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•••••1
"I
r
lor
414
.1/
PROC2E.,INGS )1' THE riATIONAL :01T.r:TARY COIfl,9I0‘r.
Uote.
Plaza, Yew York 'ity,
Aut 171 190).
A subcolmittec of the "(ationa]
sistin
of
enators
onoiar - 'omnisslon, con-
(Chairrran), 1311'rowt1 and 7aniel l
Representatives Vreeland and Weeks, and
BOS3i0* a 4
-nrk
The Jotel
aftr,rnoon
Tionnge, wf-c in
ity, in
arnin7 and
anda:., Au itst 16, and in the 'orning of Tucsdk,
AlolAst 11.
Profss)* A. P. Andrew subr- itted in proof rorr 1 -r1( follo inpapro Prid documents, which have ben urrTh
tion since t
meetini; of the Comrission.
T;(sc
w 're exanined and disc,ssed by the subconnittee, and
)ê..4" C5
herlcc-
r tury was directed to fl.,rish a set of these docunents in
,:roof to eac
member of the Com7Lnsion, to bc rcar(led as con-
fidentiEd until publislled in finv,'_ for' b
TIle list is as follows:
the rom.!isson.
Aff..1. a ft.1l disc lision of
11 )
. ms for t'rq) prosco7tion
of the Co-Itiinsion, the fol
of th
con3 i..nt iTir. of
A subccrinittue
owing wation was tak
'el and (Chid man),
r
St-nators Burows and Taniel, .e.., resentative
°eke and 1..rr.
Bonynge, were appointed 1.0 visit Canada sone time dring the
month of
tf'llber to
features of t
:E.L1-.:c
a personal investi,-,a.' on of such
74,anadian ssterti as lq d no
1.)fen cover-
ed b: the inves-! 17 1. one of the Conn.:salon.
It was de: ided thal a rieeting of the full
should be l'xid in ,,;•s' in.7ton about V -
orunissi.on
niddle of Octobc_ , the
exact CLE:te to be fixod b.,- the Chairnan, and that at t• is meetin .; the subcommittee ‘;ould rec.° mend that tht.
hold
()n shouli
:.c,:tings and conduct he&rings in different sections of
thin country
thc,
fall and wintcr.
he following stater-lent Of the proceedings of the sessions of the Ewlico:imittec
-iven lc) t hf. pr(,(16:
pn.parcd1. tht
airman and
At 12 o 'Jock, noon, on T.,;(!sday, Au
Ouboemait t t: adj ournecl.
A
,09, the
:AT,
•
SST ON
CM •.TA •
Trott-3 ... 21wf,a2 7 7evf York
'itL-2
August 172 190.
subcomittec of ti•tc.:
at
s I n ting of 3enator3 Aldrie}i
nal 'ronetary (!orrli.r!.9 on, conBu -.rows and 7)ari
Chairrran
Bonynge, Tiffre in
Representatives Vreeland and Weeks, and
Bess!...1# at The ;:lotel. :-laza
York
. ity, in 1*.le
afternoon of 7:'sonday 2 Au :ust 16 2 and in ti)e
r.)rninrr, and
.o ruing of TutA3ra.,..
August 17.
Professor A. P. Andrew subriitted in proof forri thc
- papers aid doctanents 2 which have be
lo in,;
tion since the last meeting of the
w -o exanined and dine) oiled by
1.n1.er prepara-
i es ion
These papers
subco-imitten, and the Sec-
rrte.ry was directed to furnish a set of thee doctanents in
ro of
n each.
ficient1 wit.
ember of the 0.0riir-7 .! ns ton, to ihr: 3.(-7arc ed as c
1q11311.5'!led in final for-:
rorvp isr on.
'..fhe list in as follows:
L.
1
v y\J
PII.t0!,.'.41.1t..r:',`" OF Int-. 11.1.TIOITAL :10.1a11,2111 jOZII3S1.01;
********41****
11.
40
tit
LAWDZ
"VP'
, llij
oi
- 417-1;*
kCaterviows on trio 3ank1ng airift ,,turroltay xilstormof'enraand., ranee, /14:ferranzy
•
71.tlor1and. (4X, paces)
;.tr,t•
*
2I'
ub1ic Dcbta of ()mat ri tiri, kelorrrzty nal (7m3.3o, by -.'rano"
(Galley proof, 19 pocor)
,:•arbitra. (43 pagon)
Artioloo Virho )1soount ..--:ystorn in -aro,x.)• by
frknk'oco..,tariots„ by Lavrrolice orton jazobs, (1( pr4,40s)
ii
•
•••
P
-\
(25O
Itoc taton, 1067-1909.
:tati3tIes, for the
-,b110.on. (G‘1111.07; proof,
T,17,otyt of tato ltizikirk; Lo.vls,br
by '..le:Ixador
Itintorg
5 prenral
K
he
tic
:73.0
"ortor.
•
"Lltory of
s•
.:0y0
-
oilaptc.Yr on t -p Andon to
741.1171ti.n: .yotom, wIth
(15C: rx.I.D.13 ,1
'inrticrif -.Jan).lora*
-7.
for rot ?, tain, 13G7-1900. •ropar,•1- 1 by
“Inaloy proof, 67
ana ":7110 con
,
of 7rraloo
,..1(), rmn to 1%01 mu ?v.; or ti
3,27(1.,,
O'rof.1.1.t
71,tizi.lm
parlos)
1)7.th. prolent
.1ranoo In Its relionn to :tIorra Ma Intrnational .,rol'At* by
lr.r:on)
(Clalloy
7.aarInf., .Patron
(:.;P:3.1.(.1•:,,,s proof, 26 pc,?:oa)
fsArnishod by
or
proof, or) pa09)
toda of the "'art :1aurae• by .•\11.0.0.3.• (
I 9-tort
o
Tho
vim
ritIonni
.Jharlor,
of
,1•0nr.,nt.
IV T
Jrcat..;ornm
tl-toir orioorato. I. oonnootion vritil the ...ecsinomic
Riesnor. (Galley )- roof, 60
::.;•evolo-Tiont of .7:orran:.,-, by 72r.
107C.)-19(T. (Jabl.latrarinclirift
(37,7 Ix1(706
!
-1
6
(.3taticition for i.lorl)ny•
(Gr1lo7 proof,
baym, odJto b
r. fl. ooh. rralloy proof, 72 p.n.nos
rial
U11e,1
tho ....)raaniziation of credit,
on ,lt-tr
7:71:704)3.1.r.n.00lis
nortfr...:o
t o citwInkep
dire.totorav food, the
co-oporntivo socletic.s, etc.) (Gz:1110:7 prc--)f• O PaiToo)
art cbo
ovorin -i:thn ronovr..).?.
o;j
11r.r1or.
chnxter
thr ith oct hibrinktIrn, oonver.tion:.7.
the
019eytioro• v1tho. 0.raft of
bill) (ktlloy proof, 83 pace8)
•.baat 9(0 par;o9)
1•015;
trafiq1i7 of 1'.)03: ,‘stenor.Trz-L :110 .74)03:0%!3•
-lroof, 37, pt
oy :
oloctog ..0orymtr3
Lt 'e,
on T;csarne
'2h
•
• 1):
Vi
7
r• ,1113.1.1as
lrI1121.
(233
;
*********411
DoNt-lortril.t
tho
irj 'Robert Franz. (C.n.2 oy
nrtei -741.11,73.nn;
v
A set of 24 gra hie- c.,larts prepared under the direction of
Professor . P. Andriv.
•
A
'.1.:11s for r.-.0 i;rosee; tion
Aftar a full disc esion
of the oiolk of the Commission, the fo: 1 owing action was tak
A subooLunittue, conaisting of
StnatorL "':ux--.4.0vis and .-4Artie1,
r. Vreeland (Chai man),
fpreer1ative
ceks and
i:cre apiminted i.o visitari.ada some time daring the
month of Lle tczther to .:ako a personal investi-ia: on of such
bcen cover-
features of t: u.7`anadiar siN:stem as 1q_d no
ed by the invest
.:)ns of the Co,.sraion.
It was decided that a -Heetinfr, of the fi..6.1
should be held in
oilmiss • on
,ton about th. middl.(: of Octobe..
s7.14.n..-,
exz.J.ct aate to bw fixed -b-/ the Chairman, avid tat
the
tie meet-
ing the subcommittee would rcca mend that th,. Corn/sit_ on shoull
hold Lict.:ti7-4g8 and conduct hearings in di.ffercnt sections of
this
C OLLI-Coj'Y
lat,c fall and ainter.
`41ie following statc.lent Of
alone of tht: subcommittee
-iven to tho pross:
as
i•iroccedings of the see-
1.C. tiara.
the ,'Ilairman and
A si-corsimittee of tItc ration,1 'onctary Commisrion have
boc.n in :xu,,.ion ;_kt
't
lot,A 71ktsa for two das.
Tht meeting
was for Vle I,Jri.olle of arranging foJ: the work of the
or thG
'()%1 ducion L,rinv t;)e
Idriol: to the reneral
me(!tinc of tit: Cammicion
will t&ke placc in ';;as?lingr-
ton abo, tinc ri6d1c of lctober.
1-7 -svf.
-embers
4 f;11
A
flambe'. of
prp„f:,A1 uflocz Lhe oirt.ction
or ?roftsor A. 1. Andrew, were oub.titted to tici Co,rniszlon
in prOOf.
It
cx0(;cted t -at tit. r,
with rwisence to
:-(1 nonctr:(
; syz.tc-!sich arz.. under in-
veotir. tion by thc fT:oArlizcion
,dublication a
e'c,s and sf,aLirtics
iiLL
coA)lrAod and rcact,,, for
It i)ctobcr -Acctinr.
A :lubcov..iitteo was ap•ointed to -lake a personal examination in Canada of such featurcir- of t7ne Canaeian AyLte
m
as f- IL..ve not alr:mty 1-Pen covered b
the c;ottlAibsion.
The sacommitttie will cont of
chairman, Sen(.LLore
an6
7190
:ilabcorrnittt will vi 'it Canada
sore time durinc
ont
of
t Colrimifit,i on• who i8 to t;ail for
CHaira.riof
:v:xt w-ek,
complutu arranrc-lents
with refermcc to the :or' :;r
,10.; f:r c2ditiona1
in c,-(n
i.VrGtdand,
1.1rroYo und Titiil,.0.(o1ebenti4tive Wc:eks
'
.0r1.)/nVe4
he
,
tit investitions of
s,:Jtc;:l of Italy, and wi 1 arrelatinr
to ru,o:can :.tcris
mt.lteTrents .;.1rcady ciflilltd to thc Com,-
%lotion fail to cover all LI-q) infol-lation re luir
d.
It le tile
Lectiono of
? urpove of the Coin J.Jon to vi:At different
tin country clrinr tf,e lute full am
- ontinuC it:
iivt
tI
Liono,
wioter
It
‘• •41'
ff
At 12 o
13
ock, no on
. littee ct.djolrried.
boo !.
or
n 2(1 ay, A.11•71ust 1, I.. i09, the
Washington, D. C.,
Saturday, December 2,191.
014 40 40 40 4040 4040 40 40
pursuant
The Commission met at 11 o'clock, a. me,
to the call of the ChN.irman.
Present:
Messrs. AL7RICH (CHAIRMAN), Bunnaus, BUR4,
TON, VMS, HONYNGM, PINGETT, and 31111GBS8.
In the absenco of the Vico-Chairman, and an a
squorum did not appear, no formal business was tran
acted,
The Chairnau was authorised, however, to appoint
a sub-committee to consider the details of the Codification of the National Aanking Laws, with Suggested
Mange., prepared by the Comptroller of the Currency,
and to report the rtssult of their oxumination to the
Commission.
Tho Chairman appointed on thin sub-committee Mr.
BURTON (CHAPMAN), fr. CYKS, and Vie.
At 12 o'clock mnridian, the Commission adjourned
until 10 o'clock a. m., Monday, December 4, 1911.
404040404040400,WW
Vaahinp:ton$ D. C.,
Docamber 4$ 1911.
41111010WWM•MiegoWW
The Commission met at 10 o'clock, a. in.
Present: Messrs. Aronran WArmvAg), WIRMAND (VIM"CHATPMAN), Tiumuvrl, mmTrY, BUSTON, w7rx3, BOTTYNGE, PADGETT, and 17117nS.
Burtob moved that seven members of the Commission should constitIxte a quorum for the trunsaction of
buoinesn.
The motion was soconfld by Mr. lurgess and
un4nimcmaly adopted.
Mrectors of the National Reserve Auaoclation.
Mt. 'Nooks suggested that th3 provisions of
the plan in regard to directors of the Ni-wtional Reserve
Associ;iition be
Chi/NW 46
follows:
Theist the Bourd of Directors shall consist of
thirty-seven to be componed of
COMO.41001101111
(1) Seven ox officio members, one ex officio member being added to those already
provided for in the plan. This additional
ex officio member might be an additional
deputy governor or some membnr of the
Cabinet.
(2) 7ifteon directors to be elected as provided by paragraph 15.
(3) Tiftoen directors, one from each district, to be elected as provided in pars.graph 17.
Under this suggestion, paragraph 16 would be dropped.
This suggemtion was discussed at length and laid aside for
further consideration.
The Commission thereupon, at 11:30 o'clock,
14111
In• $
took a recess until 2:60 o'clock, p. m.
W404011,0111014010410
APTI(_R
Rynsn.
The .10.ln/so:ton reaesemblad 4t
nrefient:
p. m.
T.Ifesurr;, wiRTILT (C7A.r.;:lAr),
virT,IAnn (vTcn-
(7.A.11. 1,1A11), BU7ROWS, V0IT7Y, PANTI0Y17, 3UTIION, W777fr, WYTYITGE,
PADGITT, BURGagS,nd
Pnrmr::.
At tho suggeation of Ur. newingo it wau unanimously
ti.greed that the Bovised Alition of the nugcosted ?Jun for
Monetry Lciifaation be mti‘de the basis of discussion.
Thc ChzArman atut•id that it wao, his idea --
if it
ouldraQ-!t with tYle approval of the qembcrs of the Commission e-
that vith respect to provisions in the plan
Where there was no speciLil objection, immediate steps be
t,ti.ken to plc tl Olose provisions in thr hands of
perts, one or two from t
tat) ex-
'1ce of the Comptrollor of the
Triry Depurtmont and one from the nepArtmelt cfr• Tutice,
in order thlit the 1:44114to of Thu proposed monct , ry law
migh: bo properly framed.
The Ch4irvlilm further stated thio.t at the morning session it had also been decided that in thc .:11conce of u
vor4m, all decisions ruached aould bo tentative, and tht
any partioultsx provision might bn r000nsidertid on the requost of any laember of the Commission.
Won motion of Mr. Weeks it watt agreod that the
minutes of t,-?4, mtotinfs of
Commission btl tz“le full
and complete ." samethIni,
: similar to thta ,iuy the '
,
.!cord
im kept in the Jourman or tho Sfmt.te and the House of
RepresontLItivee.
The Comaission thw -eupon procuJded td flArthor axickaline
and discuso the propostd plan iuld t
followin:, subjects
weti considered:
With rGspect to the 'mount of AuCorizrA c.tpitil of
the Yational Reserve Acoociion
writad bo paid in
under the tuonty per cent provinion
Dividends to bl paid only on paid-in c!ApittAl.
Hr. Alrich stu.tud the nocoasity for
th
provision
0.11,101nds shall only. be !laid by the NAtionua Reserve
Annoci:kt!on upnn ettpltul lthicb )r,qm bi!cn paiJ in.
Length of elhrtor.
A )1mopoolt1on by qr. B.)ninge th,1'. the time of
thc length of thc c'hartur bo &14t1
44n not anctq)ted.
t;u4n fifty ye‘xs
Thoro oas eon2idble dticumulon as
to whether any provi3ion should be mude whereby the ohttrtor
micht be altered, amtaided, or rcimuled by Congrous, but
no conclusion wal rched upon this point.
Winimum
Tbn tubject of minimun capital 10.4
ext ocn—
idered, mn(1 while no iefinito conclusion w...13 racbed, tbe
oninion 'Pin general thut somo amount
probably t100,
.5.
should bc proviOed as the minimum with which
000,000
the Txtionul Reserve Anuociation might commence its
operations.
r7ontingent Puna fnr Impklired !'lur:aq3.
gubject fu.11
sion roched.
Vo definita conclu-
(!locunned.
1 icnum.LJo th,:x
no ivrit, should
flint! he 1Jsod for 114uation or ot)-01,ralue to stockholdGrs,
but ehould go to the United
:.overnmont; that fund
ihould not be a part of the book vialue of the L..tock; that
thd fund rillould not be moro tIlan 5 per cent nor 1e2a than
I per crsmt;
. !0 uhould bc leq: tl-an in
.2ercont4.,.
the c:Lne of ordlmtry bun:: looses.
Upon motion of ?Jr. Padgett it was agr, cd thiA,t a provision ahold be pltaced in the draft of the bill covtring
th
subject of a contincenl fund in Vhf. following 1,4nglaage:
the ellrplus rektches ;V) pr cent, a
fund not q;crling ,I2,1000,000, or the equivalent
of 1 per cent of tho capital may be roained by
mtlftt unexpected
th,
, bunk ac undivided profits
losses; and, upon the final dissolution of the
bank, dhall go to thc loverment, and dhall not
bc tn(!luded in the bok vluue of the ntock, or
Nlitnncy.11
xv ,
go to etoc):Tioldure
Holding Majnrit , stock of Banks which aro memborn of
".suerve Associfttion:
the 11:
7ubjec41. naly discuniod on the INAmis of a promvin 117 "rofessor Y./110mm or tYie 707tIlYf.storn
Univertsity.
nccision rouched to pass matter until Com-
.6.
rn1sa3ion should ht.-21.vo u.n opportunity to examine Profeatior
irlitlin...xn°
iiropoziti•:/n o
londs:
Pudgntt (ftr rtAding necticn 75 of the Reviucd
Plan) inquArtAci whethvr it was cnntemrlated to put an ex
r1
tax on the bonds providnd for :;.r1tt. 90etion ---
thekr are tc:
)crtual.
Mr. Al'4 rich informed him thut
it applies to the bonds sherever t!y aro and the Reserve
AszociiLtion is to puy that all
t 4me independontly of
the offnorship of tl.te bonds.
Atvroximate (1 pital:
Wneke sug(Teoted whettir the capital should not
be stal--qd at 400,000,000 inst,,,ad of
$300,000,010,
and
loc.n inl"Ormed by tho ah411-Aun thal, the I: lirlsed Plan
via r
only Lx framework or memormndlm and tt;
ahen the luw tc.J3
dr:Iftt! a ch4nite in the amount, in %lie opinion, should
be m:Ade; that t!.
- ere is a 71irlinum limitution but no latatimum.
C,Tital of Subuf'rtbing B1;.nks:
The Chulrman stated tt1.4t on uceoltnt of criticism he
had hedrd 1.)(33ibly th ,/ 1:ravirOnn for ix minimIlm capital of
425 000 might be too hich,
Ur. Vruoit4nd si.t.Acd that he
hLd heaY.d no objiction to it,
TruLlt CormiAnItis:
The ChtAirman waa of the opinion th;).t in vivii of sug-
.7.
goutions from the Truzt Suction of ts'ne AnricJi 13“nkru
should bn 4p1,211,;d tAlso
.
Associittion s the minimum of !,000
to trust companies .
Ur. 73urton ntated th4A. h
(1::.1r-,:!d to
considdr the quontion of the limitation of thu cupital
fJlly, but l!e Milout)t thut tlicre
of trust compLoi_ r
ahould bo a minimum.
Hr.
lat7s nf
Pa
,dfredtt
1
t4,'
aus no limitation in the
oorlrunf-s
rnileae as to tl-f, capital
have,
Payment of 3alance of 20 por cent subscription:
Ur. Vro ,lnd inquired us to tlif
time of the payment
of the bLlance of the 20 pr cent subscription providcd for
In ciection 1.
The eltirmn stated that 1-.1ts undorot,,nding
wtol 9:It no r'i.11(1 .
1111 In made for the 1.a.14nco of the
vftre large luanto taginst
ollbription,
cre.dit or impairment of the cApital of the Reserve k'
flOC1L1ttOfl
wor
tr. VreelAind thought thu.t th%ubfwribing
the4n
rdil.de liable for
of (.1eir stok by this provision.
Tho
‘Aricc th4F: amount
std that
no he undtDratood IL bunks coAdd not call for thtt additional.
10 per cflnt subucr49tion .or tht i.surp000 of Incrflasing
The discumnion of thl invmntment by bunks of their
elpital in 'eon." eatato was Da-ticipatd in by Ues!'4's. AlIrich, i3on, We, and 7adqett,
re4nhed tbAt
cynclon being
Invf:Iktnnnts of thin kind on the part of
banks should not bG 3ude.
.8.
T•%Arn of ,, ct rutinnal Roservo ADnocition
Trannftr
stock.
Mr. 76.1rton in commenting on section J, rel:Ativc to the
tranelferrtnr of tl,e rIllare of the capital stock of the
/uttvnal Reserve Annoeition, statA tiv4t no law would
be conntitiAtional wIll47 provided that they could not be
4.r;mcferred under pttrtieular eonOitionn.
Mr. Plvigett
culled attention to the fact that the provisions of the
Rk::vir!vc! PLan me - Ay prosnrilNIs the mode of trunsfor.
Mr.
Pcn:nge %greed withMt. Burton as to the uncon8tltution4Ulty
Of attetaptine to irovide t17.t ;110 trz‘nr could bo
c'toCK.
Paid up
Ur. Pildgett iswia the following suggestion for the
%m4Inement of section rb, rOdch
That the
a agreed to:
word3 "pckid un" noi1d be inserted befcre the word "capital"
wIl9rever it a;Thcars wItY, ,..,1frence to the oayment of divivor
it in stftted that tlAty nhull
rer—ive 4 per cent dividends thu text shculd road '4 per
cent dividends on paid-up capital stock;" 4nd at the point
whe-: the words "attar stnck)olders r9co1vft 5 per cunt,*
should be inserted . 1f, iords "paids.up ct4pita3. stook.'
The
purpoue of thiu mmundment is that there maa be no question
of conW,ruction 4.41 tr :01r 1 hcr divieenos are
on tIlu cuburribed W.of!
4Pr%
be received
or t're petid-up ntook.
Divi,:ends of Itockholdre, s1-411
u (ITT,I1ntivc.('It!ctIon 4)
Mr.
BurLen
Burton inquirod as to tha noanir
of 'hi t3ro
und Lr. Plmigott w1.48 ur the opinion that tho 71tApttor
711$
dhouId be (sxprensed more deflnitaly.
t1L
purpotie of Vic; *ro-
hi; undurstiAnding was tlmt
pr ,(; on
viaion is t.:(1 gluxantos to oubsnribtng b;inku
Y-% of th.4 o4rnings cf ‘t,ny ,;ivun year;
e *
44f:14-C•
I
By Ur, Burton:
Th:A, in his opinion, it is not best
ci t.i iritrple of thu IV.tionAl Reserve Aesocition
to
*ITIond
f.tr
By 'Ir. Alexich:
.rort
Thftt some rrovinion phould be made
z-7:atorution of the trtrplus whorl iAxtd.
it wctuld bp well in the final
3.! Mt. 3urgeon:
drt%ft of the bill to prcvlee a der-In;
limitation to the
Narninge of tLe ITticnta r!eserw, Arno-tAtion.
By Mr. Bonynge:
bfi mud() OOP
in'
Th3.1.
WYMO
rroviaion ought pouibly to
- Ilarkn t..c
of the
ownars of thoir n%ook, in orlor thw; oeubore of the Resort,
An3oni j,ion nay bo ..rotted.
Mr. Alrich:
That ft orovioion ebould be made pro-
hib ting loaning on MAtional Reserve A:moot:AA:ion otock.
By Mr. Aldrich:
A provision dhould he incorpor4tod
in alft final dref.Xt of tbiY bill th':et no
elan be cud-
mi%eld to tvymberehip in the Ilk:tonal. ..1(.10(2,ve Ak.;n0c14..tion
tit owns stock in any other bunk, nor shAll it hold
mtock in any other bank after it b,coomen u member of the
Resoryo Asnociatialle
-10
By Vt. Al.' 'ich:
Prov/0.0n sYoulri
stt4te bttnks shun htor
me‘de whereby
nit 1:!ri; thun .;A:4,000
puld-in.
7.3L;
Allrioh:
Provison for '..tmporary orgunization
of the 7Vi1oil3,1 Resorvo Aulr,cifttlon ehould be mude by
the nocr“:,...ry of the
Cammitaion, oonsiO:ing,
1:4nd the
TI%-as.ury, the Seorett.ry of Cow4wrc.
(omp.„rollr of tho CurroncY.
Thiv. 7ommienion Lc decie
r(c;-manont organi-
Rat;_cn iR eff”ctod, Q.-to question of the ilinitations of the
tt!IrrIt&ry of thti district ad •i1 anuccii,
,ttons.
Tho CommifiAtion thecupon ;cijourned .44. 5 o'clock p. in.,
Dbeembtx
until 10:0 o'clock, u.m.,
19ii.
WashingLon, D. C.,
Tueod;4, Docellb, r :5,1911.
The Caumineion
Pro. es nt:
k4t 10r60 OlebOCk 44 s.
7o3 r a. AT
Bir.IR
rlf (ON id itIkA10
VTIAND
VIell:-
f('):i.1, EEiTOf, wKr, 307,TYNG7,, PAGETT,
13'MGEns, and 'Pfli,TrIB.
It oas di)cidvd tliat there should be no ekiAnge made
In tho provisions of the Revisod Plan th.t the col5bined
o4pitu1 and surplIls of the 1:lemburis uf eu.oh loeta
tion
ftgrrogato nnt
0009 nrvl
.•
••
,
Al.:)ortionment
nr. iJ.rchsuiN444ted that k.‘
of the Jasociatians provided fur
tsection
shollid be
-11zde bj 1.1,-.3ctors of LIIJ Rttitrve Associii:`,;ion 4.rter a
permanont oraniztion 444n offcntnd.
Ur. Burton wnhe of
opinion, in w'fkiell c,1l pre,sent
ooncurrd,Lhat thc yxoyi3ion8 of licLion 7, excapttng
thu TUAtional RJat!rve Aottootti.tion f.rou stto and iccu1
taxtion shoulil
not
c,A-nged.
pt
provon bc
Vr. Aldrich tatggcet,ai1
rcul exte shoule'Jt; 'veld by the
'uLt the “mount of
should be liraittd.
r(A.41
kfw,C;Ciation,
A.a.c.trioh titai :do at.test iat ad
p.trp001:13,
C:X•
litia412-Vc
de thk4t no
eiltit1.0
hold by the aisuLcion
U. iIgttattext3W..ed that the
lt:mpolago 11,! puLlifictd
y truprting the worda "for b;tnking
purporwc.“
Ir. W4.30k3 .Jtatod th:A the Nuticnal Banking Law w4do
amplo )17*()Trimion us to mai eut,tuto huldina by 1i.A1:41a1
banks, and tragr,193tod that et. pray
-1(A) -tion7 1.3.i.rnilitr lines
drIcan to J.' ly tc) Ll'!u Nictioncti PostirvJ Aai.ociation.
Thin iL1i unwilnottolf ugreed too
24.
subTait to the Prflaidont u. fair
that tho
ntwfber of ranee fro:.
440a3oe
krtr'
1.0 +43
to at..ilect thv ,,r,ovtir.nor of the
tion.
Q::':,̀.c.nu!..N4ion cif tlita proFosit:Lon, it wit4s
1, 0
"no •
It ishoulo.
,fr. Ps.dgett SueiTested
the
(1.11
1".+
WolG
tilifit" Li
n'ith.r.
Wtu3ticro4Id to.
lint five the words
Athuw, Likvqvied, the
a.
In oonnuction 31.th
c
10 CL it$11
MOP,*firth.
rtf
,In)ctore of .Theica1kaiasoc.t.vitions,
of t!lc: '73o•ard of -
nator Burton rulavd tht; 4uuution
t.
Ti
be cumulative or "en bl:)o•"
on this point, b..xt tu2.am -tut--t
thc vote should
46.3
lame C.Actiasion
in thrt p:t.r;;Pruipli wan nut
elLtneed.
The Co::ritaniun the t..trion took a. rt:cara iAntil 2:O p. a.
MOWelossoWool0
44.g.3A
1111,"
Thu Co-nisrsion rowsoembled mt 2:60 p. m.
Pr•Itionl.r:
BtrlitOVS. momex o 3T).Trrit viv
eV'
IAn (viol:-
lie:ours. Air ITR (01fAIYIATT),
BoNINGEI and
9, 10, Lind 11.
k
It wail wiroed to providit t)..ixt the numbcr of 44.1.r,r3
of bnoiches ithould IA, fixed by tha bi-lavin of
but th:;',. 1;1,ere phould not bt;
tech
n twnlve.
Onu
of Vh13 boRrd 2114.411 L;J olocted by Vie boards of the locia
senc,claction12,
tibar ri,rt by tki
r;tock and
part by reprosentwAve vote.
24:1 and 22.
Agrettcd to w
2,1).
TiAz amendei sits follow, And as anended, was mkgreA.id to.
hrvAc olf,al
'.Nard
4"
be an auditin7 ce:-..r..:iitteki to
ni rlet arty, -••-x4 ‘.410”:,
the nflmbflrn nf t
illected by
its worabc.r (6xcludinF
xcutivo rIalx:.,tttoe) of . 111.0h the
S(,nretary of t -it Trop.i,roir,7 shoal 1Thiti nomlitittes
ublie report at
fatrall lnixt
:)nct
yettr.
It
..hority, not, only to ttudit, V-Iv: books of the
Ni.,•tion;;.1 iltfok!.rve Awloclittion o but of the bra,nclik:s.
n'Argurs ww,7ceted
th4t.
thc! 14.,crery of Agriculture
be added to the ex officio nomburs of 1.17r, hoard. No action
wan
1.r) on Thim sup:IN tvt.i on.
24.
llonyrw,:o nt.“7..ceited IA-at It blot •
tcrra of the Governor Lthu.11 be t:en yiir
that the
nd that he be
for (.74 -..91 i- itrit,mt for another tom.
1.:2r#
thrs.t it should be providod that. the
11),-!:,,,zty (My- rrtern fOlciLld be roolirlblu fcvr apr.ointrient for
uucrcItions wore agreed to.
26,
Bonynge stlestiod that 1,
. he .zin;sigfir of tv..ft br-Aoh
ihould btt
looated.
L rceident of the district in
iir1-.1r- Lnclel is
t, -4;41, 44-.3roed to, and this para r%rh was amended
by inanrting in th
thk.1 tworde °from
ucond line aftcr. ,the word
ict."
inttd"
-14-
Mr. Pupdget.t eugrested that aftitr the word *duties"
in the first line the following wore be inoortod *the
length of ocrvice to be nubject to rfnoval."
ani,nenent wun A.grcod to.
2J.
11..:fi3rring to the third
,ci.ritsriAph of oection 261
Stm'f.or AL!rich suggestfad
th.1 Secr(!ti4ry (.4% the
tht- SI:crfltary of rlomme:ce and L4bor t
(!amprolter of tl-,e Purrency b,o) w.Whorizod t
tho
,rovide tho
preliaimxy orguniziation of the NaLional Reserve Astiociw.
tion, und to dividfl the country into flfttion
Ur. TIJIget sugcf!stod
u.t it should bc If:rovied that
thf2 conl,ry 01L11 be di,tided 4ccordirv!, to geo;.“. .hical
Lod coinmercial conditions wid
banl(inc. ft.vilition.
04,
ütii
i1th ruco.rd to cxlating
These nuggitionu were ulgr(Jed to.
0,a, add 64.
Agreed to viihout c,hiAnao.
The Commisision thereupon adjourned until 10:0 O'clock,
a. m., $17Inceday, Docenber 6$ 1911.
01 ea ge
ge.....
WanhinLon, n. (1# 0
Wedneseay, Deo. 6,
.....041.10.00000W
The no totio:ion me c 4t, 1O:.0 a. eit.
'1W7MT, '11"r??".
PUrf,KtICe
BurRows, moN1Y,
71/VITOTT, BMW, and Pm(.
101(Acf.rs. ALMTrli (CHAIMIA77)1
Preclent:
of rain or Bullion:
Section
th
Oki
-mu% tu,ken up and agreed to down to
firat pornd.
With -rec1; to tho
of TIT*. Bonynge and
nr.
)art, it VMS the opinion
Turgess
be : -7ruok out, in order th%t
it the 'ord "gold" Whould
ithur mid or silver might
bing tha%
1)41
mcntion og fold
includod silver by ikiplici).tion.
The, r7.;.rmun said
vivion an
hin undnding ift4u the pro-
al.unds would no
pril.ont tht. bmying of silver
bullion, but mercly provided themmanncr in Wlich it may be
purchwutd, thfo, is, in Vic opdnirktt.t
.r
BLtd
that it ap-lind only to doneW,in
Vr. Poirton tho,kcbt that if tlly
it ethould be by uome such expresaion
um were omendcd
n the following:
"or silvcr when ruquired in the euttloralmt of exeh,nges in
foroirn countries.*
Ur. Prince wiial in ft'/or of letting the pararraph rutand
unwaqnded.
Mr. "1"dgelt, l'rufcr-ed to tl!,ve
et“nd us it oas un-
- lords "of gold und silver coin"
leas tl..o .
Ur.
inS0rted.
of ',Am ovinion thL t;. c,
Should bo 1,1ft aa it a7,,,rs in th
tht r!;.ht to 132:, milvr wo:v
Plun, unless
*10.
Bonynge favored the rsuggentixl anzmdment of W.
Burton.
It was finally agreed to allow section ;55 romain unumondod.
Rate of Ex6htingo betwoen the RituT. and
Weot:
A genoral dicuemion wan hiA4 on thin a%bject and
the Milirmun Was of Mit) opinion that After tho finza roport of the Commiaeion had boen rui.dc it might 1),!dctable
to coneif!er the tubiunt Aore fully
nilrin
the 'amnion of te t'ommission Son. T.,1L4;4;noe
0. Murrilky, Com,'rollmr of 01(1 f!urrrnoY, aprfiared to complote
arran ,Pnnto for invitinr It“,te B4nk Supervieors is.nJ
Nationll )4211t 274umtnors boforr! tho (.7omilienion for the
purnotio of f..onnult4-,ion on 1.1.
evleEition of IvAnk oxLminme-
tionn.
Thc
nh..amon lwith
t.Lrrov141 of the (70,T;l1tinion,
rtquested lLr. Vurriv to col.!unicKtc with Mt. J. L. Vohundro, tnttirman of
A3000iv.tion of lupervisorn of
Statu &J)ke t invitinp *4, !ri to ,t-:.,c,4r cn Thlirsday, 73camber, /4, 1411, and to ailkti thu nooeery zsrrangments for the
Kttendmnee of the Notional 734nk Exam/nut".
It was 44160 deo'40ded to :..nvite two or throe of the
loading bc.nlvirs of tlie ocuntry to
,rtiatint at tt'c :(ame
time tho St,4uu Supervisors and llaional Bank Ex4sminers
avoared, thu selection to bd :abide by the nNirman.
-17ETho Commilision theroul.on took a reces4 until
WM ell 041.....
o'clock,
011 OM
.(72.r.
P. E
'
S
.....004111
S.
The ro:noilsnion t-0,ftmlemb1od Ltt 2:30 p. t.
Mommrs. :vr.nr!TaTJ ((laA:— Ar),
Prelsent:
,ON)
•
1frM177(
Bin
113:1) (VIM.
PATKarT,
BUTiTON,
1111:C3,
36.
It wt..,s kcsruett to insert 41011er the word "nocesAtry" in
i•?1.(1 fift"sth line the words "in the dincretion of tho
^crotary of the Trtiaeury., Yr. Vreuland sand flem..tior '3t
1,11d tolontion ars to the modninps! of the words
.on
" zii3/1 bal
•
Doti
t inolude truet, funds'?
It wAtal eicretod thict it
dt!ollir4bic to look into this
une also find out. from t
ocrtAtibry of the
Tr9d.c.,.zry ho-cs raany t;r1tait. funds the.-t are in the Trtei.sapiry and
whettmr tey ttre '!.rtipt
.;i!..rate from Ow conort-41 funds cf
tht) Tr,:4nury.
37$ 36, 39, awl 40.
Mr"....od to without 0.,,itstge.
41.
Thm-e yea eorm..df!rlblis
1n
,J.ft to viettllor the
go inis p4i.r.t.q.;rit.ph ourricid out the intention of
-18Senutor tddr oh, nwat.tly, to idalcv.: 441.no
tei of d ocount, of
t:he lik4tion:A1 Reserve Aceocion auprior
of tht; ntwIriAl Estates.
oravr:.ph
to Lhtlsry
:Laos
Mr. Vlcine augeated djult the
F.;:abndud az foiowEl:
"The nui-lom.J.
socltion shall hi.ore autIlw-ity to fix t.
As-
rates of dis-
count from tirx to tine, which, when no fixed, eitil be
?ubliqhod, 4.,n1 3:bA1l be unif;)rm '0)nototthout the United
St;.- .teu."
The pr4:raph, aa ';hup,
waa agretid to.
42.
Thiz parugrfLph was aniinded by ff%riking out In line
threl the wordssto t4 limited =ount;" by
intserting ft
'oonma* after the word *bank" in line four; and by
libr,titlzting the worr! "%cectra" fcr thv word "hou
ses*
in tlp; :1,:143 line, uqd uks tevindod 04e ocreed
.0.4r4.447t6ph waa ivat:nd d by Inc,Qrt,ing
A
"ochatauft
tl:'c; word "bond n" In line 1,wo, ti.nd bu unb-;tituting
the rcrd "illso"for tile,vord "40 in
amcnd1:6,
3,Ame line.
Aa thus
troo:ruph %quo agrw:d to.
44.
W43 ..:rofte to.
4p.
Th.3
wfx Liendud byb.41) ,ItuUng for the
word "auborribers" in line two thJ words "euburri
bing
131.1k3, tLri
by
,t,ri'Aint,o
n 11n
:ur
rdo 'in
P.-ance, or Gunny," u.nd by sl-,riking out the
word "ot:.." In tl!,-2 f3ame line.
ATI
tIVA
l a.r‘4,40
r.phg:1 :v7rf!ud to.
46, 47, 46, ;aid 40.
Agr:;c,J, to without elianiic.
Whereupon the Corulisalun wi,uurncid to 10:J0 o'c-Luck,
u. m., TburIld4y, DF,cembor 7, 1911.
Washington, T.
Thuradiv, 'nuec$mbar 7, Jill.
.0.0.0.0.00•
The
COr.aai ulsi on
7.11'‘Jetlni::
:JO a..
Mooned. AL
71e
ctr...esw
(CILAIINAIT)
mkt
VrLY:1(1,1, ;101,Ti11GE, PAY1ETT,
BUR07.,71, ‘And
,^
,
tv e
p‘,„nwrzLrYI,
i,riwav
arrned to juot ktn the
se!Itnion Ajoarned
nuostion r
wau roconeiderod.
Vr. Burr:fuss •,-;4,
At te
Icrw dl-equston, it
agrd to raw. %Itt)t.e 1,1,. word "riltbricribori fcr t.he
word "ns.ldionall ln lino
to
of thoftr
:tny;raph t (aid
strike out 01. word "rlionuis 11 the. tIlird lino of
the uocond
Mr. .t?t,ku
4 4.
‘vt frovided th4t instt)glai
of 20 pur cent, 1.1m :AiAximam amount of Ntook htlid by any
No Agreoment
ono bank ti1-icu1d be fixed at 10 per cent.
Gn thifi buggention.
A. Ivn
Ur.
akf3d if t)..(; qemntion
of110
bunks to aGt
si1trred of
or_netl
abro4d.
:Lt, if :p,c1
Mr. Al ric))
to du
b12notiss outside of Vic: Unitcd gti ten throurY 1r7,nnYos
and di!rv.roy
it .i.citv..,„..nyctive the bL.atk lit
,1..,-mcy by re.;.,on of _.; forcrign ot.:rions.
mum an st.us::ed the
it6
Th4
pii.rivr;ru,ph 49 in re1t ion to the orc.:4:11-
alatIon of foreign bank° would hior,: to be t1abor4tvd in
grt dci,J.ii; that the provision
M€iaulot.,nt
of coita1,
cf ImA w(1(1 ha".
41-
"4
metbodfs, of doinc busingsev, ctc.,
I1...r.,11:t in referred tc the nom)troll or or
etc.
t)-e ".tr, qc7 %;) '.:crk out 1;11,;., letedis in reportinc to
..ry.
gre38 on tht Uth of 3'..tnur.
It !:Aght ho etated tA‘tit
the clftilvd ort:(LAtion of thoole forei-n banks would
be uubzuittod in ,% supplementary 1-.1port.
0.
Vt. Bonyngo augrtirted thut sections D9 and ,O
dhould not he mhde po.rt of tho olun, but should bo coported 5f-taro,te1y.
4nd nt4t,.:(1
Tho, rniatrman opoosod thin suggestion
0 -reat17 pmfercuo lnoorpori.ting thrise
tato purailr.The in tho plan and !'Pport.
euanion, the menti=rt. smed to bE
Should ho Ind,ided An 1-.!
)
Ul•
th..
Aftt:r samo di
theme subjocts
rvirkrri,ph 50 was Traspod ovcr fc,r tho 2r63ent and the
hr'ina.skad the. Ivrtabere of the Coltmlviion to =Itudy
1Nr.,kd by t.,11
thisi‘caphlet rocer4.1
aonetflry CommiazIon
contining etat,rt eecurd by the ComptrollTx if thc
..he
ncy In re.r d te t.v1ngs Dep o el.to of Naas and ,
i
3ir
.?r,171.1. tt,cd to loan on re::4.1
11,411r1 to b
"3•
At 12 of etl ock, merIC an, Vie Conuti ant on took a
3r1
ti
so se......
Mr; ConmiscAon n-Pr
.130"*.TONs,
:
.1 .
rlf
.1. '41
•
'
e,
Elrrri• it.
rrTrII ,
AT'
,
C
pc
m;T T.
• 'ii),;Ts
, and
:ov;r,
(117,
51
W. Burge so culd Sentor 11!Irton re4itind t)io queacion
us to the wiudom of making the nota of th6 National Reri,Avtiluble for tha rotwrvos of bumks.
isrvo
Aftr 4omo Otelassion this volition, bbt the riut,st of
1.Asned over.
Mr. Tiurgeon,
54:
to,
111„0
ovo,r
r5,11u03t cf
Vrf:land in
order to exAin', furthor titc t;.0 LIAth of time time
C,(1o*1tts muat not be a1loa,'0
hu
bofore the
-22t!me sposeiried without ZJO .luyst notice,
54.
WAR p4s8ed over for f11 ,-chcr dizcuosion
congsidt-
t1on.
55.
Tt wan agreftd tl --,
(!nd the pm.0,
.
parar'rnph to r. ad 33 follows:
Itm!es of this
gia tmn shall
1 :viod at
he
rsitl cf 1-1/2 no- "Pit vIr Annum.*
It /a-1 Nrther tv,.,r3od th.
thc provisions of pr44,raph
68 shoJ1,, bn transponed and annoclIdatod vrj.th thosol of
5i.
NgroaA to.
:)6, and 59 on 4,1v, oubj4ct of reports tour,: p,!ssed Gver
untl
cortfortmclei with tho Con”trollfw of t:!;o CurrL:ncy
wid the Stuto BiAnk SuptIrvisors,
50.
Agruffd to,
61.
In th
next to thw 1,tel
line of this para. r1;ph it was
ptnod out that tho word *proortionn.!.ely" ,.stolad htvi: to
bu
r:t'cf.!d out to a 7,0fini%* figure) in Lilo act.
sui;g”dLion, Lhe p...1-46r4ph 1Mz
821 6,
Intll this
i,"rtd to,
nct 64 ugred to.
66, 57, 58, 69, 70, 71, hnd 72 agrut.d to
68.
An b,:for
tm40d, this pu.rugraph i..1,:no1 oe'ud und
-23..
incorpor,tted in in,;.ra'r-t-ph 55.
33.
Referring to this purkTaph, it wam agreed at the
su-ction of Mr. Padgett to add the following lanrmage
at the end:
"or for failure or refusal for 30 days to
comply with any of the provisions of this act.
A sus-
pension fro* a local association should op,: ate as a
suspension fro4 the privileges of the National Resrlre
Association."
Whereupon the Commission adjourned unitl 10;30 a.
m.
Friday, Ducembor 8, loll.
Vo4hin7.ton, n, Cop
Vri(14Y, December 8, 1911.
410,
00MAIPOOM
The Cohrmiss ion net it 10:30 a. m.
Pr9!sont:
Vectors. AT,T7.trrI! (C1iAD-NAN'), VRNBLAND (VICE*
I3TP1'014, TEMS, BONYNGE,
ITT!),1").nvrl,
ar-T
.
. . •"
P""r7f1:44
and
T"
T
rkn.
'
7.i.„ and 73.
ir;euorsion Lock latt.f.e rogLtrding the
A
inL• to United 11; a4;os bcacts, but no
r,41
oi.ril. -r;,phs
t.ngtse were m k4cle
in them.
14, 1:), 1,5, I?, and Id.
The ChLbdrman aed Vr. Woics for hia i.ropoaition
rgardini;; tho diectors of the Nationba Reserve Asnuclution.
Mr. Weeks 3tu.!,(10 hie ';)ropouition verbally and luter
in writinj
AO
follows:
E':,r Offloio Dir.,cters:
Thh, Sean:, .y
of the Treaaury, the! Ficcr(!try of Commerce tiknd Labor, thu
nocrctriry of 4'i0- Icit1ture, the Comptrollt!r of the Cur:.:!noY,
Governor, and ntrputy Govornor.
7Pifteon difectors as elnetted in p4rN/Taph 15.
Pifteen di -caters as cleated in paratTitph 1
buviness interstn of the country.
front
The 1, t fifteen
nhu11 not be at the sum: time directors in other banking
ConeideriLtion of these p ropoaed e'unges w,z 7ostponed
until the sension of the Co.rniasion on tfonday.
During the session of the Commission Hon. Lawrenr)e
O. v;urray, Comp%roller of
ho Currency, Judge Oldham and
r'uinn of tl.o Trury Department, appeared to perfect
arratv!emnts for the drAfting of the bill to bft irlarlitt?d
to Congress.
These Wntlemen agred to coonerate YrtIn. the
Commisnion in dr.J.fting tIle bill.
Murray it qwas
rtid
At , hr: suggestion of Ir.
jnvite Hon. Holbert Knox smith,
eiommissioner of f7orpom4tions to act with them.
Vesers. lionynge and P4dgett we.
aH)ointed
fts
a cam-
mitteo tc :endr;;.. Evich ri.szistante tAs raa., be neceasary,
The Secretary was authorized to procure rooms and all
noedad clerical and other assiw,unce to work under the
direction of the reflntlomen in charr:e of the pre.p4rrItion
of the bill.
At twelve o'clock meridiAtn, the Commission adjourned
ntil Monday, December 11 1 rill, at 10:30 a. me
The' ccrualalsi. on met L..1,
P-ornt:
a.f.A1!
lie ourii.
) IMP'.3?0
":.r.C1:1 (MAIIII/01)
• 40.51..;1;
'310!.
Ia.
Vr."
, RoTpt:17.,
GETT,wid EURO.;
i c-rrAiln
bi.ated hi
rcg.rd to the
16t;iti;ures which 'mould bt! Included ln UL fin3
.1 report of
th Coaon.'AT.; stztted
nhould btLi4i.,-;1icE:J..b1t to
t;orlit. ...).onn in the Uri'. tcdfu'Lats wad
bt
bing in
the ;,13':riettri poople grouil :34.) inLor..:13;cd,
In
port
cLui:wlit)!*e. ws an 4,4•4.icnel1x, thu 'e might be
a.
tr,,Atmamt JP foi.eitm uxpL.,
:-iunoes,
.44
g en or
ci.on of the trea to be
included in the rtq,ori. undi.h
hundt%
of
Mr.
f; in the
the Chtairms.:n.
4tt euegt_3ted th“t,
rusolution bo in-
trod,mod in Congress providini thAvt.
the Commission shotad
ftj its f:.nua r,J4.ort, by .41,notAry 44::116.
No wAion
taken
on
F3Liggf;.baticn.
Burges8 rulisedA •
the ITolidtve.
,;11(,;:itical or,..djoiarnaunt. for
!lent.itaent ut:enLed to bt) 014t thisi
rninted
to be: balmy ehculd have t:nt: •.:reivilege
t while those who were
rerl,:iinin.6.r. 1, ti!,. city
oujriaet.sint, in the pn!)-(iration of
tb report..
At,
thil3 pint, nr.
Anr‘rew tfiln hae come fora t':e con-
ference of tne cc rnitite in clurge of the
drartinF: of
..111, bill, wtatud
the ColA.t.t.oc dealrfld to know Nit?'
*on thq ocl- tificute of crenization thoull be fil
ed.
It
was mgrood by the Commission that such cortificsle
be flitd with
*
Soilrotary of State.
• •
;-,..Lr,rd the que,ation as to whether it !S
noceary Lki .1A,0in tIlin bLet that the Governatk.n. Ii4ds
dopoairied in Uae Rov4i-vw ANEweic.tIon uhall bi held to b0
steney in ',11f, Trt:114.$1.1ry of thc Unit‘d Stubtee.
votion
TEic aug-
tto rofarri;ti tn t1t6 Conptroller of tve Currency
ktnd hir'om)ittoc, who t;.!-t drafting thi) lurfrusize of the
tr,
f,•
It
1r Lino
,A4d iwred tc W.rike OJT, tho words "r%;.411
4
;iunot1lnacrt in lieu thereof the. 4ordm etp.41t.:(ft3.
ranon o w and clan to et.4-1
ru%
following words gle;cropt
°!cn nc.c6 -Av.ri thu (!nvInent
"eKairs for
Purpoc in cA,1ca w're Vlore is no branch
nr tht 7/wtonhi Rosirw
2.
4t40 nattfanal
no queoLlon
Asqocip—ion e s
r‘lGod lhothor banks in tho
colonial poomessions of thc United 14:tnu cud bocce
aubscribing bunko cf tha :teservt Amfoclttion.
not to touch upon al:: 4uuction
It ifeas Agreed
n the stfttLtte in toms,
but the first ventencie of mertton 2 was amendod
follows:
rd.td as
*All mition41 banks, and all. oanAs and
panien (24rtercd by a 5!tat',
com-
f7...r-wo1y vi 71, the re-
quirtifInt3 fnr 1-, 1))nrnh1p herim.lfter set forth (Secs. 50-64)
muy subsc -ib- to
Atocl Alone
if.d vtock of the 1Ltional Reserve
.2g.
In 'am ninth 1in(1 of this action, it ciu.s t1,1so
to insert the word •itglict-in" :41str.,* th
to inrt tho fo11o4in7
rced
v..cr.•d
after
aords "5:4)44)1000,6
nd fo, truat corapany having ti laininun 004)11,01 of
"1.00•000•".
(1)
wro7
r...ovido
J •
e
firm, atse,t.Lon
thaft bk.:fort: carol/am the orjAnizStA(In of thc TV.- i.111A1
Reserv4 rksflociicn at 1o4st $100,010,000 of
oivpltal must
id in.
Tho citu.2! ii
41., r.L5.out1 tie to thc :
- xpenson of Ow
flomam.!.zsion which &cal rrovidc
tion oft
p7e1llini.xy orrtimizavi.
fluscrvk; Aa4oci.Ation,
th
f.sf
r!
shailb
dale. bs;
-alri b-,
tIllm connction, 11;
2aizsion in
no bLn.
.
ply
f.:11:61
*
4I
4 #
tl 0
by
alao :A.grecd tLat this NW*
cczaptlinion 4tr
ro7izi un
4groe4
1.'
,1--14strvu
%,61.41'4:tInt-. zlibecribing
r
11,A;i
munt see thitt
-44:1-i
of
t
t
p
to
ho do rte., cow,
tid-in
.
Whe:reupon the Cummiusien tk troce,64
. !Antil 2:30 po mo
411MareamessooDft
T1:.f77"
Thu (1cLazaia
Present.:
.k.E.TIAN)
on zato.
Ifen%ra.
4
"
••
S
O
p
(
'7• .;rr.;_ ,Y• 13U.11'01.4
Rig Ag)
ift .1
(V Lrn!"
TioNrIGN, r AntlETT• AI
and T3
G'"""•
49,
E., 14;ncth,y c.1160t.A315:1.011If:
!LI t
rt
Tv-vision*
lhoqld be .nc,:d in the statute as to the inlo
rloonAion
of foreign b.t.nks, .4,3 fur inatanoe, wbethor the layimm
cmpital, 3ay ft,000,0:)0, dhould 'oet fixed, whothc;r those
banks shoAld
r,noy
ryncLo tu ti)e lamptroll - (4f '.Ahe f7ur4.3;vezmd genorally by vildh tircvls.Lonu (.•fi the
%n‘irw Act i,,z; 4.4x4.find i&1c'bIs, etc., cAc.„
It 4t,43 agroad 40 rafar tii..4.t.t4Ar to
44
41cnG
•.,
r .11"
•
<
•r
,
-31.ift;,.liga l
•
drtet of innororAt,ion und recort. t1
LC) Irr(pl..Lrfi
emmo to tkie Co:4-
.1i 3;41:Ain.
?hl* uaction awl t,ten LAp and 4,1,',
4*
44
i 41-4
.;1k ,04,444111021
urrrr.t.ti to 'Av.! t,l,out
)1C
'
1
%.1.
0%
hI
r.
coedoe, tc. 1:;c:.kt
:
4
to:
C/
XIA - •
lit) Obium 4911.GYI pro'
tteile rrov_
had
bct.Inuoqu...,%1Jiisd 44na puused cArk-!r.
01
It
thft 1cti.:*,th of .
01.7.0
Congr-
•c..-ficie in
isocksion that
tzthoui.i
sf.cp.,4.1c cos,ve ;411.4 rignt
th4t
ulLer„ .4.- .1-/.4.3*, and
ank:nt.1 tlic; enartur at '%,- 14e and uf th 'Lon poir period.
gr. IrrbolLnd
Attiention tr, tht A
this suction, %/ILI oh r.:0.(ts as follows: wilif;:y
6, 117i-flee of
c,tnt of
•
3too4ui tma Nutional
4J1f,, cvAbscriptions to the
;1411 bf", ,,e411.1d in rmish; th%)\1.;...nco
Rttfv--1,
ilbrPrirtion will r.:eib.in }A liability of tl-le sub.
zmie Iih,vt he tktought it
ecriberc o subject to otal."
ntattt the oiroumetancte under
dcs1r1.4.1)1.0 the 9/;t44.ute:
it
/To furnal 1 -iinzqxge was4.72,-ded 1.111on s tr..z
be e:J.:Irt d.
wars at-ref:
ubnoription could
°tint
ell the rticlitionill
to In Al.. rUct "fr
collt.a‘jUes to so
71ur ray Lnel
ic1Uon1 tub3nription could,
dr?..ft tie etas,qte tht thiz
uw0, tItt obli';a4.1.one of
only 11., rt.111‘,ct *11-.‘7,n noccari
ttte vr-ttiertil
•
44,.;
LAI.Xit,,!:•
..• •
cp•tvAni,x;..C. -Ion for the
,-)rovir'e t:,e
Natiowl Rire Ansoc1.'etle .- 1.
traggcotion, i
wi
th*
;Taut1 that it xlit 'bu
Associ:t.ion shot.410! `Ge 1rutec i
•• • ..s•
k
di.'•121e.
di!lc..1:;Qion of this
-
thivt; tIltt rift.of_tin br- nc.lf.1o
iit,wft
:•:•1
to IV, SOM.
I
on to
nem.).
OA:7,1
.
t -:,
tho
Pm/serve
follows: 1 in Chet
t.ta; thr4o in the Fite.arn EtAtos, three in
the le;t1th.c:rn,Itat-ots; four in '1-2_tidUt WeeLtrn r144;tac.L; *and
four in thie Ifeetorn taad Pacific Coact Itx.tee.
Thereupon
lo 1.115:Lion
Tuescitv, nvearabr.r I."-, l 124.
lout-T.14;d until 10:,40 4. rt.
tzkvtri 4ILO
P10".•.„.
g etairtAt
Two
oi.zolru
r.
e
•
•cyr-rfi. !two,
otç'1ot.,
v Iva op.
3,anuradf us 01 ‘olti,31,
ptott.:7o-.
rrtv,
f.tollYar:
.
ottf.1 tyi • 1 MIT o
•
itocti
A
PIOt. ri to
44.ztopyliti616
(i
owns? ElAvi( C ALL
•
•
4
4•
e
V
, roi.) • C
urn.
t •0:
7OUTIT144;
lig;
1,.
.
111
tnj mrot: oct PT!'It
Immo
.14ttit • &AT
41/70t)fluy
kt7
;O
114)
UyT 7,1t1).
‘'*.r.; try.0
JUT 13V,.
",
Vint?•
03,:c0.4
.1j
tRO 1
ima.v..14,7.
Ur, II0"1'034: ri I Si
ci,Y) tte -17 ci
1)7
7.3rV
40 1L .o1 Vtit)til
rvizpiq11.11)V-, -.1..rvrifei
t
a.:4•Licoct
oc)
po 0100'2
A7c1 p
•0
,r'A. o141. i.•10
- T13 "`41r4T 1'41. to
,
„t;
tiO "1-'e YO
.0o.
14:.
4,.;.t'4)4
7C:
I .1,tI r:
11
uo
f
:;
.
:Tulip a ti:
•ii.M11"7.
tat4
is*T.-ry
30 utitfliotlb
ti Mt;
Tutu)t,
au*
1:1 T,
ialt% "
4 We
•
XIS trlUI
^i'-totrre.oiz c:
u 0, ri 4 ;-0 ,:rJ110
v
Tel
,
1101;)!'"erkz,..4. "Tr'rlfrf. °V
)
r
° C.
ritiC,
..t,Z1.9114r11 39
'
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•
tv)Ilf
L t!.
'
00
TtLet r'CT
111
lyttio *1,'
(4 7
irtiltSrre
-r-,1.1T
Gt
vro
r,-.4,2;
*r•itiTtOef ,'Itx.;
4
1 'no (1/#4r.rtrt
.
*r.
4
.11 IZO
ilviLerlu; :71111:- 01103
4,X 6n:tea ••„,,, •17.44
001,7f?
u:
():1 30
0%in,
**Li laso.
;.1.1olt t)attiv,,:to,1:
o•t.i-^,;
r."0.-titr3
*
9
it;)31.4,
ft'. • ,T
‘ls,O.I'r1;,I
'In
-Z.100 .3: f40,•14, z(ij: :470j
4
prxv. f",v'te3-i 1.0016(11111wt
,
t.1...
ç)s
1
ta i j1';
a 't"...trr
IATt41.1.
JO tt
.
tA • 41X
u
•
•
ortol:fo 'At vfho
Sacra tury
1.Lons.
1n
',elite to tihe
queatibn of cur:rested
the 'banking,
r1lit3,4:.;
.,•,,
onk.
'rho Nat t,()niid
of
fotttur.
tr1iv
asked to
WitLi
Yhlrc the hearing on this 13 ubjcet :)ce .;t4.4),)noo. for Ulf:, rewson
et htton con; ittiast,„
ectxl. iondat,•Lona of the T'oport-icnt had
A
r0 Mai :
and the
°‘37.T-lip,,...i.on iec.ded to tatkiQ the
r ;,.
s teterat on on deC.netieN- r011'Lnr I "
of t c 1zlt
that.
s
••••
0
o.;
:r
Tti•
Rofinno.,
4'0
f.1
7,a. ;
•
Thoy
6(.11 t.
t1.1.LJ)
.,f
•
"at
llicago, to be
'4.1.n1,
;
'Willa&
:.1;),tzta, U.
ionid.
qi,nk
"CV
zoo
).1 eui ant of the Arie rtcan
• 1 .e., nold
'*()
'• an,
.nttt.
;Ube rni
(sized thc
Association, -r e
k
ion
'J.
cintcsah, `11.ce-PresiCorit
of
rat,ioniu
cfctiige
f•
.!or•
tcbmt
(urrtk)1.t,(!nt
'•
JiflVi, tc the
ro 3J.COnt riocond
(q.
• l'netr,l,
t
Grfletrts of
t
"". Porter, '':'1e8.ict41/.,..1,
• Yer:ov. ?hot). ").
ton;
repro:Jen
tx,
co n-
oc Lion:: of the
in order th,..14
un
th
ng !rontitrlott:
:J;i10
o urrli t, ea of that AL;Oa ci • ion
oovQ
.be
.
nal
torabi*.re.
of five
countr:i
...‘etionce "h.ore at
Asisociat ion rtne surresto f*: 1,11c:
can • la.;.11:ors
:..tin
-
re tside.A of the
'`,tra.1.10:3.1..on have co.c;:-:kun Lc iLt c.:(1 vilth
1.'he
Ant
for further con-
iettor
•111- LeitV:11)
Ilk
:,nicore
, 'ont /nen U.‘1,
n reLf,ie on t. of the ‘
resni. .t that tins.
MO
anal 'lono
tat
d
rit.tostin.1)
cnd 3:11
t; to the act -.1 rksiLitri..,,tive :oaturt
on t.) i
It) -vc the 'in.(
med. for 1,11() 7.4owsort tct
tt1bJcct ..7u
- opartmcnti hack
t#113) 7.'
for.- ,a41
vilt..11 the
The c!cril:a101::,1on loom oorrlunit:it.
can litricers
OC
on p.n(
iZ1i
0111; ..L$.
Qf tiye
oottntr.;
Lahr',
rn est ;%.
0,14• • •
1
-.(rd
r0
tYcefr.),cern of
k
;.ibQ zni.:
'Iaan
,)
'
.*1 7at;Jona!
7.'Istalcioct0
4izt.a,Ui
trlAnsa
3f.titk
COB
piked the
Assoclittiontit
co
-c:
k1..4 ::5f (*.hie:we, to be
• .
nei
)re;,;).. Ont of the Icttk reLk.can
Iio1 fi
e-
-Ltre 'iniUkt:
14%;
;ALL on;.‘1.
t
They h,ve
e pre 4O
I.-xtt tt, Tttiht
.0
:leInto
"•
gall Fr A.y.i
,
t Or!
'
).1-01$ ident
r,
CO n"
Porter, "
- 2.•ealt1eut 1- 7}1.tr•. tool ‘`ational
den t
CUi.t
;.ori
'teal• T)7:43t1;,(1.on1;
;
;
mar?. 11(.1r(
(xi(loci to 1nvi Lc the /2.,t tere /ince of
i
71n•
7.,J.. Garman,
o
. CC t.,4()11:.: of the
t•ho v4Ahr.%Ltani L:
covfl i'eci b.,
the fol.3.0
•
Ct"1,110
In t.):#,..cler
u1d
nit1...14-.)n 'a banks
t,0.1.1;
1
1., /14 if thy,
';:1):4.,1(1
1.7)(y.r1;.t cc of that
that ti ine of the
Itt te,t.
cct.17:)c
ornr,
Lc'ittionon On
11c;
for fur 1,11c r
tor t
t‹) take tlic
anc
et bciln
L.
f
aiked to
1,1 rt;ttiav t Oftl1OU, who '4:kw • ,voluent
laws
the 1)ankirv
olL up this !Morning the
't.e.T. 71a
re gic ent of -ale
t that tine.
.mkors'
inental
,
(I fit
VNELSON W. ALDRICH, R. I.,
EDWARD B. VREELAND, N. Y.,
CHAIRMAN
',10Fet.14/1PirireV.4IPPWIPBPWirt
*of-JULIUS C. BURROWS, MICH.
beLGENE HALE. Me.
pre'PHILANDER C. KNOX, PA.
//SOHN W. DANIEL. VA.
$eggNny
VICE CHAIRMAN
le/JESSE OVERSTREET, IND
00454E0DORE E. BURTON, Ow°.
e a.°;"
NATIONAL MONETARY COMMISSION.
wol,OHN W. WEEKS, MASS
1
"' •
'ROBERT W. OONYNGE, CoLo.
iir'SYLVESTER C. SMITH, CAL.
M.TELLER, CoLo.
LEMUEL P. PADGETT, TERN.
KERNANDO D. MONEY, Mis.s.
jetEORGE F. BURGESS, Tex
JOSEPH W. BAILEY, Tex
AP4RSENE P. PUJO, LA.
ARTHUR B. SHELTON,
SECRETARY
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of th,) Taman;•1 Comrli!.t.) i s U. 7. 1.111:..t.), wftelinrv:on,
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of
thl Tr./4811r/; 1071. L. A. (114)3TTY11.11, keel IrAnt r.ho tt•)".,; ry
II
tahos Trletel)ry; Uo.
el rr1rick!';
Clirr.w.tv;
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THOM
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KICTEas ThIri4ty Conl troll ar or
4r. V. .7. IiitTeli .;;it Asni
Tut.: Cory: troL
t
ur: A; ,
1?.
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(if
orric ).
r
Prowint., #.1.so s 14,T,
followtrzl, offiaars Anti rot,r4e,int,;.';,.ivle or 1 %1
Amt)ricr‘n
Iitaftotret Assoc)
PJ.x.,, 3..01114 IL :it,i;TDT).7113, 7)ro mi.
.wall( fl re* As
(:1)
e:
..t
s T'r Ill clan t r
of
taa
.
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o 1.40:1151.41,i
in,: or •'ir. ART1fl7J
Cow: t tal
dim T., of 1„1?
D44
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1.4).in1'll, TowA;
• CiAr? es et-
of 0.4 7),)*
si d
00 r•
0
p.r;:11'
•
orlaci Dank, F:44.111104111 C; V, VA eno- ri
Mr. X. A. 1.:or.,*()D, V i.Q4-Prosi d;int
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NAT TONAL 1410,Ii4TA(Y COW/SSTON
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Washington, D. C., Wedntoidoky
Thseribistr 2, 1901.
10 o'clook a. re.
CoTrirti en ion miv. 1,ixrec1.4z1t.t
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full ournraent at the rooms
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rIAOTIG ; B. 1011T Mir0"1,
ITon
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01) Tvlasvtry; Hon. L. A. COOLTDT1, Assistant
thq Trqaei r-J; Hon. LAW1.147. a.; 0. ITURRAY, Coup troi.:. )1'
Ourr,ino:r;
Cu rrilno:r
TIT0143
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r. W. J. POWLAII, Assi3t.
Kr. V. V. 01,1)
t Pllitrt..
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roller I
Prit win , also, at tht) invitation
followtn.
, officiirs
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!.,11.i
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ItV"-OLDS,
of thor..1.can
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Tho
vr: Commit,
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.. of 'fr. ARTIIITR JITPTOT_,PS, Ch;tinrtan
-4tional Bank, Poe
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'Ir. X. A. voCORD, Vie )-Prasid:Int
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Hoop.,stown
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nois;
Bank,
and
r. V. COX, Ilresident of the
n9cond
-ational
Washington, D. C.
Also the followin: mxTibers of %h•: American Bankars'
Association:
Vr. 'WILLIKi. H. PORTAR,
Bank, 'Tew York City;
President Chemical 7ational
Y.tr. THOMAS P. RIM, President lecond
':ationitl Bank, Boston, "asaachusetts;
President Corn Axchange .7a.tionaa
7"r. ARN,f,ST A. ITA
ank, Ci'icao, Illinois;
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01" 1107T.
GTJORCIT ';
Secretary of th
MN
Secretary
coRT_ZYOU.
will be very brief.
B. CORTALYOTT,
Treasury.
.....as
:!r. ahairman:
shit11 say
At the mu,Aing of your Commission at
Narragansett Pier, whera your Ch;tirrnan ask Id
uo appear,
I pr,!sn:md v!ry informally soma suiyv.istions lookin..-, to
am :ndri•Ints of tAll
'Tational nankin?: Act.
re have sine: ex-
tended thos: somiwhat; and today I take the opportunit.../ of
tra.nanittin
tli<ri to you mor.: formAlly,
nd ha.v; asked 1.h..)
Comptroller and some of his staff to be her, so that..
3.:•,*
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