The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-18
Strong Resolutions Adopted
at Jefferson Hotel DIM
ncr Conference
THROW ROCKS AT
PARTY PLATFORM
Capitalization, 1t Is Agreed,
Is Only Solution of Pro-
blem-Despite Poli-
teal Objection

At@dt OoJ@&AtSA
That the great question of reforms
ing the banking system of the United
States-unhesitatingl pronounced tho
worst in the civilized worlds above
partisan politics, and that centraIixa~
ton in some form is the only prac-
teal solution or the problem regards I.
less OF the pronunciamento of the Il
Democratic platform on the Aidrich 4
plan was the burden of the discuss
sions of the dinner conference of yfr- Il
ginia bankers last night. and formed
the basis of resolutions which will be
submitted to congress as the express
sion of the will of Southern bankers
and business men.
The resolutions will be transmitted
Immediately to Representative Glass
of the currency and banking reform
committee of the house. and will be
submitted to the chambers Of COM
merce of all the principal cities OF
the Carolinas. Virginia and West
Virginia, and such organizations an
are deemed advisable, for concur
renee, with the request that they take
similar action.
Platform Target.
dency TO throw rocks at the Demos
cratic platform by bankers and bust
ness men present who interpreted tho
plank under discussion to mean that
the party had committed itself In
opposition to any form of CEN
tralized banking system. President
T.. NJ. Darlington, who presided,
launched this trend of thought with
the statement that Representative
- u ia = n+ ss.xra uvStf
have currency reform because the
Democratic platform says we cant
have IT. To his mind the country
Is above platforms and politics when
1t comes to the matter of revising
the worst currency system in tho
world. Mr. Aldrich might be a.
stencil in Democratic nostrias poiftf-s
cally. but If his plan was all right
t ought TO be adopted with such
amendment as was essential
MIR. Montague Shields 1t.
The platform continued to be -
target through all the discussion that
ensued, and cropped out in the reso-
buttons, which, formulated by a spe-
cial committee of the Chamber Ok
| Commerce, composed of O. j. Sands,
/ Alvin NJ Smith and Edwin Strudwick,
were read by Mr.. Sands. But Con-
/ sressma n Elect Andrew Jackson Nom
| tague, invited to hear for himself at
/ first hand the will of the people In
| regard to this very important ques-s
! ton, produced a copy OF the much-S
| abused platform and explained to the
| bankers that 1t opposed only tho
| Aldrich plan of Capitalization and did
I not refer to any other scheme OF CEN
| tralization that might be offered. MI.
! Montague reminded his hearers sort
| y that the bugabo of AIdrich pros
|
while the shadow OF Andrew Jackson
/ lowered over II, In explanation OF tn
| cussed and discussed plank.
| MIR. Montague concurred heartily ~
the spirit OF the resolution and ex-
pressed the belief that currency reforms
should come before the tariff. ana
willie II should not be g. politicak
F, quesk Son confsress can't escape IL
| playing of politics.
! MIR. Sands, convinced by the letter
OF the platform. agreed that he could
understand why il was Question o.
| whether a rose by any other namos
would smell as sweet, and the WELL
aimed shafts in the resolutions dt-s
rected at the platform were fitted with
velvet points.
In presenting the resolutions, Wilhelm
follow, Mr.. Sands strongly emphasize6
the point that there must be sons
! central agency" call it by whatever
name you please. to direct the supply
OF currency and fix the discount ratcxN
Central txatian IN fnss~ Only ss,iuElun ~
the present problem
The Resolutions.
| Whereas. the need for Immediate r0s
form in our banking Jaws is necessary
to the stability as well as the propeE
! expansion OF trade and industry: and
Whereas, banking Is not a poiitica1
question and should not he made -
matter OF partisan politics.; and
Whereas. our defective and antt~
quated banking laws should be -
vised in the light of recent authoritA@
tive study and investigation: and
Whereas, 1t Is the general consensTm
OF expert opinion that a greater de-
gree of Capitalization in our banking
system is absolutely essential to til
proper use OF bank reserves, to To-
establishment of uniform rates OF d11~S
count, and to the creating Of a props
!. market TO rccmmercial paper; ana n
Whereas, the creation of a nattcuMX
hank reserve fund under proper SAT-
guards would obviate the present dan
ger of O. control of banking. and creda4
facilities by sinister interests. be
therefore
Resolved, as the sense OF this mes3S
ing:
/. That congress should ErAN&
prompt relief in the form OF icgisla&
ten which would remedy the prHee
dangerous conditions: and sss s$S
@ That members of congress- chaTlr
with the grave responsibility OF fUrN6M
lating and enacting legislation. sh0n
not accept the declarations cf pAx&u
platforms as Greater in authority tto
the facts obtained nv exhaustive ~
unbiased investigation. nor "isnOra ll
4 valuable lessons OF long estahlisA
rrecedent ~ evidence by the MaUM4X
tary systems of those older nAtt9
most advanced In industvisi dev31
rent and cersme-ce. which Aye&&
: have been fully tested and f0unN
meet most effectively this n61dH
Y rnodrn banking and commArce MM(
all circumstances End condlfiCfiet
disregard hi. results of 0hqnxW11
and study submitted tor Their