Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1915-02-25
BANKERS IN SESSION
Vermont Financiers Gather at
Burlington.
Alfred l.. Aiken Of Boston. Governor
of Reserve bank. Makes Address
Convention Endorses Aidrich-
Vreeland Measure.

day by holding the annual session of
the Vernon State Bankers association.
The meeting was an unusually success
ful one, nearly every bank In the State
being represented. The feature of the
occasion was an address by Alfred l..
Aiken, governor of the Reserve bar of
Boston, who spoke on THE Federal
Reserve Banks and Some Phases of
Their Operations" A resolution was
introduced at the convention by Harry
L. Ward OF burlington which endorsed
the Aldrich-Vreeland emergency act and
It's operation in the country's recent
financial stress and recommended to the
national legislators that the act which
expires automatically in June he made
continued further or made a part Of the
federal reserve act. The resolution was
unanimously adopted.
The visitors after invocation by the
Rev. George Y. Bliss were welcomed by
Charles p. Smith and the response for
the association was by r. II. harrington
Of Brandon. Henry F. Field, president
OF the association. in his annual address
fev1ewed the work In the banking circles
In Vermont the last year. He called
Attention to the fact that Vermont has
one director in the Fedora Reserve
Bank Of Boston. Edmond Il. Morse of
Boston. and spoke Of the steps that
were taken last summer when the
financial crisis seemed imminent on &C
count Of the European war OF forming
a currency association and how such had
not been necessary for the resources of
Vermont banks had proven entirely
adequate to the emergency. OF the 80
banks in the country which had been
crstAoised by the secretary of the
treasury for boarding their reserves
three were Vermont banks. Mr.. Field
ssid that the criticism although inspired
by patriotism was entirely unjust. He
called attention to the increased de-
posits in all kinds of banks in the State
in the last year despite the hard times,
and OF the sturdy character of the loans.
An indication Of the thrift OF Vermont
people Is shown by the fact that at
present there are 1sS, $40 savings bank
depositors in the State and IL the saw
lnSv deposits were distributed pro rata
there would be the sum OF $3.50 for every
man. woman and child.
Secretary c. s. Webster Of Barton
In his nnual report showed that the
number Of banks in the State at present
Is 1o4. OF which IS are national banks
and 30 trust companies and savings
banks. The report Of Treasurer D. l..
Wells OF Orwell showed that the associa-
ton was In sound financial condition"
N. G.. Woodruff, reporting for the execu-
tive council, said that six savings and six
trust companies and three national
banks were not yet members of the as
ISOLATION. He also reported that the next
summer meeting will be held in Barre.
A nominating committee to suggest an.
nual Officers was elected with instructions
TO sport at the banquet In the evening.
h address Of Alfred l.. Aiken. gov
ernor OF the Federal Reserve bank Of
Boston. on the subject OF THE Federal
Reserve Banks and Some Phases of
Their Operations" was listened to with
marked attention. At the close Mr..
Aiken was given a rising vote Of thanks
and a motion was adopted to make him
hn honorary member of the association.
lie said In part as follows:
The federal reserve act is the crystalli-
Fation into law Of the principles that have
been accepted as sound by almost all men
r organizations Of men who have given
erious consideration to a retirement of
(ur banking conditions. Ever since the
rganization Of our banks under the ma
ional bank act, in times Of financial
tress we have suffered from three
hings: the diffusion of our reserves, be-
ause OF the fact that they were held In
he vaults of the separate banks, now
no In number, without any relation to
, one another: from the inevitable con-
action Of credit, resulting from this
Illusion of gold reserves; and from the
most complete inelasticity Of our cur
ency system.
The remedies for these three things
ave been sought in almost every form of
Rnking organization devised with the
ppe of putting our banking system on a
Rsis of equal efficiency with the bank
& organizations Of the other great com
(ercial nations. The remedies for these
bnditions are the foundation stones of
Q federal reserve system, because by
en- Is provided a possibility of the de-
elopment OF a rediscount market, which
operation should enable banks to be
ore liquid than ever before, and extend
edit at the times when most needed;
r under the act the concentration of the