The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1913-10-17
will Take Funds From Those
Who Can Lease Afford
to Lose Them
Will Present Resolution of
Protest Before u. S.
Senate.

| themselves on record as DelnB Op-
posed TO the currency legislation now
before the Senate at the convention
Of the American Bankers Association
held here. They declare that unless
the bill is amended TO meet the rec
concentrations and objections set
forth in a set of resolutions they
adopted after a stormy discussion,
they will be unable to continue busi-
ness as members Of the proposed
federal banking system.
These resolutions will Ire presented
before the committee on banking and
currency OF the United States Sen
ate.
They ask the speedy passage of
the bill as amended and commend the
fine efforts OF the administration lead
ers TO pass it in a special session.
over 1000 country bankers gather
ed in the Copley-Plaza Hotel scored
heavily against the currency bill, and
It took them scarcely an hour to
reach a decision
A prominent officer OF the associa-
! tion made IL clear that the country
! banks, whether they favored the bill
or nor, would draw up separate and
! distinct resolutions for submission to
| Congress, other than those sent in by
! the convention as a whole. The gen
! eral attitude of the country banks
! has been to lie back and leave all the
| burden of legislative'work on the city
| banks" said John L. Hamilton OF
! Columbus, O., formerly president OF
| the American Bankers Association.
"Now they are waking up TO their own
! responsibilities, when they find that
| Congress looks upon the city banks
with suspicious eye, If they come
to Washington to sponsor measures
I'm the interest of the country banks.
They realize that they must act for
themselves"
A country bank, be it said, Is not
merely one that is located in a small
town. The country banks include in
stitutions having a capital of from
S25. 900 20 $25O0O0.
Bank Commissioner Harry Smith OF
Maine is OF the opinion that people
who are Interested in the proposition
TO enact some kind of legislation in
favor of lending money TO farmers in
the hone OF stimulating agriculture
are overlooking some present day
conditions. Don't misunderstood
me-. he said. 81 am not knocking nor
seeking to criticise people whose only
fault is that they have not looked at
the subject from every viewpoint.
Those who favor the proposed legisla-
tion seem to forget or else they never
knew that of the present savings
banks and trust companies OF Maine
one-fourth Of their loans are now on
farms"
O. Howard Wolfe of New York,
| secretary OF the clearinghouse sec
| ton of the Association, announced III
| his report for the year that there
| has been an increase of thirty percent
during the past year in the use OF
| the numerical system He pointed
out that the United States Treasury
Department without solicitation from
! the Association. has installed the sys-
tom i'm making its internal account
ing records. Mr.. Wolfe said that the
practice Of publishing inaccurate
! clearings has been almost entirely dis
continued through the efforts OF the
section.
w. ]. Henry. secretary OF New
! York state Bankers Association was
elected president of the State Secre'
taries Section of the a. b. A. at n
meeting of the secretaries. In his
inaugural address Mr.. Henry said
that he hoped to make the section n
real mower for the support or oppo-
sition of bills pending in Congress
concerning banking and currency
regulation.
w. w. Bowman of Kansas was mace
first yice-president. 7. IL. Dickson Of
Mississippi, second vice-president and
T. w. Hall of Iowa. secretary-treasur'
or. on the board OF control will be
Robert +. Wait of Arkansas, w. G,
McFadden Of North Dakota, and Z,
S. Webster of Vermont.
That opposition to the postal saw
,ngs banks on the part OF savings
bank men will be ceased was indicated
IN the annual report of the president
of the Savings Bank Section Fur
thermore the report showed that the
savings banks have not suffered ap
preciably by the introduction OF the
postal savings system. as the money
deposited with the Government prob
ably would not have gone into say
incs banks.
George Il. Edwards. president OF tho
Dollar Savings Bank Of New Norl
city. reported for the membership
committee. His report showed a %
tal membership OF 2215 banks. a ne
gain in membership Of SIS in The
year.
william c. Poillon, vice-president o
the Bankers Trust Company cf New
York. said in his annual address e
the Trus, Company Section, OF whicl
he is president, that the record o