TWENTY-FIRST ANNUAL MEETING. 173 



the editor of "The Financial American." I have the pleasure 

 of introducing to you Mr. Robert C. Ireton. 



Mr. Ireton, who was the last speaker of the evening, 

 gave an instructive address on the subject of our currency. It 

 was a strong plea for greater interest on the part of fruit 

 growers and agriculturists in the reform of our national cur- 

 rency by the establishment of a central banking institution, 

 which should not make loans upon notes and other negotiable 

 paper in the same way as an ordinary bank, but which should 

 have a large capital and be used as a central institution by 

 banking houses and trust companies in which they could hy- 

 pothecate the paper on which they had made loans, and in 

 that way secure a large amount of extra currency to be used 

 in times of stringency and panic. In other words, he advocat- 

 ed the establishment of a reserve bank, very much upon the 

 same general lines as indicated in the report of the Mone- 

 tary Commission appointed by Congress some years ago, and 

 the conclusions of which were embodied in the bill for the re- 

 formation of our national currency known as the Aldrich bill 

 and now pending in Washington. Mr. Ireton claimed that 

 the effect of the establishment of such a system of reserve 

 banks or of one great central institution w^ould be to secure 

 greater stability and save the country from trouble, loss, and 

 inconvenience, which arises in times of panic by the inability 

 of merchants to secure loans. The currency is the poor man's 

 question as much as the millionaire's. 



The Toastmaster: The hour is late, and we have fin- 

 ished our program. I will say, however, before you go that 

 the apples upon the table were put there to eat, and if any of 

 you want an apple take it with you now. Good night. 



