The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1913-08-15

A distinguishing feature of the bank I
ers banquet held at Hotel Hattiesburg
Thursday night, given by the local
banks in honor of the visiting bank |
ers attending the group meeting of
the sixth congressional district of Mis-
sissippi, was the address of SOL Wex-
Ter of New Orleans, who upon invi-
tation was present to discuss proposed
currency bill now engaging the at
tention of the President and Congress.
Mr.. Wexler, who is vice president
of the Whitney Central National Bank
of New orleans, has for several years
represented the American Bankers AS
sociation as member of the National
Currency Commission and as a pub
licist has gained wide rep
utation by his public utterances on the
subject of needed currency legisla-
tion for the United States of America.
After being introduced by Chairman
Bandi, Mr.. Wexler, in a most direct
manner, went into the discussion OF
the features of the Glass-Owen bill,
saying in the beginning that when Mr..
Glass first presented his bill it was
in his opinion most unobjectionable
measure. After it's presentation to the
President. Secretary McAdoo and Sen
| ator Owen, a compromise bill was
h.nIa0hf ~
Democratic party made a mistake at
Baltimore in providing for regional
banks and this mistake is, he thinks
bein$grepeated in the present provision
| for, twelve such banks. He stated that
| in, time of money stress or panic, the
tendency will be for each regional
bank to strengthen it's own position by
every possible means, irrespective of
the effect on other regional banks or
the country, and that the correct So
luton Is in the establishment of a
great central bank at Washington with
the powers, duties and privileges now
sought to be conferred on the regional
DdIlhS, II eSCdDllSneQ.
Mr.. Wexler laid emphasis Or the
value of dmmercial paper as basis
for the loans by the regional banks,
and said that the liTil should be rails.
ed from 45 to Ga days, explaining how
oans might always keep itself sup.
piled with such paper in sufficient vol
ume to meet the needs of its communi.
ty. He also said that the common
mistake of bankers in this country was
to pay more attention to the question
of whether the security for a loan is
good, rather than the question as to
whether or not the maker could pay
I it when due.
Every feature of the present Glass
owen bill was considered in detail by
Mr.. Wexler, who believes that it will
become a law with the result that ul.
timately experience will enforce the
necessity for the consolidation of the
regional into central bank. He feels
that the effect of the proposed meas
ure will be to force the matter into
politics and declared that he could con-
ceiye of nothing more dangerous than
for the banking business of the coun.
try to get into politics, as the two can
no more mix than can oil and water.
A number of provisions made met
Mr.. Wexler's approval and the move
ment, he thinks. is in the right diree-
ton, but Objectionable features which
he thinks it contains were clearly
brought cut. When Mr.. Wexler reach
ed tde point of discussing the provision
iof the bill whereby banks shall clear
items for the regional bangs at par, he
did so with the full knowledge and
manifest appreciation of the fact that
he was putting his finger on the spot In
the country bankers heart that would
call for the vince. Mr. Wexler said
that the custom Of charging existing
rates on the clearing of country checks
was inequitable and unjust, In
speaking of this and other
phases of the matter he insisted that
any loss to the country banks because
OF the provision mentioned. would be
amply Offset in the privileses xAich
the bill provides for them. especially
that permitting the dlscounk II com
fnercial paper at exactly the y <5I6
The city bank will he charged