The commonwealth., 1916-08-18
STATE BANKERS AGREE THAT
EXCHANGE ORDER WAS AS
CLAUDE KITCHIN SAID.
One of Them Yearns to Hurl McAdoo
Into the Deep.-For Uniform Ex-
change, but Association Goes
on Record Commencing
Simmons, Overman
and Kitchin

Simmons, Overman
and Kitchin.
! CIV. T. Bost in Greensboro News, 16.)
Raleigh, Aug. 16.-Banker Billie San
ders, Of Smithfield, wanted to throw
Billie McAdoo in the middle of the At
lantic ocean today, but the North Car
olina Bankers association in special
session this morning compromised upon
a rousing vote of commendation for
Simmons, Overman and Kitchin for
their opposition to Albert Burleson IS
order making post offices clearing
houses. They resolved, too, for uni
form exchange.
The special meeting of the bankers
brought a great number here. Quite
a large number could not come, but
sent proxies and every sentiment ex-
pressed was in sympathy with Con-
gressman Kitchin s characterization of
Burleson s order "outrageous.' The
name Of Kitchin was conjuring. The
first time it was mentioned the ap-
plause was spirited and each time there
after it caused shutting of the feet.
President w. S. Blakeney of Monroe,
!; presided and stated the purposes Of the
meeting. He declared that the motive
, which impelled him to call the money
men here was the same that actuatcs
: a governor in calling for extraordinary
session of the general assembly. Tue
president Of the bankers is capital
speaker. He talks just like money
uses few needless words and is ac-
) cepted at par. When he told low
, Claude Kitchin "promptly took up the
gauntlet thrown down by Mr.. Bur!e-
son. the bankers applaudea h,nd-
: somely.
$ Mr.. Blakeney reminded the bankers
4 that despite the temporary vict ,ry #
: Mr. Kitchin and those beneficiary of
t his order, the order may be resusciated
: smoke of battle has cleared away he
0 said, eve may hear again from this
e order.'' He knew that North Caro-
t lima is but one of the sisters in the
:, nation, but one state making protest
n could do great good.
: 81 am in sympathy with the federal
l. reserve act,'' he continued, "and be
j lieve it is a great piece of legislation
o the crowning achievement Of the ad
r ministration. In my. opinion it pre-
n vents panics and distributes money
o among the several federal banks rath
: er than the concentration of our funds
(, in one place. It gives us a flexible
a currency. It is, as / said, the crowning
e glory of the administration. -
II 81 think the trouble has been thai
! we have been punished for the sins Of
the few. Some banks have been gull
Il ty of extortionate rates of exchange
e uniform exchange. We ought to have
, law similar to that in Mississippi
n and I am going to tell some phases 0.
it later on
Mr.. Blakeney declared that all thu
, representatives from the state are op
posed to the order and letters fron
Senators Simmons and Overman wer'
\ read. Two were read from Cland
is Kitchin and both caused applause. Th
er Kitchin letter was characteristic. H
,r told the state bankers that they ha
Z. stirred the federal reserve board u
and that it appeared to have sma!
f. sympathy for the small banks, mucl
j. feeling for the big fellows.
a. President Blakeney then read a sc
of resolutions that touched upon tn
several things that he thought shoul
be discussed by the association an
49, later ten members of the association
~ apportioned according to congressicr:
districts, albeit, not all represente
geographically the ten were appointe
to draft resolutions. They retire
while the association debated othe
Up matters.
g. J. C. Evans of Smithfield, offered
. resolution which would have transmi
IL ted to Claude Kitchin demanding tn
Mt unconditional repeal of the sxteent
en- section of the federal reserve az
nd "and then we will see what the Den
ly ocrats are next to do, he said.
'ly Billie Sanders then spoke. He ha
an heard that McAdoo had told peop
tie about the small banks and the e:
ri change and McAdoo declared that
will reach the country banks if he ha
ial to collect checks through the pos
,h. Office This didn It please the Smit
lu field man, who is mixed up with abo'
ult six banks $50 far as I am concer
he ed, l am in favor Of throwing hi
zen in the middle of the Atlantic ocean,
fiji Mr.. Sanders said.
KY The committee went out to prepa
zen resolutions and the remaining memhe
lat sat in the rooms of the chamber
the commerce on the tenth floor of tt
Commercial National bank bulldil
nj and there in mile-high altitude d
aat cussed things coolly.
the It was agreed that the banks ha
eff brought much of the trouble upon the1
ch- selves. They have charged all sor