Jasper County Democrat, Volume 11, Number 35, Rensselaer, Jasper County, 3 October 1908 — ENTIRELY IMPARTIAL [ARTICLE]

ENTIRELY IMPARTIAL

Bankers Condemn Bryan’s Deposit Guaranty Idea and Also Postal Savings Bank. BEPORT DODGED THE LATTER Convention Refuses Tto Condemn Both in the Same Resolution. Sharp Debate on the Matter—Effect*' of the Panic Passing Away Is the Consensus of Opinion

Denver, Oct. 2.—The thirty-fourth convention of the American Bankers’ association came to an end with the election of George H. Reynolds, of Chicago, president, and Lewis E. Pierson. of New York, first vice president. Thirty-eight new members were announced and a vice president representing each of the states having 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. A lively discussion occurred over, the report of the federal legislative committee opposing both the guarantee of bank deposits and the establishment of postal savings banks. The resolution offered by th.e committee, however, contained a condemnation of the guarantee law only, making no mention .of the postal savings banks. Breckenrldge Idea Defeated # A fight led by Clifton R. Breckenridge, of Arkansas, was made to include condemnation of postal savings banks in the same resolutions. ExGoveroor Myron T. Herrick was the leader in opttosltiou to a substitute offered by Breckenrldge condemning both propositions in one resolution. After a parliamentary tangle, during which several of the delegates were sharply called to order by the president, the Breckenrldge substitute was voted down. The report of the committee with its resolution was then carried without a dissenting voice. Postal Savings Banka Condemned. Breckenrldge then offered the following resolution, which was also adopted with only two or three dissenting votes: “That the Amerigan Bankers’ association condemn m unwise and bartful. all proposals to establish postal savings banks." Nearly two hours Were consumed with the reports of vice president from the several states, the

consensus of which was that the effects of the recent panic are rapidly passing away throughout the country. Success In One Matter. In the report of the currency commission, which was adopted at the morning session, the chairman used these words in referring to the Aldricb- \ reels nd measure: “In the AldrichVreeland measure, however open to severe criticism, congress, by law has reoognfzed the normal and legitimate assets of a bank as the natural and proper basis of credit extended to the bank in the form of circulating notes. The principle for which we have so long contended has thus received legislative sanction. To this extent the labors of the American Bankers' association have been crowned with success.”