The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-27
Meet To-Day in Extra
ordinary Session to
Consider Measure.
OLD POINT ACTION
MAY BE IGNORED
Resolution Adopted by State
Convention in June Held to
Be Endorsement of Principles
Only-Opinion o n Favors =
Amendments of Chi
cago Conference.

In the month by President, Joseph NJ.
Hurt. OF the Virginia Bankers Asso-
citation, the bankers OF the state will
assemble in extraordinary convention
at 10 o'clock this morning in the audi
action on the pending currency reform
bill. The meeting Will be of an emer-
gency character, called to meet re-
convention in June did not foresee
President Hurt. of Blackstone. and
of the Virginia Bankers Association.
arrived last night and registered at
convention e9tn headquarters Both Of the
meeting will bring some important de-
velopments.
The executive council of the asso-
Hotel on September and fixed the
date for to-days conference, adopted
sIts resolution IL tla lndoFsing the amend.
recommended by the convention OF
bankers held in Chicago August .2a.
The association at large will to-day
be given the opportunity TO ratify or
annul the councils act.
Bankers Acted Tentatively.
1T looked as II we had disposed
or the currency question at our Old
Hurt last night. but a'u it seems rs'ueue we
didn't. The resolution we adopted at
that time was only. a provisional in
dOTSenent OF the principles oil the bill,
based on the Information concerning
IT that was submitted to us that day
by Senator Owen. The conference to-
morrow will give the association a
chance to express its opinion with all
the facts before It,"
Unless debate is prolonged the con-
hand In a single session. The ndica-
tions last night were. that the meeting
will bring out several strong addresses.
with the probability that an afternoon
session VIII be necessary. There will
be no set speeches. and talks will be
made exclusively by members of the
Between fifty and sixty members OF
the Bankers Association arrived in the
Scott said !hs hsh srbt that
the attendance from outside the city
to be about 100. The Richmond dele
cation will probably raise ,the attend
ance to 125.
VIII Indorse Council.
The opinion was general last night
that the conference will by an over
whelming vote indorse the action OF
it was admitted, will have little hesi- :
, fancy in thus annulling the Old Point
resolution, which, IL is held, was rather
an Endorsement of the principle of an
elastic currency than of scheme Of
money reform.
In taking this action the bankers OF
Virginia will follow in the footsteps
of the national conference In Chicago
last month. Much the same spirit of
hostility TO several of the provisions
of the n-Glass bill was evidenced
American IVtitute of Banking. which
adopted resolutions discla inning any
responsibility for the warm defense OF
the measure that was made by Secre-
tary of State Bryan.
Chicago Amendments.
The amendments adopted at the Chi
cago conference and which the Nir-
ginia bankers will be asked to-day to
81 if,fr
voice in the proposed reserved board
of control to the bankers of the coun-
try instead Of to In the ESvernment as is
| establishment OF one central Federal
reserve bank instead of the twelve de-
signated by the enGlass bill, and
provide for important changes in the
proposed reciprocal relations between
the national and State and Federal re-
servo banks.
| Since the Chicago meeting and the
meeting of the executive council OF the
Virginia Bankers Association. the
Owen Glass bill has passed the House
ter Glass. patroh of the bill in the
House. has declared publicly that he
Will never consent to the incorporation
of the Chicago amendments. and has
predicted the early enactment into law
of the measure as 1t is written.
Old Point Resolution.
The provisional Endorsement of the
currency bill at the annual convention
held at Old Point Comfort, which it is
stated is not in conflict with the ac-
tion that will be taken to-day. is en-
bodied in n resolution adopted at the
afternoon session of June 20. 1t reads:
Having heard the very able and
concrete explanation of the proposed
banking and currency measure estab-
| fishing reserve banks and providing an
elastic currency by United states Treas
ury notes. we. the members of the Vir-
ginia Bankers Association. in annual
meeting, hereby heartily indorse the
principles contained therein, and ex-
Wilson, President OF the United States.
and to Senator Robiert L. Owen and Rep
resentative Carter Glass chalrmen, re-
Sencv oa tha snat anf Cmr
House of Representatives. all of whom
were born in Old Virginia"