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seven of which indorsed these principles, and only one of them was from New York, the others being from the West.

I believe that the sentiment in favor of a central reserve association, or a central bank of deposit-call it what you please, it makes no difference so far as the name goes— is a growing sentiment, and that in the very near future we shall have something embodied in our laws that will aid us materially hereafter. Nothing has so crystallized as this central reserve association idea. Everything else that has been discussed has died out. If we want to live in the past, not advance, not be up with the times, we may yet go through the same experience again that we had in 1907. I think that the National Board of Trade should put forth ideas that will lead the country. We do not want to follow until things are accepted, and then simply indorse, but we want to lead. We want others to indorse our action. That is my view.

I hope that the resolution as presented by Mr. TRUESDELL this morning, indorsing the action taken by the Monetary Convention yesterday, will be approved by this Board. [Applause.]

Mr. F. L. HITCHCOCK, of Scranton.-Mr. President, I want to say that it seems to me that our action in adopting this report will be just and consistent, and not otherwise.

The monetary conference of yesterday was a subsidiary body to this association, appointing its own committee, and upon that committee I think were nearly all the members of the Finance Committee of this body. That committee met and thrashed out its work of formulating this report, in connection with some other gentlemen who came in, men I think of great ability. I never met in my life a body of men who, to my mind, were more able than the delegates to the Monetary Conference of yesterday. To this I must make one exception; there was one gentleman who was not in favor of this plan because it was premature, and there was one feature he could not approve.

In answer to Mr. WOOD I want to say, as regards this being a New York proposition, it is really, with one or two

alterations, the product of two or three bodies in New York. In our own association in Scranton I have the honor to be the chairman of its Committee on Finance, and we have been at work on this subject for something like a year. At our first meeting, having before us a lot of literature on the subject, it did not seem possible that we could get together on any proposition. There were present the cashiers of five of our national banks and of two of our State banks, besides myself. At first it was extremely hard to agree upon anything. But after two months' careful study our committee came down practically to just what we have here to-day. We did not go into details as the New York associations did, but we have practically recommended that same thing.

Personally, I want to say that at first I was utterly opposed to a central bank of any kind. It did not seem to me to be practical at all. One of our strongest opponents, however, came and said that after studying this thing he had come to the conclusion that we must have some kind of a central association. He wanted a clearing house. Really, it does not make any difference what you call it.

This proposition simply calls for a central bank organization. Senator Aldrich says a central association or reserve association. They all mean the same thing.

I thought it a singular coincidence that after all this discussion of the question our committee should have reached the same ground as taken by the gentleman who spoke yesterday and which was announced by Secretary of the Treasury MacVeagh at the banquet last night. The work of the Monetary Conference has really relieved our committee of a great deal of work, because we have had the benefit of their advice, and we were there and took full part in the discussion.

Mr. HOWELL E. ENGLAND, of Wilmington, Del.-Mr. President, I want to say in this connection that the Wilmington Board of Trade has had this matter gone over very thoroughly by Mr. JOHN S. ROSSELL, who is one of our best bankers. We came down here with his report

feeling some trepidation as to whether we could have it adopted; but when we met with the committee and went over these matters it was with exceeding gratification that we found that we had practically the New York idea and found ourselves absolutely in line with it. So it gave us very great gratification to subscribe our names to that report in such good company.

The question was called for.

The PRESIDENT.-Are you ready for the question?
The report of the committee was adopted.


The PRESIDENT.-Mr. FERNLEY has a motion of privilege, which the Chair thinks the floor will grant. He rises to that question, which will take only a moment.

Mr. FERNLEY, of Philadelphia.-Mr. President, I desire to present the following:

WHEREAS, Since the last meeting of the National Board of Trade we have lost by death one of our most valued members, the Hon. W. W. FOULKROD, member of Congress from the city of Philadelphia, and at one time President of the Philadelphia Chamber of Commerce; and

WHEREAS, Mr. FOULKROD took an active part in the development and the work of the National Board of Trade; it is therefore

Resolved, That the National Board of Trade offers its sympathy to his family and to the Philadelphia Chamber of Commerce; and it is further

Resolved, That the National Board of Trade feels that this record should be spread upon the minutes and a copy of same ordered sent to his family.

I ask for the adoption of this tribute.

The PRESIDENT.-Gentlemen, you have heard the tribute offered by Mr. FERNLEY on the death of our dear friend Congressman FOULKROD. Congressman FOULKROD was one of our staunch supporters, a delegate to the conven

tion for many, many years, and a man whose whole soul was imbued with a desire to help his city and his country, and his death is an irreparable loss to the whole country. The resolution was unanimously adopted.


Mr. MAXWELL, of Chicago.-I was very much shocked, Mr. President, on my return to my club on Wednesday evening, when I happened to pick up from the table in the reading room of the Cosmos Club a copy of the St. Louis "Globe-Democrat" of Monday morning, January 16th, and read of the death, under very sad circumstances, of a gentleman who was some years ago quite an active member of this organization-Mr. Henry R. Whitmore, for many years connected with the Merchants' Exchange of St. Louis and with this body, but who for the last few years has had poor health and for that reason, I take it, has not recently attended these meetings.

The PRESIDENT.-The Chair calls Mr. MAXWELL'S attention to the fact that the Merchants' Exchange of St. Louis is not a member of this body.

Mr. MAXWELL.-But I wish to refer to the peculiarly personal relations with our work that Mr. WHITMORE had, The PRESIDENT.-The Chair will rule in order any personal reference to the death of an old and active member.

Mr. MAXWELL.-It is a personal matter entirely. Mr. Whitmore has not been actively connected with the Merchants' Exchange of St. Louis for some years. His connection with this body was brought close to me because it was from him that I first received a copy of the proceedings of this organization, which contained its report with reference to National storage reservoirs and the reclamation of the arid lands of the West. I have that volume now in my library, with his autograph, which he gave me at Wichita, Kan.,

when the Trans-Mississippi Congress was in session at that place, and for that reason I have a feeling of great affection for Mr. Whitmore in connection with this organization.

So I move, as a personal matter, that a resolution may be adopted with regard to Mr. Whitmore, as follows:

WHEREAS, Mr. HENRY R. WHITMORE, of St. Louis, whose death occurred on the 15th instant, was for some years and until failing health intervened, one of the active members of this Board, and was, more especially, deeply interested in the advancement of the National irrigation and forestry policy so successfully advocated by this Board.

Resolved, That the National Board of Trade offers its sympathy to the family of Mr. WHITMORE in their bereavement; and it is further

Resolved, That the National Board of Trade feels that this record should be spread upon the minutes and a copy of same ordered sent to his family.

The motion was agreed to unanimously.


Mr. TRUESDELL, of New York.-Mr. President and gentlemen, the Committee of Eleven, appointed at the first day's session of the National Board of Trade to consider any plans that might be submitted to it for the enlargement of the work of the National Board of Trade and increasing its influence, has been able to have but one meeting. At that meeting, lasting two and a half hours, a very able discussion was had as to present conditions and what might possibly be done in the direction of enlarging the work of the National Board of Trade as it now exists. We are at present only able to report progress. But if I may be permitted to add a few words, I think the feeling is common among all our members that the National Board of Trade is failing in the great purpose of being a representative body, We all of us desire that in some way it may be brought about that we shall be known in this country as the representative of the commercial bodies of the whole country

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