The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-28
Urge Modification in
Pending Measure Be
fore Congress.
MANY OBJECTIONS
TO PRESENT FORM.
Resolutions Adopted at Emer-
gency Session Recognize High
Motive Behind Proposed
Law, but Request Change.
Ask Martin and Swan
son to Help.

While it recognizes the patriotism
nnck OF inc owen Glass currency bill
now before Congress, the Virginia
bankers Association, which held nm
emergency session In the Richmond
hotel yesterday, put Itself on record
us oeiieving that the enactment of the
measure in it's present form would he
inequitable. especially to national
hanks as 1t would force them either
10 become members of the proposed re-
serve association, or to give up their
charters.
1t was earnestly suggested mat every
bank national and State. should nd
rlse their Senator'S and Congressmen
OF the associations conviction. and
evoke their efforts for the modifca-
ions believed to be essential 1t was
set forth that tho association believed
the recommendation of the representa-
1--WE banking interests which met re-
Gently In Chicago furnished reason
aDlc ground for the modification of
the pending currency bill
Think Five Sufficient,
lt was felt that to secure the begin
ming OF much needed reform it would
not be necessary to establish twelve
central Federal reserve banks but that
rye such reserve banks would be suffi-
Gent Then, as the system proves wise.
others could be put into operation. The
association also inclined to the idea
that the amount OF subscription Of
member banks should be reduced to n
total OF % per cent OF the capital stock
OF the subscribing bank. The regolu-
lions adopted expressed the opinion
shat the Federal reserve banks should
not be operated as money-making in
sututtons. either for the government
OF the stockholders, but that there
should be reasonable earning made
by these banks. and that IL would be
fair to ask at least per cent diyi
ufn t,lr
individual banks.
me emergency meeting was called
for 10 o'clock, but, owing to the late
arrival of several members, did not
neGin until an hour later. President
Joseph NJ. Hurt. OF Blackstone pre-
sided. and announced that the meeting
would be executive. Copies of the ad-
dress OF Congressman Carter Glass be-
fore Congress were distributed amon,S
the members, and soon became a sub
1ect of discussion.
Had General Discussfon.
There were about 100 members Of
the association present. Discussion OF
the proposed notifications of the cur
rency measure became general, and a
committee OF <welve was appointed to
draw up set of resolutions incornot
rating the ideas OF the assocta tion and
recommending that they be adopted
and placed in the Owen Glass bill. The
committee on resolutions was appoint
co. as loiioWs. w. IL. Vest, of New
port News; IL. NJ. Kerr, of Norfolk: II
u. Bcery, of Harrisonburg; c. w. IF
fany. or Warrenton; j. W. Miller. OF
Pulaski; j. Il. Fishburne Of Roanoke.
Colonel John b. Purcell of Richmond:
Oliver j. Sands, of Richmond; Colonel
thomas B. McAdams. of Richmond;
fucker Watkins, of South Boston; Nor
man III. Williams. of Chase City; ]. I.
Rison, of Danville.
The committee prepared the resolu-
tions during adjournment for lunch,
which was served on the Richmond
Hotel roof at 80 o'clock
The association reconyened at
O'Clock. when w II. Dabney, business
manager OF the Chamber of Commerce.
appeared and suggested that the Yir-
ginia Bankers Association Invite the
american Bankers Association to hold
it's next annual convention In Rich
mond. Mr. Dabney said that the Cham
Der or Commerce and the Richmond
clearinghouse Association would
unite In the invitation. A resolution
to that effect was unanimously
adopted.
Adopted Unanimously.
The resolutions brought in by the
committee. which follow below, were
unanimously adopted section by sec
ton, and Il committee OF fifteen was
appointed 10 go before Senator's Mar
tin and Swanson and urge them to
use their efforts to have the modif-
cations suggested by the association
incorporated in the currency bill. This
committee will meet at the Richmond
Hotel next Thursday night. 1t con.
sists OF II. NJ. Kerr. OF Norfolk: Nelson
$ Groome. of Hampton; Caldwell
Hardy, of Norfolk; oliver j. Sands, OF
Richmond; Colonel Thomas b. Nc
Adams, OF Richmond: j. NJ. Hurt, OF
Blackstone; E.- B White. of Leesburs;
c. r.. Tiffany, OF Warrenton: IT. B.
Beery. OF Harrisonburg; George q.
Niche. of Charlottesville; Henry Eas-
ley. OF South Boston: j. II. Rison, of
Danville; j. b. Fishburne. OF Roanoke;
]. w. Miller, of Pulaski j. w. Bell,
Of Abingdon
Text of Resolutions.
Tho resolutions as adopted by the as
sociation follow:
Whereas, the Virginia Bankers Az
sociation has repeatedly and for years
urged upon its representatives in Con-
gress to favor the enactment OF such
laws as would correct the many do
fects in our present banking and cur
rency system; and.
whereas, the present Democratic nd
ministration has taken up the subject
with the earnestness which lnsures the
country such relief, and the bcnefits
which proper system will give; and,
Whereas, in the opinion of the vir-
sinia Bankers Association, It tx the
honest purpose of the present admIn-
istration to enact laws which nre for 3:
the benefit of the people, and are Will
ing TO hear and consider comm ents and Y
suggestions from those who are expe !.
ricnced and equally honest and slii.
cere In their desire to have enacted 8
In (which will be workable and FAIR Ia "
all: and.
whereas. we feel that the pendinsss
currency bill. In its present shape, 81
inequitable especially TO national