The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-08
HOLD CONFERENCE
ON CURRENCY BILL
Call Issued for Meeting of Vir-
ginia Bankers in Richmond
on September u.
FAVOR CHICAGO AMENDMENTS
Executive Council Endorses Rad
ical Changes Proposed by Big
Western Conference.

Recent developments in the currency
reform movement have caused the ex-
ccutive council OF the Virginia Bank.
ers' Association to issue a call for q
special meeting of the State association
| TO be held in Richmond on September
%. TO take action on the owen Glass
money reform measure now pending
before Congress. In the opinion OF
state officers, an emergency exists de-
handing the attention of the associa
| ton.
The call for n State conference was
issued by the executive council, which
held special meeting at the Jefferson
Hotel on Saturday night. Joseph NJ.
Hurt. of Blackstone. president of the
Virginia Bankers Association. presided.
ana the attendance included practically
the entire membership of the council
Indorse Chicago Meeting.
The executive council assembled in
response TO call issued by President
Hurt for special meeting to consider
the Owcn-Glass currency bill. Its ac-
ton was summed up in n resolution
unanimously adopted, indorsing the
amendments to the measure proposed
by the bankers conference held on Au-
gust IS In Chicago, the effects of
a number of important respects.
For the purpose of submitting this
resolution to the whole association for
It's adoption or rejection, the council
voted TO call a meeting of the State
association. The executive council is
under the constitution of the organiza
ton, given full authority to act as
the mouthpiece of the organization be-
tween annual meetings. but in this
case il was felt that the business was
OF too great moment TO be disposed of
without the ratification of the whole
association.
The Chicago amendments. Endorsed
in iull by the executive council, dema nd
the establishment of one central Fed
eral reserve bank instead of twelve as
provided for by the Owen-Glass bill:
provide changes designed to give the
bankers of the country q voice in nam
ing the reserve board of control and
suggest important changes in the pro-
posed. reciprocal relations between the
national and State and Federal reserve
banks.
Opposed by Glass.
The action of the executive council
Of the Virginia BANKERS Association
in indorsnS the Chicago amendments
derives additional state interest in view
OF the long statement made public last
sunday by Congressman Carter Glass
in which he predicted that the Chicago
demands Will be rejected. Mr. Glass
questioned the extent to which the Chi
caGo conference represented the bank
ing mind of the country. and stated
that each of the amendments sug-
gcsted had been discussed and disposed
OF by the Committee on Banking and
Currency.
The letter files of the Banking and
Currency Committee, said Mr.. Glass
contain communications from hundreds
OF bankers indorsing the administra-
ton bill without qualification.
Indeed, until some of the big banks
OF the reserve and central reserve cities
inaugurated Il systematic campaign
against the bill among their country
correspondents" said Mr.. Glass, zap
prevail OF the measure was quite gen
cral"
Questions June Action.
An Interesting divergence OF opinion
has arisen as to the binding quality OF
The resolution passed by the Virginia
Bankers Association at its annual con
vcntion last June at old Point Comfort.
The language OF the resolution then
adopted was held by the executive
council NJ it's meeting Saturday night
ic express the associations approval Of
I the owen Glass bill, only in so far as
I II was explained to the body that day
/ by senator owen
The fan provisions of the bill, at the
/ time the resolution was adopted, were
mot generally known. 1t was this con :
sidcration chiefly that led the council
/ to frame 4 new resolution, indorsin :,
/ nc amendments proposed 1T Chicago,
and 10 call for another State confer
cncc. The resolution requested the
/ states representatives In Congress to
/ further the reforms therein suggest ted
Old Point Resolution.
The resolution adopted unanimously
by the bankers in annual session at
I old Point Comfort on June 20 reads:
Having heard the very able and
/ concrete explanation of the proposed
f. banking and currency measure cstab-
| fishing reserve banks and providing an
elastic currency by United States Treas
ury notes. we. the members of the
I Virginia Bankers Association in an
rual meeting, hereby heartily indorse
the principles contained therein, and
extend our congratulations TO Wood.
row Wilson, President OF the United
states, and TO Senator Robert L. over
and Representative Garter Glass. chair
men. respectively OF the Banking anC
Currency Committees OF the Senate ano
House OF Representatives. ali Of whom
were born in old Virginia"
Members Present.
The meeting of the executive council
saturday night was attended BY Jo
scph NJ Hurt president of the asso
t'"tloI' :. H. IlHahy, WArrcnton; lhoS
J. McAdams. Richmond. Julien H. Hin
Richmond; Walker Scott, Far,nville
C. Taylor Burke Alexandria; $ l.
! harrow Blackstone; r. t. Jorda n
South BOSTON; w f. Vest. .Newpor
News; r I. }eery. Harrisonburp: {;
* Radcliffe Manassas; J. W. Bel
abingdon; O. J. Sands, Richmond: J. !
scott. Bedford CITY; John N Miller
Jr, RichmCnd; Nelson Groome. lamp
ton: Henry Preston, Tazewcll I +
Tucker and Tucker Watkins. SCUM
Boston. and George Bryan. Richmond
. attorney for the Virginia Bankers AS
ISOLATION.