Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1916-09-27
WOULD RETIRE FROM cIRcULA-
TON eREENRAcks AND ALL
NATIONAL BANK ISSUES.
URGE GOLD AND RESERVE
NOTES As SUBSTITUTE
Plans For Continuation of Thrift Cam
paisn Turnout United States Made
by Savings Banks Section - United
States, Distinctly Creditor Nation
For First Time in Hietory.

Kansas City, Sept. 27.-Immediate
retirement of all greenbacks and a
gradual withdrawal of national bank
notes. placing the currency of this
country on a basis of gold coin and
federal reserve notes. was discussed
here last night by bankers attending
the conference Of the national bank
SECTION of the American Bankers AS
socliltion in annual convention.
The discussion followed addresses by
John Shelton Williams, controller of
the currency, and Frederick W. Hyde
Of jamestown, n. Y, president of the
section.
The conference program was ar
ranged to permit elaboration of pro-
posal to consolidate the Office of the
controller, created under the old ma
tional bank act, and the federal re-
serve board, provided for in the new
reserve system 1t was explained that
the national banking act and the re-
serve law allowed partial duplica-
ton of control.
Active Day for Bankers.
The desire was expressed by some
the two departments under one head,
with all bank examinations and the
currency thus controlled by one sys-
tenn Qualification of the two acts also
was arranged as a part of the discus
sion.
The meeting followed a day of con-
tinuous activity by the thousands of
banker visitors here Section groups
IaIl III
vention, discussed problems incidental
to various phases of banking. heard
committee reports, and elected new Of
ficers.
Plans for continuance of the thrift"
campaigns turnout the United States
were made by the savings bank section
and at an informal meeting of country
bankers. resolutions were adopted de-
claring against legislation permitting
domestic branch banks and asking re-
vision of the reserve law providing for
free exchange in the clearance of
checks.
Williams Urges Aiding World:
I'VE have outgrown responsibility to
our country and generation" Control
Ter Williams said IN his address. 1--WE
have become responsible to the whole
world because we have become the SUI
preme world power. especially in that
vital department reaching to the root
and core of all things which we here
directly representative financial. 1t is
for you, controlling the powerful bank
ing interests of this supreme country.
to determine whether these dollars of
ours shall prey on our country and the
world with teeth and claws. or shall
have souls put into them to upbuild. to
help. to heal the scars of war.
Our deposits in all the banks are
so huge that If there should be WITH
drawn an amount equal to the total
resources at this time of the Bank of
England, the Bank of France, the Sank
of Spain, the Bank of the Netherlands,
the bank of Norway, the Bank of Swe-
den. the National Bank of Switzerland
and the Imperial Bank of Japan. all
combined. the deposits of our banks
would still be as great as they were
three years ago.
u. S. Now Creditor Nation.
IF a balance should be struck today
the probabilities are that we would
find ourselves for the first time in our
history distinctly creditor nation
we boiu Hioi tBdbe oi Iiie "OTlo 8
physical assets. The world holds
mortgage on our soul. on our good will
and broad nobility of purpose.
t'The law of gravitation, as we know,
applies in finance as in the physical
world. Huge accumulations of value
naturally draw to themselves the lesser
masses. While we are planning ggan-
tic schemes for world development, let
us not forget that the most immediate
| and vital business duties which lie be-
fore us relate to the upbuilding of our
home enterprises, especially the small
| factories and mills and development
undertakings in the lesser cities and
towns and In our country districts.
Those provide the surest and safest
fnnnda tinn on which to erect national
,yaalth