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Resolved, By the National Board of Trade that Congress be requested to enact adequate laws for the reforestation of denuded areas and the protection of existing forests, especially the setting apart of what is known as the Appalachian and White Mountain Forest Reserves of the East, and other forest reserves wherever practicable throughout the United States.
Resolved, That the establishment of National nurseries for propogation of trees adapted climatically to the varying conditions of the country to be furnished prospective planters at a reasonable cost, and with advice as to planting and care, will tend to promote forestry with better results than now obtained. The National Board of Trade advocates action by Congress calculated to establish such nurseries.
SCRANTON BOARD OF TRADE,
Resolved, That the development of great water storage and power plants are tending to conserve our coal deposits, prevent floods, to advance forestry, agriculture and promote inland waterways, should impel Congress to adopt a broad and liberal policy with reference thereto, but where located upon Government lands the control thereof should remain in the Government.
X. WEEKS' FORESTRY BILL.
BOSTON CHAMBER OF COMMERCE
WHEREAS, The National Board of Trade realizes the necessity of preserving forests and of reforestation, and thereby conserving our inland waterways, preventing floods and erosion, preserving and developing our water power and preventing disease; it is therefore
Resolved, That the National Board of Trade strongly urges upon Congress the speedy passage of the so-called Weeks' Forestry Bill (House Resolve 11,798), appropriating the receipts from National forest reservations for the acquisition of additional forest reservations, as the most practicable means of aiding and conserving the forests of our country and preserving the water supply of our streams by protecting the water sheds thereof, and thus securing a more equable flow of springs and streams.
XI. CURRENCY REFORM.
BALTIMORE BOARD OF TRADE.
WHEREAS, A reformation of our Federal financial policy and currency system is imperative; therefore be it
Resolved, That the National Board of Trade shall by appropriate action of its membership endeavor to impress upon the members of Congress the fact that further delay in enacting legislation to correct the evils of our monetary and currency systems is both dangerous and not to be endured by the commercial interests of this country.
Resolved, That while the Board of Trade of Baltimore hesitates to suggest a plan of currency reform in detail, it does consider there is a necessity for the consideration of some centralized body for the regulation of our banking and currency systems under Government supervision.
XII. NATIONAL CURRENCY.
BALTIMORE CHAMBER OF COMMERCE.
Resolved, That the National Board of Trade reaffirms its opinion as to the necessity of currency reform and again appeals to Congress to consider the subject and endeavor to affect such legislation as will make the currency of the country conform to the constantly growing requirements of the country.
XIII. NATIONAL CURRENCY.
NEW YORK PRODUCE EXCHANGE.
WHEREAS, The central bank system, as shown in the publication of the National Monetary Commission, has been adopted by nearly all the leading countries of the world and has been found everywhere to successfully meet and provide for the varying existing conditions ; and
WHEREAS, The central bank system, if adopted in this country will provide a stable currency equally available in all parts of the country and responsive to the requirements of legitimate business, and will also, without taking away any of the privileges and powers of the individual bank, bring all the banks into such relation one to the other that they will be able to co-operate in everything affecting the common welfare, and provide such general facilities as will promote the interests of the business of the country; therefore
Resolved, That the National Board of Trade declares itself as favoring a central bank system, believing that it will successfully meet all the requirements of a sound National monetary system.
XIV. NATIONAL BANKING AND CURRENCY.
PHILADELPHIA BOARD OF TRADE.
Resolved, That the Philadelphia Board of Trade believes the following project for a Central Bank of the United States contains features essential for such an institution, and for that reason only offers it for consideration by the National Board of Trade without intending to express its approval of the formation of a central bank. WHEREAS, The financial system of the country is defective,
In that the Government notes and bond secured bank notes are essentially inelastic, because they do not expand nor contract in accordance with the demands of business;
In that the gold reserve being scattered and unavailable in times of stress is not adequate for the superstructure of deposits and notes;
In that there is no open market in which the assets of the banks in mercantile paper can be readily and without sacrifice converted into cash;
And that these defects can be remedied in the manner following:
1. A bank of the United States can be organized to do a deposit and discount business with the banks and trust companies, and to issue circulating notes secured by gold, high-class marketable securities and by short-term paper representing actual commercial transactions up to but not to exceed 66 per cent. of all approved collateral held therefor.
2. The capital of the Central Bank should be subscribed only by National banks and trust companies, with limitations not only upon the holding by any one institution of the shares of that stock, but also upon the aggregate holding therein by the banks of any one Clearing House Association.
3. The Government should have a sufficient representation in the Board, say, one-third of the whole number, to be appointed by the Secretary of the Treasury and approved by the President of the United States. The remaining members of the Board, one-third shall be elected annually by a majority vote of the whole number of stockholders, and the other one-third by a majority vote of the whole number of National currency associations.
4. National currency associations can be organized and can be used to act as guarantors and supervisors of the paper to be rediscounted by the individual institutions with this Central Bank. Certain limits ought to be maintained as to amount of paper which each individual institution and which each currency association will be allowed to rediscount with the Central Bank.
5. The deposits of the National banks and trust companies in the Central Bank shall be counted as part of their reserves.
6. The notes of the Central Bank shall on demand be payable in gold.
XV. BANKING AND CURRENCY.
PHILADELPHIA CHAMBER OF COMMERCE. WHEREAS, A revision of our currency system upon a sound and scientific basis is of vital importance to all our interests, and its full and frank discussion has been specifically urged by the National Monetary Commission; and
WHEREAS, One method of currency revision which has received serious consideration, and which has been formulated in several cur· rency bills introduced in Congress, provides for the issuance of National bank notes equal in amount to the paid-up capital of the banks and for larger amounts in case of necessity, and secured by the same class of assets and reserves which are now required for deposits and protected by a general guaranty fund and subject to regulation which would ensure their prompt redemption by the bank of issue and cause their automatic retirement when not needed for the normal requirements of trade; and
WHEREAS, Another method of currency revision which has received serious consideration would centralize the monetary affairs of the entire nation in a central bank, which would necessarily be under the control either of the Government or of a comparatively limited number of individuals;
Resolved, That the National Board of Trade reaffirms its advocacy of a currency system which will be based upon the following fundamental principles and ensure the following results :
First.—Be absolutely fair and impartial to all interests and to all localities.
Second.—Ensure at all times an adequate supply of properly safeguarded currency.
Third.—The volume of said currency to automatically expand and contract in response to the normal demands of the manufacturing, commercial, agricultural and all other legitimate interests of the country.
Fourth.-Said system to be absolutely free from domination or control by political or any other favored interests.
Resolved, That in the judgment of the National Board of Trade the above requisites of a sound and efficient currency system are more likely to be attained through simplifying and perfecting the currency features embodied in the several banking and currency bills, above referred to, than by organizing one central bank for the entire nation.
XVI. BANKING AND CURRENCY.
SCRANTON BOARD OF TRADE.
WHEREAS, It is generally conceded that credit stringencies, especially in the fall crop moving time and during panics, such as that of October, 1907, are intensified by defects in our currency system ; therefore.
Resolved, first, That the Scranton Board of Trade favors revision of our banking and currency system.
Resolved, second, The Scranton Board of Trade favors a centralized system, adapted to American conditions, and without prejudice to our present National bank system, but supplementary thereto. This central institution should be a bank for banks only, its main purpose rediscounting for other banks, and State as well as National banks should be permitted to subscribe for its stock and participate in its benefits. This bank should be a depository for Government funds only, deal in foreign exchange and be under proper Governmental control; provided, however, that the rights of the owners of the stock be fully safeguarded and guaranteed. This bank should have the power, properly safeguarded by Act of Congress, to issue to other banks its own bills or notes, based upon approved commercial notes and securities.
XVII. NATIONAL BANKING AND CURRENCY.
WILMINGTON BOARD OF TRADE,
Resolved, That the Wilmington Board of Trade recommends the reorganization of the existing system of National banking and currency, under an Act of Congress embodying the following general features :
1. The organization of a National bank, to be known as the Bank of the United States, the principal bank to be located in the city of Washington and a branch thereof to be established in each of twelve banking districts, into which the United States shall be divided.
2. The affairs of said bank to be managed by a Board of Managers, twenty-four in number, one member of said board to be appointed by the President of the United States from each of said banking districts, and one member elected by the stockholders from each of said districts; the President to appoint, also, a governor and vicegovernor, who shall be the chief executive officers of said bank, and the Board of Managers to appoint all subordinate officers and assistants.
3. The capital stock of said bank to be divided in the proportions of one-half to the United States and one-half to such persons, firms or corporations as shall subscribe for the same, the number of shares allotted to any one person, firm or corporation to be limited.
4. The said bank to issue its own notes, in various denominations, to an amount equal to its capital stock which notes shall be guaranteed by the United States and shall be legal tender in sums of not less than $5 in the payment of all debts and dues, public and private.
5. The said bank to receive on deposit from other banks and from trust companies bonds of the United States and of any State, Territory or city, and to issue its notes in exchange therefor on such terms and conditions as may be determined by the Board of Managers.