Polk County observer. (Monmouth, Polk County, Or.) 1888-1927, 1914-05-15
talk or METHODS
Bankers Meet in Dallas and Dis
CuSS Important Questions.
LUNCHEON A FEATURE OF DAY.
Members of Group Two of Oregon As
sociation Entertained by Those
of Local Institutions.

Millions of dollars were represented
in Dallas on Wednesday, when the
semi-monthly session of group two Of
the Oregon State Bankers associa-
tion convened for the transaction of
business and to enjoy the hospitality
of the men who conduct the local f.
nancial institutions. The meeting
was quite largely attended by mem
bers from Marion, Benton, Lincoln
and Polk counties, which comprise the
group, several of the visitors being
accompanied by their wives. Con-
trary to expectations the session was
of unusual length, considerable more
time than was contemplated being
devoted to discussions of topics in
which all were deeply interested,
which discussions proved valuable to
the men who guard the coin of the
realm and interesting to invited guests
of the association.
The meeting was called to order
at the court house at IL O'Clock by j.
M. Pooman, of the Bank Of Wood
burn, chairman. The invocation was
offered by Edgar w. Miles. A very
cordial address Of welcome was given
by Mayor Van Orsdel and the re-
sponse was made by S. M. Garland
of the First National Bank of Leb-
anon. In his response, Mr.. Garland
complimented the city on its neat and
prosperous appearance.
The officers for the ensuing year
were elected as follows: M S. Wood
cock, president of the First National
Bank of Corvallis, president; j. H.
Albert, cashier of the Capital Ma
tional Bank of Salem, vice-president;
j. C. Irvine, cashier of the First Saw
ings Bank of Albany, secretary; W.
G. Vassall, vice president Of the Dal-
las City Bank, treasurer. AT 1.15 the
visitors were guests of the local bank
ers at an elaborate luncheon given at
the Hotel Gail, for which the follow
ing is the menu: Potato salad,
queen olives, sweet pickles, oyster
soup, royal Chinook salmon, Polk
county spring lamb with asparagus
on toast, loganberry punch, roast
chicken with oyster dressing, ice
cream and crushed strawberries, fancy
cakes, nuts and raisins, coffee, cigars.
Returning to the courtroom at 3
o'clock, the visitors were privileged
to listen to a talk on the new Cur
rency Bill, given by Edward Cook
ingham, of the Ladd & Tilton Bank
of Portland. Mr. Cookingham, in his
address, stated that his purpose was
to treat the practical rather than the
academic phases of this subject. He
stated that our fathers had been
wrestling with the financial problem
of our country ever since the days j.,
of Alexander Hamilton, and that the !
first systematic financial policy of the
country was contained in the Nation
al Banking system which was inau-
gurated after the Civil war. This
system seemed inadequate for some
time, but its weakness was discovered
in the financial panic of 1907 which {
was primarily a bankers panic. The
new Currency Bill attempted to elimi- t
nate the weakness of our banking sys- +
TEN. It's weakness was largely con- 7
tanned in these two points: First, our :
cash was not modernized; second, our /
was not flexible so as to =
meet the exigency of expanding COM
merce. The new Currency Bill con-
tains the exemption features of the e
Aldrich Bill. With these points of
while the Aldrich Bill was
built around one institution with a
minimum of government control, the a
new Currency Bill is built around V
around twelve institutions with a max o
imum of government control. Mr.. b
stated that the success s
of the new bill depended largely upon d
the personnel of the Reserve Board, t
and he paid high compliment to the t
men who now occupy positions in it. /
Mr.. E. B. Cusick, of the ]. W. Gu t
sick Banking Company of Albany, C
spoke on the proposed changes in our
State Banking Laws and suggested
several improvements in the banking
avs of the state. I
The committee on resolutions cor ~
lially thanked the local bankers for Ii
heir hospitality, also Mr.. Cookingham f
'or his splendid address, and the re- T
iring officers for their efficient ser Il
-ice during the past wear.