resolved third, That commercial pa.
per should be accepted for rediscount
) for greater period of time than forty.
five days, and that real estate loans,
, if permitted, should be authorized for
as long as one year.
Resolved fourth, That the present
United States Government 2 per cent
bonds owned by the banks to secure
circulation and United States deposits
should be so supported by the govern.
ment as to be marketable at par.
Resolved fifth, That the compensa,
tion to be derived by member banks
under the pending bill is inadequate,
and as result will inflict serious loss
on all banks that participate. and that
the economic effect on all communities,
especially the small communities
throughout the country, will be un.
favorable, if capital is thus arrested
without reasonable remuneration.
Resolved sixth, That the dividends
. paid shareholders should be at least G
per cent per annum, and that after
establishing a reasonable surplus, the
remaining profits Of regional banks
should be divided between ali depos.
itofs In proportion to the average de.
postts of each, and that no depositor
be it the government or a banking
corporation, should be compensated
otherwise for deposits.
Resolved seventh, That if paragraph
) six of section seventeen of the pro.
posed bill is intended to cause uni
versal PAIRING of all checks and drafts,
and thereby destroy the present source
e of income country banks derive by
making reasonable charges for collect.
ing and remitting to cover checks and
, drafts, that the said provision is per.
nicious, and will result disasterously
to the earnings of country banks.
Resolved eighth, That inasmuch as
the collecting and transferring of funds
is the principal office of banks, and the
principal convenience derived by the
> public from banks, and that inasmuch
as collecting and dealing in exchange
is not only a source of large expense
t to banks, but business hazard of nc
4 small consequence, that the practice
: , Of making charges for this service il
legitimate, and constitutes mora
s right as securely grounded on facts a,
Truth itself.
t Resolved ninth; That this questie,
e of exchange Is local question, invoii
ing different considerations in the sey
a eral communities Of the United States
5 and should not be regulated by patior
u al legislation.
L Resolved tenth. That all preceder
supports the practice of charging el
d change It being nothing more than
d charge for services performed Z
Z great expense, and facilities provide
at much hazard. and is justified by th
2 sxRmRls of the farge eitxu ,AaaaswkAsI