Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1913-08-22
In Keynote Address at Bank
ers Gathering in Chicago
Speaker Makes Strong Plea
for One Central Bank.
COMPETITION WILL
PROVE DANGER, HE SAYS
Chicago Financier, Fresh from
Interview With McAdOO on
Currency Bill May Make II
Public.

Public.
{ Iiy Leased Wire ao rgveuimr Isnrnsa. I
Chicago. AuS 20 The national
confe. ence Of banktfa aud members
of the currency commission ana the
American Bankers description opened
here today with a ''kcynote' address
by a. Barton Hepburn. as chairman.
Il was heard by representative bank
ers from all parts Of the country. lie
criticized features II She owen cur
rency bin and advocated central
bank with branches instead Of re-
gional reserve bankr. George NJ.
Reynolds, president OF the Continental
and Commercial National hank OF this
'ity who recently had Tong confer
ence with Secretary Of the Treasury
McAdoo with reference 10 the cur
rency bin. said that ne might dis-
cuss the interview vNth the delegates
before the meeting ns over.
Among the two Hundred or more
bankers present wera Festus J. Wade.
81 Louis; John Pcrfin. Ysos Angeles:
Luther Drake. Omaha: Sol Wexler.
New Orleans; r.. r. swinney. Kansas
city. Mo; j. =. Sart0ri. Los Angeles;
Charles q. Dawes. Chicago: ] A. Cor
hett. Denver; r. J.. Durham, Port
and. ore; George ". Prince St.
Paul; r w. Boyer Salt Lake. y. Ter
rell, san Antonio. Tex: NJ. y. Bnckus.
seattle; 8. l.. Ruiter. Spokane. ana
delegates representing forty-eight
state banking associations and i73
'lenrlng house associations.
Carter Glass, of the house .banklne
committee, made brief reply today
70 the personal criticism by James u.
rorEan az the Bankers conference In
Chicago
~ modestiy said Go Mr.. F0rRnn."
said MIR. Glass. that not being prac-
ticol banker. feli myself at great
disadvantage In dealing with the ques-
tlon. That was all said IN the privacy
n my room. His statement rs quoted
Is as false as his violation of personal
privacy is gross"
Demand that attempts to obtain
currency legislation al the present
session of congress be abandoned and
that a new currency bin be drafted
by a committee composed Of repre-
sentativcs OF the government. mem
hers Of the American Bankers assoc
citation and Representatives OF the Ma
tional Chamber of Commerce fof
presentation to the national legisla-
ture at It's next session was made by
James y. Forgan Of Chicago In q
series of resolutions embodying a
number of objections To the owen
Glass measure.
The present currency hili is un-
workable. impractical and fundamen.
tally bad ana In my opinion Il can
not he remedied by amendment.
said Mr.. Forgan. AN attempt Il
enforce Il In IFS present form would
bring about the most damnabie con
traction of currency ever seen In ans
country. II should be Rewritten
from the ground up. II In not out
fault that the bin was drafted bl
men who knew nothing about IN,
subject they were dealing with.
talked with the chairman of IN,
house committee In charge Of tbs
bin and he wrung his hands In de,
spalr ana admitted he was incompe.
tent 60 deal with the problem"
A committee on resolutions con
sisting of four members each from
the currency commissions of IN,
American Bankers association. IA,
State BANKERS association and th'
| Clearing House association. was ap
pointed 60 consider The resolution
and report 10 the conference.
~ think we should consider the
bin topic by topic or section by sec.
tion. In the spirit OF helpful COOP,
Grafton. ana see " We cannot ala the
government to accomplish wise and
wholesome legislation, that VIII place
our industries and our people on a
/ par with other great commercial ma
tions"
This pledge Of cooperation by A
Barton Hepburn. IN his speech ai
chairman. was an evidence Of the az.
titudo the bankers are 20 maintain IN
their consideration Of the pendinf
currency measure. Mr. Hepburn
commended many features of tho bill
but dld not hesitate 10 indicate thai
there were others which IN his op'
inion needed revision.
The failure 10 fullv develop IN,
central bank idea ana its consequent
effect on many Of the provisions ri
the hin was the criticism OF greatest
emphasis.
The establishment az twelve hankl
instead Of one for the purpose oI
hrlneing together the money rescryel
of the country had made Il necessar,
IN order 10 make these reserves effec
tive 10 provide central hoard will
powers greater than would be- neces
snry for ono central hank "a possesa
However tho rccoTniilnn ~ the prin
clple MIR Hephurn snid. wna reason
10 rejoice Tle asked;
fpnutfntgaa an Para Tu.t