The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1920-04-23
STATE BANKERS CONDEMN RULING
|OF FEDERAL RESERVE ANDDEMAN
CONGRESSIONAL INVESTIGATION
Par Clearance of Out of Town
Checks ArOuses Ire of Flor
ida Country Bankers.
WATKINS NEW PRESIDENT
Visiting Financiers Are Ban
quoted at San Carlos-W. A.
Blount Is Toastmaster.

Unanimously condemning the ac-
| ton of the Federal Reserve Bank Of
| Atlanta in its ruling to enforce uni
| versal par clearance of out-of town
checks, on member and non-member
banks alike, the State Bankers of
| Florida yesterday passed resolutions
urging all bankers to resist this ac-
ton to their utmost and calling for
Congressional investigation of the
r workings of the Federal Reserve
System.
The resolutions were introduced to-
wards the close of the second annual
convention of the state bankers. which
was held at the San Carlos hotel all
day yesterday.
In drawing up the form OF the reso-
iutions, the committee adopted into
the form used at the organization
meeting of the National and State
Banks Protective Association, at New
Orleans last February. and then added
several additional paragraphs of their
own. The most important of these
was a Recommendation to all state
banks in the United States that. in
placing their own deposits with the
city banks. they give the preference
to those banks which do not use the
reserve system for the collection OF
checks drawn against state banks.
The meeting was called to order at
1920 a. m. in the auditorium at the
San Carlos by President G. f. Nolan.
of Orlando. The invocation was pro-
nounced by Rev. I. w. Chalker. and
Mayor Frank d. Sanders gave the ad-
dress of welcome.
In his speech, President Nolan
sounded the keynote of the convention
when he characterized the attempt to
inaugurate universal par clearance as
the supreme danger facing the banks
of the country today.
Ernest Amos. state comptroller or
banks for Florida, also condemned the
par clearance move and stated that
the state banking department was with
the country bankers in their fight to
the finish.
r. N. Sims, secretary treasurer OF
the national association of supervfs-
ors of state banks, of New Orleans.
made a magnificent talk in which he
warned of the dangers of radicalism
and advocated one hundred per cent
Americanism. He also warned against
the wave of profligate spending which
is sweeping over the country and add
ed his voice to those who denounced
the par clearance policy of the fed
eral reserve. He said that he believed
the greatest danger to the banking in
stitutions of the country today lay in
the usurpation of power of the fed
eraI reserve board and the transition
of the reserve bank from service
organization into a money making
system
At the afternoon session, L. G. Adel-
son, deputy governor of the Federal
Reserve Bank of Atlanta, made a plea
for the adoption of the par clearance
plan by the state bankers. He said
that the reserve board in enforcing
the ruling were merely following what
they believed to be the correct inter
probation of the law and suggested
that If the law was wrong the place
to look for correction and redress was
Congress, in the meantime Urging the
bankers to remit at par pending con-
gressional action.
Other speakers who condemned the
par clearance ruling in unequivocal
language, included J. A. Ormond, OF
the Citizens State Bank of Marianna;
Mark w. Monroe of the Quincy State &
Bank, Quincy; Forrest B. Lake of Or
1ando; j. A Peters of Manchester, Ga,
and L. r. Adams of Atlanta, secre-
tary-. treasurer of the National and
State Bankers Association
DR. J. o. Watkins Of Micanopy. was
elected president of the organization
and il was announced that Archie
Livingston of Madison, would repre-
sent the organization at the meet
ing of the national body in Washing
ton on May 3.
Other officers elected were: G. Gil
bert, cashier of the Commercial Bank
of ST. Augustine and r. F. E. Cook
of the Leesburg State Bank, vice
presidents; w. o. Boozer Of Jackson
vile, secretary treasurer: executive
committee. A. Ormand, Marianne.
chairman: archie Livingston, Madi-
SON; ID. A McKethan, Brooksville; W.
H. Mobiles, Titusville. and John T.
Hammond Of New Smyrna; legisla-
tive committee-W. NJ. Bostwick,
Jacksonville. chairman; A. p. An
thony, Jacksonville: J. A. Ormand.
Mariana; George E. Lewis, Tallahas-
see and ID. w. Stevenson, Moore
Haven.
A banquet was held at the San
Carlos at 8: 80 o'clock last night with
Hon. W. A Blount as POSTMASTER
Speeches were made by DR.. Lincoln
HuIley of DeLand. Forrest Lake OF
sanford. Oliver Semmes OF Pensacola
DR.. S. r. Mallory Kennedy of Pen
sacola. H. W. Monroe Of Quincy. Giles