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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.




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laINTUCKY.

W.R.Lyon, Chief Clerk,
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Frankfort,4 1Cy.
He sent corporation laws for Bruner.




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IaliTUCKY.

Ben L. Bruner,
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U. 8.8.

isosso"

,

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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.




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•IMM.

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Is AL Appel,




Auditor P. A„
Springfield, Ills.

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Marcus C. Bergh,
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ing,




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3en L. Bruner,
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P., 7. Cturoll,




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Dos

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W. S. Chaney,
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R.M.Cook,
Bank 7acaminer in Charge,
Dept.of
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Sends Laws, and will be glad to be
of lAirt7:cr



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A. C. Croup.,

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(Nothing published)
.



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Clarence A. Evans,
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Frederick

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Publishes unofficially a compilation of
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"Tenne see Statutes Relating to Banks &
Banking." Name succested by Rean G.Polk,
Treasurer o State of Tenn., Nashville.




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Charles C. Gray,
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John L. Janes,




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Federal Reserve Bank of St. Louis

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,

/11.::.1,on, Chief Clerk,
Seretary of !Itate's Office,
Frankfort, 7,
7,
Ito sent corporation laws -or Bruner.




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Charles F. Noble,


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George T. Slicinner,
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t

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br.ion

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{ote1. 'lass for two uL: 8.
4

ionhoArt
T. sooting

Jr-ozu of.. .rranfrinr fo; the work of 'Ow -embers
4
-

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 tication 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.

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lif
„
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,e
(i /i
.,
....pi'

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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
,
.J.% t7n, miOlAc of
on kho,

Th, secting
f;

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, aubcommitt
t

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•

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7 I.:.

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Al
:N-

,e
,
.'..,
, g$
,-

1j

,s
1
i

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'.:
k
i

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A subcoitte:.c lf t
at

t

C0. :Aintion
1.
otel ',- 1.11a for too Otk-efise
-

111.c weting

veto ftr t! . , ,ar..coze of r47ranginr fo; the: sork of
-.e ,
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

co 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 :.-„„k
exi
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 infor-ILttion
-1(1

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 114!
,.

0.
,inpw.

14r..ov;;14 ealt1 ntativt%c
It iv, ell%gltd tRt t,

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




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, 1. t

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tf.,.

u

7,.1i.. ,.,
i

J.
,,, ‘,....

tji1L4,y

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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 rfmeral.
,

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 ; 1.1v:
,
1

vales e.p,l'inted to -vitt A

r:144,1 cA.

,iintida o 7 !sueb ffInturf)(1 9f thw: Catia.di

itta:::, , c not
; r.

(:!1

obiklan t r

fV tert

tha invItstitiqns of

Trl

anti

nafitcr

A 1tr

t 311
,

A.

in nr00ff,
,

tkl:c: place. in Waittinpo

1 C.. of 1g:totter
*

7, ticatip

Mt: Ric0 inr
,
4

thtt se..4: or threthrs

ir1on thiristr. t

Of

it

7r;tittas,,; Co-rlisrion
,
o

vt of arr4nringf

or ';:•42c;

1

will conaitt or

tors ';'txri:owty and :Aniolo iirpreveritAtiVt.

-r, '.,on,; rtroo
v

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- 'c,
0,

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.

4.644
,

ows

sent to

"left in

the r •mbers of the Commission
a cou-

plete set of the

,that are bound:

) Senator AJ
1
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. P
0

-

‘
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.
• v Sriit, Ca]if. for
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 forl
iA.P.A.
1 for'W.A.S.

The diagrams sent in
folded by Brewer and

jL

rd:l
c

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

skrera
.

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.

A ,......
v (('

1
1
for -flembers of eloculi sion, °ending

i
Hold all diae,rams, e. . •.=
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., sustain the honor, the inteFrity, and the
4
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,: condi‘
tions '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 7 11 17.0

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 intellii
syent 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,

:;ettinc a check eashfor instnce, have hud experience in ;
ed 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 associa,
:
tion, 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. to be dune in
.y

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 question:
able 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: . the character of its inve
J
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 main,a,t solvency and that stability.
tain t'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

whether or not that has been done in Boston; but I do know
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

-fncy th,it is
ori

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't4A Ona37
a -44 #46' "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 usilwa
PRE r
iik




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.3o.37
48.75
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2,666.38
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3,103.5C
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THE IPr4Di= TSEAMY ZYSTI.11. 7 T.IT,
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.7..

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2,480.00
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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 folquestion was asked and answered:
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
then be subserved by a practice which is
•ontrary to that of every country in aimt
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
wise thing for the governand 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
of the Mint, George FL
the then Director
Roberts. admitted In the North American
Review that "to place all the Treasury
eollections In banks and make the current disbursements from the banks Is,
perhaps. all owat,le under the law." In the
 .



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 snbtrens,,,
or- 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- ji
I
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 the
ing:
..
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
Republican City
Committee Was Cut
and Dried.
8
~141 to The
Washington

Post,
New York,
Dec. 28.—The
city
Committee
bers from wit
consisting of Republican
four bornuerha
1.500 memmat




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
Bedford
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.
,
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241.5
8

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

National City Bank

12
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

‘4,

Chemical National Bank

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,
_
_
Minnesota,
_
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

_
:,
,
,

,




._

_.

Kentucky,
_
Tennessee,

mi D-W ESTERN STATES.
Ohio,
Indiana,
Illinois,
Michigan,
_Wisconsin,_
_
Minnesota,
Iowa,
Missouri,
_

W ESTERN STATES.

_

gorth 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 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)




_





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102