| Show NO DISSENTING VOICE Chicago Bankers Express Their Opinion OpinIon Opinion ion of the Aldrich Bill Chicago April 2 At a meeting of the th representatives r of tile the national banks do tie doing Q QIng ing business in this city held yesterday resolutions were wert unanimously adopted re repressing f v pressing their views regarding the li currency bill Today Tod they thc were by every member orthe Chicago clearing clearinghouse clearinghouse house and given out omit The resolutions are In substance as fol follows follows follows lows That the transfer of oC nearly near I from the time liquid reserves of the bank where it is available for tor loans loane to an arm Idle fund on which the banks are for tor forbidden forbidden bidden under any an circumstances to en or encroach encroach croach will seriously serious Impair the time work working workIng working ing capital of 01 the country That the true method of dealing with witti witha wit Ii Iia a crisis Is by providing means for read readily fly ily II Increasing the supply of or currency curren when it is needed rather than by b lock locking locking locking ing up continuously continuous and an permanently an unnecessary proportion of or the banking capital Will Not Promote Safety That the substitution of bonds in the vaults of country banks for balances In Inthe Inthe inthe the reserve resene and central reserve resene cities will not promote safety safet That there is no objection to the time pro prohibition prohibition prohibition of loans to bank officers but b t there Is serious objection to such pro prohibition prohibition prohibition directors and companies in which directors are Interested That the restrictions will affect the In ir Institutions Institutions of the national banking ss tern tem unfavorably in their competition with state banks and trust companies which already have more latitude in the char character acte acter of ot business they the are allowed to do doand doand doand and in most of the states the time require requirements requirements ments meals upon Import them as to reserves are less le lethan than tItan those to which national banks are arenow arenow arenow now obliged to conform That as the time Aldrich bill is avowedly a measure for or temporary use only to bridge over until a comprehensive and final system sy tem tern is determined upon no changes in inthe Inthe inthe the existing system which will seriously disturb present pr sent conditions should be In Included Included eluded in its provisions The Time regulations of the national banking system s stem as to t the reserves against deposits have stood since the system was established the tho business of the banks is adjusted to them and the credits of the country are ad adjusted adjusted adjusted to them Liquidation Would Follow If It the banks 8 must prepare to do busi business business ness under the time proposed regulations after January 1 J 1009 1001 thero thera caT cart oe no D no expansion expansion sion sian of loans meantime even een for tor crop moving purposes next fall all but lut further liquidation will be required and serious consequences may ensue A temporary measure should not con contain contain tain tam harmful armful Innovations which In a final finni treatment of the th subject may ma prove piova to be unnecessary and can be eliminated it will be better 1 to have no legislation until the whole subject can an anI I be referred to a commission for inquiry I and report which we believe would be bethe bethe bethe the most practicable disposition of it |
