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Show NEW BAB LAW CRITICISED BY HEAD OF BANKERS' BODY Discussion of Reserve System Marks Opening Convention Conven-tion at Richmond Richmond, Va., Oct. 11. -Discussion of tho notion's now currency s)stem marked tho first goncrnl session ses-sion bore today of the American Bunkers Association convention. "Only tho wisdom of management" by the directors and olllcers of the various vari-ous reset vo banks ot tho federal re-servo re-servo board enn Insure tho success of tho experiment," declared Arthur Reynolds, president of tho association In his annual address. "It Is a Just criticism of tho mens uro," said Jlr. Hejnolds of the re-Bono re-Bono law, "to say that It does not take tho government out of tno banking bank-ing business and that confcis upon ono ot our government officials an extiaordiuary power uud discretion unwarranted by. the spirit of our institutions in-stitutions uud repuguuut to Republican Republi-can principles." Gov. Charles S. Hamlin of tho federal fed-eral reserve bonrd told the bunkers that ho hoped to see tho now s)s-tem s)s-tem In operation in a abort time und predicted that It would prove of Im-menso Im-menso advantuge to tho country. Tho European war turnlshed Governor Gov-ernor Hamlin with an opportunity to compliment the bankers on tho spirit they huvu shown In helping to ro-store ro-store disturbed financial conditions, but ho gavo warning that tho problems prob-lems which huvo arisen from tho war should not bo attacked so that "the lemedlcs proposed are worso than tho disease." Representative Carter Glass, one ot tho authors of tho now banking law in an address before tho convention declared that President Wilson deserved de-served supremo credit for the law, which he designated as a "legislative mlraclo." Mr. G:ass said tho discretionary power of tho secretary ot tho treas ury to deposit and transfer govern ment funds which wns criticised to day in tho address of President Roy nolds, had been possessed by tho seel rotary for tho last fifty years. He said ho agreed, however, that some secretaries might do wrong and be lioved tho reserve law should have provided that tho regional banks carry tho deposits and act as fiscal agents of the government. Mr. Glass said bankers had not beon Ignored in tho making of the now law and that it was based on a hearing In which ' "the greatest bankers" in the country participated. Every safeguard had been placed In tho bill, ho said to provent inflation. Mr. Glass said ho folt confident that proposals for government valorization valor-ization ot cotton or tho sale ot gov ornment bonds to take tho crop olT the planters hands would not result In action by congress. If It wove dono, ho declared, It would not be ot pormnnent benefit to tho cotton producer. "Every sano and patriotic citizen, whothor of .Massachusetts or Mississippi. Missis-sippi. Virginia or California," lie said "deoply sympathises with cotton plan tors and would do anything within tho limitations of reason nud safe economics to aid them In their distress; dis-tress; but It cannot bo oxpected that Congress will resort to measures for tho relief of any single Amorlcan product, tho enactment ot which would wreck tho entlro financial and commercial fabric of tho country." Tho nominating committee ot the association tonight agreed to recommend recom-mend tho election of William A. Law of Philadelphia for president and James K. Lynch of San Francisco for vlco president. Mr. Law Is now vlco presldont. |