Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-10-09
At Boston Discuss Report
OF Currency Commission.
Emphatic Opposition 10 Prevent
Measure Is Registered.
The Old Monetary Commission Bill
favored..A Memorial Service.

Boston, Oct. S.-'fhe presentation of
the report of the currency commits
sion. opposing the currency bill pend
ing in Congress, absorbed the atten
ton of the delegates at the first reg
ular session of the 39th annual con-
vention of the American Bankers AS
ISOLATION. The report WAS read by the
chairman of the commission, \. BAR
ton Hepburn, chairman of the Chas"
National Bank of New York. It WAS
followed BY discussion of the cur
feney bill led by members of the COM
mission.
Arthur Reynolds of Des Moines. Ia.
first vice president of the association,
presided. Addresses of welcome were
made by Thomas p. Beal, president OF
the Boston Clearing House, and May
or Fitzgerald. Mr.. Reynolds then de-
liVered an address i'll the course Of
which he attacked HE currency bill as
IAN invasion of the liberty Of the
citizen in the control of his own prop
erty."
\ brief memorial service at which
tribute was paid to the memory #
Charles II. Hattig, who died soon aft
er his election as president of the as
ISOLATION. last year, was followed by
the reading of the annual reports 81
officers and committees. Section re-
ports and the report of the committee
on legislative revision occupied the
remainder of the day.
The Currency Commission of the
American Bankers. Association. re-
porting today to the Association, as
serted that it favored the old Nation
al Monetary Commission bill and Cd
posed tie currency measure now be-
fore Congress, for the following prime
reasons:
because under the old plan invest
ment by bankers in the stock of the
Central Reserve Association was elee=
tive. not compulsory. Whereas, I'M
der the proposed bill bankers must
subscribe one fifth of their capital
stock To the federal reserve banks or
go out of business
Because under the old plan money
invested in the stock of the Central
Reserve Association was under the
control Of the banks investing, where
as. under the proposed bill the Federal
Reserve Board. dominating the reserve
troll.
Because such control by bankers
denied them in the proposed bill=was
a guarantee against political domina
ton and incompetent management.
two important respects wherein the
pending measure is lacking
The report Of the commission IS
signed by 4. Barton Hepburn, chair
man of the Chase National Bank of
New York, as chairman of the COM
mission; James e. Forgan, president of
the First National Bank of Chicago.
vice chairman. and the following
members of the commission:
Festus j. Wade. president Mercantile
Trust Company, st. Louis. Joseph T.
Talbert. yice-president National City
Bank, New York. George II. Reynolds.
president Continental & Commercial
Bank Chicago; John Perrin, of Perrin,
Drake & Riley, Inc, Los Angeles, Cal;
Luther Drake, president Merchants
National Bank, Omaha: Sol. Exler,
vice president Whitney Central Ma
tional Bank, New Orleans: Robert
Wardrop. president Peoples National
Bank, Pittsburgh f. F. Swinney,
president First National Bank, Kansas
City. Mo. Joseph a. McCord. vice
president Third National Bank, At
lanta. J. +. sartori, president Security
Trust and Savings Bank. Los Angeles;
Levi l.. Rue president Philadelphia
National Bank, Philadelphia; f. l..
Howe. vice president Princeton Bank,
Princeton, y. j.
In part, the report reads as follows:
Tine bill in its present form imposes
unwise haraships upon the banks, and
equally nnwise hardships upon the
general public. The interests of the
bankers and commercial public are co.
incident: no injury can be inflicted
upon the one without the other also
suffering. When business is active
and prosperous, the bankers share in
the benefit when it is languishing, he
feels the i'll effects. The chief func
ton of the banker is to loan his CAPT
tai and other resources to his CUSTOM
ers so that they may increase the ae
tivity and extent of their business.
ANY withdrawal OF the banks capital
from these legitimate channels of trade
not only entails a loss, to the banker
but also to the business public.
.sfrhp bankers are required ia sinh