The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-01-18
MONEY SYSTEM
NEEDS REFORM
Statewide Gathering of Bust
ness Men Shows Importance
of New Law.
PARTY PLATFORM IN MAY
Clause Declaring Against Aid
rich's Central Bank Plan
Blocks Path.

In the hope of impressing Congress
with the necessity for prompt and
| efcctual revision of the currency and
banking laws. plans for the bonn bard
ment of Congressman and Senators
with brisk resolutions were laid by
delegates from the commercial organiza-
| tions of Il half dozen Virginia cities
who met last night with representatives
| Of the Richmond Chamber of Com
mercc at dinner given in the palm
room of the Jefferson Hotel.
After general discussion relative 20
| the position OF the national Democratic
| platform on a restricted Capitalization
of banks and currency. the following
resolutions were drafted and approved,
article by article;
/ That Congress should grant prompt
relief in the form of legislation which
would remedy the present dangerous
conditions. and
, That mem bcrs of Congress charged
with the grave responsibility OF formu-
lating and enaCting legislation. should
not accept the declarations of party
/ platforms greater in authority than
the facts obtained by exhaustive and
unbiased investigation. nor ignore the
| valuable lessons of long established
| precedent as evidenced by the none
| tary systems Of those older nations
! most advanced in industrial develop
ment and commerce. which systems
have been fully tested and found to
meet most effectively the needs of
| modern banking and commerce under
| all circumstances and conditions. nor
disregard the results of observation
| and study submitted for their con
sideration by experts. bankers and
business men, and
g. That. although the Democratic
party's national platform is opposed
Z II. l.. l.. -
reform. there is nothing in its declara-
tions which is Incompatible with that
degree of Capitalization or cooperation
in our banking system that is SO obvi-
ously necessary, and
4 That in preparing legislation, the
Democratic platform should not there
fore be construed 10 be opposed TO the
establishment OF banking system Of
such character as to accord with tho
most intelligent and patriotic thought
of the country.
To Scatter Resolutions Abroad.
Copies of these resolutions are to be
sent to the members Of the Banking
| and Currency Committee of the House
of Representatives and TO each mem
Der of the House and Senate. Business
/ organizations all through the South.
and such national trade and Industrial
associations as can be reached. Will be
asked to review the resolutions and add
! their endorsement. The resolutions
were prepared by special committee of
the Chamber of Commerce consisting
+ of Edmund Strudwick, Alvin Nj. Smith
/ and o. j. Sands
Immediately following dinner Presi-
dent T. NJ Darlington, of the Cham Der
of Commerce, introduced DR.. {. w. A.
/ Veditz professor of political economy
( in George Washington University. who
} had been asked to deliver the principal
address of the evening. DR.. Neditz.
L. 10
present banking systems and Glagnos-
ing its ills recommended the following
remedial measures;
l. Modified reserves which will fur
nish banks with quick relief in times of
stress and Will make each individual
bank part OF great national system
2. rational rediscount system,
3. The Federal regulation of discount
l. central. cooperative agency 10
act as the financial agent of the Federal
government.
Worst System in World.
DR.. Neditz's statement that the
United States has the worst financial
system possessed by any civilized ma
ton of the world met with hearty APP
I plause. He declared that no perfect
system of banking and currency laws
j could be devised and that the system
With the fewest evils must be chosen
'
reform. he said. is that the people VIII
not disassociate AIdrIch's name with a
most excellent banking system and re-
fuse to realize the true application OF
the term central banks as commonly
/ applied TO banking reform The nation
condemns the system because OF
I term.
J o. J. Sands. speaking of the restricted
Capitalization plan, declared that the
result of the congressional money
now has the greatest Capitalization of
trust investigation shows this country
money and credit in the world. CEN
{ tralization which is not restricted nor
qualified If the Democratic Congress
I is 10 look higher than the politics of 1t
I and effect the necessary central as
/ ISOLATION. he said the representatives
must hear from home.
Delegates Present
Those who accepted the invitation
I for the dinner were:
Richmond-T. NJ. Darlington. W L
Reed. John NJ. Miller. Jr.. ". NJ
Habliston. l.. 4. Morris. r. II. Smith.
Alvin NJ. Smith. 5. Dabney Crcnshdw,
l. j. Montague. W. T. Dabncy- r. a
Dunlop. Julien n. Hill. John O.
Winston. W. H. Schwarzschild. T b.
/ NcAdams L. =. Bryan. O. J. Sands,
Herbert W jackson; Charlottesville
h. VI. Victor. John NJ. Scott. W G
/ wilkinson. Danville-H. c Patton.
B. V Booth. John T. Rison; FsrmvIiie
Mr.. Bugg. Mr.. Scott and Mr. Walden
Henderson, y. CIV. 4 Hunt.
Lynch burg z p. Miller, O. y. Barker
Norfolk Robert Johnston, Petersburg
John W. Long: William NJ Martin
Raleigh. y. CT. r. Bitchford. W W.
Nsss. W - Drake. Jr. South Boston
J. W Tucker. Newport News y
Willett. Chase City-N- r. Williams.
r. d. Patton. Wsshington-Professcr
G " 4 LcdftZ