Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-06-18
VIRGINIA BANKERS
CAN TRUST WILSON
They Have Unshaken Faith in
His Ability to Guide
Ship of State.
PAY TRIBUTE TO PRESIDENT
State Association Meets at Old
Point Comfort for Annual
Convention.

OLD POINT COMFORT. VA, June II.
The grave crisis through which this
country Is now passing and the disaster
that might be visited upon business in
general. and banking in particular by
unwise or precipitous action in Wash
inston, was given serious emphasis to-
day in the annual address Of Prcsi-
dent w. II. West to the Virginia Bank
ers Association, assembled here in
twenty second annual convention.
Little did we think when we met
last year on this delightful spot" said
President West. that before VIC met
again practically the whole world
would be at war, and We ourselves
trembling on the brink"
The situation to-day" said the
speaker, is disquict!nR. No one knows
The limitg that may bc reached or may
forctell it's results" Mr.. West re-
called the chaotic conditions that fol-
lowed declaration OF war last August.
and the masterful manner in which
the whole business and banking world
IN this country met the situation.
CAN TRUST PRESIDENT
WITH NATIONS HONOR
To-day the situation is uncertain"
continued the speaker. ''lt is n time
Tor calm and serious contemplation
But we have Il man at the head of this
government whose patriotism is above
question, who has put behind him all
personal considerations, and Is pains
takingly and consc!cntious!y trying TO
solve Alright the problems confronting
the nation. and daily we have evidence
of his leadership. his far-sightcdncss
and genius for povernment We can
trust him not TO humilate this nation
or needlessiy to embroil us in the
cataclysm now going on In Europe"
The reference to President Wilson
threw the convention into an uproar.
and the applause was long and gen
erous II was clear that the bankers
Of Virginia were possessed of an un-
shaken faith in the ability OF their
own native son to steer the ship OF
state safely through even the present
choppy international waters
Between 200 and 300 delegates and
visitors were assembled in the ball
room OF the Chambcrlin Hotel when
the convention opened a considerably
larger crowd was on hand for the af-
ternoon session. After adjournment
for the afternoon. there was n special
concert by the Marine Band In the
evening there was :; moonlight sail TO
the Virginia capcs
&. l.. TIFFANY WILL. III:
ELECTED PRESIDENT
Interest in the annual election, usual
ly lively during the opening DAYS of
the convention. is this year modified
by the fact that there is no contest
for the presidency To this position
will be elected c. T.. Tiffany, president
of the Fauquicr National Bank, Of
Warrenion. now president Of the
association
For the vice presidency the most
formidable candidate is Ebcnezcr b.
Spencer. cashier of the National Ex-
change Bank. OF Roanoke 1t is re-
garded as probable that Mr.. Spencer
Will be elected without opposit;on
Walker Scott, secretary. and Julien II
Hill, treasurer Will both b.. reelected
unanimously.
The convention opened shortly after
II o'clock, with prayer by Rev Edwin
T. Wexford. d. D.. pastor OF the First
Presbyterian Church, OF Newport News
Business got promptly under way with
the appointment Of the committee on
resolutions. On this committee we're
appointed Norman Fl. Williams Chase
City chairman; j. ID. Tucker, South
Boston; C. r. Caldwell. Staunton:
George e. Warfeld, Alexandria: I, +
X.
Jr., of Lynchburg
The morning session was devoted
wholly to TIE address of the president
and reports from major officers groups.
and standing committees At the af-
ternoon session. which convened at 3
O'Clock, the opening address was de-
livered by DR.. Bradford Knapp of
the United States Department of Agri-
culture. Following him came Warren
NJ. Goddard, former president of the
Richmond Chapter, American Institute
Of Banking, with an address on the
subject. "The American Institute Of
Banking
Mr.. Goddard was followed on the
program by G. l., King. president OF
the First National Bank of Pearisbure
on Country Banks and Reserves"
The last speaker of the afternoon Voc
Herbert w. jackson. president of the
Virginia Trust Company, Richmond.
who made an address on Trust Conn
panies.
FEDERAL RESERVE LAW
MAY WELL BE AMENDED
President Vest, in his annual address.
drew attention to financial emancipa
tion brought about by the establish
ment Of the Federal reserve system la st
November. While the system, he
thought, was fundamentally safe and
sound and may be counted upon to
eliminate the periodical recurrence of
panics and provide an elastic auxiliary
currency to meet increased seasonal de-
mands it might we'll be amended so as
to increase its usefulness, particularly
to State institutions.
without some modification Of the
law" said Mr.. Vest, "the great majority
of the country State banks cannot with
advantage become members Of the Fed
eral reserve system. The system must
be so amended as to make it desira BILE
for the small country State banks to
1oin. for If 1t is to meet the full use
fulncss for which it is designed, the
banks OF the whole country must be
unified under the one system.
There are approximately 10000
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