New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-07
COUNTRY BANKERS ASK
CHANGES IN CURRENCY
More than 700 Declare the
Glass Bill as Drawn viii
Seriously Injure Them.
CANNOT CARRY THE BURDEN
Objections Raised to Separate
Savings Banks Provisions,
Exchange Requirements
and Other Features.

Boston, oct 6.-Opposition TO certain
features OF the Glass currency bill was
expressed at a special conference to-day
OF over seven hundred country bankers
who came here for the thirty-ninth an
nual convention of the American Bank
ers'Association. That new banking sys-
TEN was needed was admitted, and the
administration was commended for trying
TO obtain one.
In resolutions which were carried al
most unanimously these bankers. who
claim to represent about 70 per cent OF
all the banks in the United States. de-
clared that unless the Glass bill is
amended along lines laid down by thep
to-day. very few country banks, either
state or national. can afford to become
member of the new federal system" This
means, the declarations assert, that the
great majority of country national banks
must surrender their charters or retire
from business
BY country banks" it was explained
in the call for the conference, was meant
banks operating under either state or
national charters whose capital was not
less than $4,000 nor more than s25O,0oO
The resolutions were offered by George
w. Rogers, OF Little Rock, Ark. and were
adopted as a substitute for some pre-
scented by Thomas Il. McRae. of Prescott.
Cal, calling for an Endorsement Of the
fundamental principles Of the currency
bill. The resolutions read:
THAT government bonds have been pur-
chased by country banks at price that
would be unjustihed except for circulation
and depository privileges that attach TO
them. These bonds Gre now selling under
par. The good faith of the nation and
IT'S credit must remain unimpaired. II
national bank notes are to be retired
there should be exchanged for these
bonds a new security that will sell upon
it's own merits at 100 cents on the dollar
I'm the markets of the world, and banks de-
string to llquidate their circulation should
be given the right TO have their bonds re-
tired at not less than their face value.
THAT any unnecessary restrictions
placed upon the acceptance and invest
inent Of savings deposits is unwise The
prosperity Of The people depends much
upon the profitable use of their earnings.
Country banks have always encouraged
thrift on the part of their customers and
others resident in their respective To-
ealities Many millions of savings depos-
its have thus been created.
I'm rural communities there is no need
for separate savings banks. Banks doing
o. commercial business are now satisfac-
torily caring for this business. These de-
posts are safely loaned out at home.
There is rarely any local market for
bonds of any character. To require cOun-
Try banks to invest savings deposits in
any one class of securities. to forbid their
use for local farming and business needs,
10 divert this money from local 10 foreign
purposes, will seriously cripple the credit
Of their customers and result In the very
disaster which is the aim OF this legis-
latlon to prevent Segregation of savings
deposits. the setting aside of separate
capital, the creation Of two banks under
the same management and under one
roof. will place a burden upon country
banks which they cannot bear. and Will
deny TO their patrons facilities which
they require and now enjoy.