Show CONGRESS WILL BE URGED TO PREPARE FOR A ANOTHER lOTHER SLUMP i 1 CHICAGO Oct 25 New New ew Y York's Yorks rk's finan- finan cial flurry could havo been averted had hOod congress s enacted the currency legislation legislation legisla legisla- tion advocated by the American Bankers' Bankers association i Is the tho opinion of ot John I L L. Hamilton of ot Hoopeston Ill III who ho spoke pok at ata ata a dinner cUnner of ot the Bankers' Bankers club last mat night Such legislation legislationS he said would have havo put S at the Iho disposal of ot New York banks and in Chicago at such sucha a a. crisis The present disturbance of ot the financial finan cial dat situation eald said Mr Hamilton who formerly was president of or tho the American Bankers' Bankers association has Illustrated tho the need of just such legislation as was ur urged cd upon congress but without success Tho The currency commission of or tho the association worked out a plan which would have ha put OO Into New York and Into Chicago at such a time as 88 this hue Such Sucha n a lan large e amount 0 of mone money available In emergencies lIke tho the present would be bo of or inestimable value to the tho people of or this count ry These conditions arc are bound to recur annually until American banks arc are put In th the the- position of ot foreign banks and allowed to use UBO their credit Tho The bill framed by tho the commission lon provided for tor credit notes and nd secured bond notes which a national bank hank might Issue not to exceed In tho the aggregate tho the amount of capital of ot the Institution If It national banks wore were au authorized u. u to issue credit notes they would have no difficulty In coping with a situation situation situa situa- tion like hike the present one What hat is needed Is not more money but something that will Ill give tho the people confidence Mr Ir Hamilton closed with an appeal to the bankers to support the currency bill which the next congress will wUl be urged to topas pas pass |