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NELSON ALMICH Monetary Conc:ssion MISCELLANY MISSOURI. R.M.Cook, Bank Examiner in Charge, Dept.of State, Jefferson City,Mo. Sends Laws, and will be glad to be of further service. PUBLIC DOCUMENT. FREE. U. S. SENATE. U.S. S. OHIO. laINTUCKY. W.R.Lyon, Chief Clerk, Secretary of State's Office, . Frankfort,4 1Cy. He sent corporation laws for Bruner. PUBLIC DOCUMENT. TREE. U. S. SENATE. U. S. S. OHIO. IaliTUCKY. Ben L. Bruner, Secretary of State, Frankfort, Ky. PUBLIC DOCUMENT. TREE. U. S. SENATE. U. 8.8. isosso" , OHIO. 7BY NA111: August,190P. LIST OP STATE BANK MAUINERS,COMMISSIONERS, ETC. AS SHOW BY LETTERS AND ENVELOPES TRANSMITTING PAMPHLNTS AND BOOKS CONTAINING BAKKrighjpS 07 VARIOUS STAlr. -4E1W •IMM. PUBLIC DOCUMENT. FREE. U. S. SENATE. OHIO. Is AL Appel, Auditor P. A„ Springfield, Ills. ...10.•••••••IMINanworm 1 PUBLIC DOCUMENT. TREE. U. S. SENATE. U. S. S. OHIO. Marcus C. Bergh, Cmmirlsioner of Bank ing, Madiuon, Wis. PUBLIC DOCUMENT. FREE. U. S. SENATE. U.S'S. OHIO. 3en L. Bruner, Secretary of St,Lte, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Frankfort, Ky. PUBLIC DOCUMENT, FREE. U. S. SENATE. U.S. S. OHIO. P., 7. Cturoll, ,fldo.7: of State, Dos oinc.7:;, PUBLIC DOCUMENT. FREE. U. S. SENATE. U.S. S. OHIO. W. S. Chaney, State Bank Commissioner, Boise, Idaho. PUBLIC DOCUMENT. FREE. U. S. SENATE. IJ. S. S. La OHIO. R.M.Cook, Bank 7acaminer in Charge, Dept.of Jefferson Cit.,'Mb. Sends Laws, and will be glad to be of lAirt7:cr Ix% PUBLIC DOCUMENT. FREE. U. S. SENATE. U.S. S. OHIO. 1 A. C. Croup., State omptro r Ta11alla3:11?, "la. PUBLIC DOCUMENT. FREE. U. S. SENATE. U. S. S. OHIO. X. p Dovirc SI •--I- 7.7.y.T..r..iner• Denton, !Aaryland. (Nothing published). f PUBLIC DOCUMENT. FREE. U. S. SENATE. U. S. S. OHIO. Abrallain la. State c, .125 Bailey Building, Seattle, Yasim. PUBLIC DOCUMENT. FREE. U. S. SENATE. http://fraser.stlouisfed.org/ .0Federal Reserve Bank of St. Louis 11. 8. S. OHIO. Clarence A. Evans, reptIty commissioner of Banking, Boston, Mass. PUBLIC DOCUMENT. FREE. U. S. SENATE. U. S. S. OHIO. Frederick Giddings, Chattanooga, Tenn. Publishes unofficially a compilation of laws; containing banking laws, entitled "Tenne see Statutes Relating to Banks & Banking." Name succested by Rean G.Polk, Treasurer o State of Tenn., Nashville. 1 PUBLIC DOCUMENT. TREE. U. S. SENATE. U. S. S. RHODE ISLAND. C. A. Glanie-, State Bank Tbutainer, P.O.Box 72, Provo, Utah. PUBLIC DOCUMENT. FREE. U. S. SENATE. U. 8. 8. 1 OHIO. Charles C. Gray, State Ahditor Insurance Commissioner, Providence, R.I. PUBLIC DOCUMENT. FREE. U. S. SENATE. IJ. S. S. OHIO. , ,Hay= od ^1,e •"7-2.1-11:Thrainer, C PUBLIC DOCUMENT. TREE. U. S. SENATE. U. S. S. OHIO. P. Y. Hinshaw, Strte 'Rank vaxPriner, Cicero, Indiana. PUBLIC DOCUMENT. FREE. U. S. SENATE. ., OHIO. Hon. Ildwin Yo i•.• c",ate k .iner, PUBLIC DOCUMENT. FREE. U. S. SENATE. U.S. S. OHIO. John L. Janes, Public Examiner, Madison, S.Dak. PUBLIC DOCUMENT. FREE. U. S. SENATE. http://fraser.stlouisfed.org/ _ Federal Reserve Bank of St. Louis OHIO. O1ierKrmdnon, State Examinev, Bismarok, N. Dia. PUBLIC DOCUMENT. TREE. U. S. SENATE. http://fraser.stlouisfed.org/wIt Federal Reserve Bank of St. Louis U. S. S. , /11.::.1,on, Chief Clerk, Seretary of !Itate's Office, Frankfort, 7,7, Ito sent corporation laws -or Bruner. PUBLIC DOCUMENT. FREE. U. S. SENATE. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis U.S. B. OHIO. George W. Marshall, State Insurance commissioner, Milford, Delaware. PUBLIC DOCUMENT. FREE. U. S. SENATE. U.S. S. OHIO. .411111111110, .; S. V. Matthews, Commissioner of Banking, Charleston, W. Vt. PUBLIC DOCUMENT. FREE. U. S. SENATE. 1LT. S. S. .0 0 • • OHIO. Zoha W. Morrison, Deputy Cammissioncr of Banking, Harrisbur-, Penna. , PUBLIC DOCUMENT. FREE. U. S. SENATE. U. 8. S. OHIO. I Charles F. Noble, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. um, Louis Bunk Comnlasioner, New Milforci, COnn• PUBLIC DOCUMENT. TREE. U. S. SENATE. U. S. S. N. Digitized 1 for FRASER R. B. lhtek, State Treasurer, Atlanta, Ceorgia, PUBLIC DOCUMENT. FREE. U. S. SENATE. http://fraser.stlouisfed.org/ wit Federal Reserve Bank of St. Louis U.S. S. OHIO. Y. H. BAY, 1 Pint Assistant State Examiner, Helena, Moutons. PUBLIC DOCUMENT. FREE. U. S. SENATE. U. S. S. OHIO. aim Q. Boyoe, State Bank Commissioner, Topeka, Kansas. PUBLIC DOCUMENT. TREE. U. S. SENATE. 4 OHIO. E. Royse, SCurcry, Autc lanking Board, Lincoln, Nei), PUBLIC DOCUMENT. FREE. U. S. SENATE. U. S. S. OHIO. T. t'• Rutledge, State Bank 1.xaainer, http://fraser.stlouisfed.org/ At" Federal Reserve Bank of St. Louis rontcomerz, Ala. PUBLIC DOCUMENT. FREE. U. S. SENATE. U. S. S. OHIO. 4 C. V. Sc;ff Bank lixaminer, Santa Ft, 14.11ex. (Publidies nothing). PUBLIC DOCUMENT. FREE. U. S. SENATE. U. S. S. OHIO. A. Schaefer, ?ublic Examiner, St.Paul, Linn. PUBLIC DOCUMENT. FREE. U. S. SENATE. William R. 3chnit7er, Secretary of st:Ae, Cheyenne, *yarning. PUBLIC DOCUMENT. FREE. U. S. SENATE. U. S. S. OHIO. T. B. Skelton, State Banking Department, Augusta, Maine. PUBLIC DOCUMENT. FREE. U. S. SENATE. OHIO. George T. Slicinner, lot Deputy upt. Albany, N.Y. ••- •-,•ewtaa.•••,•••••••1 Dept. PUBLIC DOCUMENT. FREE. U. S. SENATE. E. J. Smith, 4auditor Public Accounts, Jackson, Miss. E. J. Flmith, 4 auditor Public Accounts, Jackson, 'Ass. 1 PUBLIC DOCUMENT. FREE. U. S. SENATE. U. S. S. RHODE ISLAND, Sklock, Guthrie, Oiclahotaa. • PUBLIC DOCUMENT. FREE. U. S. SENATE. OHIO. 11 State Bank Canmissionere, Concord, N. H. PUBLIC DOCUMENT. FREE. U. S. SENATE. U. S. S. OHIO. xameu steel) Stato Bao17 Itavainer) Salon, Oregon. PUBLIC DOCUMENT. FREE. U. S. SENATE. U.S. S. John E. Swanger, Secretary of State, Jefferson City, Missouri. PUBLIC DOCUMENT. FREE. U. S. SENATE. U. S. S. RHODE ISLAND. Carnal A. Thompson, Secretary of State, Columbus, Ohio. PUBLIC DOCUMENT. FREE. U. S. SENATE. U. S. S. OHIO. Tavid 0. Watkins, Commissioner of Banking & Insurance, Trenton, Na. I PUBLIC DOCUMENT. FREE. U. S. SENATE. U.S. S. / OHIO. - 41111111111M. Wien L. Wilson, Stute Budauz .7ataniner, SpartanburG, sc. PUBLIC DOCUMENT. FREE. U. S. SENATE. U.S. S. OHIO. T. L. Young, Examiner, State Banking Department, http://fraser.stlouisfed.org/ • Federal Reserve Bank of St. Louis Shreveport, La. PUBLIC DOCUMENT. FREE. U. S. SENATE. U.S. S. OHIO. • —mow. ,411111111111111111111111111011.MINIMMINIIIIIIIIIIIIIIIIIMEIMIN‘ •treli/tio Tyi 1 Siuy 2uPtunct Iraq 0 1OUOO111LLOO I wimusuartziv% 111111115. PUBLIC DOCUMENT. FREE. U. S. SENATE. U. S. S. OHIO, .4 r / -V IL_ WAA-41/1)4,0 (6(4 7) ( \_ \ tiA64,), p airtH.ort, cID (3Attv-e}L- A 12_ • • 414 Alb •1 l ivck; to- - (La a, I. • ,1 (r/ L _c> A ( f k, kt A 8,A,coq,:dr,t,ce Of the Istiomil "cn,A;44,t 1 1 tt tw br.ion Co1 {ote1. 'lass for two uL:4 8. ionhoArt T. sooting Jr-ozu of..-4.rranfrinr fo; the work of 'Ow -embers W411.3 . rtnefal thc •1.Inc of tc Cainmie%ion w*:ich will tA.Izt; placc in Vas)-Tinp... on about t: . lietA.c of ictobflr. A numbcr of p4pLfrs statitcs, Whiten }.1,t'; Ltizn prc-rcd anr tht.i direction o' Profo:mo In proof. .:,It A. Andrew s clititted to tl-te ComimOon It ie expcCtod tat eald statietics refo:ent:t . to the rIont.h.ry Ay:-.Tt‘ms wh yeatition by the Col,liccion will b rub t - ication aL coznoltcd and rcii.d for :iotubcr A 4ubccliAtts, was 41..,ointd to -akko a 1) ..sonal 1n4tion in !anacia or %;LIc ft.41.-ne of Ow f!zknadin AyDAt'.1. as ::1ve notAl,ec.a.d.). . fl ' oN1 uneer 1J, t invsti-,%tionts of Thcl 3ulc4.J.titt..: will consict of hti on. obalan t AlVf0W0 and*.i".(prebentive 'fekt an6 Tr. .A4rrynve. T ubconlmitti.:e will vi,yit ro.nacta Banc time dorinr the -..ont of rtopte-fbcr. of t!!c.ciaion,wYo is to mil for u -u:vlact k, -hill(..,:lfotu arr:s.inpt-lente hrctofor, : Nade with relfnuc to t1-0 .cnre ts,)!Ae:2 of 1"„Lay) aru t 1 az. u„kj.ditonal infotion relatinr' to ruropoan z!vtfnlle in eacis 0,ere t'[e est ttements ,:art.ady cubmitY::d to mion fail to ccver i1 t'ho inf'orlation rcluir d. It it tllo t ur00e of tho C•oti inion to VI:At el*'fertmt section? of tl'in country during the late r.al ane wilter to co'it ?&' 1 t invep.t1,tions. (lif „ , , e ;i (i /i ....pi'., I A nut)Coittee of the ,.; (1, L f - atin-1 7cn.:tar;. Co ion h4Ve bv.11,.A in ;:cetion dt tbe ifotcl ;'1)4sa for tvo (51k;is. was fr or t .1:.ofct: of arrig1n QLt7t1Qfl rin f th tht! "fork of thertrs rprior to the reneral -A(.•,-tinr, of tc C!cv.,:miction 1W,A,c on kho,.J.% t7n, miOlAc of Th,f; secting will tAl,:c place in IasMnp. ctober. A 1 Arr r e4ction Profeeor A. 2. Androw, wore atib71.7.tod t In proof. tcColmivOon Tv, iv c)wctItti tat,thCr..ort,$ .o.nd w!,ativtics with rtrict to tllo mon(,tar trintt,-114 wllich. art wi00,42. in- ve!t1' tion by the Corrimiezion tIllb11‘;ation and rad; ror thtt '.)atobcr A 7;(1..• 1tte.c was ti.p.13intod to .310.c in4tion in as a ;L -rt4n1 or zuch fc.'ic4tans of t!.1 n6t covrtd 1,, th4, lrivsti,:.tiono of The 31.11;cobitt«4!- will conuirt of 1") :urrouts t and two. Anti '2,3,1'11C' Th,t aubcommitt mone tiro: doxinr VreCland, t Ck will vifit Canada .ortN. of r, te- lt:r. The cllirla% of (1:prtrtiojcn, ,"4Q /2 to nail for Atroo ncxt k, with rerrc.:no to the 1,o!it-ry itystest of Italy, and wi 1 tAri- ill oli7ote in cartes wi,ere t're et arvAnpLorts hQrotofor. : , Nade 'iuto relatin 'Lt) . nu4"o2ean v5str;ms nar‘ady cubm.it'.t;d to Ulf! Come- Tiatiln fkil to wirer all 01(1 inforlation Ir. le tho 4. karpose of the riom losion to vizAt eirrernt sections of tYis coantry (t)cinc the, late fall ane wilter contiy:tte it, itivetiti • one• r7 I.:. .. Al :N- ,e, .'.., ,,- g$ 1j ,s1 i i i k'.: i I . A subcoitte:.c lf t at t C0.1.:Aintion otel ',--1.11a for too Otk-efise 111.c weting veto ftr t!-.e .,, ,ar..coze of r47ranginr fo; the: sork of the .fembtrig theo r1on Lerinr thf; -tinr of tJlc priOr to the renei.*al ve..101 will tAkc plucc in Tuphinp. on A j4( and ntatiNticat or c - o i" r fp re prcp,..:d uncr Lilo direction or- A. .;)• Arptrow, we re elui ted to t'No Cori.ft1ofl in proof. '.t t} r3f rtailfb rt iv cxocetcd tHRt 4nAtic YC to 1.:,"t-“, nonf;tary ar:cztif,:•Att viotira,- Lion y the Corinioalun ;-ub4;4111.1 t'J T1a. et r ti r i1i bf'!: the* aryi etAk for tine. A;%-lulivt-..%1Atte.t:. wKa ebi,•oino.4! to :. -„„kexi i14ti3n in uoh F;At urf.4 not 4.1rea4:s . c!flC4Jvr . f‘ tvittent I),•;; th,:* inv4,:lati!..tiono of Thcl aul‘j t;CrZiNj. cOnjEt of ce VreCland, cbecif----,JAn t Semitore 71urrowo arld TA-v.11.41. o and ::re '-or4nrce O tize The art 3111,(;ormittf:tthu Ofl of:tv rmr, of t'!!eCo13...miaelon t AYQ nctxt u:k it -A111 7iat'sic tl..)::item of Italy, 4.nd wt. 1 &Ix-. 4.m.nre fcr viskion fail to ccver for 1u arr,Yirrtt,p with relsnrtlIA;(; to the in catten veiiere V.-4e 't relatin;..,: t .ttwit .1.t1Ar0.:.C.ealri tv!titmrze 1rt.iy cubmitted to tl 0-1(1 infor-ILttion d• It it t'ho ,-,..i.rpooe of tilt rton 1..is2i.on to vLt t tii,ctione. of V•Aci country during the late fall zinc' h..t.rter to cont!.!lue. it! Alvcati.-:-.tIontle A ni.4jAw.,:knittle of the '.4.stiorv:1. '7ervAAry Ce-tthlon in :..tyrilon at t7le Aotel ;1.14sa for too was r4r , iozt; of arranging fo.ythsork of talc. , embcrit or tho Corirti o • miccting r yrior tc; the rflnex'al iirinr VI* inr of to (!o-Inin:Aon s4,-.1c1": w.ii tAlx placc in - '.on khoat tht mie, 1c f itnd ntatistica t roof. nutb,:r of p44pero .111 prep4zel ancr dLcction Anqrc:w, were aublAtted to the Co7•1-,lorlon o, " filroffIro:' A. In A 11,4.! 0.,inpw. It iv, ell%gltd tRt t,14r..ov;;14 ealt1 ntativt%c Ath ruf7):mcc to the nont.ti.ry gyntiv-la witscb art ',,Wcr in✓ tttion by the Co7Imin;1un wili oom41:41 an,4 vAd„ aL A 1.tait;=cor,Aittont wan 434,,,oint4,1.: -;;%.11.fs A pr. rt.or.A.1. in4tion in Canada of suOh fnAtLivitl 9f thw. CAriadiwi kterl as :14[4://0 not 'tdy bcn covrtd. 13,-/ t.. invvt.iiona of Thrl o'h310. c an() tortIte * t2 rt:0415 12.71d f c'- :.1an of nrxt • rcrryme -Y,1/1 t0 t.ho to'lb r. Arro in to nr411 arr.Inet/Lo ,x-y 7„ CT.! -A4c f I ev aly• amel Nut 1 ar- relatinr . 4070 in catea rit.,4tive Weirs Buboormittve will v1 it rarada iflttfC, tint Oorinr lico7f1 , .0n3irt of !L'4, Vrcland, Euroc4n r.16tr:ma to atIteylents Tarmdy cubmitttd to tilt Como- -111i4on fan to cover all 0;17 inforlatlon rcquir:ds It la the i,urpoao of the r'r)m laolon to vi:tit 6iffitrnt s•ctiont! of t'in coantry durinr thy, late fall 4ne winter to contue itv 7,1 I' , 1. !:', t , (11,,..t,I tf.,. u 7i ,.1i. .,., ,,,J.‘,.... tji1L4,y L r , i \\,) A 11:i .4)4.) ',PI'ttee $ttf tilt' Ittl..cAn 1 in "etenln dt t'ne Aotcl W42 o 1A,oz two 6,tIv se on ;lb 1or tc ate rf,meral. Zw,Inipt!ton Vnerj M.I ?roffA, Ancx the dIrc:ctior Anqrwo, 'acre autgi tcd to tlqo Conni n 1 )11 Tt in expotod 4nA p.tat1r,tc5 r.flit,!Intic to to nont4rY IltYnttvle N7'1 v.,tctition t.,c Co-mirsion will b : .1.11214;a1lon in4tion in iltro unee.2 - In- 001141,t ant) a7, 1, :iQt4bcr m:tin. A ;,11.1v: vales e.p,l'inted to -vitt A r:144,1 cA. ,iintida o 7 !sueb ffInturf)(1 9f thw: Catia.di itta:::,; , r.c not (:!1 obiklan t r fV tert tha invItstitiqns of Trl anti nafitcr A 1tr t, 311 A. in nr,00ff, tkl:c: place. in Waittinpo 1 C.. of 1g:totter* 7, ticatip Mt: Ric0 , 4 inr thtt se..4: or threthrs ir1on thiristr. t Of it 7r;tittas,,, o; Co-rlisrion vt of arr4nringf or ';:•42c; 1 will conaitt or tors ';'txri:owty and :Aniolo iirpreveritAtiVt. -r, '.,on,;v rtroo Tbf adboommittoe will vi 1t Can4em some time dorinr Thr nontY of c'r-,telbcr. rian of ::%troo n,xt 4 commiAnions NYo in f''4 aall •"'or cre/O.J.)te rioc to tho "PI on rr,mrt‘oll to 7rz rk!t-o 2-Ade tl.„1 C4 f iai, onnt info:!lat Ion retlattnv In earten *tere otltemoYrts Uri1. :au x-0,'c, r,tnmS fyabr)itd to tll?' Como, fRil to Virrer All f,J,f) ireo7rlat1on rflutr do / sectione f, qrp0110, of the (' t' in c:oantrl ei:Aring tho to contuct its invr!etir tianiss tLtLn to vi TA, t di r.rit.r, .'nt f'all aro! wi-Ttor twy...•,-3.0*.,-..au,r4,444,,s,egovopop.•0164014 41-t-TrAr•mtio:u Se ),?,to - :Tarts a copy of he Intervi Js i him at York Harbor, rest of /3 . 7 Send to each of the Blodgett. 4.64,4 ows sent to "left in the r •mbers of the Commission a cou- plete set of the ,that are bound: ) 1 Senator AJ s s t to be held for further instructions, except ti-e d ag ms, which are to he sent to Wart/ wick, . at on e. Vreeland, Sala.rnanc Burrows, Special 0. 0P - ‘ 01 iTale • . rections. swort-, , 'aine V Knox, State Dept •,::ashn /D. C. Daniel, hold. „ Tcller, Denver, o1o. Toney gro‘' V v - obta,;_ ley - get Overstreet - dcl re ss. •.ddress. idianapolis 2. eurton - Cleveland, 41 V Weeks - (.)7 VailOttijutta/z212 Valentine r!..West 7ewton l ass. IL 3onynge - see a,)ove. • for v Sriit, Ca]if. Padgett - Columbia, T n. Buri;ess - get address. %kV Pujo - get .-sCdress. Retain in washn. o et of pau prof and diacrams for A.B.S. 1 forliA.P.A. 1 for'W.A.S. The diagrams sent in folded by Brewer and jL rd:lc vri-th two boxes tu Washr. tJ be cr: different members of the Com- mis:Aon. Hold for other ve• Send -01:nd r;cy of -ire e's H_st,r: Banking. Senator Curtis to be san skr.era print of estimates • nd al: thousand copies of the last eral thousand copies of the statement of the House cor Write rlurts as to how any L. Weeks - Send page :)roofs and and were to be cent. zmsj to address lbolf,7:. • K r rows - send ! cop:, 4e0.-.3 —ci doe. to York Farbor. vA ((' ,...... 1 1 for -flembers of eloculi sion, °ending Hold all diae,rams, e.-i. •.= advice from Pr f.Andr r!. Nixon: Voucher for $3,000 will be sent on b; A.B.S., ,ayable to Vreeland, for which check is to be sent to VreelanC, Sala- 1 71.an('.a , N.Y at once, usin te same phraseoloc.; in voucher r:s in the ';!5,000 voucher for rlheiton. 4 fab „ u 111110 . 1 4,4 Bank of En-land, or of any of the 7,reat central organizations of Furope, were considered or touched unon in those memorable discussions. The question of note-isfues abroad lias ceased to be one of paramount toinortance, and I think tliere is fast forming a consensus of oninion in this country that it is one of subordinate importance here. It is true that for a certain period in the nanic of 1907 re had a currency famine, with a larce premium upon currency. that condition was an incident Th,t was the result, and not the cause -- of the crisis of that year, with all of its deleterious results. The question of note-issue is a question pertaining to sovereignty. It is a question which must be settled here by national legislation. The reulation and control of currency is a function which has b4;en assumed by all the governments of the civilized world, in the interest of all of their people. I think the conviction is becom- inc stronrer and stronger here, as it is a positive conviction in every other country, that the sovereign power itself cannot be trusted with the direct issue of curren cy. I think public opinion and the opinion of thoughtful sty- 4 dents is equally firm today that it would not be safe to delegate an unlimited power of issue to all the banics of the country, each acting for its own interest, .Lrld wilhout reference to the Public. As I say, there is a gradual consensus of oninion throughout the world ihat, under the control of the (overnment, the power of note-issue should be lodge d in a sincle agent, always under express limitation s, and under strict regulations as to the amount of notes to be issued, the basis upon which they should be issued, and with the certainty of their prompt redemption at all times and under all circumstances. So that I really believe that among thoughtful men the question of note-isue is neare r to a solution than either of the other great quest ions which are involved in monetary reform in this count ry. What have we been suffering from? What did we suf- fer from in 1907, and in the crisis which preceded it? There was no lack of currency in the United States. There was what is more deadly and more destr uctive --- a destruction of confidence. Credit furnishes the great and essential element of all prosperity and of all development, industrial or commercial. Credit is based upon confidence; and confidence means a belief, a general belief (perhaps a universal belief) in the strength and stability of financial institutions. In the countries of the world outside of the United States, confidence mif:ht be defined as a belief as wide as the countries themselves that the reat central institutions (Binh as the Bank of Fnp7land, the Reichsbank, and the rank of Prance) wou1.4, sustain the honor, the inteFrity, and the credit of their respective countries at all times and under all conditions. So I say, and I believe every thoui7htfol student of t'le subject will in time acTee with me, that what is absolutely necessary in this country is a thorouh and a comprehensive organization of credit. It is more netessary here than anywhere else in th,J world, on count ac- of our vast area, and our different interestS (or wh t are held to be such) in different sections of the country. What happened in 1907? We had runs upon one or two institutions in 7ew York, result in., in their suspension. What was done throwhout the country') What lid conserva- tive and careful bankers do of necessity everyve-lere in 6 the country serves. They immediately strengthened their own re- Fortunately or unfortunately, the strength of financial institutions is measured in the public mind very largely not by th.3 strength or the ch.aracter of their assets, not perhaps by their capital or thir surplus, but by the state of thir reserves. In my jud:ent, ,.entlemen, 'NQ must of necessit.y have in this country a concentration and a mobilization of rk.:serves in Some great central reservoir, where they can and will be used at any time for the '17,snefit and the advantage of any institution or of any section which deserves comport, credit. nd which has 4 h, necessary security and (Creat applause.) In 1907, as I say, we had a constant buildinn-up of reserves throughout the country, on the part of every individual bank. In my judment, it is necessary that we should adopt a process of decentralization to cure the trouble to which I am nof referring. In the summer, and at other times when there was not any active local demeind, the banks throughout the United States have kept their funds in the great centers central reserve cities. in the reserve cities and Every part of the Union has sent 7 its money to 'Jew York, because it coul d keen it tcre on deposit, to be 1-.11 ds a part of its reserve, and receive two per cent interest on deposit. "7-len the time comes for th(! withdrawal of those deno.s,its, what hanPene A depletion of the reserves in 7ew York, and a restriction or limitation uoon the discount power in ?Tew York. That is followed all alonc the line . advanta{:e in takin There is no special reserve money away from ow York and usiri. it to pay for merchandise or commodities in Texas, or in Iowa, or wherever it may be. ducinc the lendin You are always re- power of the banks by doinL, that; and at such times what the banns need, what the 2ublic needs more than the banks, is an extensio n of credit rather than a restriction of credit. But that is imlossible under our present system. What stands in the way" A law that was adopted fifty years aco, under different cond itions, and when these matters were not understood as they are now. That law provides that a bank in a cent ral reserve city, for instance, shall keep in lawful mone y in its own vanits twenty-five per cent of its demand liabilities; and that the moment that amount is reduced (by drafts from Boston 8 or anywhere elsc!, or from any cause) to 24-1/2 ner cent, all new discounts, all new :„ccomodations, shall cease. The bank is oblied to immediately cuspund ,11 credit operations, without reference to how much th re re- quired for thi: businest; of the community, or th,‘: conditions '1.ich exist. The same thin; is true to a less ex- tent in the reserve cities. Whenever the reserves of the Boston bank, co below a certain point, they must stop discounting. That is exactly contrary to all 111e exlerience of the world. conditions' 7lat is done in other countries under those Take the 'Rank of 7nr.land, for instance: In the public estimation, a reserve in the 7ank of Pncland is held as a lep:al reserve. Reserves are not rywerned by law there, as they are here. As I have already said, all these functions with reference to reserves and their control and their concentration are mutters of evolution. There is no law in England, there is no law in France, there is no 1 w in Genaany, that requires any joint-stock bank to keep any reserves of any kind. matter of hal-At, a matter of custom. That is simp4y a But in the public estimation a deposit in the Bank of Enr:land is held to be a the beet noseible reeerve. What hap?ens in ea of trouble over t'aere? Suppose the banks in Liverpool lfor instance, are in need of money for any cause: Liverpool: reserves? Supnose there is a run upon the bans,:s in What do they do? How do they maintain their They go to the 7ank of England, or to a branch of the Tank of England, per'laps throu7h a discount house, and take lhr standardized naper (t1 at. is, naner will be received by the bank; not paper which is standardized by law, but naPer which the bank will receive) and have it rediscounted, and increase their reserves in that way. They do not ro directly to the central bank in 7011 17.- land, as the:j do in Prance and every,rhere else; but they go through the machinery of the discount houses. They thus turn into reserves a certain portion of their quick assets; and they have no Auestion such as arises here of a limitation upon reserves. Here, the whole business of the country is suspended. You send your money over to New York, for inete.nce; the banks in 7ew York suspend, owin7 to a run upon one or two institutions; and every bank in the United States follows, whether located in Poston, in Ilhiladelphia, in Chicago, 10 or elsewhere. It makes no difference whether the 7irst or Second National Pank in Roston has th:?, standinr ancl the cash in its vaults that all ow it to 7o on an its obliations to every cus tomer on demand: nay all whenever the banks in 7ew York suspend, the whole country suspends. I say that condition, ta.k- en by itself, is intolerable. (Great applause.) You cannot 7o on rrc)ch lon,7er in that direction. In 1907, fortunately for this cou ntry, we had a number of couraceous and able 1Len in New Yor.k. Tho were abl to save the situation from absolu te destruction. applause.) (Great If it had not bcen for that, we sho uld nave had a catastrophe, a calamity in tti s country such world never saw before. gentlemen will in (Cries of "Hear, hear!") as th Are you to 2ut yourselves and your com munity and your depositors continually in that condition? I think not, if there io within the ranue of Possibility a proner and a leritimate remedy, as I think there is. (('reat ap- plause.) Who suffers most from the se suspensions ed most in 1907? 7irst, the great mass of the peonle of the country --- lbe waile-earners of the country ho suffer- by • 11 being thrown opt of employment, by a restrictinn of production, arri by a lowerirr: of wages. They were the nrin- cipal sufferers, primarily; 6.nd they had no reeourse. waes which r of this kind. country. The id to labor arf_ not paid after an event '1.'ere no cumuhttive waGes in this That is absolutely jeu.d loss to th earning capacity of the country. Who suffered next'? The :T,reat mass of the business men of the country, whose accommodations were cut off, not with reference to whet'ler they 7ni.cl the security or the credit which entitled them to consideration, but becous e of the general and absolute suspension of the busine ss of the country. It made no difference what a man's needs were; Vle ,Thole of his life earrins, generations, remedy. carnini7s of have hn 0, stake, but t7-lere was no There was an absolute suspension, which affected every bi)siness man and every business woman in the United States. It i,ffected every family in the United (,- t,tes; it affected everybody engaged in ,,ny kind of business in the United F:tates. So far aS Lhe; bankers th3mselves are cencerned, they are not so much affected as other people. I think history 12 shows that the Bank of 7ng1c.nd has made more money in tines of crisis than it has ever re,Lde LA any othe r time. I know th,t the intelliisyent bnkers of the United I;tates dislike as much. as anybody else, or more than anybody else, the cares and the responsibilities of eoing through a crisis like that. Put so far as profits ere concerned, there is not very re)c'l diminution. The bankers of the United States can stand that sort of thin fT better than anybody else. Put I know from frequent contact -J-ith the intelliFent men who are ri?Anarine, the bankinr of the United qtates that they are as amCous as any other class (more anxious than any ot?ler class, T may safely say, because they are brouht in qirect cont act 77th he difficulties of the situation) that. -.here should be some system devised by which a remedy can be foun d for this condition of affairs. So far as the bankers of the United States -re concerned, I can safely say from my own experien ce and investigation tl.t there are no bankers in the world who are their equals in intelligence, in judg ment, and in protection of the rights of their depo sitors and of the people with whom they have dealings. (Great applause.) 13 In the pure technive of bankin, they are superior to an other class in the world. (Applause.) If any of you, for instnce, have hud experience in ;:;ettinc a check eashed in any of the Furopean banks, or in etting money upon a letter of credit, you will arree with. me. In a large city in the center of Russia it took inc six hcrIrs to get a draft cashed that was drawn upon one of the leading houses in Great Rritain. (Lau7hter.) I say again that in the pure technique of the -nrofession American banks and bankers are greatly superior to any others in the world. In their intelliF.ence, in their enterprise, in their care for their customers, no other bankers in the world are lheir equal. Th defects I have mentioned are not the fault of the bankers, they are the fault of the sjstem. There can never be any change for the better until there is a change in the system. While it is not possible (and I know of no one who suggests it) for us to adopt the nolicy of Great Fritain with reference to the Penk of Fnrland, or that of " - ranee with reference to the Renk of rrance, or that of rermany with reference to the Imperial Rank, there is one lesson 14 to be learned in J11 ! - - 13se countries, end in eirery colIntr/ in 1 .12 outsde of fl-le United Fltates, that we can no lonFer afford to ignore. It is t'lat the diffusion of reserves amon7 25,000 individual banks renders them uFeless for purposes of defenlie or of assistance in timc of trouble. Suppose a bank in some of you J;entleen are interested has a reserve ton per cent above the lecal reserve, and there is a run upon the bank: cent soon disappears. like that? The ten per WhiA arc :jou coin: to do in a case Wht is your recourse? In :Trance, for in- stance, the :Rank of Prance is the supreme recourse of every financial institution in the country. nothing of the kind here. You have In my judgment, it is abso- lutely necessary that t'lere shoull be a concentration anr1 a mobilization of reserves in tIne ]1..anis of some central organization, where they can be used -rith judgment and discret:on for the assistance and defense of every institution and of every locality in this Freat country of ours. (Great applause.) That is the crux of the whole matter. What you shall cull that organization is not a matter 15 of importance. I have slv Tested (and I believe t':Iat is t':(: best and perhaps .the only thing: that can be done) that the central orc,anization shall be an association of all the natIonal bans in the United States, and such other banks or financial institutions us we may hereafter admit to membership in it. Of course the great trouble that is suested with reference to such an institution crows out of the recollection people have of the history of the 1- irst and the second Panks of the United States. People who have not civen the matter very much attention fear tll.at we will have an institution that will be Political in its c'iaractor, or that will be dominated by local interests --- by people in 17ew York or somewere else in the countr:F. !.c), in rn. juricTiont, it is absolutely neces- sary that an institution or association of this kind should be absolutely divorced from politics. and must not be, a political question. T'(',is is not, (Great LjTlause.) Unless my friend his Honor the Yayor, and my equally Lood friend Er. Gaston, and myself, can unite upon a platform for the public cood, this question never will be solved. (Great applause.) As I believe in the patriotism and in- telligence of the American peo7)1e, I believe that this 16 great question, so vital in its connection with every interest, can be solved on a non-partisan basis . (konlause. There is no more reason w7-17 this assoclatio n of banks should have political tendencies or political control than that the clearime-houses of the country shoul d be in noli tics; for this is in effect a great clearinc house , controlled and overned entirely by the banks thmselves. Have you ever heard of a clearing-house bin; in polit ics or under political control'? In ell the other countri_es, as I have had freqvent occasien to say, any man or ministry or public aut7lority who should undertake to dray.': politics into the management of one of these great financial institutions would be absolutely condemned by everybody in the particular country. concerned. And there ie no reason why this policy of eecurinr:7 better and more efficient or7arization should not be kent out of nolit ics here. The sucr7estion I have made for tlle rerar -7ement of the Association keeps it absolutely out of the hands of any power. I have surmested startinc with the units of the individual banks. I have _7,iven to the individual banks control of a majority of the directors in the local associations, each bunk always voting, as a unit, witho ut refer- 17 ence to whether its capital is :1,000,000 or $25,000. I have provided that the local associations waall be Erouped into district associations; and I have provided that each local association shcal have a director in its particular district association, maintaining the same rits t:re. They elect a majority of the directors of the district associations, and through them of the general Association. Every district, whether it is Texas or 'Roston or riew York or elsewhere, has an equal voice in the election of practically a majority of the directors of tile central institution. There is no chance for any oranization or any district association or any combination in 7Tew York or Poston or anywhere else to tai,:e control of this central association, unless it has the assent of all tIle bani,:s in the United States; and you can ju:IEe as well as I can -hether or not that is possible. impossible. In mu judLment it is absolutely The voting power of th.- banks is ,,Isolutely restricted in such a way that there is no opportunity for possible control outside of a general control which must be for thu interests of all. It seems to me, therefore, that it is necessary that 18 we should have a central organization of oul- kind. I have suggested a manner by which it can be controlaed and kept out of politics, anl out of local control or loc 1 covernment. But I assume (and I believe that if you will study the question as I have, iAld as most of you have, you will certainly 847ree with me) tl-ere must be some central orrAnization that will take control and charge of the reserves. Then very difficult questions arise as to what shall be the functions of this oranization. In my judFment it is a o1utly necessary, partly for the reasons I have stated, that there should be no competition on the part of this organization with the banks of the country in doinc, an ordinry commercial business. I think that is absolutely a sine qua. non in this case. The minute 'ou ,o outside of that, and undertake (as was done in Jackson's time) to loan money for political or other reasons, the ,luestion of favoritism comes in. The business of the central organization must be restricted to business with banks and with the (;overnment. Of course there also arises the question of how the institution can invest its money; for while I have undertaken to absolutely limit its earninrs to five per cent, and to turn over all of the balance to the Government, 19 It is probably necessary that the five ner cent should be earned. count. How do we propose to earn it9 luc propose t "7irst, redis- :-ive to every bank in the United States that is a subscriber to this stock the rip;ht to discount directly, simply with its own endorse:rent, commercial paper, or p,toer arisinn, out of commercial transactions, with not exceediiv; twenty-eiht da..9 to run. The question is frcquently azh.ed of me: limit it to twenty-eiht da.ys?" "Why do you 7or the reason that if this asociati(.n is to be, able to extend its b(:nefits to banics throuhout -Lae United E.tates, it is abso;utely necessary that its assets should always be in practically a liquid condition; and the experience of the world has shown that commercial paper runninrs for a short time is the best nossible liquid asset that a bank or an organization of this kind can have. (Applause.) I have provided furt' ,er, in this sur7estion of mine, that each bank may have rediscounted pe,per of the same character, havinc not exceedinc7 nnety days to run; but in that case it mutt have the endorsement of Ihe local association. I '.aave p-ovided further that in cases of emergency the bank may have its own paper discounted. In 20 the other cases that I have InentIoned the paner was tht of merchants, or whoever it be In the oridnary sense of the word. comercial naner But a bank may have its own paper discounted with the endorsement of the local association. In such a case, however, there must be an existin, emercency, and the local 6.ssocfaton must be secured by a pledge of securitie:31 ± Jon of th.. issue of cloarinL;-house certificates. in the case It is my intention that :ht is done in tat particular case shall be substantially what haplens in -Liao cas clearin-house certificates. cases of emerency. of th is6ue of It is onl..y to be dune in In th,A case tho bank's Gym oblia- tion is discounted by the central organization, with the endorsement of the local association, which hols in trust for the central associ&tion securities whose value must be one-third more than the amount loaned. Those are the three diseountinir: ftictions of the central organization. Beyond that it has what? It has power to purchase foreign or domestic bills of exchange unier certain conditions. In VAat connection I mu:t di- gress for a momcnt to say to.t in my judr7aent the power of the central organization to purchuse foreign bills of ex- 23. crige and bills of exchange drawn in country upon foroiulers or upon forain banks, lo(,rhaps .7ith th Tk..ners attached (as in the case of cotton, or wheat, or what not), and standardize thic, for the enefit of th:J whole country, and another power which we give to nc,tional bans to accept drafts drawn upon them uner certain conditions and for certain purposes, are amonE the most important, if they ar- not tht. iwst important, features of the whole system. There is not within thc: hearin of my voice a bank mana7er who does not suffer constantly from the restrictions on the clsses of parer which re available to him. You can Fo out and buy from brokers on(! -name paper, made by somebody in a distant part of t'n.e country, of —hich you can know but very little; but e is no (Uscount market in the United States comnJred with tht 'Mic h exists everywhere else in th world. In connection with our nurchases abroad and our exports we are dealinc in foreign exchange to the amount of 43,500,000,000 every year. cent of that business is done by foreigners . business so Lood as that. ness so safe as that. (Applause.) Eighty ter There is no There is no busi- Why should it not bo done b;i American 22 bankers? It has not be:;r1 done by them because of the re- strieticns which law and practice have put upon the bankin 10')siness in this country. those shackles. world. Let 1)2 free ourselves from They do not exist anywhere else in the The functions of banks abroad are much more liber- al than they are hero, and they are certainly equally safe. While the Act of 1344 WaS mainly a law affectin7 the Pcznk of PncL.ind, its charter, and its monopolistic ri-ht of note-issue, it lid some thirv7s for joint-stock banks. It withorized. joint-stock banks to make acceptances without limit, -vithoot reference to thir capital or their resources; and that has been the law in Tilland ever since. Yy suf:zetstion is that we shoplJ restrict the acceptances, first as to their character, and second as to their amount, so that we can always maintain a riid control of them. Of course the acceptances would have to be made an item in every bank's statement. As I said, I believe one of the most important features of this plan is the creation of a discount market by aut'lorizing banks to accept paper, and providing, that the central organization sh,11 haVe a riht to buy foreign and domestic exchance from the banks, and 23 to boy it in :Europe. I pronose that the central organiza- tion shall hL.ve agencies in all the PuroPean count ries. Thy? the "Pecause experience has silown, in this case of all 1-eat Furopean banks, VIA foreign hills ore the best possible resource in times of trouble through which to increase their gold reserve. (Applause.) The assets of this organization would be, first commercial paper of the best class, of such a stc,ndard that every man in this roam would say it created the best possible security for c, commercial bank to have; second, foreign bills. It wciuld take foreign bills, or bills drawn upon foreign countries, and do the financing for our export and import bn)siness. It is a disgrace to this coun- try, with its vast resources, that we re obliged to pay our bills in sterling drafts or in drafts drawn nayable in marks or francs in London or 7erlin or 'Paris . will come The time -- and it ought to come soon, gentlemen when the United r,tates will take the place to which she Is entitled as the leading financial power in the world. (Great applause.) It will come soon if you will assist the Mnetaty Commission in the adoption of right and legislation. Wise I do not me.n to say that any plan which I 24 haire sw!::ested, or any pl n ich is now in the mind of any mer.ber of the Commis2ion, ie the ultimate word to be s id on the subject. But what I want, and what thi, Com- mission wants, is ;your intelligdnt co-op,:ration, and for that I think we have a riEht to asx: th,,, merchants and business men and ban4ers of Boston. (Great applause.) If we rLcVC your co-operation and tht, of othdr people throui;hout the United States, we shall certainly adopt a wise plan, and one that will stop panics. to be understood as sayin I do not mean that we can stop speculation in the United States, or that we can absolutely stop fraudulent transactions on the part of bankers. Recent exper- ience has shown that that will sometimes happen --- that bankers will misuse their powers and their obligations to the public. But I do say that we shall be able to do what every other country has done: to confine to the trans- gressoru themselves the penalties which properly belongs to those transgressions, so that the whole business community of men who are solvent and entitled to credit shall not suffer from a general suspension on account of the villainies of a few bank examiners 'ere or there. applause.) (Great 25 If this sugjestion of mine works Ls I thine,. it will, you will have great power in the local associatins to take care of that sort of thing. If you k..re c 'led upon to guarantee the loans of a bank like some of the Yew York institutions that I have alluded to, you will be very careftl to know what their assets consist of, and whether they have been indolninn in the kind of transactions that have bac:one so disgraceful. I am not a bank examiner; I am not a mer;iber of any clearing-house; but I have known for weeks and indeed for months about the kind of transactions that have been goinj; on in Tow York on the part of certain institutions. I do not Elean to say that I have absolute knowledge on 1he subject; but in t..nkinc, circles in New York it was well un6.erstood that certain institutions were indulging in some very questionable practices, dealing in what were certainly -very 4ue8tionable securities, and transacting th,:ir business in a very questionable manner. Unless I am very much mistaken, this organi- zation, starting from the bottom and *oing up to the top, will make it its business to know whether or not that sort of thing i 7oinc on. I have provided (and that is an absolute necessity) • 26 that there shall be frequent publicity tions of all thcs institutions. s to the transac- I do not men th,—, under this paan a statement of the balance-sheet of a barIA: woul d ncessarf,lj show exactl:J . the character of its inve stments. 72ut by watch.in[: it carefully the men in position s of power and responsibility could do two 7irst, tell whet'ncr the 1ns of some portion of th wore unduly (3xtendinr their credits. could United States Second, by watching the weekly reports, if ',fou 7)lease, of the various institutions, they could tell how their general business was being conducted. I am a firm believer in publicity for all of these matters. No i:ood bank, no solvent bank, objects to seeing its balance-bheet Published as often as the public desires to have it publis.lod. It is to the interest of every hon- est man, whether he is a depositor or a stockhol der or a manager of a bank, that there 6hou1d be publicit y, for the general good. Just think of what this means, as I said befo re, for the people orthis country! Do you realize th,t the num- ber of depositors in the various fina ncial institutions in the United States is re,reater than the numb'.:r of people--- 27 Lien, women engaged in Eainful occupations nd children in tho United States? There is not femily in thu country that is not almost direcly connGcted with or interested in the solvency and th, stability of b institutions. Let us, therefore, take every means in our power to maintain t'-,a,t solvency and that stability. I believe tlat in time either tose local orf7ani2;ations or other local organizations called clearinF houses will have exai.:inrs of tlIc2ir own. have them no77 in Chicao in' in sor The clearing-houses of the other cities. These examiners investigate neriodically, without notice, the condition of every bank that is either directly or indirectly a member of th,- clsaring-house. I do not know - now whether or not that has been done in Boston; but I do k this: In some parts of the country the ciearinE houses, which were Etarted merely as a machine for exchangir4; checks, have enlarged their functions so that they ore doin a business of investigation of the other banks and of co-operation in everythim:-, which is to the interest of the people they represent. There is no reason under heaven why the people who control these great enFines of credit and as I saii at the beginning, credit is the 'oasis I 28 of ,11 industrial and commercial development -- s'Iouli not avail thrmselves of the maci-lery , :rqic' ,1 must be created to keep the banks throughout the country in a solvent condition, so that the reoutation of the bani,ing fraternity (which, as I have s,id before, should be equal or superior to any in the world) should not be disvraced by villainous transactions such aS the United States. have tax,en place too frequently in (Applause.) I am afraid I am talking too lonj;; but I want to say just a word on one or two other points, and then I shall be through. On the question of note-is,ues, I have suggested that we follow the example of the orincipal commercial nations of the world, and give the sole power of note-Issue iere- after to the central organization; anl that the notes shall be based upon one-third specie and two-thirds commercial paper of the character to which I have alluded, with the necessary restrictions as to redemption, etc. Under existing conditions there is ordinarily no Possibility of a bank in the interior getting currency except by redflcinL the reserve of some other bank. If a bank in St. Louis or in Dallas, Texas, draws on Boston for curruncy, 29 it wants lawful money; and it will et it, unless the bank in Boston, or wherever it may be, suspends. What we propose is that the central organization shi.al send the currency of its own notes, free of cost of transportation, to every sucribint, bank in the United States, ,;?herever it may be located. Under this organization there will be hardly- a bank in the United States that cannot within twenty-four hours 7,et th ori-fncy th,it is necessary for its various purposes, for seasonal demands, for movinn the crops, etc., and tet it certainly. banks aill have a r3.eposit with the Re- of the subscribin serve Association. legal reserve. Each That deposit will be a nart of its It can draw upon that denosit for notes, and can replace its reserve by what? Not by other lawful riony, but by rediscounted commercial paper. Thera are a xeat many other features of this plan that I miilat refer to, because the subject is certainly a very wide one, and a good many of the details are very complex and difficult; but I am not E,-oin more of your time. to take up any I want to impress upon all of you, however, that you should study this question carefully, and that each of you should constitute himself a conmittee • 30 of one, not only to investigate it carefully, blYt to put himself in thk: pl-ce of a missionary to curry out wi-uctever wise plan may be adopted as the consensus of opinion of all of us for the protection and devolonment of the 'People of the United States. (C,reat aPplause.) 4101 ,, if, t" iP:, •, I.0 lik ...,:4 i -75 j I i Statement of T]xpenditures on account of the I1l'a t4A-44O ' na #46'37"9"41141444***''' !.'onetary Comission, from .3une 5, 1•.:06, to !'arch ?I, 1911, as shown by the accounts of :. P. ;,'ixon, Disbursing (lark of te Corr-Is:lion. as PREiikusilwa r IN7LRVIK: (4; 13rIKI1G !ASna!S 1",`;GLA,ID, (.1;11rANY, iTzFALALIn ITALY. (541 pages.) Senate nocument 405. Price, 55 cerAs. Clrtcl assistance, Translation, Travel, .3o.37 48.75 r) 173 82 :AT • Crn: ANY AID 1867490R, prepared by Zir R. F. Inglis Palgreve, r .S., F Hiret 1-; Breslauer, Robert Frans, alert Aupetit, and Lefevro. (354 pages.) Senate Document 570. Price, 41. Authors, Clerical assistance, Translation, 2,666.38 134.00 10,065.65 TM. CTiF.D Li' 'd171046 VIP T1!7 Ariz; BALANU. OF UNITED 'T.AM. by Francis . Airst, editor of The Economist, and George 'Caish, editor of the Statist. (213 pages.) Senate Document 579. Price, 30 cents. Authors, Clerical assistance, .30 20.00 1,520.00 FI3C;i1, Y:17.4'6 (;F ::6LAND FRANCE GER'.:ANY, kr Tft. TN 'i7,11 1,7 ATES , By J. 0. I:anson, Chief of Avision of Accounts, Redemption, and ir.laues, United States Treasury 7,epartnent. (86 pages.) Senate Docunent 403. Price, 15 cents. Tramel, T PTL SAVINGS...MK :n37:77'5 NOTES ON OF '1111-: I. At!.. . (123 pages.) Senate Document 658. Price, 25 cents. Clerical ftss7istance, Translation, 795.35, 3,103.5C 17.00 795.35 3,1xc.58 BANK ACCEPTANCES. By Lawrence rerton. Jacobs. (20 pages.) Senate Document 569. Price, 5 cents. Author, STATISTICS FOR TIM UNI7ED STATE5, 18671909. Compiled by A. eiatt Andrew. (280 pages.) Senate Document 570. Price, 55 cents. Clerical assistance, ./ 225.00, 4 225.00 04C).29 4,040.29 SPECIAL AITORT FROV 1.ANKS CF THE STIV;NS, 1909. Cemniled by Charles A. Stewart. (90 pages.) Senate Document 225. Price, 30 cents, Clerical assistance, Travel, '!iscellaneous, 7,254.96 95.18 132.49 7,482.63 LA4S OY THE UNITE!) STATI'S CGAM,ANING VOIYY, BANKING, Ale;0 LCA116, 1778. 1909. Com)iled by A. T. Uuntington, Chief of Division of Loans and Currency, United States Treasury, and hobert J. Vawhinney, law Clerk, Office of the Solicitor of the Treasury. (812 pages.) Senate Document 580. Price, 70 cents. Authors, Clerical assistance, 1,410.50 253.00 1,668.50 DICIEST OF STATE IAAKINO. LAZ. Jy Samuel A. Welldon. (746bnages.) Senate Document 353. Price, 70 cents. Author, Clerical assistance, Travel, ?Ancallaneous, 1,205.00 434.74 12.50 30.00 1,682.24 lJST 3ECONn r2rY tif:,'ATT13 13y nr. T. J. Holdsworth, of the 1'niversity of Pittsburg, and Dr. navis k. Dewey, of the I assachusetts Institute of Technology. (311 pages.) Senate Dc,cument 571. Price, 30 cents, Authors, Clerical tIssistance, 'fiscellanoous, 883.00 257.90 28.52 _ 19.43 1,188.85 STATE BANKING 3JY. CIVIL &Ah. Dewey, of the ' assBy Prof. Davis chusetts institute of Technology, and Dr. Robert E. Chaddock, of the l'niversity of Pennsylvania. (338 pages.) Senate Document, 581. Price, 50 cents. Authors, Clerical assistance, scellaneous, STATn BANKS AND TRUST CMPANIF.S SINCE ,IATIONAL-BAIV ACT. ibSAG CF TH ' Dr. George X. Barnett, of Johns Hopkins University, (260 pages.) Senate Document 659. Price, 30 cents. Author, Clerical assistance, Travel, .ATIOJAL ;,AN 'INC 5Y5TIV. By Andrew 1.0Farland Davis. (213 pages.) Senate Document 582. Price, 25 cents. Author, Clerical Assistance, Travel, 11.sce11aneous, HISTCRY OF CRISXS winn 1111.: !IVAAJIAli . *iy Dr. C. .4.Spraguo, BANK/W1 of T;arvard University. (484 pages.) Senate Document 538. Price, 50 cents. Author, Clerical assistance, Travel, TIE, USE OF CR DIT IMSTRU:r7;TS IN PAYVFNTS IN TH UNIT!!) :;TATL.S. by Dr. David Kinlay, of the University of Illinois. (229 pages.) Senate Document 399. Prim!, 25 cents. Author, Clerical assistance, 0.,517.50 486.47 87.34 2,091.31 1,250.00 66.80 91.25 1,408.05 200.00 846.00 242.65 5.25 1,293.90 1,865.05 -20.80 55.00 2,140.85 697.50 1,233.43 THE IPr4Di= TSEAMY ZYSTI.11. 7 T.IT, UNITED STATES ANn RELATIMS TO THE Ble.:KS CF THE CCAJW:HY. By nr. David Kinley, of the University of Illinois. (399 pages.) Senate Document 587. Price, 45 cents. Author, Viscellaneous, 619.50 90.61 710.11 2,129.50 1,960.11 30.92 182.82 4,303.35 297 : 85 297.85 100.00 100.00 TI =;01-.Y F 1:1 CANADA. By 7". Y. Breckenridge. (310 pages). Senate Document 332. Price, 30 cents. Author, Clerical assistance, Travel, 919.07 239.00 73.61 1,231.68 TUE CANAI)1 AN fiAZING . By r. Joseph French Johnson, of New York University. (191 pages). Senate Document 583. Price, 30 cents, Author, Cis/cal assistance, Travel, 500.00 75.00 463.40 978.40 15.00 706.40 721.40 =A:UNAL viloaA710 IN I- :c4n3 AA CAVITAL. By nr. Awin Kemmerer, of flornell Aniversity. (600 pages) Senate nocunent 588. Price, 60 cents. Author, f.lerical Assistance, •; 1. .lscellaneous, 1007STEP CHANUS IN AIT"1N13ThATIV12 Fl.:ATURES OF 7T.' 'Lls.710NA1:-. 11-UNG LAdS. (374 pages.) Senate Document 404. Price, 40 cents. Clerical assistance, HITAAY ,v -ATIONAL CURROICY. By A. n. Noyes, rinanciel 'clitor of the ::ew York '-:vening Post. (20 pages!. Senate nocurnent 572. Price, 5 celts. Authar, _ . prNir.!s AVIN(1 CTIIVICY 3YSTE“S CY CCAnA. (209 pages.) Senate nocument 584. Prier, 25 cents. Clerical assistance, Travel, TIM '2NGLI'..H SYS7.2.1. By 1:art1ey Withers, Sir a. H. Inglis Falgrave, and others. (294 pages.) Senate Document 492. Price, 35 cents. Authors, 43,375.50 ANCE. F CUMIT ANnAN1. .L By Andre Lieges, Professor in the Conoervatoire National des Arts at Metiers. (267 pages.) Senate Document 522. Price, 25 cents. Author, Clerical assistance, Translation, 1,456.31 17.00 535.80 2,012.11 TT .;ANK 6F NANCE IN .C.:S ii'LATIuH TO NATIONAL Ar INTRNATIONAL CR. DJT. By !aurice ratron. And an article on French Savings, y Alfred Neymarck, Aitor of Le :entier. (181 pages.) Senate Document 494. Price, 20 cents. Translation, 704.60 704.60 200.G0 17.00 .„ l666.4 1,883.45 111: ;UnICH:'.HAIK, 18764900. (362 pages.) Senate Document 408. }rice, 35 cents. Translation, 1.914.119_ 1,048.89 v.dited by GE} A.' INP;.aIAL bANKIX .sl'ent of the Dr. a. Kooh, forTer pr, Reichsbank. (330 pages.) Senate Document 574. Price, 35 cents. Clerical assistance, Translation, 618.4p 635.40 49_27_01 1,927.83 4.1F. HI3ToRY AND ' 'TH0D1.3 ,F 7q, AkAIS Vidal, editor of La Cote BOURSE. By de La Banque et Oe la Bourse. (275 pages.) Senate Document 57:. 2rice, 30 cents. Author, Clerical assistance, Translation, Ta GREAT GERPAN BANKS Alin TION IN CONNLCION ,IT1! VENT or OXRYANY. By Dr. pages.) Senate Document Translation, 17.00 TH,IA CCIWRA;: 1::0 ,NCUIC DV J. Riesser. (1000 593. LISCELLANECUS ARTI(Lar.S (; A:AN BAIKING. (478 pages.) Senate Document 508. Price, 50 cents. Authors, Translation, 2,088.65 1902. 3,991.63 64.98 1 600 00 1,664.98 a- T:iAL OF lifJCNSBANK Cl!NRTR. (268 pages.) Senate Document 507. Price, 30 cents. Transition, 431.70 431.70 TM] OZSS BANKItiO LA6 By Dr. Julius Landmann, of the Swiss National :lank. (269 pages.) Senate Document 401. Price, 30 cents. Translation, 488.37 48.37 ITALIAN BANKS .4.1 .I3U. Ty Comm. 'lite Canovai, General Secretary of the Bank of Italy, and Carlo Ferraris, of the Ilniversity of Padua, together with the text of the Italian banking laws. (350 pages.) Senate Document 575. Price, 35 cents. Clerical nesistance, Translation, 45.00 641.80 606.80 T. IDLH mAArINC SYS-w1r. By A.J. Flux. (248 pages.) Senate nocument 576. Price, 25 cents. Author, Travel, 1,20).00 138.25 1,:138.25 TI!E';AT:CNAL ANK larr,. (238 pages.) Senate Document 400. Price, 25 cents. And riTh S7, oF (284 pages.) Senate Socumeni 493. Price, 35 cents. 11. Charles A. Conant. Author, Clerical assistance, Translation, 2,400.00 423.37 130.95 2,954.32 'PM GLAN BANK INQUIRY Ao 1908. Stenographic Reports. (Volume 1, 1,152 pages.) senate nocument 40. Price, 90 cents, Clerical assistance, Translation, .7.. IN a-ns)A, AUSTRO-FUNIARY, MILANI), and JAPAN. (20' pages). Senate T)scur:ent 566. Authors, Clerical assistance, TratAslaLion, Prepared by A. Platt FINA;CIAL Andrew. (24 diagrams in color, boul0 in cloth.) Senate Documeat 50g. 41.75. Clerical aanist-we, "aterials, SUMVARIES Authors, (Charles A. Conant, Charles Huec o of :Iirvard University, and Warren . Persons, of ')artmouth College), Clerical aesistunce, 7cravel, IWUBLIS'n ,o0RAPTI5. Translation, Total, To A. Piatt Andrew, Special Assistant and sditur of !utlicntions, Total, 433.35 328.00 200.00 4 1,461.35 339.0C; 372.5 2,480.00 250.00 , 25.35 2,756.85 36.40 86.40 38,495.26 ;,366.66 86,661.92 ====i1ONOW LIBRARY. asossamom Purchase of books Salary of librarian. '. A. Slade $4,645.8e 4,24.84 SALARIES, CLERICAL FORCE Alden, C. E. Barthelemy, 7. C. J. Buckraster, C. F. ,..). Budlong, Thirlew, J. :*. Cook, ,:. !-. Dooley, J. . Eldredge, ... C. Gardner, J. 7.. Gilman, H. . Gondier, ..t..11. J. A. Lundy, O. D. Nixon, P. 71. Northup, C. 7arlt.er, H. T. Rose, T. J. Oheetz, J. W. Shelton, A. B. straight, C. D. f.rner, 1. H. 7:iscellaneour: stenographic services essengerc F1F;if,. A. . Underwood, 546. C3u. 0,175. 401.15 31F, 1,53:'..33 6GC. 1,2. 3E. 1U.. 4C_. :',7c. 4,31C,. 2,66C,. 1,8C. 1,066.20 5,100. 1,312.5 223. 312.00 t29,197.0 10C. 400. 91 . 2V,n1.62 -9.. WELING LXPENSES liE2iBER3 QL COa5SI0N Aldrich, 0. 17. • Burton, T.E. 57.65 Bonynge, R.VT. 368.75 Burgess,1/1446 530.35 Burrows, J.C. 126.9 Daniels, J.Y. 19C.54 Hale, E. 15C. 535.65 Overstreet, J. 261.C5 Padgett,I.I. 621.9 Fujo, 281.9C; Teller, N.' 649.15 Vreeland,L.3. 555.79 Veeks,J.:. 17. “,363.51 CLERICAL r'OliCE AND IKONS IN ATTENDANCE UPON COi',';'11SSICN Andrer, A.1. 1,759.38 Alden, C.L. 2Gc Buokmaster,C.F Ludlong, i.L. 1CC.31, Coolidge,L.A. 43.75 Cortelyou, (3.1; 22.5; Clarke, G.-R. 15. E1dredge,0. 1,515.15 Hale, C. 19. J.W.D. 1C9.2(.1 Jay, 31.80 Lundy, W.1.739C.5G ;:oney, 192.2c Nixon, R.B. 166.10 Northup, C.. 47C.4 Pettis, J.B. 2. 1--arker, H.F. Shelton, A.:1. 1404.35 Srith, S.C. Shests, J.V. Slade, W.A. 5.. Mliars, 0.A. 48.96 60678.°7 picaNGS OF COIL'aSS/ON AT NE(: . IORK June 1U-12, 190P Aug. 2-4, 1903 Oot.,:Cov.,1901i Dec.,19U,Feb.e C,9 Aug.15-1P, 1909 Oct.,rov., 1909 217.6L 237.25 17J.6 174.15 272.P5 54F.E; 1,625.95 JING OF CO :1'.JON AT NARRAGANSETT FIER,_ July, 19C9 TRAVEL OF CC!.1..r;SI0N IN ARM 3,493.73 19,25C.19 ;115,412.34 INEGICI PLAN FINDS FAVOR , .ongress qxpected to Stop Hoarding ot Public Moneys. James C. kallock Quotes Debate on Aldrich Bill to Show that Use of Checks Was Intended. Editor Post: The publication of "Uncle Sam as I iser." in The Washington Post of December 17, led immediately to what will Be decisive action in Congress. As soon as Representative E. J. Hill, of Connecticut, read it he consented to intrbduce a resolution, if the approval of Secretary Cortelyou was obtained. The illness of the Secretary prevented communication with him, but on December 19 Mr. Hill introduced the following concurrent resolution, with the approval of United States Treasurer Treat, and Senator Aldrich, chairman of the Senate Committee on Finance: "That it is the sense of Congress that the Secretary of the Treasury should, in his discretion and under such regulations as he may prescribe, permit the receipt of certified checks in payment of all public dues, the deposit of the same in depositary banks, and the drawing of checks against such depositary accounts by the disbursing officers in subtreasury cities as elsewhere." This resolution concerning the collection of public dues was referred to the Committee on Ways and Means, of which committee Mr. Hill is a member. This committee has leave to report at any time bills raising revenue. It is the only committee that has the right to report at any time. The chairman, Mr. Payne, at once took measures to have before the committee, upon meeting after the recess, all necessary information in regard to bank checks received or drawn by Treasury officers. The country may be sure that the matter will soon be reported to thritirrrletirlt. resolvtIon CL. tan tht will pass without delay. The prospect in the Senate is equally good. Bout Republicans and Democrats are alre mring the discus on of tin Idrich bill on February 23, 1907, the folwas asked and answered: question owing Mr. Tillman—"But would it not be possible, Mr. President, for the Secretary of the Treasury, if he saw fit, to deposit all of the customs revenues in the banks as fast as they Were collected?" Mr. Aldrich—"Subject to check at any time." Senator Aldrich had previously explained: "The bill as now presented by the committee simply provides that customs receipts may, in the option of the Secretary of the Treasury, be deposited in national depositaries, the same as internal revenue receipts are now deposited. That principle has received the approval of committees of both houses. It is the subject of several bills that have been presented in both houses at this session, and, so far as I know, there is no objection to it on the part of thoughtful men in any section of the United States. I think it is a provision that has practically universal approval. * * * I know of no reason of any kind why the Secretary of the Treasury should be compelled to take the money which is paid into the United States Treasury and lock it up and prevent its legitimate use !n the channels of trade. * * * Some would keep It all locked up in the United States Treasury forever. For what purpose? For the security of the government funds? No. What earthly purpose can is then be subserved by a practice whichaimt •ontrary to that of every country in vorld, and which can serve no useful ur ose here?" 'Mater , a Democ from Nevada. Mr. Newlands, says: rev"I do not understand that internal enue receipts are paid into the subtrensury at all. They are paid into the hanks that are designated as public depositaries. and I imagine that the same method would be pursued in regard to customs receipts." Because money locked up in the Treasury is "so much dead metal," Mr. Newlands favors a system which never withdraws it from the people. "We all know," he continues, "that the best way of keepin ing it among the people is to keep itdo, the banks. just as all business men governthe for thing wise and it is the ment to engage in the system of depositing these moneys in the banks, and of checking them out in the ordinary course of business, just as any business man would do." The Aldrich act was approved March 4, 1907. To-day, after nine months of its operation. the Treasurer of the United States has in national banks to his credit over $240,000,000, against which neither he nor anybedy else ever draws a cheek. Plainly the law is not carried out as Senators Aldrich. Newlands, and probably all other Senators and all Representatives experted It W011id be. The epochmeking character of the Aldthe rich act line but slowly penetrated May minds of Treasury officials. Last FL George Mint, the of the then Director Roberts. admitted In the North American Treasury the all place "to Review that eollections In banks and make the current disbursements from the banks Is, all.owat,le under the law." In the Digitized forperhaps. FRASER 1,SIC, 1 I •-••••• take the money which is paid into the United States Treasury and lock it up and prevent its legitimate use in the channels of trade. * * * Some would keep It all locked up in the United States Treasury forever. For what purpose? For the security of the government funds? No. What earthly purpose can then be subserved by a practice which is ontrary to that of every country in the orld, and which can serve no useful ur ose here?" ,a Democ I"Viridor from Nevada. Mr. Newlands. says: "I do not understand that internal revenue receipts are paid into the subtreasury at all. They are paid into the banks that are designated as public depositaries. and I imagine that the same method would be pursued in regard to customs receipts." Because money locked bp in the Treasury is "so much dead metal," Mr. Newlands favors a system which never withdraws it from the people. "We all know," he continues, "that the best way of keeping it among the people is to keep it in the banks. Just as all business men do, and it is the wise thing for the government to engage in the system of depositing these moneys in the bankm. and of checking them out in the ordinaty course of business, just as any business man would do." The Aldrich act was approved March 4, 1907. To-day, after nine months of its operation, the Treasurer of the United States has in national banks to his credit over $240,000,000. against which neither he nor anybody else ever draws a check. Plainly the law is not carried out as Senators Aldrich, Newlands, and probably all other Senators and all Representatives expected it would be. The epochmaking character of the Aldrich act has but slowly penetrated the minds of Treasury officials. Last May the then Director of the Mint, George E. Roberts, admitted In the North American Review that "to place all the Treasury collections in hanks and make the current disbursements from the banks is, Perhaps. allowable under the law." In the , same month Comptroller of the Currency , Ilid, zely told the Michigan hankers at Detroit that the Passage of the Aldrich art made it possible to take a long stop in ; advance. "by 1f-111111g the revenues of the government in cireulation. Instead of collectine• cash. and storing it in Treat.ury vaults. * * * As far as possible, the • disbursements of the government should be made by checks against these deposits tin banks) thus still continuing to leave , the money in circulation." Secretary Cortelyou has provided for I disbursements by checks on banks out- : stibtrestsury cities. Treasurer side of Treat is willing to draw warrants or eliceks on depositary banks in snbtrensor- ritles. If the Ficcret,,,,• will nine- the disbursing acconnts of dtsbnrsing officers to thcm. for wit hoot such disbursing a ccounts the Treasurer could not make , much use of his drafts on public deposits .4 in those barks. Seoretary Corinlyou wrote me on November ^9 tivit be hop^d to give the matter attention later on. Others have had similar a ssuranees. Ills intent ions are good. Will he act this year? Why not before the close of 1907? Action cannot be long postponed in 11108. Then the ( American people will look to Congress for relief, and get it In January. JAMES C. HALIJOCIC. Ube Vaasbington Post viltasbington, ID. C. entered at the post-office at Washington, D. C., U eseond-elase mail matter. New York OffIC3, F;01ron fluthllng. PAUL BLOCK Manager. . Micas° OflIcs, Hartfcrd Buliding. PAUL BLOCK, Manager. FRIDAY, DECEMBER 27, 1907. 1 wife was in hysterics. Stokes was taken to the police statir and later to jail. He says that he kil: his father-in-law in self-defense. r! 1 Were Secretly Wedded. Stokes and Miss Hoffman were secretly married about six years ago, and announcement of the marriage was made some months afterward. About two years ago, Dr. Hoffman watt m4.rried a second time. His bride was Miss rya.ura Ruth. It is believed that the differences in the family started when Dr. Hoffman asked 3 Stokes, with his wife, to seek quarters elsewhere. Dr. Hoffman was forty-nine years of age and one of the leading Democrats in the city. He was a graduate of Jefferson Medical College, and had an extensive practice. He was at one time prison physician, later coroner, and 'afterward city treasurer, succeeding in thee latter position Henry G. Young, who killed 7 himself while in office. Stokes is thirty years old, and a eolicitor for a local telephone company. ell SANITY FORAKER'S APPEAL. Dick Declares Prosperity Better Than 1 . Unchecked Reform and Calamity. el? , Special'to The Washington Post. ' q Akron, Ohio, Dec. 26.—In a statement J l to-day Senator Dick indicated the inten-44 - tion of the Foraker wing of the Republi- tl: ,. _ can party "to appeal to the people and 44. l business men on the ground that sanity al 3 and prosperity are better than unchecked iti x, , reform and calamity." if I He said: "It is safe to presume that i. i t ) the delegates to the next Republican con- j Ii vention will meet with a full realization -, 1 that if we are to win we must nominate a safe candidate for President and write a safe platform. In my judgment, the: next convention will be comprised of more unpledged and uninstructed delegates than ever before." Senator Dick believes that President Roosevelt's last declaration against the third term is final, and that there will he a rapid crystallization of sentiment ' after the hol_id_lay!....„..,,,,cu..j. ----_______._............ ii I uu w '...:. 11:1't ;$ BRYAN RAS CANDIDATE. For President? No; but for Vice President on Republican Side. Lincoln, Nebr., Dec. interesting himself 26J. Bryan in selecting a Vice Presidential candidate . for the cane. Ile Republisays that come from candidate should 'Nebraska. In an in the Commoner, to editorial suggest several -morrow, he WU' candidates from Prominent among of them is Nebraska Republicans. One R. Talbot. his former law partner, A. "Mr. Talbot has been Nebraska politics. prominent in , and is now stil of the head con-1 Modern ITnited States," Woodmen of the says ing: the .. Commoner, add- 1 "Let it be known that ready to Nebraska stands I furnish an Republican who may associate for any/ be nominated." is I 1 HUGHES BOOM NOT SPRUNG. Meeting of New York Committee Was CutRepublican City and Dried. 8~141 to The Washington Post, New York, Dec. 28.—The city Committee an bers from consisting of Republic wit four 1.500 membornuerha mat Meeting of New York Republican City Committee Was Cut and Dried. Special to 'The Washington Post New York, Dec. 26.—The Repub city committee, consisting of 1,600 lican memhers from all four boroughs, met to-night and organized for the year. Practi cally the only purpose of its existence is to issue the call for the primaries that elect delegates to the city conven tions, but some interest had been aroused night's meeting because of reportby tos that the Hughes boomers might introd uce a resolution in favor of the govern or's candidacy. Nothing of that sort was done, and everything wa.s cut and dried. VENDETTA WIPES OUT FAMILY. Last Member Shot Near Bedford, Ohio, by Unknown Foreigners. Cleveland, Ohio, Dec. 26.—R adivaje Rakich was fatally shot to-day near Bedford, Ohio. Rakich is the young est member and the last of a family that wiped out by a vendetta. The feud was began in Lodz, Austria, where the Rakich family was prominent. Young Rakich escaped to this country, hut was followed, according to a diary which he kept. terday Rakich withdrew his money Yesfrom a bank and stated to a friend that he was followed by his avengers, and was about to leave for another city. The young Austrian was shot from ambush. Three unknown foreig ners, who have been seen loitering about Bedfor d during the last few days, are suspected, and farmers are in pursuit. SOUTHERN EDUCATORS MEET. Eighteenth Annual Session Opens at Lexington, with Large Attendance . Lexington. Ky., Dec. 26.—D elegates are arriving here on every train all over the South to attend the from eighteenth annual meeting of the Southern Educational Asociation. Addre sses of welcome were made to-night by President Patterson, of the State Colleg e of Kentucky; ,Congressman W. P. Kimball, and Superintendent M. A. Cassidy, of Lexington. Responses were made by Superintendent S. A. Mynders, of Knoxville, Tenn.. and President C. R. Glenn, of Dahlonega, Ga., followed by the annual address of the presid Southern Association, R. J.ent of the Tighe , of Asheville, Isi„ C. Traction Company, limier a aecree ot Lure closure, was ordered to-day by Ju.dg Peter S. Grosscup, sitting in We Unite States Circuit Court. The sah" is to talc place at noon cdri January 26, 1906, at thc south main entrance of the county courthouse, under the direction of H. W Bishop, who was appointed a specia master commissioner by the , qourt. 1110111”*. .--acjs4 11,144r I , IY'12 --Pr 4.AZ) t-1 .A4,)o-vr- 4Q -- P v1k-%110 -V9e r -v19 VT 'fr"vvvrklY -N*4 ' 1>r° v.44-10 4--k , :e4v1 4 Gry._ nrir) , • , r2-rrc ao-ivr- • 6 weivirtetv ir-k_ °—oftr. Att•< ' , ipro -'"Irvertivea-71-v- te---iw-0 -0....4._47-4_75-Pi 414, -V • --W-117" _40 I xi. . 0_ 2rw . Nw- -rAA•IsqY w--r W lr4* p P-4V-Yer----777fre7r) leAlvW,4 /r pw 0 4//0 7 --r-ww .vr- ia-4 7 go ' 4y- v--n et-- P-Jie -w--i17 - - e- -w--P2x " ` • alo T"--4 7'."a- '1923-a ,cob 71:7-7'.'"'• -NA.evro_r 7,vo (a--z at,7)wr b-vitz ia-&-? 11rY- (4 • A k x 241.58 190 No. 1 BANKS. Bank of N.Y.Nat'l Bkg. Assoc'n Bank of the Manhattan Company 3 Merchants' National Bank 4 Mechanics' National Bank 6 Bank of America Phenix National Bank 8 ‘4, National City Bank 12 Chemical National Bank 13 Merchants' Exchange Nat.Bank 14 Gallatin National Bank 15 Nat. Butchers' & Drovers' Bank 16 Mechanics' & Traders' Bank 17 Greenwich Bank, 21 American Exchange Nat'l Bank 23 National Bank of Commerce 27 Mercantile National Bank 28 Pacific Bank 30 Chatham N ational Bank 31 People's Bank 32 National Bank of North America 33 Hanover National Bank 36 Citizens' Central Nat'l Bank 40 Nassau Bank 42 Market & Fulton National Bank 44 Metropolitan Bank 45 Corn Exchange Bank 49 Oriental Bank 53 Importers'& Traders'Nat'l Bank 54 National Park Bank 59 East River National Bank 61, Fourth National Bank 63 Second National Bank, 65 First National Bank 67 Irving National Exchange Bank 70 Bowery Bank 71 N. Y. County National Bank 72 German American Bank 74 Chase National Bank 75 Assis't Treasurer U. S. at N. Y. -• • Dr. Cr. 67 Irving National Exchange Bank 70 Bowery Bank 71 N. Y. County National Bank 72 German American Bank 74 Chase National Bank 75 Assis't Treasurer U. S. at N. Y. 76 Fifth Avenue Bank 77 German Exchange Bank 78 Germania Bank 80 Lincoln National Bank 81 Garfield National Bank 82 Fifth National Bank 83 Bank of the Metropolis 84 West Side Bank 85 Seaboard National Bank 91 Liberty National Bank 92 N. Y. Produce Exchange Bank 93 New Amsterdam National Bank 96 State Bank 97 Fourteenth Street Bank Exchanges, Balances, - \:5 ) / % / 61-4, d • NELSarN W. ALDRICH SENATE CHAMBER CHAIRMAN!' WASHINGTON. D. C The National Monetary Commission is collecting comprehensive information concerning banks and banking in the leading countries which we expect to report to Congress at its next session, and which we hope will aid in forming an intelligent opinion as to the merits, defects and possible improvements in cur own banking system. In this undertaking, as will be seen from the enclosed memorandum, we have enlisted the assistance of many public officials, bankers, and financial experts, and the Cornmission's publications will include monographs, translations and statistics covering every important phase of banking as now practiced in Europe and America We confidently solicit your interest and co-operation in the work of securing for the Commission statistics concerning the banks of your city. Among many problems to be investigated, one of the most important concerns the seasonal variations in the demand for currency in different localities, and we hope through the clearing house associations of our larger cities to collect information upon this subject which has not becn available before. We should like to obtain from the banks of all cities of more than 50,000 inhabitants, statements as to their shipments and receipts of cash to and from points outside of the states in which they are located, month by month for a sufficient number of years to yield typical monthly averages. Such an investigation, if it can be successfully carriei out, will show better than any previous inquiry, the measure of the regularly recurring flow of money through different parts of the country in the different seasons. In order to make such figures representative of an ordinary year, an average -2- must be established embracing a period of years, and we believe this can be satisfactorily attained if such statements of cash movements can be procured monthly for the period from Ianuary 1905 to December 1908. The value of these statistics will obviously depend upon our success in making the collection complete, but their importance, it is believed, is sufficiently clear to insure the co-operation of the banks concerned, and, we hope, to warrant the enlistment of your services in securing and compiling the returns from the banks of your city. Such a service will he highly appreciated by the Commission, and will be duly acknowledged in their report to Congress. I enclose blank forms, duplicates of which I am sending to the managers of clearing houses in the other larger cities, upon which the totals which we have asked for may be conveniently returned. All that the Commission desires to secure are the totals, compounded from the returns of the individual banks. Should you deem it convenient, however, to have additional copies of these blanks to send to individual banks, w- will gladly forward whatever number you may desire. Very truly yours, STATEMENT OF Clearing House Banks of FOR THE YEAR W E E K. DEPosno. LOAM. BA LANCES WITH B,}13ERVE AGENTS. SPECIE AM) LEGAL TENDER. 1 2 3 4 5 _ f; 7 s 9 10 11 12 13 14 15 16 17 18 19 20 -- 21 22 _ .23 24 i 25 26 27 _ 28 29 30 31 32 33 34 35 , 36 37 38 39 40 41 42 43 44 45 46 47 _48 49 50 Si 52 Total, — STATEMENT OF Clearing House Banks of FOR THE YEAR WEEK. 1 2 3 4 5 6 7 8 9 10 11 12 1:3 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Si 52 Total, 1.0 Ns DEPOsITS. SPECIE AND TENDER. LEO AL BA LANCES WITH AGENTS. RESERVE STATEMENT OF Clearing House Banks of FOR THE YEAR WEEK. LOANS. DEposrrs. 1 SPECIE AND LEGAL TENDER. BA LANCES WITH RESERVE A6ENTS. _ 2 3 4 5 6 7 8 _ 9 10 11 12 13 14 15 16 17 — 18 19 20 _ 21 22 23 24 25 '26 27 28 29 30 31 32 33 34 :35 36 37 38 39 40 41 42 43 — 44 45 46 47 _ 48 49 --- 50 51 52 Total, __ CITY OF SHIPMENTS OF CASH TO-(including specie mei paper money) FOR THE YEAR _- JANUARY. FEBRUARY. MARCH. APRIL. MAY. JULY. JUNE. Amain. S NEW ENGLAND. Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, EASTERN STATES. New York, New Jersey, Pennsylvania, Delaware, Maryland, District of Columbia, _ SOUTHERN STATES. Virginia, ' West Virginia, North Carolina, - South Carolina, Georgia, _ Florida, Alabama, _ _ Mississippi, _ _ Louisiana, _ Texas, Arkansas, Kentucky, Tennessee, _ MID-WESTERN STATES. _ ‘ Ohio, Indiana, Illinois, _ Michigan, -- Wisconsin, — Minnesota, Iowa, , Missouri, CITY OF SHIPMENTS OF CASH TO (including specie and paper FOR THE YEAR TOTAL. M . JUNE. .1 I. 1.1'. A tiousT. SEPTEMBER. OCTOBER. NOVEMBER. DECEMBER. Kentucxy, Tennessee , _ _ MID-WESTERN STATES. Ohio, k _ Indiana, _ _ Illinois, Michigan . Wisconsin, _ _ Minnesot a, _ Iowa, . Missouri, WESTERN STATES. North Dakota, _ South Dakota, Nebraska, Kansas, _ Montana, Wyoming, Colorado, New Mexico, Oklahoma, PACIFIC STATES. Washington, Oregon, California, Idaho, Utah, Nevada, Arizona, 1. Please estimate so far as possible, for the months of greatest movements, the kinds and denominations of money shipped. 2. Is thpre a general demand for small bills from certain sections of the country, and if so, where and to what extent? 3. Have you been able to supply such demand without difficulty? ts, the kinds and denominations of money shipped. ountry, and if so, where and to what extent? '-aawaNiiMimmit CITY OF RECEIPTS or CASH FROM — (including specie and paper money) FOR THE YEAR JANUARY. NEW ENGLAND. FEBRUARY. MARCH. APRIL. MAY. JULY. JUNE. Avan. _ Maine, New Hampshire, Vermont, _ - Massachusetts, Rhode Island, Connecticut, . _ _ EASTERN STATES. New York, . NewJersey, Pennsylvania, Delaware, 3Iaryland, _ District of Columbia, SOUTHERN STATES. Virginia, _ _ _ _ West Virginia, NorthCarolina, South Carolina, Georgia, _ Florida, _ _Alabama, Missssippi, i _ Louisiana, Texas, _ Arkansas, Kentucky, _ Tennessee, NI1)-W ESTERN STATES. Ohio, -Indiana, Illinois, Michigan, Wisconsin, _ _ Minnesota, Iowa, Missouri, V EsTERN STATES. . — CITY OF RECEIPTS OF CASH FROM — (including Specie and paper money) FOR THE YEAR I APRIL. " , MAY. AUGUST. JULY. JUNE. SEFTEM BIM. OCTOBIEL NOVEMBER. DECEMBER. , , 1 _ _ , , i _ Ii 1— . _ _ , _ 1 _ , i _ :, , , , ._ _. Kentu _ cky, Tennessee, mi D-W ESTERN STATES. Ohio, Indiana, Illinois, Michigan, _Wisconsin, _ _ Minnesota, Iowa, Missouri, _ W ESTERN STATES. _ gorth Dakota, South Dakota, Nebraska, _ Kansas , _ Monta na, _ Wyoming, Colorado, New Mexico, _ - Oklahoma, PACIFIC STATES. Washington, Oregon, California, Idaho, _ Utah, Nevada, Arizona, 1. Please estimate so far as possible, for the month s of greatest movements, the kinds and .2. Is there a special demand for small bills in your denominations of money received. section at certain seasons, and if so, when? 3. Have you been able to supply such demand without difficulty? ents, the kinds and denominations of money received. easons, and if so, when? REEL 56 CONTAINE SOFV1QNL 81 Collection "tle e pers on Aldrich e Series/Volume i d Shelf/Accession Not LC 77-38 (1/70) _