Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-10-10
CLOSED.
American Bankers
Assn. at Boston.
James J. Hill Of ST. Paul
DepIoTes Currency Bill.
Next Convention VIII Be Held
Al Richmond, Virginia.
Closer Relations Between Agricui.
iure and Finance Discussed.
Closer Relations Between Agricui.
iure and Finance Discussed.

Boston, Oct 9.-Thc American
Bankers Association closed its 39th
annual convention here, today.
Further adverse criticism of the
pending congressional plan of cur
rency and banking reform developed,
when James J. Hill of st. Paul, Mimi,
speaking as a friend of agricultural
development, termed the bill TOO So
cialistie to suit most Americans and
predicted Disturbance, monetary cri
sis and business depression" from its
enactment.
Before adtArning the convention
settled close contest for the honor
of holding the next convention by de-
Gliding to so to Richmond, Va. The
delegates from Atlanta, Ga had made
an extensive campaign to bring the
convention To their city, and Atlantic
City and Salt Lake city, also had some
supporters.
AS had been expected the choice of
the nominating committee for new
officers was accepted by the conven-
ton and Arthur Reynolds of Des
Moines, first vice president, was ele-
waited TO the presidency. w. \. Law
of Philadelphia succeeded TO the first
vice presidency without contest, the
name of James X. Lynch of San
Francisco, who had been mentioned
for the place, having been withdrawn.
With their position toward the pend
ing currency legislation finally regis
tered, yesterday many of the dele
gates, today. showed more interest in
the progress of the World Series base
bali game in New York than in the
convention business.
At the request of the Missouri riV-
er delegation the convention adopted
a resolution asking Congress to au-
thorize improvements in the Missouri
river for the prevention of floods.
Unanimous action was taken on a
resolution thanking Boston for its
Incompatible" hospitality.
The bankers gave over much of
their time. today, to consideration of
addresses dealing with the movement
for closer relations between the fnan-
cial and agricultural interests of the
country.
James ]. Hill of st. Paul attacked
the Owen-Glass currency bill. today.
The railroad man deplored particular
~ the opportunity of a federal reserve
board to be influenced by political con-
siderations but found many other de-
fects, among them that the proposed
measure was too Soeialistic for the
times.
He said in part:
"One serious defect is that the bill
will not and cannot do what on it's
face it proposes to do. 1t processes
to aim at comprehensive reform of
currency and banking by establishing
a logical and permanent system. Wa.
have never had that since this gov
eminent was founded. We VIII not
have it if this bill should become law.
1t does not simplify the currency. 1t
does nothing with the greenbacks, it
leaves the silver certificates where
they are: it proposes to retire the out
standing National banknotes only in
the course of time. Our currency will
be Just as confused and unscientine
as before. Another feature in frank
ness at least is the reputation of the
central bank idea in name and the
acceptance of it in fact. The proposed
national and local reserve associations
are merely variations on the principe
of a central banks.
Il am not contending that the CEN
ira! bank principle is either desirable
or undesirable / do think that It's
rejection in form and adoption in sub
stance is as little promising as the
proposal to simplify our currency sys-
tenn by adding new element to its
already heterogeneous mass
"There are practical working weak
nesses even more serious. First among
these is the projected political con-
troll of the currency and banking OF
the country. The establishment OF q
Federal reserve board, vestinS control
of our banking, credit and not issues
in men chosen necessarily with some
reference to political considerations
and least partly subservient to party
demands, is a proposition that sets
reason and all our experience at cell
ance So far as one can see, most re-
suits of real value to be aceompilshee
nv the bill under consideration migh
equally well be obtained under exist
ing law providing for the issue O
emergency circulation. But one OF III
least excusable defects is it's exclusion
from the approved securities for DIS
counted notes or investments OF ,hos
which are actually most desirable ant
safest Government bonds, state bonds
bonds of cities and counties are IN Gil
ferent capacities, recognized as gooo
cote Investments or collateral. A first
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