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Show I ! I BANKERS CRITICISE i f NEW CURRENCY BILL ' ' K ! r Resolutions Adopted at Meeting ol H ( U Salt Lake Clearing House B Assoclatlen HH H Salt Lake City, July 22. At a H meeting of tho Salt Lhko Clearing 1 j' Houso association yesterday, resoiu- B tlons adopted by bankers nt Omaha K on July 17 wero Indorsed. The bank M era who met at Omaha wero tho rep- M ' resentntlvcs of western clearing nous- H ( I es and gtithered In the Nebraska H i I metropolis for the purpose of ills- B ' cussing tho Wilson Glass currency H !-' bill, now "ending In congress. The H k copy of the resolutions were present- H ed to the local clearing house by . m S. McCornlck and Frank Knox, who reircsented Salt I.ako City nt the B Omaha meeting. H In addlt'on to adopting tho resoiu- H' tlons, a committee consisting of T. B' W. Iloycr, president of the local cle.'ir B, if Ing house; W. S. .McCornlck and BBM' 'i Frank Knox, was appointed to keep BBjj In touch with proposed currency leg- B islatlon nnd keep the Salt Take BB Clearing House association advised BBl ag to developments. BBj Discussions Animated BBS Tbo discussions ht Omaha were an- BBH Imnted and the resolutions adopted BBV crlticlso the Wilson administration BB for nttemptlng to pass a bill confr- BBl ring morn extraordinary powers than BBb have ever been proposed In any log- B Islatlvo assembly In the world. It BBjj hppeared to bo the sense of the Oma- BBK ha meeting that credit would be cur- BBB j tailed wero tho bill to pass and that B' , it would affect unfavorably the com- Bi , merclal Interests of the country rn- m ther than tho banks dl'ectly. The bill BBb j provides that nntlontil IJHI1U3 shall de- BBJj 1 1 posit 10 per cent of their deposits BBJI I in federal banks which nro to bo es- BBjj j tnbllshed, tho government to receive BBl tho Interest on these deposits. BBH Discussing the establishment of the BBI federal banks the resolutions say, In H The bill proposes n system of banks BBH tho capital stock of which will prou- R tibly bo above $100,000,000 nnd In HHHH j which the deposits will nggregnto H $400,000,000 that will bo dominated by HHHH seven men who will hnvo no ilium- BBH , . clal Interest In the Institution and B ' . In which tho owners of tho cipltnl H stock will hnvo littlo or no olce. BBH The measure If enacted into law BBH would causo tin immediate withdraw- HHH nl of 10 per cent of our capital and HBW I of an amount equal to 10 per cent of our deposits from business chan-f chan-f nelg to supply capital nnd resources 1 to tho federal reserves banks. Serious Menace I In the mhttcr of the redistribution . In twelve or more federal rescrvo ; banks of practically nil of tho ro-serves ro-serves of national banks and such other banks as may subscribe to the capltnl stock of the twelve or more federal banks, wo believe that the present bill presents a very serious meance to tho buslnes Interests of tho country, not nlone In the terrl tory between the Mississippi river nnd the Kocky Mountains, but t ui out tho United States. This b I. in Its full operation may compel ne country banks to deposit 10 per cent of their deposits In tho federal Dnn.s It compels the national banks In re-servo re-servo cities to deposit 10 per cent 01 their deposits in tho federal banks; It compels the national banks n t c central reserve cities to deposit 10 per cent of their deposits In the fed-cral fed-cral banks; It compels the nntlo: a banks to contribute more thnn $100,-000,000 $100,-000,000 to the capital stock of the new government banks, and n sum greater In the aggregate than $ V 000,000 which would have to be ptven up In cash. Under our present system of bond bcc tired currency the government has been tho principal beneficiary of tho low rate of Interest nt which the bonds have boen floated, because or their required use by nnt anal banks as security for their circulating notes'. Thero Is tin obligation on the part of tho government to protect the banks from loss on the bonds so held. |