Show BOTH PLANS PUNS GET JOLT AT DENVER Bankers Resolved Against Guaranty Law mid and Postal Savings Banks Denver Colo Cob Oct 1 IThe The thirty fourth annual convention of the Amer American American Amerlean ican lean Bankers association came to an end this afternoon with the election of George M 11 Reynolds of Chicago president president president dent and Lewis E Pierson of New NewYork NewYork NewYork York first vice president new members were an announced announced flounced and aud a vice president representing representing each of or the states having rep representatives representatives in the association was named The convention also placed itself squarely on record as against both the proposition to guarantee bank deposits and to establish postal savings banks Debate Was Lively A lively discussion occurred over Oer the report of the federal legislative com corn committee committee opposing both the guarantee of or bank deposits and the establishment e of postal savings banks The resolution offered by the cc however contained a 2 condemnation of the guar guarantee ant antee e c law only making no mention f postal savings banks A fight led cy Clifton R H Breckenridge of Arkansas was made to include condemnation or o 0 postal savings banks in the same re resolution resolution resolution solution Former Governor Myron T Herric of Ohio Ohi was the leader in opposition to toa toa toa a substitute offered by Mr Brecken Breckenridge Breckenridge ridge condemning both blAh proposition i ione ion Ione one on resolution After a parliamentary tangle luring which several of the tho th delegates were sharply called to t o er by lW the tile pesi president president dent the Breckenridge substitute was wag voted down Resolution Amended An amendment nt to the resolution r va wa adopted substituting the words It is isa Isa isa a delusion that the tax upon the strong will prevent the he failure of the weak for section as report el which read It unjustly weakens we the thedron strong dron and unfairly strengthens the weak hank bank The amendment was then carried without a dissenting voice Postal Savings Banks Condemned Mr Ir Breckenridge then thea offered tlc tl Ii following resolution which was rIso adopted with only two or three dis dissenting dissenting dissenting votes That the American Bankers asso association a elation condemns nr as a unwise an hurt hurtful hurtful hurtful ful all proposals to establish postal savings banks Nearly Kearly two hours were d with the reports of vice Iles cent cents from the several states th consensus t rus of or which was that the effects of the re recent recent recent cent panic are passing away throughout the country Currency Commission In the of the currency corn com commission mission which was adopted at th morning session the chairman these words in referring to the Al measure In the measure however open to severe criticism coT con congress gress by law has ha recognized tin tl th nor ncr normal normal mal and legitimate assets of a bank as the natural and proper basis of credit extended to the bank in the form forni of circulating notes The principle for COI which we have so long Ion contended has lies thus received r legislative sanction To T this extent the labors of the American Bankers association have been crowned with success Credit Currency On the subject of oc credit currency which had iad been b n favored by some speakers during the various meetings s the commission said sad Credit currency commended I in ia your commissions first report and an proved by this association at its last convention had further proof of or its i s soundness soundness ir k principles and efficiency in operation in those countries having havin tuck tuch a during the world orld wide crisis of last kist fall faIt While maintaining open minds as to the wisest method of its incorporation into our own banking system it is our belief that a currency based on this principle le so effi efficient dent elent in the experience of other na nations nations lions will te be found essential in OUI ou own system The commissions report also aid said Good Expected to Follow It 11 was sought sou ht to impress upon con congress congress congress gress that if not possible to enact im immediately immediately mediately such laws as would give gly us usa u ua usa a thoroughly scientific banking and currency system it would be wisest to defer all nil legislation on the subject ul ex ey except e for rr the appointment of an able abl committee instructed to te t make a thor thorough thorough ough investigation atlon and submit its rec recommendations recommendations recommendations to a subsequent con congress congress congress gress Although this view was not adopted in full the commission feels that its efforts were not in vain inas inca inasmuch inasmuch much as the committee desired was appointed by congress The high stand standing standIng standing ing and recognized ability of the mem membern bero bern of this congressional ional committee and the vigorous way In which It has lU entered upon this important work give the confidence and expectation that its it report and an recommendation will forn the bash for such legislation as will give us a banking ani currency sy fly tern tem such as our vast commercial in interests Interests Interests so urgently need ne and such mch as aswill aswill aswill will make this country countr tIe the greatest financial power in f the world |