the duty of the United States to see that those banks are practically inspected, and if once in a while it makes a mistake it says, "Here, we will accept these notes," and it ought to accept them; but it cannot make any loss, because it has thirty times more than it needs to pay them finally. [Applause.] [Cries of question, question, question.] THE PRESIDENT.-The question before the Chamber is the substitution of the word "accepted" for the word “adopted” in Mr. SCHIFF's resolution. Mr. SCHIFF. If my resolution is amended so that it reads accepted instead of adopted, then the motion to adopt the report is not before us. THE PRESIDENT.-The closing part of your resolution, Mr. SCHIFF, reads "that the Special Committee be instructed to make recommendation at the next meeting of the Chamber as to the disposition to be made of its report." Whether that is the Mr. SCHIFF.-Yes, that was my intention. disposition of the Chamber or not I do not know. If my motion is accepted by the Chamber, why, the report is not adopted. As it stands now with the amendment I would vote against my own motion because it does not adopt the report. THE PRESIDENT.-I will put the question. Those in favor of Mr. SCHIFF's resolution as amended will say aye; opposed, no. The resolution is lost. Mr. SIMMONS. Now, sir, I believe my motion is in order, which is, that in the opinion of the Chamber the establishment of a central bank of issue by the United States Government would be at this time impracticable. One reason why I make this motion is because of the wording of the report. You will find on page 23 that the Committee says: "We have deemed it best to select from each of these classes the one which we believe to be the best. If the country is ready for a radical addition to our financial system, we believe that the world's experience proves beyond question that a central bank of issue controlled by the Government ought to be established." That is a radical change. "If, however, the people of the United States shrink from the creation of such an institution, we believe that the wisest alternative is a simple measure enlarging the present note issue privilege of national banks in such manner that their right of issue shall not vary with their ownership of United States bonds, and under such conditions that the retirement of their notes, when not needed, shall be certain and automatic." The Committtee itself states in its own language that this measure of establishing a central bank is a radical one. Now, is the Chamber of Commerce prepared at this time under the present oondition of the public mind to recommend to the Government the establishment of a central bank? I think not. I therefore move, as I have already done, that in the opinion of the Chamber the establishment of a central bank of issue by the United States Government is at this time impracticable. STUYVESANT FISH-I second that resolution. And may I add a few words in doing so. I would object, apart from that, very seriously to other conditions stated in "a," and those are as follows: Where the Committee have recommended that the stock of this central bank be owned in part by banking institutions and in part by the Government. That I would very much object to. Then I object more seriously still to the other provision, that in the management of this bank the representatives of the Government should be supreme. Why, that would make a Government institution. My understanding is very clearly that neither the Bank of England nor the Bank of France are Government institutions. They are private corporations. That sort of a central bank I should have no objection to, but I would very seriously object to a Government central bank such as this would be. [Cries of question, question, question.] Mr. SCHIFF. I am sorry that I have to rise again. I desire to express the hope that we will not act upon this report piecemeal. I earnestly appeal again to the Chamber that whether you accept it with an appendix-I don't say with an amendment--or not, do adopt this report if you want to carry anything as a basis for aotion. If you go home to-day without adopting this report, or without acting upon the impracticability of a central bank of issue we will have accomplished nothing by this meeting. If you act piecemeal upon this report you will not accomplish anything either. Mr. RHOADES.--I want to second the remarks just made by Mr. SCHIFF, and that is that there be no division in this report. I do not see how the public at large, whether it is North, East, South, or West, can find any objection to the report as it stands. It expresses the thought that a central bank of issue in the judgment of this Chamber is the most scientific and the best solution of this problem. At the same time it says and admits that in the present temper of public feeling the Committee doubts whether it would be wise to attempt the introduction of such a system. Then it goes on and says that it proposes so and so. Now it does seem to me that what the Committee proposes does not involve any great risks. As I said before, I have thought, and my Committee have thought, that the issue of currency with so many banks in existence carried a great deal of risk; but in connection with this report you will observe that there are means for prompt redemption, which does not now exist. The report must be taken as a whole, not in piecemeal. With laws passed to that effect I do really think that the risk is reduced to the minimum. I do not believe, gentlemen, if you appointed half a dozen Committees and they worked for years that they could evolve out of the present system anything more than this Committee has in its very able report. As I said before, I think you are to be congratulated upon the ability shown in this report, and the close study which has been given to the whole subject from the foreign standpoint as well as from our own, and I do hope that the report will be adopted as it stands-subject only to such changes and suggestions as after consideration by the Committee on Finance and Currency and this Special Committee, as they then ask to have adopted. Mr. SCHIFF.--I move as an amendment to pending questions that the report of the Committee be adopted. Mr. RHOADES.--I second the motion. THE PRESIDENT.--Before putting the question on that motion it is right that I should read to you a letter I have received from Mr. HUGH H. HANNA. He represents, I believe, the sentiment in the West on financial questions probably as well as any other man. This letter I received from him on October 26th. He writes to me stating that he approves of the report with one exception, and that is, he thinks that the tax on the first 15 per cent. is a little high, but that it is not too high on the last 20 per cent. Then he goes on and approves of the report, and thinks that the Chamber ought to act promptly on it if they expect to have any success in securing legislation at the coming session of Congress. I telegraphed to Mr. HANNA and asked him to try and be here at this meeting, and I have received this answer : 66 Regret unable to accept your invitation to attend meeting today. Am well satisfied with recommendations of Special Committee, and think it of the utmost importance that Chamber approve the same and recommend for legislation without change, provisions simple but ample. Very important to have harmony if legislation is to be secured. Action in next session of Congress should be urged." Gentlemen, you have heard the motion made by Mr. Scuiff, which has been seconded, that the report be adopted. All in favor of that motion will signify it by saying aye; opposed, no. THE PRESIDENT.-Gentlemen, the report is adopted. [Applause.] Mr. BLISS.-I move that the Special Committee be continued with authority to confer with Committees authorized by other bodies with members of this Chamber, and to urge upon Congress such modification of existing law as in their judgment after such conference as may be advisable. Mr. RHOADES.-I second the resolution. THE PRESIDENT.--Those in favor of the resolution will signify by saying aye; opposed, no. The resolution is adopted. Mr. FISH.-As the report has now been adopted, Mr. President, while it may not be strictly in accordance with parliamentary law, yet possibly a motion to this effect might be proper: That we now adopt Mr. SCHIFF's original motion; that we give an opportunity for conference to our Committees, and to other Committees, and the addition of some amendments to the report --the one which I have mentioned being among them, and I think you will find when you come to consider it that that is a very serious one because it was on that rock that the old United States Bank split, and Government control over a bank I think is a subject that you will have doubts upon when you come to consider it. Mr. BLISS.-I think the point raised by Mr. FISH, he will find, is covered in the resolution that we have just adopted. Mr. SIMMONS.-It seems to me that the Chamber has approved of this report in its entirety, but perhaps it might be more satisfactory to some of the conservative members if a resolution were adopted to this effect: Resolved, That the Chamber of Commerce, while approving the principle of a central bank of issue, does not recommend the presentation of the subject to Congress at the present time. The President.-The report of the Special Committee having been adopted by the Chamber, any resolutions subsequent are unnecessary. The Chamber then adjourned. The One Hundred and Thirty-Eighth Annual Banquet, Thursday, November 22, 1906. THE One Hundred and Thirty-Eighth Annual Banquet of the Chamber of Commerce of the State of New York was held at the Waldorf-Astoria, on Thursday evening, November the Twentysecond, Nineteen Hundred and Six. DECORATIONS OF THE BANQUET HALL. The decorations of the Banquet Hall consisted of an elaborate display of flags, banners, shields, golden eagles and draperies. At the head of the Hall, as a central feature, was the Seal of the Chamber of Commerce, over which was the coat-of-arms of the United States, flanked by the arms of the State and City of New York, surrounded by draperies of American flags, and surmounted by silken clusters of our national emblem. About this central feature was displayed an array of the flags of England, France, Germany, Russia, Spain, Italy, Holland, Austria, Belgium, Norway, Sweden, China and Japan. The fronts of the two tiers of boxes at the sides of the Hall were draped with American flags surrounding satin banners, displaying the names of the various States. At the end of the Hall, directly opposite the speakers' table, there was a trophy of American, English, French and German flags. Surmounting the Corinthian columns about the Hall were brass eagles backed by silk flags, and hanging from them were silk banners of the United States. This decorative combination added to a magnificent floral display, and reflected in the large mirrors about the room had a very brilliant and imposing effect. THE MENU. The design for the cover of the menu for this year showed a group of flags of America, Great Britain, France and Germany, upon a medallion supported at the sides by two figures, one of which held a locomotive and the other a steamship, symbolizing transportation by land and by sea; the laurel wreath which they grasp enclosed a cloud from which darted flashes of lightning. Above this was the American eagle with festoons of flowers, and at the sides the dates of the founding of the Chamber, 1768, and the dinner of 1906. At the base was a suggestion of the Seal of the Chamber and a festoon of fruits. The inscription read; Chamber of Commerce, of the State of New York, One Hundred and Thirty-Eighth Annual Banquet, |