View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

NELSON AMU




Monetary Czamissiog




17.

gynopo:b of

FxrtmthutIon

101. Otltdrgers Palluin,

Govvrno- of the *Rank of Pranee,
BY
Sub-Cord.::.iti.eo

ror,

imas

Contlitiupr

tvlx

Vr,'011n,i of Ner Y(:rk,VAce-o-L .
Overr
,tr4 et, of Indiana,
a.

tn .1 1 of

rO(1aL0;^

,4mort4nrium mad.: by Ur. Ovorrtr-ct,
ranco,

Parie,

10

Auut 24+h

ur

T1) capit,41
into F..aruEt of 1,000 ' n;:tch,hcl

000-771
.
Of)0s-

finnet

by rharchol!lore rilvmbring hetwvn

•lm.rtcr wart renowcil iii 16UV

29,000 71.1. 60,000..

ta21nr. ;4,ction 1r

,
Under 44,!t) provitlon thc

in 1920.

, , 4 t 1012•
•

1911, I.u." to:T1lyi%0 t,

In

Y•

o.) of t't Vico-l•ovAencr•
,

t"c

i•

BA17,kvlr

c4)unrx1 or

THc2 court or

:
rup, ollontf,
fifteen
of .0t1txx re -i1114t;

A flovrr ,

. init- Lry

vico-r;;;vernr)re are propr:r.w;

n

xrirvt4

conElors, who ;:tr ,

ahoren a.

414( by th6

The llovi*or Atirt
'
.c
„4,/cus t)it. Vico-Golrefno:. n fifty ilaistl at4

two hundrv ,J, larg.nt thuxuholdlirti of t-,o 13%.11k.
own uno hundroq

-:Ank rs.1.1,7
vdithou

rlivided into co- itte. fi of v.•ryia0 dutieb.

It

ouch Thursday.

Jirtqlts acx. conivfs moc

Tho court of

,02ontE thirty nilLairoc cach.

proFeri by

lovern;». Ak"Id

e,w7.eru1.4 aoeeptcd

ch!inge by ti Q court(or board of Dirvators), an0 contiwit1::!

uctil ehunwod 1)y a new proI,omi from te Onvornor.

5,0o,000toop

Thc maxiclum notw is..1Ac authorized im

,
actual note inElLe on Aurumt 24th wap 4,660,000,100 F.
requeiLly, but

!
iNrue oute,u11: 1nf vri
crop movinr po,iod.
kt

!Icv

1
-,.‘Lher-

,

L

J,ffrc c

tatv - c

Yaan:: yearF 11%4.%(. rwmed rinc

n
ware by

.I•

nt 0'10 et of 1 13 SUS•

2.w 1,01A1.1

er,
'atc:A iAL thc

I

Veere ar!' no 17.,nk

wriod.

sank of Frkinco.

uni...blo to

t.

7. V!*

irrt
1iJ1

other

n t'
than the

vucrcction
T%:0 :tart

.)f t.) 0 prerwy. f.anaf--,er oT the Credit
,

14;jonIttm, who p 3pose! in Parli:T,cnt 16 law creninm nets i

tr)

18.
It mcit with lit le ravo- thcn.
1. payment IF1 made to the Govern* .!,tt for note !mew, ot any
T?In taxes, howover, arc noniderablt:,

pri'llnre.

••

1

cent uf' t*t, :refit

est on tfll. otutt , v6erve, complain•

cireulatiot;

Tht

1,000 F.

eiro%.onyth,:o

(

mt

'ankt inoludIner, inter-

•

Junk r :to.

Co on '`.,h;Y 1,000 F. tt.n

tnc Bair* in 20 C.ol;

thcy t.kr

r

Ow tax on the cafl in
notot.:

conridced in

out 0 e!' thc counter.
,

not cancd, brt

ljfk: of" K fl&)t

no Lou; under t!ol .1.a.ve in

but lAnce

Whtm .ecciv(,1

redemr

hats

i

thy

tLr. i /cars.

TeCifi(ett. 70Li or
in H7 old.in

practi rm

..14
TIo? . ,•',.1t:k tl:AoAveurur", .deter-A,n,
reSreial 14 cano'''tfte.
.

the

paid out ag! long
,

art! iii'-proier conOitiono
The "1.14
.3: rikit.ttertg it

f;ountinr. to

.rofl.ow,ct at the

Vametimes Coe Bank offers

okdf'f4r silver at

• 7.4 .erlite, ku.; ;*.r1 4•1ternative.
Independent hc4.nkfl :,omeimer kf:1) on doponit
thOr rilvrawi

hu{, ,,old will not bc rHecilrod for'

dupof'it vpon arrc. ‘

'

Y'•

k!.nl, but mlz2t bn

11; vICking

ct7I014

..!ank of

.. all

hooks for t

doroilt-all

deroritors 1,',u;',.by being on ar ca4uraly.
i)
,11.fi, (0*
4
.

AnY0

1

.11

*

t .1117 ;(30
)
.

4111




.#171oniLor

,1
10

krAWcfn

f`

Vt,or an :.r.::.!ount I
ar

.1644:1

;:1t.41 afl ol.tIrl
.

t

roquicc_ , nte.

ctf.:oned

Fo-t 5 Po, prOTId.

No .
rromin

tmovte

•, note,

the debt 1 , ovidonced by bill r: ,211 1:.Y.L..rx of excelanre.
.
en Mlle cwaint exeoed trco months.
•

required.

4 ,C1
.

Txclo, niAr.cri 0

The. time
ondorrers

About einht,y percent, 07.*

:tro cys: miuImnk Kr on
the ni!rmA,

or thc

The

endorrerli.

3ank

rIvf- int;,rn:dt on 1. poritn.
•

••
1?le

V•Se

•

COC/1:P

4c,‘t nountry .t

tr, no t,Aldency to incrcame rct uPO,
,

no

le -.

50 7.

tIlan rot:LA:Fly, 13W, lr
tot .1 001 -1 of XXX XxxkZX

Tbeaflk oY vranee

1.4)t,ef' are 12:70(1 more than

.7o , a lower no4.e

Tho lowent devlomination

there

The revenrrf piAMp on nhveks

(toefl not ret,;
-xd their 1“.41 materi:1117.
coin, tvvi tliere I

nr 1 7cnera1, an

7oft- jin!! of moruy

flom in use.
racticod

condideruble, cgrcejnily rold.
rknen in etItiri4too at C,000,010,000,Fo

'),2:2,000,000 P. ;1.1-; the re- :A.dnder As in the




19.

3
.
Therc tik,rt 127 large: brarie- .en

ppekets or t41

) aneor .tre oontrolicd by
7r.

brnelles.

R

,,ii!..octors, but nono in

rpvcial board of rian;y7-

py•opotieti thrne

`2•-41 Governw -

brnchet.
r1.4e3

oi7

o

2o.n41,1 as a competitor,

11,e1:* t)- bank z.f bankSo

Independent btnk.; pazy' inteyeet on
Au7urt 24th, 108,

funds itu:ounta

anJ thc

or t,he thrce.

Independent 1>inkere rn,
-ard t;h
but

branches

4,;:n

eaen

Iflistry ft
)r

inistry ml4ot ni4Lo ()

on

Each larre branch

crti.

I cou

branchcst partieultably in

of Ylr.:

'uhiphtito rtte

.:01,000,000

tc: 242,000,000 F.

-tai deporots

dofiits.

6.;i(i al) othar

to 539,000,000•
hi416

(The Governor reivAetitr4 that thic

df.poitr of the r:oyernment).

.
1
particularly with reforelm, to t)
rie exnse of:

incluine

note

corts the

9ank abot

Ra;me ar tlf‘ interetlt on toir dcrorite r!orts indercnd

ent

Viert;

:-.bout t.

,hitnumbui. I
e

tradesn

7 NAc:Ics
.1r

abrorbi'd

1!
-

Poop tf,

borleers, aro mich pleuvied with
affords rl-car F,ecuritiy

hocauc

1.7.der

aeerearlmx.
o

N.b1

4,1,- o
,

bor7wers

man%r-ore a.r

ti.ades

mor

x-o-

no .%

ionic.nt,r: in

for

d';o brftnik bink ryrtem,

.het. ! -iTato 0110its-Iwt
!”

independet bank

plavcd
rqo:
4er

not

toudh '141th loced

au Kcnoral 4dViorri.
nc:- in existence 550 r 1.- .:to
..

n
Ti 11, r

ineluinr pot;:.1 b::nkm) with 1500 britches.
are inereafing ntpidly,
by thc

,

•'sty depo: It boxes

Zri 1

hoarded

is. kept in ther;., boxes,
flavingt'; bankE halir

411c ,Atiekholdersi

r,Lc

to

TIA(!y pay 3 per cnit inUrot

dopo!Ate l bt

1/4 of on': 7)cr cont le

no eapit .,1

It1(1 an reserve.

TY,, postal sayinty

p6vs 2 .0 per cent interect on d:pofAte.
porta.1

Jtvingrs 11:Lnkr(not

salring

aL';

%11

t.t2 portal bank :lowing. nor

t:i%vin!r.

eicro!
,
.itv

)4:11,ks :xv on

rart-, incl. oallos.

of tno navinp:r banks othqv t,han
000,000 7.

T.

to'
J.. :1:1\1,; !AZ
,

ro!'t4, ,cre aproximrttoly 3,4009

The aepotitv of tie pootta blk with

1-

t! increacit

eirht thouRand

20.
4

port off-Yietts at;r1 Ivanehes is 1,;:i6,0
00,000 Y.
bi,ton in oratioll Arder.l82,
The growth

tfiopottl'434n

tr

f1

riTtf 4;%vi,; .
,

,•('1.• --r)
nk•

r .eatly Injures thc. prowth

yriv:-te titavinr!.
10
There A: lin- itvd
nks,

limi

"n in

p'»441 'holde:s in joint :took
.;
,

ount nr

no. I.JA 4 t1 in liability.
ar

r;ontrollftd

Private lyolks

for withdrawal of funds

v

r::21cral

m"hare.

r

.As t incluflnq

neve 1.!. no exwnimi.tion by tTht.-. 1;01rcort
:
ly.!nks,
Ttote.

oaPct;rtAn
nc;

France, 'but.
ration frwm ti

pytTcci

L 1)11.1 e

0: the stamp dutioe.

t:x..170.1.11, "-ion by t'.1!.! aovernvicnt of the 'cirtn1
, of
.
..iltetry

no. 1.v.; privilered to aliA • or info!"

'e ties.

./v ,;01 ,-1

ent banks alld
i ::q) r'.

;I,11
0

int].

C00

of

-allele

Thurf.S day•

rnber o" cit.tw bo$1..y of Parlirnt.
to .0iaak aidine or favoring

rcrr!iteri to be a

No charr

1'

r.

ads

• poiltInfl . pRrty. There is

never any cl;,Ltn tihat politActi !7.1;%err
in

J.-ty degrf.. Irv.° thc

f.114.1 :rnewal of

t?'

ch.,:4-tor in 1897
9

qcr,inp %11- v..:11' hank be!c.n had 'Inc" 1857.
ror

in lyink mttthod:.,,no .c

afly

_




or both th(!: independ

. 1 but tho

cyarno! nur Vioc-anvornor

no le!rrifJation

joint stock

if

any -Jew

21.

kiigust ;!,f)„ 1910t•

TNT 31V11-70 Iiir.CIDEOZ
71ANIET.

.

1tWX ;:1")

A qr

ANTI HON. nr3:11

0

Jam

0? fisirg NATIONAL

:01/11TA.i 1301,4%4I1 :.TISI011, ANT AARON HRINcARD, AMIXISTRATOR
:
07 TICE CritTLET LYO,
P,I7Arf.7.
•,,

••

'!:(c.3.4. Vreeland., o
-

In opttni:let, tl.to
the ettboolvl

itaxdui

mont r/f the rodit 1.yonnuis.

• W

behetif of

f(or A copy of tAstt 1,..1.test atat,.0The °Aaron fxn:idhed

1/41 nembern

thf. 3rbaoninlpttn 'cith their last atatemont (that for .7;410




which 1:1

folixau:
ASSETS:

I. Specks in hanks ,:xnr1 other spools
Cole re
..per
jpublic secu,rities (ritmict1pto.1)

Y.

0•

11 212,691,267• 0

4. Advanoms tx.on oolLtteral
4. Ovordravn accounts
zuld b onds kept rbor satin
PAW. tsstes.te

6
+0
,
41

4 f.,61 73.101
174t5,2;V•01,
.15,000,CYX).00

Bverythilv else - stanps, rents
paid In admn as,atationer
etc.

26 " 390.2'7
1 4d94
er 7A0Ow 0
1 ,44 011 tie kJ s ;c/r;f74

1

22.

LI Mani
1, Deposito of

o!...-.:
on Abnc0.

1

Ople

'Rusin*se acoo ut t

4
71 J; $ 04)%

goIro rritaerit 4%4-

;al

O)ufltFl)

41e.
Accep t.4. e a on aoakvio c

10f $
,

aper
ir t.

tcx

von t o
71ortds
,
tine dey osits

4

.

17D 4P9 502.35

.45
:P)Very 3. tbt1i ty not included Abov

.0 *

12t;$000$000

Reiserve (aurplus)

4

7. Capital
r
ift“-1 Olt• 14
.

In ttVrOt:010.r.d

alte
,

- by

t)Itl

ts ti .1s. a at;(.terrynt

X t) c!"...;
lent

i co. ;
.
•

*4 rip)

ere ;'

rrovi ofton floe

Do




44,..r, m
,

ncard

11,4 ve juitnitbmit tAcii tin ili2

You.
irclacnt of law?

A.. lit),$ it

110.41.4,i re-

A. ye

4
rfrient. require ,,tu to publish

1.ho.
ef

•‘;r tri

A. Once

e

,

0u pubi ah tho se taonthLL at ihttemontis in thc nolo t$
bit. on our oml
ot zu.!

f

o

.1.oro.4 are

o;ern bylawn

-.1.c.• t. of the acme. it io
•

in],
A.

3611tivy

,.hr

.1•011,0%,

intervIew w1e4

o r• last

(
:note

omjibi1it.
$ forto

,.trriellti;

13,60 of 0131"

t,;(1)1 1413

,i.s

efit; xrnd by 1rk.tfr,

OM:

P4 r-

of th;.:,
„terms-4 t;
c.3aron 1.rthoird turashe
roferred to $ its requested. Thu; stAaneni, is in
',ranch, azui was flied with other in4.:err. r.,t the
consai(:Atm $ to be truinsla.ted)

23.

Is thin ."!:.f!foL

•

stateuent published in the num et
-ere

At thr

A.

in held over, yeax
rt, 24
:

10. r,
”
,

thf:;

nn,;

And it Is1teiA

p ubj.LOU!di,

g`litkrtge

rof Diirect.. re haw ealthelrity

17 :alti of tho monthl,
,

if thy desAred te4

!Atlinistrttn

(iron-

haz "

part in thc 1.14414470-zoynt c34417 th., !). 4iJt.
4
raw"
lutIon

Lyons that

fxr..

Vcoad iour

0;Atr ;4-;...37C1

Kt

3-vranirt I silakii.iat

A.

iro)T active

tle_4

it rleyrt:tv

triportant

tavr.4 conow..Trf.rtme

wXthcu

Yes.

1::it

Th4 firnt ititA of' thin !aontili.,H atttnte,knt is 3.6. ,000*()00
9
franca in your tva.nk 4u)(t in other- buinica.
tht

A

Ito?

You, thAt ieo;

dew 1361y2.onts - what 1.
-4,1-; round

041,

-114..7it. oall

I.. 3 Mal

1.,gtm ),A.-11 out of t
,

r 041411

lu

re$ s.nrire

rionl:."

If

rrY V
.

)

.:Pould not ',7,!
not itera and sone It

1.6

the 'utnk of

.4.47t41gi t
.•‘.

S1p

;ou
DO ;

of' 'ssTazois?

A.

We

akt portlort of
trim.ra

1N,TIL

lay in "
,
,he (Jae; lxiforo

‘7, think
-

iLA be. noce.s- 44.1%.' for the businean of the f1nr,
4
yin account curT
int

tu,in

Utt,0

40 CIO

thn firs,

1,

IL In
"Gale; t1

I
4.)

f

;:tme.

.th *iPon *
has no t taQ en rkrti 1.011'r

ler,..trIca l in whioh
fzic

-;11
1-Imazkag

114•Ave

t.hf

TOtQØt

Kocp Ger"itit.:

4v4nOiee.

W*

th4b.t dvoonited

:(

ba.nk

"tys duo to , ou from them* 'but
A.

It in ::.oney which we kelp

thfre to

'Um credit of o ,Lr account; fur _mat ounce. wh4esri; i., sr la to 00
4401




24.
41111041•P

di ticoluit,(xi 44.nd th'

i

iidtottte trra-

4.1.04 loll 13 •erformed
.
4'so

nozr; due frozi 1,12.0

11(' Yro.noe

A. 'rho

oe Lt.;

ei their in. gold or ai1ver.
notc , •

e

1igd to
dhoti

If

bee.

in

asltad, detuald. th..e syvale on f:,111.(.t. notes.
ter) 2 of the Aseist

.

oorrvJ rothi paper.' 10 found

t

they diti not
A...
3

ri1

as we do in

'We novel"' hAvv.

ours..lerc Iasi pallor of ttto

Ave no Irt rf.'itai 134)ry

c; .

1:40.11,Lerlotitz

c;:Lvi...1).1.:„;:i t s but Ile. do

VI Q11. ()Iv' bu Imo er.4

t), ;Jr F:c2i ds Ath

1.,,VO CA1i that

toe IS•

d ti

ind yvu
of pa, de

c=.!nradet that

to iAno th .4' a, co rt 40.in

Al,..*f; to be p1.(1 for ln

:7:.iorit ha)

no rct-

on ivcsf. note for tho moult t thi..5 is 44. hUh (if ea2:0/10,,nr.:e And ii111
;
4
.occt

The Dania Who dal Ivir.!. ric :3 iglu; and the :utri who p.eri rn

lt•

and tho tirt one teaces it to It

Q. We would

im

0.11.(1 he

like tc knoof

in do

ubito seeletitien mentlonce in the nocon0
Ivenci-- reinto 13
.
fo

A

tiv;

trtlasury bonds
. !Cho.. Are 1ike 'New

re-to r, (a bonds
.

oond s

'IQ is;

re!' ,

von,be

hey are tondo riu9 bond a in
in ono or ti.,4% lon the.

bonds ,.)1* for4liria
4•

It.

P

•
•4, 0

in 41)1/oat ,nrit

eva York revonun

nttc1ation of rehavc. treats:Alf.:

Ifl

What ;3roportIon (-If the SOCOild ite:,

Les, 1),11, it




tt.

no ttU INel ur.1

xvo ;mu actually in 'alio very iten any

A.

taont

.5erc

juAver.

ahlvitt,is var.., largo:1;J co: vlerc

cvov ore‘a.1

Pr'

The prop°x. ior vox..a.tior.
.

25•

401SOF

• 1 '

t• 4

t

.r

t

-eltert

bf n

r

a A

t.:Ark does 11

'.r r

A.

ef:r,

e ...ettrz

43.

t. Cil;Fr4 )13;.tCh ePitrytt rrmorst

110;

A•

c.,,rn includua In tho

bando,

ell

" C-Cov. riterem

b m(11;

t)taiy trc

qd t

,
,4

tcs

the i

t. In iniaW4

That is qur

stlt.

w‘t

t

Yi 1

•

; 4„';ar 14:1f3a

..
.1.14 11 'I

.,

.t

z.

c

(.7

1033,7 ter:: t

,
tank to bu,„1

cy of

afro

t

t Ir.

fitt!.1 itmn,
Q.Ifruld not this oianz. :)1! *ecurittos be i4 quick assset in
ra; on the t.

nced?

ttme

Lir..bi1.ttiv

reat sight, and

•

rw:

t

t

be oblir,r!d to ps,,:y r-mm Fazy

.e ntat

m iFila de 044 remits.

;J:44.1ft) )lcre

k,”ckvir t ard tmh
irtr!ry lervos4;1 ,

div; thcreft,rzl,

T1.1

)1“4; sAhelit:

, raid tAvy mus.t know ttlat

rf

t:nds we woult hJIm t.

i Ltuq446

we

11en 1411

.
it:ant ce

t

seiLl qmin it a time

cc,ua.d not get 6, goo0 prlae for t)'Cvr
1.
If: 4

4,11,

havc t(.4

zo

and that

iiuit trGw

A.

certain:14i.

In T.:nsi tz..41

ocvrts.in twAolatt., of

ril t

her' on

ho.ifro to

thts.
.
if! vAiii .‘41:3..t I..

IA: invc.t a

th irik they s.)..T.sra

,
nconnolfs, bv

t irle?

t taiv

rLo at

roTitt

daawfti-ou.
Q.

,
there the batiii7.6 do not ..;A.,dect...
4, get L.C"itAltc it

go te; t he
the

,
.
nr2.(4.1.ish art

vz,.c.ifferrsn't

very tie r-VoIA 46 and 'u1d no t
have




gclvern.mttrit. 6i,rid

frcti our rico

;,;o11
•-2

c,r1
et.

.
tzi.nd that ac rt uf th Aug

4.rid. t 4.3.0 them to 1..he

•

peop.10
*At

n.i.;110*,

3ii.n.4 Of Is'ir:Ance, but

26.

,
ci an.

lr,-A.I.tte

Tkvit tvito

!And

arta

4xtre.-11.1„

lf'

tof h41.1,:y d

.4.0acerous.

avr
,

44,

a ran t

Wft f

ti

••Iih

I ol.4 . to add, however, that adj.:L.
1t

bzoika In ?rliknoe are not of 14 opinion on thi
s aubjc1,.
Do not I,bo Prenah ptehlie
-

,out of the Yronch rev!

Yea s and not the banks.
•Tfow
t'
Lrle

. oevoor
t

The

*

thJ..e

r;:iLde 1.1.6.

zattah mrs

'bonds d..

rd Item t& "Advances Upon Collateral;0
of?

A.

Oevertuaont bonds, r4).....113 - ;)..0
(
/
4
to.• otos

sort of

od

I tat t,;-d ii t.17.
:

118

more

Or

on

inntitlItIO'

tgrntion to thrt than

'' t
ts

Q.

•,lier

le-reiluh

Lo

We ziredTr.„21cu
*..he

:';orao

s i r krovi •
-

?Lich vo

thc 3ecuri

How mu& margin do you reqtre on

what In
ei

im

4.,.1 e

•

‘of France it: ver
ule

$ on V., Ix! xrir: iA.b.1;.4 ix)

eOU.t
.$ Llond

in the Ian

'‘
•

thret !Ill 1 to 7.1 ci!tiI taxa.

Tharzovaa.i. stooks,

erntraer0

u Garry?

on
The

T9ncbtlov-

?3earl, th sine: viP th

londing.

•
railroad bond?

A.

Thirty to forty ,,er want; it depends u ou
tho otalikteral 4nd the
indivical to ollom the ;.(J,An in q;Lde. Tho bett
or tl:r individwal
.net th'iy1 tier }11 1,4 croi
th Ltsti :;.atrg lin its asked, but
„4,10ncia row ,1:t.5at Uutett 40
.
r ortnt• 1.11at tr t.1 e Laari:in that Ls
,
ikl
Se el on :.hr
3ik of Vrvirco.
e,
-

wy privt%t< *ma*




Q

individula 11vIne on thelr

t:ci:broxqr.3'

Q. 7no

A. Uci,

Coro's.

rivatc lndividale.

lokui to n %max bruLere

27.

A.

upeoial asnuoiation of Aor1111

MIL is

tihomnge•

1)1c t?Ir the deflate of all the iest.

rc I

if the sto,:

4eventy bro_:ers 410 bAlre a mono, ul,

Oni

Via broker cones hare

ove ofofsfs bro'4tra s
0.(t/Ta2108

thi4 rai.n?*

momp,

buying

A -tWeAgig

aaile to pav. in ash., burl'

ml be in

rirs*

ac11 of ',07om

kild sals) w;All

In thia oasis me lend te, t?,:' bro-

ker for thr: -Avn,bi. tho broker to tho ino ormilae pi,vrtj
bank.
, A
1

Item

.4
franc

el 4i.

' . ?Armin Aocount
44:-1Y0

.44

t on :,.our. booics, t

sb,„
r:

•.' •

-',10VI • fir

s

.!?‹;, -f .rz„rno not,

1`..1",=.4i1elanir.

r; in

:11,Aceri to hi

5':*;r4,.4113:3;

Liionl,

?

4,t1 illtnriast on ,i14U3i .ht aotAIL
•-

. we

ueouritielo

altat •Kin6

<1-4'0t ()1"

.irt,

.
c red T. for him lo /I rpm

.A ,,ret dart of these ,..1,ccoun to ;:ire

draws.

A•
.

t tvlbeneree r the.:;

draw t

not fig4rn 4nte.ront on tadbe ao,counto vitif„,1

You

bnd

your 4:14st4ril

Am you 1-1,Artl, of
be

.00,000,1000

"

A

.,1.1.rxiit coil Actralri
cthi

Ora

and

Awg /, tablet,
,

t

cul.3.0.1..crnU.

of tht3 sun

A

what claa,; of .eoplo borrow on that item'?

A.

•

.,

A..•=4,641i

Barlris

and bow.noon pf!'„ r111.
.
,
-1, /1:;-(kotAzrera •
4 1
2
1,n 4 10 ()UI
0
otkrity.

In

we 11 o not.
stances.




1p

A.

Yes

(I we ki.:cyv

cats° of °there,
of we (1.0 net

0411.!(ttln,
-11, but mania* bankers.
I wt:

ore crodi

i 1
dortitnci sec,./.1. .%
xtcflt

rtit ung..c

wi r.hvt.tt
to people
Ire t

ot-

28.
aoLON

Q.

frFmca

I3

--r

to one lrrvitit)a,I ur

on ervd.
ik

trchnt

in

(Ira

rirtA

he is swilvon:4t

tnnd hin on this i1g)71?

A.

1
10,sn„ i

nr hint we woul
.

01.1 nf idenos

Q1.1 h zAlre

rity.

Thi

..
4
:eonw,blo.

we Yhoughl well i:cnol),gh

Our theory is that rIvr:r-

moraftnt ought to have enough cam ititi to go
*Dui, there are ,.A.:1-ittein

four :':4,0nt..na.) --Ac hen Irv:
(?fld hA

nOne ,

Itiat 3Jrtth

n by hlmselfin ner-

),,
,T!

i.7,ortn
• Tp..ter

ttne thell

eunts

f bo.n.km at

h se that

eu

.
lend to on c, :1L

under till n tton, but to

re.'•

is 1.‘
,

1.11n
t ti Or

banks An d t

great rie‘rk, :Prench raero, ezit
barks.

its noliqL,. !.1.7.,/ issuing ione-t.err, bonds of 40

(1ref-174t 'I;tranoals

the

ono.; on r

tate lyrmio.413e- 11 '„he
.

rix) 11.0 t I
ntrfrei

osita of livnopie (dto

sit a low t INC

f people lirwoof& to 10&110

d rece Ivo inti- roav,
s

vibt, livs!. rfl ',boil- i•iegazao und are wit ifl businciow.




itne Olerfr,1-

rtiC;

The first item of Liabilities - Deoeit
Int! on ineono; thcw?

risn

We never lonti on 11 vetate *

bu EarL4'2tsftor tho e'recl.d A 1, . 11rnitructai*

lonin on roma

*We Iend non-

but .1'..ertrert

r43.,h Z41 t.

to 71h-t::,.:toh. ba:-..k.s.

fore t}*ç c

le's.g

We do not lend to banks In 1:11 1:4.
-

in not to our A.nt)rost to Iuty“..
to

C

itoM•

lowls (1,1iv. the co w.,on

t

0,'

4
1
tun " 1304 '5Ar2:[

for inetttnee t lumtksix

cc1'tr

You

cLn of Ioann flours onli for a

short time during the businesr, season.

azicl vir

,yon t you,

'41thout Iseellrity, but if not

dernuuld

iv:A! $

cottes

A.

Petwele

instowl of

29.

"OP ligro

kecping

ln their own tious41 the
,

dr4-.1
•

'1.
4

43110)0133,

one cle.1' ct; but..

account?

awo.. draw i!;.,

c1inl.N.21d.

it, here

not Vers. iutet

The tie U.r.

P‘ki lattullist on tie-all

rxi
)

ett!

•

A. One heat of

whenever Lhi.t.' like.
)

The lower the intorazt

rre.atalr 1t

otho.5;

abi ahme t in Irr anccs to
i ts
.

Llergt t
4

r

•
A.

3rt

phz., to opan

maiw

It is

twt.::

t

n1

no

t

hi.virt

tx

t

but

1,
-.43.:ia*o IA1:4 iss.•

• isrtici.

to

3.11(1

saavaxt

-Aoanbjl*tlk;viztrnatint accounts?*

11*.iir)V

Fore."....fi ti goverp.monts
;

tl

•

- 1.1 •

n,

K. t..61,4.:'
/ • : I 4.i 3

Bt
eo
Ti
ttz <or

.7ar..i.41?

A...14.41 the City of Paxis attontis

Li

k
. iwArtaing.
lu Aritor,Ait

•

OU

4e pity .A0 iULle txu

Quart, ;',1;t

qv! rArte; YAXiklb,

.o4poti the rat...t,: of rli.aco.ult of the :;:iiiituk
exTith

dftsitf..,or.

1,
.141°1i...11:led in It,44..4 •ird•

..4bcc t

It depeiad B

Pt 1re‘,4120e si;4.."te,

A rtercheihnt With &

nL cred-

it.. will intilat upon our pitying non,: intt.
.;.rast thun
ferent arcitht.

ic?iyera,:.t. is **bout one 42

ono haUf ,9er

lose than the ,::atc; of (1 1.:A;41, of the
.
men :3A)et

•

th
pOOplk

"V

• (.! MI7::

1
?rto.nee.

qv,
se ;..kcount
7 c

tntrest'?

A

Yes;

lgnefrec izza t betuktirlin t.tose Accounta b(11,(,ni....., to

. 1th tranzemlovto financiKal, Intf7rests who

barfAini.rwr

-410

son L

derivc ..rorits In Oflt

ti

nL

a.ccustomed,

enro..-ed tn 1,1k...tslIttIL.ti.
u

notitt.!:

Another rrim4this

Class of c.:ilit, rlors t whores from nest privirtt -_, .ce.s. ;int,t1 vie r7et. no
:
.
,




30.

co!tat

up

o ve ryvvh

Vera.

A

r areltY

ir.t a 1i

nn

4 Al
Jar 116111

3endi
)10r

tf,
)
A,

in

ILL

1111

A

Th.rowth t

'•

tki
•

How wrold

.
that <ill,e

ram t he cotp 1.

balk?

A

br4..4„rte".) In that towr

try

h•ivr

off

ane Oraw 0;,t

r to. of

Able

11.tn

•

rtt

z.oitr;„
c.

..t

.tro tut

1.%

)1t4-.tor..114,1t to if,

.

t

pellet (lot ton i

clot

ThiA 1'4;

of credi.t

t or)

yte

ewe'. credit

which

A. Zia

eV?

ctr,-

htiat

.

ore ttal 734,14.He r.*

.
he

What i

1,3 4). 1)

ich

?tabs sold hI

1.tfacture zb• hc

(1..be kJ.
wJ.1 ou: 4.1,

the,,, draw el.-ainet.
,

in P

of

130,
,

on

Pr(T.ch

ch

(11.;3:. noartiet

1.0 1.14.! ti.earozt

isvn 316 tot t.t1 our br,
A.“

.

probbly
t

ctoston if) 1

.erc
.•
drtort by ono zit,

v. in.

0'11

1.i
441 a;31

'Mc

()It

We woLae

W.1 1t)
,

,
• 00.61, oLtio

•.4 - "Accmpt 41ono
)

to!1

•

1.
;

A.

l_
duiwai,

,

.111.1.tih

t riset

there ?

in that 3.oc

Ita

01o:of!

!ry

0::




Qn ono or

•

•

b.I.s...;,nch

credit

te,4 '0
,
4

We

•f t

on "I tin.

s

t r„,

c'eut...rge

rm.suld

Art

It 00

- •000 inh:ilyit

1 fr.:. vi.), aft,
.

of ;-.(.•-ndli tn "Dar ft rt,

Noitr ,„13
if

43

'rreciabic

, .
us bec.0:1 _no Ile 11.aye 4„)11.T

dt1J

indo *”141 ant ban
.

Take ;t:i

"b i
s

f

.x„ •

huren

.

•
t.

th sour
/

mtirtt.r.Py

t .hc
.
.

r inde --enden

Otte tsfruU

-,
The..LittlM 1141.i. 3i,z

amoulit
.

b

of

lizt.
.)•

•t,a

spe I'.

if
1.11 driaw

We g

Lan A. f..4n.fa re draw out is.t onco

ourt

31.
o.4 - '
1 liond
poldit41."
bonds_

rt, of bonds

la to

f!..ws tone re

CI
4::Cr•

these

oat a L.; •cif tiepoe t (it f, f., in
t

CO rt..t

A.
LI.

a tat.Ott

:430 t

p ay

1.

.•;1.. cwit intr,ret.

two

•

money

*ay

n

that

t,

at 30 t quail I t.e:to

,

A.

• ivc

lets.
any other biulku tJzt

1.4

I ''.14..i.v(t

A,.

t
w

0.11

iic

"Arsc

.t

thtnt t

la*

h. Seven4

IV Wife!

r

tukruk

bk't

St:4 C Adt!! ty • °

d by •Ust,W

c

tratri

a tilit

atart a.
0a

Mula t, oonv,4

ptta1

.
`311 4..

ono fi

be actli

t.c

tc,

0qvi1 re,

Vip

rt(.• rathizawa

Y.10 ri

YO

persons.

t

Therf.t

tor!!

ffol oyaj

::”Dra' ions or -41thd 'It coal *anonym°11
t

id

0u
.

Tow tutri:
•::-diviiInUnt aso Oc

,hAn t 2i 11')C

ou c

•

'LA0
.4

;

th

th of thec

C

•

to t'44.1.

jt.is

- Us

It

da-

:..:11(,t4 on el cl;r:stiances.
,
I,j

thø

4.1:d Ale

liscorap t

brA.nchto

/.

ter

';TIeir!

Jr,1,:y•

tvt;

A.

A4r insti tu ttan

;Ira all pz.7.14 up
Lock bz-4-,415 Kre there thp,1„ have
th

Credit 74o: ntt.1 u

the Socie Le rsormrabie.

7.:21COMW.::!,

tho

Wec,:ontz.idc,1 r

M4

fi-er a bAitl,k to ?,.!..vx.: itu CA U,LLlpL.id

alithr0
-1 •

b,A.:. its of Pi.x•is?
.

l4cJo

Yc

in C

biC,

it

Are thttre 641y at'

h&rd, to

•(,1 tin tho imp

o
roast, z)azjras

thtk x.

office in th.t. n the r cities of 7113:41020 And li.TPng b.natt.t:
the




?

j1
bQcm. Jne
.
ctpit1.
isi. 143.
,
throutr,h,

32
.
-.12—
Q.

aittn trv ce
t

in Pnce

O41

•f

,

joiLt.

A.

7 411at Lb the
:

0111•kat

ge

hoVimlly pwid in.
What do .:?-0t1 Get.
A.

bviav.,•.•

IlrirAdent, of .he Ctouncil Qr
..11
1

DO

11 ITAlre 2,t VICO '‘'rossidev,i;

A

toot

ttlo Vi.co

'
7,reoidIntn.
•

Dx. they
)

tkot.11 letlyv41 part in the aMirs

Yyt in 4 i.k.

tvtion?
in Arld 1; £c ", to thc.

c

,,77‘,) 'y tic
1

t.

you home ,% "ounelpl of AdmimutrtLtionY
Of how roar; maribc re does t!.it, contlitst.'
.
,
'
..ouncii or AdyA

t ratior oon81

twealrer

A.

Our „...nAsent,

.bc,r15, but. wv.tc.

7nuvr fifteen.
0, ihnt in the ter"

of t'ff1ç

cy!h,f•

Otto

.year„
By .410, ; 03 he elootodJ

Q..

A. i'sy

unc./.1

4. I

mown tb.6 Ad. 1.tnintratora, :::44PV the. Atininiatrt.:2)ra
.
,

or

thex,,selven Proo...dent•
"Thrttintrtrøarc c'lecti,“1
A.

Ite.:
•

$

Of %0::71e. at in

-111,14,t

!...1

of AAnintr:At.ton •
ails L21 r(;•,"ard




ter

(•
u.r

(Yli.
"

r' Vim

011‘
11

XII

of the -•..f.tricla

Or rice

e r•

fir.he

martbc,ra of tt

yo I cox: r:o t

ion fro:z

a; 1

..)i-vaphio I,

tokulcil

the an

<h

Viote, The ;.3;:ip1let. referred ix>
thk.
...:.Azation and b;laws of t.h
rccW4ormuls. It
is "A.n 'orendh o xnd is filed 41th tam papPre of
the Itxxalsoloris to be truntil,Aed).

33.

Doe a thq goverment t;Airi.o

rth

*ticr.

c.a.- ital

;steps

in ',aid jr

itt

A.'11:,e notaxy

Art

.14
*

ort4ntr!vve,rrien:;., ,
.:ifficor which you do not have in the
ti.:;1

$

artfA
:

ntlnue the 'A..ind of official

:.t.ny

-ou deacrLbt,

not.,r0 it) resorml.Dio financitaly.

As

tlionf,t "T)4:tnktil

4.1.r C. n

iv. :1 T10
/
4

2,

for ()no ./,':"(mIrth of the Q.:1,,it 1
•

"oe

t.)!

•••

b

ALLof

axle, )10ii

'irbest:l'Ynsi...

03..n.g ItictI14;-.114 pa,iti. in.

•o•vt)rny,147..111.,

-1,7Azul,r;ellen1
,

r.:r

thih

Par

t te

b•osit.loa .r4114:u.11,ixleiu exlmika r por
-.

•:PAI

, our chd.rter :mini is it pl,, ,',.tatuicur?
,

it

Vo.

A. It

runt 1. •
ltow TitAny elvtroholdfx.ra .11 'fru, :101
t is V1

>1racitict

and they Are
•

A

sh;Lre .)

fty

A. '!:Piiire buttered frrixsos t

t‘ wave bum'thr,c) francs on the

t0 c.„

c'

Is there an:, TvatrictioL 1,1141-z,r ltw or Itmler

to io.

idc

ti •

1.h.e I wir 1CT1Oltd
no dirf,..cti o.r

or

trtr

err

cm r:: of' t.).;4s baxil0
,

A.

tY.te roJ1 ione; blit, as a, tailtter or ru.c
t,

or r racer would evcr

f;,r a, ion.

They coxU6

but 'P-te;.; nev‘,r
o

nC.:(,)

tbet /*owlet' %I drtin !is t.rf,04t.
)
bc

qd 17.0re

r

vicm 7,refii.e.lant, has

en in ifr,




t t on wan to ;„aldfto,•

bark: nince 1117P.

Other Admii.11stra-

of deql.rt,pontn.

In rtward tti oa&. rnaorves wInich . ou oaxry
!
to• piv de'

.oetta -do
4
.)rr4lahen?

or mam,A:trs of

"'el, 4 cresent -Jossident has
4 A,

?

:.noe %ltt!

tors Are i/nually old
•

au 11.TO as ITineet0

ou curr,y most
A.

we

carr,. It

thew: In
al

CrorffelYCISb

o%/71

itis

.

-14-

34.

Lntend to c.14.4.,rry

01r Gent ofour tievo *Its f.!
"Pr,at - ,
in Gagb 1:? tilicr

44
,

fl

sJank's or In

refint

Sight

0.tomr.orA t

-,er
Mat is 5...oto

n no re th ,J1,n

.

A.

m od. ' intend to
1
4ce

410

er certt

only ?ro'
ot

r,:

.;'?!.0.er and

The CO1,1! r.,(4% r0 t

for a. 71011011 t•

or"

public new;rities .11r1tionf'd in the ancone Itwm of Alimete
u.

0otl

1 -1 at
)
1
the1,y1k

41 re

It mix t. be courw.1

A.
:1 t.1; .nr.11

and

throe

r

i

c montlai t

;lart,r

ctti

(Ivo th

the re qua,rcr-iew tti to

1
*1 3 .
,

a ic,”att.t.!•tt

ot

rreater

. • but th

..1.)

.
in la!.,:::',Lo3zuh.1)1 ;

A good 1:4 T..° oct rti011 of

A.

tionoy on It?

the

of.' t.h.a.t to the riaatüc.

&as ez- 301.in
.

rt.tri

t

the

th. do not take ver:y

4tolk ,f ''reancto takes rl.nmnci al
•

ia-htign y

0011n 1 dticl

44.11 oJ

t?ut I t(r.3

az a re se rirtw)

A. In

;
order to rimak tho mcnr..y of tAxe dtv.•,ositort4 Vito mu-it t'fei r

ti Aible.

A great ;suit of the
vor., thin,

iv.mr :LAU!

w.tzld 1i

t.:.f the second 1.Ue

con

qu1r.11it

rd

tsdiatel_

t's-.1 4'4,1 w; could be trt

zed

'Iv'. 4)r " cone t in

.t is ca.k.i. e

3 5 .4 ,,.4I
.
•

Ztippoo

*Mk of ,'riic
0te #.4

r

t ors fat?

k.




Pte),
.
,

eati

Lrlediatel., upon the

Rank 4)f vranso would suspend ita...,..n..ents
d for

t P.110T t

thouid mtspend n e in ~lent but continue to

ta d

In payment.'"

"13ro.;Ne k%!1 !oar oho'11d lia-Cam%

ing in 1;11

sig-es. r;. in d of

44. with 'he nc't es

breakink;

tit of a war, tt:!:t

Ow' laealc could not 1..w.)
onoy tlittt t.he littnk ofr

35.
-15-

',Alen tit° Stu* of VranA3e avAnv ends, thois notex. o.:rt$
terder.
No; but the .loroiiks

A

lol tender. now'?

Arythif.;

.

fr to "771:Avc. bank notoln bonauso 1.1141,y know thf.v ur1,1
1..ndert

roali.zrtbio s
..e
.
in oat; offt

crutrci,.<i.. .,::,141:irt and those Itotos would

rv)4.ert ft'

r,
To121.•- •

nont, thuy
and theg baslk iluspondinf! Nty,

'744.r

Law .

sumpenelon

thorizing

tho noto.u

Meryl would

ettoie pay_onts, 4nd ::44k4Ile,

thlaftia ca

tender.

it

A.

Our t1onitr:.rn't

t-rstr for '71:4yirtr

be

.':?0 on
,

:?.1
.1.7eat war wit

witholt uutspin4Ii7ilr tiLeci(1kI
Q4
A.

Piat pi ti(

Mt proprtio;n Aevur. vaxli.chle.

loans?

We 1,.:now ghat tht: :;:roprtion

not ._mk.c! it public.

givm3 time t but

ix

Are not 010 overdrawn hccounts payable on titr/anci'?A, UO(i
1V( tht right to overdraw forgt onth or

ul1

lu that put 141

rig I
'
t

th

right t(

oiLi

alIow lat-

Yem4,

people in thi,!:; co,L ffcrIcin,

itzlde am tc ilmo to busirms
ha'vi

i.. the ',asets

of tl'mse

..t.ontius;

in onal two

,kst
,As a

fact, ve do not.

Let

upi

US

.4

LIM

-r,vIce rate;

,.
bir banks follow Vv.
COtht rekta 17.

n

dlEtcoltnt, ras,vo,

COSt

1,

r!'4'

f . .11G
0

4.
,:?

I:, )or cent.

1. rance ever loan beiow
r4es the 'tar.k of ,
A.



No, it never does.

j11

-z.v -k of

etaccrint rattlI

At tho, orosont .7167:e,A
ntte 'bonr z(.110it,

'At I-40m two

i.jr: 01'anc

official ,nr,1 5 and thenfht rate wt.:I:side, ':f
:

rto holux

(OX'nf,;

tale

36.

-16-

•

To w'rtt.t 3'..ont

rt(.111,i,e Laded in

now e Nrc riot-Aro

rt,I)$t e

,lEct of chccix,
,

tOntir tg.

blqiintat)

!''.t:' 110a

Itto ar.:1

thit It,

•

•

rtc.

i4.101

1-10

LJ.U..1. in01

in fkrier2,,ce.o

J. Al-

Ounnot

your rent by

HOW

y

1:Kty yoitr bi Ira

olc t e ti

for
navr„,
•

fr

nn:ti rygoodst •u plies

Albda:rs io alinclas.

e,•

hundre

Tiakrun

1106 i

1. 0..1.

,'1‘.flice(ii';
-

morto.ii

'
-

m in-Li dwold noto of t'fIrt fr rjtj o

•
Cs l6G4 (
r

•

•

310y41
.

'1(1

•

C4t43.1.12/,_0

r•
t,

/• k

tr v.e0 trIttin

•

A.11

010

V

and thy', doctor arle lawyer :Anil pidifeelsic,n;:11

graft,I1

1,oun

an - woul6 thn:y draw

thiy nomy cut and pay their biliu In cash?
•

t.le

•

,
What p)...oi)or Liorl 4.: t" the bv-ta.itleha$

dh:-.r,;%ts anti wlv.i.t by D.ct

I hardly Oyer

t"ek rt

'7ow about the payrolls of ', ix$,xiThettiro
:
,

La

4

•

in Llano,.
Q.

How do you oay ,,()1,;,r own erlloyncs,
;

LB the 'mink.

(.‘f Viriknov obilvh

ivar, but rh at is their btQ!.iness,

fer t•tr tzluteincle if they did not.
fc.*,e) but i.I1-..tty rv.;vitixv
•
c‘,it
4

cixt.or

I".•

1.00

apecto reservil on Ive.t.n.dik

rn.u: ri

PoOkel.a.

Me,

notnz f

,t.

th z4t th
refer f.

t

Obl JR- d

thi'vre ,
901.).1e.
The,

t. ;41

nc

e
te:i1) \'•fel"

•

t

re.cnri.

,
/That Le ;ottr theory of wh,y 1114! Eiank of 1;"r4.1z,co

r 111;kt.

rmc

1.11 that pripor

AlwA„.t

w

Li

areept bzi..11170.b1e bills of othor 1oan4e?

A.

Is it not vu

:,t;

Buell

1,n;.

ap.Le do not mull tht gold
.
.
have 41, In the'A., k of -rAnce and rsa

TN) bank has to -taol‘e no tile for ,11 thn

on

deL;‘osit. An #1)ormsousi anOunt of gold arrives in France - m)re than



37.
4

in at*,

zaatest

Lia.6

Ale-.

tIvIcz

The more papar

ttn gold and pay tInotes In silver.

of IrL7

the

tho

coewtsopuLr

IC

T.10

i"
ellrrarAC:

?

.i.3t4

Ct

usall tit',.1 1, but

A.

Thirty ye.;‘,:krs

it lo rrAti th.c euetori to yt ;'on; in thti i:),4A..nks.,

4

th6

t?:

t

bozika laud br.4.nch

ltfuG

Thqn pooplo ;..4re hobLy. 1.1.y
lea,

ao
4'2

rj

wh,c41 Marc

)(mttorio;

xt.trz

.(ro

flyer

blf

:
bLmz. 1111..7.n., in

fe •

r
ont

(topic prefftr no 4,011.

Mc

the P.O'b''

A.

dafry

haw

tIley

r.cvtr

h4da rim ninoe
ci`

,
tdy.0

eopie draw

th

.
wurbam.. 1 but the 31.0:it t

'ffe

g;

Union Gorter.lac.
u

cts bince tlst

ru. r fna

had aj

Ftlid

- ,ovii,L4 Aro

#f 'owr own

41roportickn.
•T'avr,

the Unlon ?lent:misc.

attd

44;';:,4sh hero v

..ncompte

("1.

(AU' br

!ID i.z)n 142)4 Q3.

:al) Error

1
/
out 0. ..ght:iLLtoc f.ror;

(
,
1)1'0 U4h t•Nt. 31;* (4142 huxkiired

ty
&mount, cf
Outi ido




A,

onet

)i

ktf

leitri Se

1 1)
11.7

7

•;IXr

t.hit.to

o1

nount

rriAl5Otte

nu uilotstai

—

rbortion :f hank's in A: ,t;rica. 4.rt :io
other COlantr,:, that

i

11 ban

C;) 1L.t

ipLct laPM
*

run't tancr...al.rws thkol

in ark/

c-atnot roalliy.o the inoonw.lnietulte of the

OV"tTpeo;olo in IP:rulee.
nem ;bout
sably red,hood

ta eivrings biihrzjc* •

They have

oonold-

$
'he tx;Ount of mono; tl-at it buiArdndi bit tht

38.

silty

of

o

tit el rioney out of

writing und

0..ir /lags bank, the

:•;:sa

0.:141 trouble: it

tho more

ui

geysers:1 1.4*.o of then•
How taatt3' bruohes do Jo:J. haw ain Par is
Col

:FM tutrky out SA.d ?

the to tX.I. nostber

am!:

A.
rta

T, fo
:

Incl

7.Alft,y-four.
olvc •

v.,11
int; .4 ‘,.37

In i(lY

und (pot Ado, wail

two hukz:tired minu totIrteon
v
o

how

employu hyt)

4.4Itogcther?

A.

thear.d
Do J.o ; buy u
cowlt

cid in)T.. hz;..1.,ku I ha. -Awl' the
(
, ;-

A.14 $ neycx

go

at 14004:fro:

n?

Wet 1.;,;_cso. t
t

ind

i.i the

etisrl or
cam()
b 1.4

many of tyt t;

tthr:10W. 11 tire

ai/

Sotie fail

A.

hithg, free the number
I

\:conco tor
".,

:h

be glad to give any zuntbore ca

c

%Men yni

find a, local.

OTSirtinbiOn an o

Aric t.i.%;„.

.

brzInch In 4
,r_,;:den t bRzk there.

A.

With

AI' c;re az%

goinc:•

AnTift mil

Can LI

J..

(dr thc oubi. c•

vtc. /riek
t, does

klx4.4 alic
,

t

or

t

fdt-ily.

‘csiti tx.:teze sno.11

40 tekira tn evryfirt-4:11 46.!:-011it

Onei ixretti dlotinotion

the hands

COUP

looker t

blAnkc,rs of thc der.a0Ortley.
mrsm ru,

rAk

4% ;.•tun IiAc4fl kifr;ere Iyht: , .1-iyatt

taw tendency is for th

,

s W13.1.t the

A:

boy a (4,0,:u tr,4flkor bein6
u follow t. 1.-7t hi

will inherit the biLAS.IrleltS, 01.11 be clapabie



We

t 13confidentita

,crt ; ty t.d e.Z.L4u, lin* it :lc re at thalw.

but

nlivilyen ofnews•

thL1 6tt.)t1.

3.V

e

7ftamie N.41.

norm or !. inert j1. 6t,

irivato ban

iS

t.A4;4,7 1.44
ihnc.• 3ruas"
r tt,;:i 11N:e1./hood,
':^11.nni•p. it. Tilttele

39.

toak bi.
..41113 do not fts? from ru
a

joint

0

9011., hU t. '41"C

17nder 77ctoe
Do 5 01,) ,
, 'let have n ,a1.1 joint stock "o:v ktiIn*..11 es:: small
o;

tvunt,''
•

A*

.;

N.

Mere t

nuh. Urraottnt * o anyth tug.

s.in the izik.rr ctir,

Lyoras

ono in ;JArsei,len sald ono in Lyons, but t:rolness

i0ci all
Parin

'!fut not

there

no b.r,:4tchss.

eyond thoso name d

n I

rt

The on b,.„

t

Qthe r

tank

trial

,`Irts t.welti.:,-tlt rat, brvan oho a ar& f., ,
1
, 11t
.46

XC

million friAncs (04W-

00.4,on1tt3?).
To you know
41..r

;rkf‘‘
,1

tbe,

LI:ft

1.31:10

11.1

aomptliod tt) 4 ,
-0tablin)1

in

brA)'ch

I,

,
7:tsto1iribcci in.ccorec .nce with I
.
,
t,alce

oh

•••••

'f • •

4.1m txt1Lrict, b\v. cuch tLhv4:,.•tut.rtr of thci Batk if

FratIceZL1.rn4c,loci,•

4

t.
; >W.%

-111; CI 071;;.:ilf:itt

•t

oz.!,

t z3)- v.*

t;:lin now brhas•
401

To the poop,'t.4 out We of the: ban kin. ly.
, ,t3iross • its. the
tbe

towrs
1r do.

ArcitI34.n.1,0
'faro

two is cat

t ,

!7,,,nufaJAurers - favor the 'oranch banks
1 cal hanics?

Is onlar.--ed ov.f




t in r

this ma an ttecoiAnt
f

,Are.l. Ulm

• 4.
,

710t

tr

pit.i in l">0 from 200 000.000 t

2it,0 0.',X)10o0 ?runes

"4

0901) 4;i ot.

tbe
-

vill nOt lenct on -.Y.1.

itftvr

noi

The. field Goir: 16
.4

v, 1.rfolrout. '
1,1-v! privr.d.t.

halloos • furl t, ; r •

A.

A.

nNrers

one real bus

us

ohse.
yota bruYiolz cars

Isdiate loc-Ilty in which tht? bronoh

poople from,

sltuvo.:41, , or cis „,rou

4144'4
;1 410.

re

etstn

3itynd

nvrr

"ya, 2.fl

ter

f

4;,' 3

*ter

COt3It

'.4Y re

;in exi

s, ‘4 1 •
.

Of cuf^.

r 4.41t

tera?
The.

“9,11.

Uudd

.

1Iwo

t
at

th

t.agg

.

the

LAdrkg

lino a 7

tuly

1) t
17
f.7,)

Tik; n& 4tvor.

tha

7."

pant stook
ad

:Tit;

s;, t

4".7r6 0.

f!f: noti v14

a to

eated

/.11i needs

veal.

ou

oc

piaIevt

is

b

anent; tile i o.0))1,0, ft)

t

not (14,10*.rc

Q. Th

r
it of ITO C

!Tie Ivaton of nott,..

tiny nun t

peopie

.he

Por an:thing In the

A.

o

for, %.,ntl have to acGeo .:...toda,te

rif noney
br t

fa! .

re.): fb rain.

ur

Otos, or

tale branches tg)

si?

111* leap one-forth of -11 onr owth ;in ?aria.
1:•




1. ti

t Ct

ooeinj

wit(

th cieu t

CIO

the bti, f4v thIn
t7.

tal

yo r

io

OAC/1 Of

thf*

f

AZ" :rittimArtton

t

th

.ut

1 yr2r,

3.1t,;

joint

:ov,kiti.

itt by 1%;,
.._

o

they neir('?r ooy

• No

.;'.1„1:*;

'!

:ar
,
cvattilt. ( urv.,

_ .•

11. '
.

‘ .ht:re:
.

,'.: •

Vhinit

A.

r

4i:4. lice coo i„..c.rte Lri .11,411:1
-

of di swow t

.3
/
4,n,y wk;

th

of

,h0

the.y can•

,•

and

/
1
4
>C4:40,ted •

0-r !,

azt, athrt,. r

r, 71-1Ni.t

dere ...ndirtf..; about n Lich

Ttt

13

IS•

1A„.•

mtO1kl

he

I,

1,Twit

tAry

Nak; a t.(.4kc: wrc-!api oyt.ti:e;

A. Ire

1
°tile r 1;I 3,43, thiart t.
Ie

40.

their

T

a

frxtenil, co

71 responnibUit

•
A.

brunch*.
'vex% one

0. 4)1ete lit Is htolk in itself, w:).
dc

'-tloh -ft itb

loans

ous'

be-

0; .

).1-e rain

tTAk.

.ty c*4111

The

41.

Q•

Lhy.rcf.;

,t1t, 71„ O1.3 t,..!ri

on I, eir

:„ke Iliwits

:
ar e aorv.1.'0). tray *qui .)c
1

vt,nt

LI

A•

1 La 2

TV! ir
,

) but

ioct

0••

.

s t

•

ir

b4k,,:t'Llte
; •

kzbe they &lila
we re kal tIn it i,i.octoratt !I'

t
,•

o

Now that we

i.

!Atad before

t

dic

lame or

t

t)vor

41-le

1xa int)
ncal

re

fe.1114 groups 0.11

, r4e Nilo .11 in

01,1c:
zid

c:.oza its

etloct%rapo
oled tr

foL,1"

it;

tu
porritleci

t

(in ta

but

r

1h(

:77.'llittp

1

bur

izet

.1.1344: atilY

ii•o

ofak,-7

c!.i rector* of

I. the

1.1.1..e re

„ye t(ic

off A.

atO t1.on
.

f't c

.',11(1 '
,Then they art!. nerc:aw

t.46

/f)

ter) re,...).-

e ts are

4;, 43.0 1. 1441 It
:

t.

1.•

h.ort

by
a

ifrraok,

( ro „
1,
4

!:)ritz,e

t.

12rpm
Jr:

T.•

wa.8

itsenfting

s

-t.yrtthrk,

1.arlty by t.44) vpr.!t,

C be

aectirit tea of tfr hi; brrici

,...onth ill./ 1 1110 10;11
.t:t

an

in .7

("i'; ,;74
.

11)1111„.i.
olrer

fLr

,!.."tr-rf

sh armin thc pror t •
tP(..

./
:t

.1. testi. of1.11(.)
..

0

AO :0

t

.1%;

Tt 5„, 1,hchrom vsNich i..rflnoCialt,%

?rano. bohind us.




n

ci •

31,era in

A.

'Yoe; we .1;(21t,

ti,y;3temi.
.1.db1ie

d,

1*

on dftiiind

'••• PVI•3
•,

71. t

:1,x1(11.

Athout




42.

Senator Daniel and Representatives Vreeland and Overstreet sailed for the United States on the 26th of August,
on the North German Lloyd Steamer Kronprinz Wilhelm.




ADD RUM STATrElENT.




PROCEEDINGS OF THE NATI,

MOTTETARY COTZTISSION.

Washington, D. C.

Monday, November 231 1908.

The Commission net at 11 a.m., pursuant to the call of
the Chairman.
Present: Senators Aldrich (Chairman), Burrows, Hale,
Teller, Money and Bailey, and Representatives Vreeland (ViceChairman) Burton, Weeks, Bonynge, Smith, Padgett, Burgess aafid
Pujo.
The Chairman stated to the Commission that the subcommittee appointed to investigate the banking and currency systems of foreign countries had spent some time abroad, in pursuance of the work delegated to them.
He further stated that the conferences which the subcommittee had had abroad and the engagements they had made with
people in the different countries to furnish information, had
been printed, and he handed all the members present the following record of the work of the members of the subcommittee
abroad;




2
.

LIST OF CONFERENCES

IN LONDON, I\II, AND HRH N, II ELI)
BY U EPR ESENTATIVES OF

THE

NATIONAL %NEM COMMISSION
.AND OF

PAPERS AND STATISTICS TO BE PREPARED
FOR THE COMMISSION.

WASHINGTON:
(MAT ERNMENT PIZINTINO
1

908,

I

OFFICE.




3

EUROPEAN CONFERENCES HELD BY REPRESENTATI
VES OF
THE NATIONAL MONETARY COMMISSION.
CONFERENCES IN LONDON.

1908.
Aug. 12. Parr's Bank (Limited), London,
Mr. R.
Union Discount Company, London, Mr. W. Whalley, general manager.
Christopher It. Nugent, manager.
Prof. Henry S. Foxwell.
Aug. 13. London City and Midland Bank
, Mr. Edward H. Holden, M. P., managing director.
National Provincial Bank of England,
Mr. R. T. Haines, general
manager.
Sir George Murray, K. C. B., permanent secre
tary of the treasury.
Aug. 14. "The Statist," London, Mr. George
Paish, editor.
Aug. 15. Parr's Bank (Limited), Mr. It. W. Whall
ey, general manager.
Bank of England, Mr. W. Middleton Campbell,
governor; Mr. Frederick
Huth Jackson, director; Mr. Alfred C. Cole,
director; Mr. Edward
C. Grenfell, director.
Aug. 17. London City and Midland Bank, Mr. Edwa
rd H. Holden.
Bank of England, Mr. II. W. Search, discount
officer.
London and Westminister Bank (Limited), Mr.
T. J. Russell and Mr.
Edward Clifton Brown.
Aug. 18. Baring Bros. (C Co., London, Mr. Gaspa
rd Farrer.
hong Kong and Shanghai Banking Corpo
ration, Mr. C. S. Addis,
manager in London.
Aug. 19. Bank of England, Mr. Frederick Huth
Jackson,
Munroe & Co., Mr. F. de Reiset, 7 Rue Scribe, Mr. Alfred C. Cole.
Paris.
Bank of Liverpool, Mr. James H. Simpson, mana
ger in London.
Aug. 20. Swiss Bankverein, London, Mr. Leon
Itueff, managing director; Mr.
L. Joseph, submanager.
CONFERENCES IN BERLIN.

Aug. 26. Deutsche Bank, Dr. Paul Mankiewitz, direc
tor.
Aug. 27. Deutsche Bank, Dr. Paul Mankiewitz, direc
tor.
Rciehsbank, Herr Dr. von Glasenapp, vice-presi
dent; Herr Dr. von
Lumm, director.
Aug. 28. Reichsbank, Herr Dr. von Glasenapp,
vice-president; Herr Dr. von
Lumm, director.
Aug. 29. Dresdner Bank, Herren Schuster & Natha
n, directors.
Aug.31. Dresdner Bank, Herren Schuster & Natha
n, directors.
Reichsbank, Herr Dr. von Glasenapp, vicepresident; Herr Dr. von
Lumm, director.
Sept. 1. Deutsche Bank, Dr. Paul Mankiewitz
, director.
Sept. 2. Reich sbank, Herr Dr. von Lumm, direc
tor.
Dresdner Bank, Herren Schuster & Nathan,
directors.
(3)




.
4

4
Sept. 4. Schulze-Delitsch Genossenchaften, Herr Kleemann, director.
Sept. 7. Preussische Central Genossenschafts-Kasse, IIerr Geheimrat Hessberger et al.
Berliner Kassen Vcrein, Herr Hoppenstedt.
Sept. S. Preussische Central Bodenkredit Actien Gesellschaft, Herr von Klitzing.
Sept. 9. Preussische Central Genossenschafts-Kasse. Herr Gehehnrat Hessberger et al.
Pfandbrief Bank, Herr Kommerzienrat Dannenbaum.
Sept. 10. Royal Seehandlung, Geheimer Oberfinanzrat Littner, vice-president.
Sept. 11. Kur- und Neumarkisehes Ritterschaftliches Kredit-Institut, Herr Geheimrat Heintze, president.
Neues Brandenbrugischer Kredit Institut and Kur und Neumarkische
Rittersch ofniche Da rlehns Kasse.
Sept. 14. Berliner Randels Gesellschaft, Dr. Mosier.
Disconto Gesellschaft, Dr. Salomonsohn.
Sept.15. Von Mendelssohn cG Co., Herr von Mendelssohn.
Bleichroeder, Dr. von Schwabach.
Sept. 16. Berliner Sparkasse, Stadtrat, Herr Emil Gehricke, president.
Sept. 18. Disconto Gesellschaft, Dr. Salomonsolm.
CONFERENCES IN PARIS.

Aug. 24 and Sept. 26. Banque de France, M. Pa in, governor.
Aug. 25. Credit Lyonnais, Baron Brincard, adminisirator.
Sept. 20. Credit Lyonnais, M. Lefevre, chef des Etudes financieres.
Compton. D'Eseompte, M. Ullmann, directeur.
Oct.

1. Credit Lyonnais, M. Lefevre.

Oct. 2. Credit Agricole, M. Decharme, chef du Service du erklit inutile] et
de In co-opera t ion a gricoles.
Credit Foncicr, M. Tonchard, secr6taire g6n6ral.
Oct.

3. Credit Lyonnais, M. Lefevre.

Oct.

5. CaiSSC des DepOts et ConSifillations, M. Delatour, directeur-gen6ral.

Oct.

0. Mouvement des Ponds (ministere des finances), M. Sergent, chef.
Caisses d'Epargne, M. Georges nutlet, directeur de l'assurance et de
la prevoyances soclales, an ministere du travail.

Oct. 7. Banque de Paris et (1( s Pays-Bas, M. Moret, directeur.
Banque de France, M. Pallain, governor.
ADDITIONAL CONFERENCES IN LONDON.

Oct. 12. Lord Swaythling.
London Joint Stock Bank, Mr. Charles (low, manager.
Oct. 13. The Union of London and Smith's Bank, Sir Felix Schuster, governor.




.
5

ENGLAND.
REPORTS TO BE PREPARED IN ENGLAND.

Prof. II. 8. Fe.rwell, lecturer in the London School of Economics,
1 Harvey road, Cambridge, will prepare a history of banking in
England, to include the Bank of England, joint-stock banks, private
and merchant bankers, and any other institutions engaged in commercial banking.
H. Withers, financial editor of the London Times, 15 Copthall
avenue, London, E. C., will prepare a study of banking practice in
England and Scotland, including an account of the London Stock
Exchange. (See later pages for details.)
Francis w. Hirst, editor of The Economist, 3 Arundel street,
Strand, London, E. C., will prepare a paper upon the p,Towth of the
public debts of England, France, and Germany during the last thirtyfive years, including national, provincial, municipal, and all publicly
guaranteed obligations (e. g., of railroads), to contain some analysis
of the budgets of the countries concerned.
George Paish, editor of the Statist, 51 Cannon street, London,
E. C., will prepare a paper on the balance of trade and indebtedness
between America and England.
Robert Martin Holland, honorable secretary of the clearing house,
Post-Office Court, Lombard street, E. C., will prepare an account
of the clearing system in London and other cities of the United
Kingdom.
Ernest Sykes, of the Central Bankers' Association and of the Institute of Bankers, 34 Clements lane, London, E. C., will prepare
a brief statement of the objects and history of these institutions.
EN GLISII STATISTICS.

B. II. I. Palgrave, F. R. S., Henstead Hall, Wrentham, Suffolk,
will prepare statistics for the Bank of England since 1844. (See
later pages for details.)
Wright, of the Economist, 3 ArunFrancis W. Hirst and
del street, Strand, London, will prepare statistics for the joint stock
s
and other banks during the last thirty years; as to British export
l exchange for the last
End imports of gold and rates of internationa
fifty years; as to the growth of population, business, wealth, and
commerce or Great Britain since 1867; as to the money supply of
Great Britain at intervals since 1844; and also as to the growth of
debts, national, provincial, municipal, and changes in the national
budgets since 1ST() in Great Britain, France, and Germany. (See
later pages for details.)
H. W. Search, head of the discount department of the Bank of
England, has prepared statistics of the rates for discounts, loans,
(5)




6
and deposits of the joint stock and other banks in London, provincial cities, and country towns for the past twenty years.
R. 1V. Whalley, of Parr's Bank, 4 Bartholomew lane, London,
E. C., will secure information regarding proportion of checks or cash
in his bank (metropolitan offices, provincial and country branches
being separated).

GERMANY.
PROVISIONAL LIST OF BOOKS AND ARTICLES UPON GERMAN
BANKS TO BE TRANSLATED.
I. THE REICHSBANK.

The law of 1875, with amendments and comments as given by R.
Koch: Die Reichsgesetzgebung Uber Miinz-und-Notenbankwesen,
Berlin, 1905, pages 143, 129-267, Allgemeine Bestimmungen fiber
den Geschiiftsverkehr mit der Reichsbank, pages 44-133; also law of
February 20, 1906.
Die Reichsbank 1876-1900. Jena 1900. Jubilaums-Schrift,
pages 1-225.
Renewal of Reiehsbwile privilege8.
Verhandlungen des dritten allegemeinen Deutschen Bankiertages
zu Hamburg am 5, und 6 Septembor 1907, Berlin 1907, pages 68-127,
including speeches of Messrs. Schinckel, von Klitzing, Edler von der
Planitz. Salomonsohn, Jaffe, Damine, Muller, and others.
W.Lexis: Die Erneuerung des Privilegiums der Reichsbank, BankArchiv. VI, Jahrgang 1906, page 309.
M. Stroell: Ueber die Erneuerung des Privilegiums der Reichsbank
und der Privat Notenbanken. Bank-Archiv. VI, Jahrgang 1906,
page 311.
1. Koch, R. Der Kredit bei der Reichsbank. (Zeitschrift fiir
Handelswissenscha ft und llandelspraxis. Leipzig. Juli 1908.)
2. Koch, R. Uber den Lombardkredit bei der Reichsbank, insbesondere die Beleihung von Reich- und Staatspapieren. (Deutsche
Revue. Stuttgart and Leipzig. 1908. III. Vierteljahr, S. 35-40.)
II. JOINT STOCK BANKS.

Dr. Riesser: Zur Entwicklungsgeschichte der deutschen Grossbanken mit besonderer Riicksicht auf die Konzentra tionsbestrebungen. Jena 1906. (Third edition in preparation.)
III. OTHER BANKS.

(a) Mortgage banks.
F. Hecht: Article on Hypothekenbanken in Conrad's HandwOrterbuch. (Third edition in preparation.)




7
(b) Landschaften.
Dr. J. Hermes: Article on Landschaften in Conrad's HandwOrterbuck
Altrock , Article on Entschuldung in Conrad's Handworterbuch.
(Third edition.)
(c) Rentenbanken.
Article on Rentenbanken in Conrad's Handw8rterbuch. (Second
edition.)
(d) Landeskultur-Rentenbanken.
Dr. J. Hermes: Article on Landeskultur-Rentenbanken in Conrad's HandwOrterbuch. (Second edition.)
(e) Genossenschaften.
H. Criiger: Article on Darlehnskassen in Conrad's HandwOrterbuch. (Third edition.)
(f) Savings banks.
Dr. Breslarter: Article to be prepared.
R. Schachner: Die staatliche und kommunale Sparkassen-politik
der neuesten Zeit. Conrad's Jahrbuch, 1906, Seite 247-256.
Seidel: Das Sparkassenwesen. (Zeitschrift fiir die gesamte Staatswissenschaft. Tubingen, 1908, S. 58-107.
(g) Miscellaneous.
W. Prion: Das Deutsche Wechseldiskont-Geschiift. Leipzig, 1007,
pages 110-159. (Discusses relation of bank rate to other rates of
discount.)
Dr. M. Wittner: Article on the use of checks in Germany (to be
prepared.)
Dr. M. Wither: Brief sketch of the organization of the German
money nut rket (to be prepared).
Dr. Breslauer: Article (to be prepared) on the history, organization, and methods of the Bourse.
Dr. Carl Melchior: Article (to be prepared) upon the kinds and
forms of corporations, and upon methods of remunerating directors.
GERMAN STATISTICS.

Dr. Wittner and Dr. Breslauer, of the Centralverband des
Deutschen Bank und Bunkiergewerbes, 7 Dorotheenstr. 3 II, Berlin,
will prepare statistics of the Reichsbank, of the money supply of
Germany, the exports and imports of gold, the rates of international
exchange, the published rates of discount and deposit in different
parts of the country, the growth of population, business, wealth, and
commerce, statistics also of the Kreditgenossenschaften and the savings banks. (See later pages for details.)




8
.

8
Dr. Robert Franz, of the Deutsche Oekonomist, Burgstrasse 3,
Berlin, C. 9) will prepare statistics of the joint stock and other banks
for the past twenty years, of the Hypothekenbanken and Landschaften. (See later pages for details.)
The president of the Reichsbank, Excellenz Havenstein, has furnished statistics of rates of discount and deposit throughout Germany
corresponding to the figures collected by Mr. Search in England.
Geh. Kommerzienrat E. Jacob, of the Verein Berliner Kaufleute
und Industrieller, Jiigerstr. 22, Berlin, has been asked to collect data
with regard to the relative use of coin, bank notes, and credit instruments, such as checks, drafts, money orders, among the different
firms connected with that organization in Berlin.
ADDRESSES.

Dr. Wittner and Dr. Breslauer p. adr., Centralverband des
Deutsche!' Bank und Bankiergewerbes, 7 Dorotheenstr. 3 II, Berlin.
Geh. Justizrat Dr. Messer, Lichenstein-Allee 4, Berlin.
Regierungsrat Prof. Johannes Conrad, 13 Muhlweg, Halle
a. d. S.
Dr. Whittaker, Wilhelmstrasse 98, Berlitz School, Berlin (translator of Jubilaumschrift).
L. Lutz, 49 Wendell street, Cambridge, Mass. (translator of
other German material).
Dr. Carl Melchior, 75 Ferdinandstrasse, Hamburg.

FRANCE.
MONOGRAPHS TO DE PREPARED IN FRANCE.

Ancliy1 Liesme, professeur an Conservatoire National des A rts et
Metiers (18 Rue Denfert-Rochereau), Paris, will prepare a history
of banking in France to include the Banque de France, the Societes
de Credit, the local banks, the Credit Foncier, and the Credit Agricole, showing their evolution in form and policy and their interrelations during the past century, with critical opinions as to their
relations with the Government, the policies pursued, and the services
rendered by them to different classes.
Albert Aupetit, chef du service administrant et des etudes 6eonomiques de hi Banque de France, will prepare a study of banking practices in France, showing the distinctive functions of each class of
banks and differentiating the character of the business done by the
several classes of institutions in Paris, in the large departmental
cities and in rural communities, showing also the provision, of law
;
or custom governing their organization, capital, reserve, liabilities of
stockholders, officers, and directors, their methods of supervision and
inspection, and the nature and extent of returns required or published. The account will portray the general nature of the business
done, including the character of the deposits and of current accounts,
with the usual rates of interest, if any, paid on both, and a statement




9
.

9
of any charges upon the turnover, including the general character of
bills discounted, loans, advances to customers, cash credits, and acceptances, with the usual rates charged for each. It should include
an explanation of all terms appearing in the ordinary reports of
banks. Tt should also include a statement as to the use of checks,
crossed checks, etc., a description of the organization and methods
employed in the Paris chambre de compensation, with a statement
as to the kinds of devices which are cleared, also a statement as to
the number and aggregate transactions of the other chambres de
compensation in France, and a description of the methods of making
payments at a distance. There should also be included a description
of any organizations or associations of banks other than clearing
houses existing, either in Paris or elsewhere in France.
Finally, the paper -hould present in appendices the text of the
principal statutes governing the operations of the various classes of
banks.
The study is to include the Bank of France, the Societes de Credit,
the local banks, the Credit Foncier, the Credit Agricole, the Caisse
des DepeIts et Consignations, and the Caisses d'Epargne ordinaires
and the Caisse d'Epargne Nationale.
Alfred Neymarek, editor of Le Rentier, 33 Rue St. Augustin,
ancien president de la Societe de Statistique de Paris, will prepare
a paper upon savings in France, under the following heads:
1. The formation and development of saving in France.
2. The ordinary savings banks and the postal savings banks.
3. French and foreign securities, their distribution in France and
abroad.
4. The influence of security investment upon the rate of discount,
upon the banks, their deposits, their reserves, etc.
E. Vidal, editor of La Cote de la Banque et de la Bourse, 1-3 Place
de in Bourse, will prepare an account of the history and method of
the Paris Bourse, its regulations, whether of law or custom, regarding
its organization, conditions of membership, kinds of business done,
methods of listing, machinery of settlement, etc.
FRENCH STATISTICS.

Albert Aupetit, chef des etudes economiques, Bank de France,
rue la Vrilliere, Paris, will collect the statements of the Bank of
France since 1875, with tables of rates of interest charged, and the
published market rates of discount, statistics of exports and imports
of gold, of the rates of international exchange, of the money supply
of France, and of the proi;ortion of money and money substitutes in
trade. (See later pages for details.)
111. Lefevre, chef des etudes financieres, Credit Lyonnais, Boulevard des Italiens, Paris, will collect statistics of the Societ6s de
Cit-dit, and other banks for the last twenty yetIrs, of tho CrAdit Foncier, of the Credit Agricole. of the Caisses d'Espagne, and statistics
showing the growth of population, business, wealth, and commerce in
France. (See later pages for details.)
The governor of the Bank of France, M. Georges Pallain, has been
asked to furnish statistics of rates of discount and deposit throughout France corresponding to the figures collected by Mr. Search for
Great Britain.




10.

10
REPORTS FROM OTHER COUNTRIES.
Dr. Julius Landmann, this Schweizerische Bankgesetz, Untersuchungen zur Geschichte und Kritik der Schweiz. Notenbankgesetzgebung, insbesondere des Bundesgesetzes vom 6 Oktober, 1905, fiber die
Schweizerische Nationalbank.
To be translated under the supervision of Mr. Lon Rueff, of the
Swiss Bankverein, 43 Lothbury, London, E. C.
Prof. 0. if. W. Sprague, of Harvard University (18 Sumner road,
Cambridge, Mass.). will prepare a paper upon the organization and
history of the banking system of Japan.
ENGLISH STATISTICS.

STATISTICS TO BE PREPARED BY

It. H. I. PALGRAvE, F. it. S., IIENSTEAD HALL,
WRENTHAM, SUFFOLK.

BANK OF ENGLAND STATEMENTS.
To include both issue and banking departments, stated separately
1. For period since 1844, grouped in annual and decennial averages.
2. For last twenty years, weekly (omitting last five figures).
3. These should also state in each case percentage of reserve (gold, silver, and
notes) in banking department to total deposit liabilities.
4. Also annual amount of dividends paid.
5. Average weekly fluctuations for the twenty years (18'47-1007) of—
(a) Notes issued.
( b) Notes held by the public.
(c) Bank's reserves.
((1) Public deposits.
TABlE OF BANK OF ENGLAND RATES SINCE 1844.
1. AN-erago rate for annual and decennial periods.
2. Maximum and MI11111117111 rates for each year.
3. Number of changes each year.
4. For twenty years (18S7-1007) table showing date and character of all
changes.

NOTE ISSUES.
(a) By Bank of England (as above).
(b) By other banks of issue in England and Wales.
(c) By banks in Scotland.
(d) By banks in Ireland.
1. Annual and decennial averages since 1844 with per calata amounts at decennial periods.
2. Four-weekly statements for last twenty years.
3. Average four-weekly fluctuations for these twenty years.
STATISTICS To BE PR EPA

D BY THE EC°NOM 1ST,
STREET, STRAND.

Cr RANVILLE

HOUSE, 3, ARUNDEL

Francis W. Hirst. 17(iiior. 27, Campden Hill Square, London. W.
N

.1AI) 1/1111%ii

These should be sin 1c11 separately,to include(a)London clearing-house banks,
(b) other joint-stock hanks hi England and Wales, (c) private banks and merchant bankers who make reports, (d) Scotch banks, (c) Irish banks, (f) foreign and colonial banks doing business in England as to their English business.
Statements of joint-stock and other banks and bankers should include, as far
as possible, the following:
.
(a) The name of the bank or banking house
(b) Number of branches.




,
1

•

11
(c) Subscribed capital.
(d) Paid up capital and reserve fund.
(e) Reserve liability of shareholders.
(f) Number of shareholders.
(g) Cash on hand and at Bank of England (where possible these to be separately stated).
(11) Percentage of same to deposit liabilities.
(i) Money at call and short notice.
(j) Percentage of same to capital and reserve fund.
(k) Government and other securities.
(I) Percentage of same to capital and reserve fund.
(m) Deposits.
(n) Bills discounted.
(o) Loans and advances.
(p) Percentage of capital and reserve fund to other liabilities.
(q) Dividend rate per cent paid last year.
(r) Number of reports per year.
YEARS.
CONSOLIDATED STATEMENTS ANNUALLY FOR ALL BANKS FOR TWENTY

1. Bank of England.
2. Other banks in England and Wales—
(a) London Cle:tring-lIonse banks.
(b) Other joint-stock banks in England and Wales.
(c) Private banks and merchant bankers who make reports.
(d) Total for banks of England and Wales.
3. Scotch banks.
4. Irish banks.
5. Foreign and colonial banks doing business in England, as to their English
business.
6. Total United Kingdom.
Figures to be given for the following items:
(a) Number of banks.
(b) Number of branches.
(c) Number of inhabitants to each bank and branch.
(d) Subscribed capital.
(c) Paid-up cipita I 8/1(1 reserve funds.
(f) Reserve liability of shareholders.
(g) Deposits.
(It) Cash on hand and at Bank of England; percentage of same to deposit
liabilities.
(i) Money at call and short notice; percentage of same to deposit liabilities.
(j) Investments in securities.
(k) Discounts, loins, and advances.
(I) Percentage of capital and reserve fund to other liabilities.
nt) 1)h-1(1(.11(1s.
(.OLD MOVEMENTS.

Exports and incports of gold-C01111frieS, for annual and de(a) From Clipa t Br In in to and from \
periods since 1S57.
cennial
(b) Weekly shipments and receipts for last ten years.
(c) Monthly for twenty years.
RATES OF INTERNATIONAL EXCHANGE.

Quoted rates for sight exchange for same time as above (weekly for last ten
year, mowilly for 1,igt twenty ye:11.g) bet wevn _
(a) London and New York.
(b) London and Paris.
(c) London and Berlin.




2

12
GROWTH OF POPULATION, BUSINESS, WEALTH, AND (OM MERCE%
,

For annual and decennial periods since 1867 for Great Britain. as shown by—
(a) Population.
(b) Foreign commerce (exports and imports).
(c) Registered tonnage.
(d) Amount of bank capital and reserve fund.
(e) Bank deposits.
(1) Postal, trustee, or other savings-banks deposits.
(g) Banks clearing-house transactions.
(h) Home consumption of tea and sugar.
(i) Amount of public revenues.
(k) Amount of iron and steel produet ion.
(1) Transportation statistics, including gross earnings of railways and number of tons of freight carried one mile.
(n) Growth in wealth as shown by income-tax returns yield per penny.
(n) Total ratable value of hinds and houses.
(o) Any other available statistics
fshowing industrial growth.
All the above should show also per capita growth.
PROPORTIONS OF MONEY AND MONEY SUBSTITUTES IN TRADE.

Statistics as to the relative use of coin, bank notes, and credit instruments,
such as checks, drafts, money orders, etc., as shown by the receipts on a given
day of several department stores and several shops in London, in some large
provincial cities, and in one or two country towns.
QUOTED MARKET RATES.

The published rates for twenty years, for thirty days and six months bills, for
money on call, and the deposit rates of banks and discount houses as published
In the Economist.
MONEY SUPPLY OF THE UNITED KINGDOM.

1. Total supply of gold at periodic intervals since 1844.
2. Per capita supply of gold at same dates.
3. Total supply of notes at same dates.
4. Per capita of notes at same dates.
5. Percentage of gold supply to total note issue at same dates.
6. Percentage of gold supply to aggregate of notes and deposits.
7. Such figures as can be obtained showing the amount of gold and notes in
the banks, and in the hands of the 'wide.
8. Amount of silver in cireulation.
9. Per capita amount of silver in circulation.
The Economist will endeavor to supplement the figures collected by the
Deputy Master of the Mint, with regard to the gold and silver holdings of the
banks, by figures especially collected showing the amount of notes held by them,
for the purpose of finding the total amotmt of actual money held by the banks.
GROWTH OF PUBLIC DEBTS IN ENGLAND, FRANCE, AND GERMANY.

To include nation:11, provincial, and municipal debts and all obligations guaranteed by the public, such as railroad bonds and the like.
NATIONAL BUDGETS OF ENGLAND, FRANCE, AND GERM %NY.

(a) Totals to be presented at intervals of five years dnring the last four
decades.
(b) Comparathe analysis and elassitleation of revenues and expenses in the
budgets of the three countries for the last year available.




13
GERMAN STATISTICS.
STATISTICS TO BE PREPARED BY DR. MAX WITTNER AND DOCTOR BRESLAUER, Or
THE CENTRALVERBAND DES DEUTSCIIEN BANK UND BAN K IERGEWERBES, 3 DOWTIIEENSTRASSE, BERLIN.
REICI I STUNK STATEMENTS.
1. For period since 1875, grouped in annual and decennial averages.
2. For last twenty years, weekly (omitting last five figures).
3. These should also state in each case percentage of reserve (gold, silver, and
Reichskassenscheine)—
(a) To note issue.
(b) To notes and deposits.
4. Also annual rate of dividends paid to stockholders and to Government.
5. Average weekly fluctuations for the twenty years (18S7-1907) of—
(a) Notes held by the public.
(b) Banks reserves (coin, bullion. Reichskassenscheine).
TABLE OF REICIISBANK RATES SINCE 1875.
1. Average rate for annual and decennial periods.
2. Maximum and minimum rates for each year.
3. Number of changes each year.
4. For twenty years (1887-1l107) table showing date and character of all
changes.
NOTE ISSUES.
(a) By Iteichsbank (as above).
(b) By other banks of issue in Germany.
1. Annual and decennial averages since 1875 with per capita amounts at
decennial periods.
- 2. Monthly statements for last twenty years.
3. Average monthly fluctuations for these twenty years.
QUOTED _MARKET RATES.

The published rates of the Reichsbank during twenty years, for thirty days
and three months bills, for money on call, for Lombards thirty days, and the
private discount rate for the same period in Berlin, in leading provincial cities,
and in country towns covering thirty, sixty, ninety, and one hundred and twenty
day bills, money on call, on thirty-day Lombards, on advances to customers and
on overdrafts, also rates paid on deposits (in so far as these can be obtained.)
MONEY SUPPLY OF GERM ANY.
1. Total supply of gold at periodic intervals since 1871.
2. Per capita supply of gold at periodic intervals since 1871.
3. Total supply of notes at same dates.
4. Per capita supply of notes at same dates.
5. Percentage of gold supply to total note issue at same dates.
.
6. Percentage of gold supply to aggregate 01 not PS and deposits
can be obtained showing the amount of gold and notes in
7. Such figures as
the banks and in the hands of the people.
8. Amount of silver in circulation.
9. Per capita amount of silver in circulation.
COLD MOVEMENTS.
Exports 11114 imports of gold—
(a) From Germany to and from various countries for annual and decennial
periods since 1871.
(b) Monthly shipments and receipts for last twenty years.




L 4.

14
RATES OF INTERNATIONAL EXCHANGE.
Quoted rates for sight exchange (weekly for last ten years, monthly for last
twenty years) between—
(a) Berlin and New York.
(b) London and Berlin.
(c) Paris and Berlin.
GROWTH OF POPULATION, BUSINESS, WEALTH, AND COMMERCE.
For annual and decennial periods since 1871 for Germany, as shown by—
(a) Population.
(b) Foreign commerce (exports and imports).
(c) Registered tonnage.
(d) Amount of bank capital and reserve funds.
(e) Bank deposits.
(1) Savings banks deposits.
(g) Bank den ring-house transactions.
(h) Home consumption of coffee, sugar, and beer.
(i) Amount of public revenues.
(k) Amount of iron and steel production.
(1) Transportation statistics, including gross earnings of railways and number of tons of freight carried one mile.
(m) Growth of wealth in Prussia as shown by income-tax returns.
(n) Total ratable value of lands and houses.
(o) Any other available statistics showing industrial growth.
All the above should show also per capita growth.
KREDITGENOSSENSCHAFTEN.
1. Number of Kreditgenossenschaften and Centralverbiinde in the Empire.
2. Number of members.
3. Classification of Kreditgenossenschaften according to limitation of liability,
with number of members in each group.
4. Extent of members' balances.
5. Extent of reserves.
6. Extent of outside deposits.
7. Kinds and amounts of credit extended (discounts, current accounts, etc.),
and other investments.
8. Rates of interest and of discount.
9. Classification of Kreditgenossenschaften as Schultze-Delitsch, Raiffeisen,
and Haas, and activities of each group, according to above scheme.
SAVINGS BANKS IN PRUSSIA AND IN EMPIRE, WHERE POSSIBLE.
1. Number of institutions.
2. Number of depositors.
3. Proportion of depositors to population.
4. Amount of deposits at the end of each year.
5. Proportion of deposits to depositors and to the total population.
6. Amount of yearly additions to deposits.
7. Amount of yearly withdrawals.
8. Rates of interest paid upon deposits.
9. Classification of investments of savings-bank funds.
Above figures to be given for period from 1870 to 1907 and to be divided
between city and community savings banks.
STATISTICS TO 1E PREPARED BY DR. ROBERT FRANZ, OF THE DEUTSCHE OEKONOMIST, iiURGSTRASSE 3, BERLIN. C. 2.
JOINT STOCK AND OTHER BANKS.
These should be stated separately, to include—
(a) Joint stock banks in Germany.
(b) Other banks and bankers who make reports.
(c) Foreign and colonial banks doing business in Germany as to their German business.




1 5.

15
Statements of joint stock and other banks and hankers should include, as far
as possible, the following:
(a) The name of the bank or banking house.
(b) Number of branches (not including agencies).
(c) Subscribed capital.
(d) Paid up capital and reserve funds.
(c) Reserve liability of shareholders.
(f) Number of shareholders.
(g) Cash on hand and at Reichsbank (where possible these to be separately
stated).
(h) Percentage of same to deposit liabilities.
(1) Money at call and short notice.
(j) Percentage of same to deposit liabilities.
(k) Government and other securities.
(I) Percentage of same to capital and reserve fund.
(m) Deposits and acceptances stated separately when possible.
(n) Bills discounted.
(o) Loans and advances.
(p) Percentage of capital and reserve fund to other liabilities.
(q) Dividends, rate per cent paid last year.
(r) Number of statements per year.
(s) Syndicate interests and amount invested in the capital of other banks or
bankers, stated separately where possible.
CONSOLIDATI.D STATEMENTS ANNUALLY FOR ALL BANKS FOR TWENTY YEARS.

1. Reichsbank.
2. All joint stock banks in Germany.
3. Other banks and bankers who make reports.
4. Total for banks of Germany (not including foreign and colonial).
5. Foreign and colonial banks doing business in Germany, as to their German
business.
6. Total of German banks.
Figures to be ;then for the following items:
(a) Number of banks.
(b) Number of branches.
(c) Number of inhabitants to each bank and branch.
(d) Subscribed capital.
(r) Paid-up capital and reserve funds.
(f) Reserve liability of shareholders.
(g) Deposits and acceptances (stated separately when possible).
(h) Cash on hand and at Reichsbank. Percentage of same to deposit liabilities.
(i) Money at call and short notice. Percentage of same to deposit liabilities.
(j) Investments in securities.
(k) Discounts, loans, and advances.
(I) Percentage of capital and reserve funds to other liabilities.
(m) Dividends.
(n) Syndicate interests and amount invested in the capital of other banks
and bankers.
HYPOTITEKENBANKEN AND LANDSCIIAFTEN.

Statements should be made for each institution separately for the most
recent date available.
Consolidated statements for all institutions taken together should be given
annually for twenty years. To include-(a) Number of banks.
(b) Number of branches.
(c) Subscribed capital.
(4) Paid-up capital.
(c) Reserve liability of shareholders.
(f) Surplus.
(0) Total capital and surplus.
(h) Mortgage bonds issued.
(1) Communal bonds issued.
)
(is Small railway bonds.




16
(j) Deposits.
(k) Acceptances.
(1) Credit accounts.
(nt) Covering mortgages.
(a) Free mortgages.
(o) Communal loans.
(p) Small railway loans.
(q) Cash on hand and at the bank.
(r) Discounts.
(s) Securities.
(t) Advances on eollateral.
(u) Deposits with other banks.
(v) Amount of dividend.
(w) Percentage of dividend.
(x) Average size and average duration of mortgages.
FRENCH STATISTICS.
STATISTICS TO BE PREPARED BY A Lawr A UPETIT, CHEF DES PTUDES
DE LA BANQUE DE FRANCE (RUE LA VRILLIERE).

ECONOMIQUES

STATEMENTS OF THE BANQUE DE FRANCE.
1. For period since 1s75. grouped in annual and decennial averages.
2. For last twenty years, weekly (omitting last five figures).
3. These should also state hi each case percentage of reserve (gold and
silver) to (a) note issue, (b) notes and deposits.
4. Also annual rate of dividends paid to stockholders and percentage of capital paid to Government.
5. AN erage weekly fluctuations for the twenty years (1887 to 1907) of (a)
notes held by the public, (b) bank reserves (coin and bullion).

TABLE OF RATES OF INTEREST SINCE

1875.

1. Average rate for annual and decennial periods.
2. Maximum and minimum rates for each year.
3. Number of changes each year.
4. For twenty years, 1887 to 1907, table showing date and character of all
changes.

NOTE ISSUES.

1. Annual and decennial averages since 1875, with per capita amounts at
decennial periods.
2. Monthly statements for the last twenty years.
3. Average monthly thictuat!ons for these twenty years.

MARKET RATES OF DISCOUNT.
Hates of the Panque de France Ihiring twenty years for thirty-days and
three-months bills, for money on call, for thirty-day Lombards, and the rate
in other instittitions of credit during the sit inc Perim] in Paris, in the leading
provincial cities, and in country towns, covering thirty, sixty, ninety, and one
hundred and twenty day bills, money On call, on thirty-(lay advances upon
security, and on overdrafts, as well as rates paid on deposits.

(MIA) MOVEMENTS.
((1) Exports aed imports between Franco and various important countries
for annual and decennial periods since 1871.
(b) Monthly shipments and receipts for last twenty years.
RATES OF INTERNATIONAL EXC1IAN6E.
Quoted rates for sight exchange weekly for last ten years, monthly for last
twenty years, between—
(a) Paris and New York.
(b) Paris and London.
(c) Paris and Berlin.




17.

•

17
MONEY SUPPLY 01

kNCE.

1. Estimated supply of gold at periodic intervals since 1S71.
2. Per capita supply of gold at same intervals since 1871.
3. Quantity of notes issued at same dates.
4. Per capita amount of notes issued at same date.
5. Percentage of gold supply to total note issue at same dates.
6. Percentage of gold supply to aggregate of notes and deposits.
7. Any figures obtainable showing amount of gold and notes in the banks and
in the hands of the people.
8. Amount of silver hi circulation.
9. Per capita amount of silver in circulation.
PROPORTION OF MONEY SUBSTITUTES IN TRADE.

Statistics as to the relative use of coin, bank notes, and credit instruments,
such as checks, drafts, money orders, etc., as shown by the receipts on a given
day from large banks or credit institutions, several department stores, and
shops in Paris, in some large provincial cities, and in one or two country towns.

STATISTICS

TO BE PREPARED BY MR. LEFEVRE OF THE ETUDES FINANCIERES DU
CREDIT LYONNAIS, BOULEVARD DES ITALIENS.

SOCIETES DE CREDIT AND ALL OTHER BANKS MAKING REPORTS.

The following items from the last annual statement should be given:
(a) The name of the institution.
(b) Number of branches (not including agencies).
(c) Subscribed capital.
(d) Paid-up capital and reserve funds.
(e) Reserve liability of shareholders.
(f) Number of shareholders (where possible).
(g) Cash on hand and at the Bank of France.
(h) Percentage of same to deposit liabilities.
(i) Money at call and short notice.
(j) Percentage of same to deposit liabilities.
(k) Government and other securities.
(1) Percentage of same to capital and reserve funds.
(m) Deposits and acceptances, stated separately when possible.
(n) Bills discounted.
(o) Loans and advances.
(p) Percentage of capital and reserve fund to other liabilities.
(q) Dividends, rate per cent paid last year.
(r) Number of statements per year.
(8) Syndicate interests and participations, with amount invested in the capital
of other banks, stated separately where possible.
CONSOLIDATED STATEMENTS ANNUALLY FOR ALL BANKS FOR TWENTY YEARS.

Separate groupings to be made for (1) Bank of France; (2) the Societes de
Credit; (3) all other banks making reports; (4) total of all banks in France.
The figures should include the following items:
(a) Number of banks.
(b) Number of branches.
(c) Number of inhabitants to each bank and branch.
(d) Subscribed capital.
(c) Paid-up capital and reserve funds.
(1) Reserve liability of shareholders.
(g) Deposits and acceptances, stated separately where possible.
(h) Cash on hand and at Bank of France.
(i) Percentage of same to deposit liabilities.
(k) Money at call and at short notice.
(1) Percentage of same to deposit liabilities.
(m)Investments in securities.
(n) Discounts, loans, and advances.
(o) Percentage of capital and reserve funds to other liabilities.
(p) Dividends.
(q) Syndicate interests and participations in the capital of other institutions.
62324-08-2




18.

18
('RI1)1T FONCIER.

(a) Number of branches.
(b) Subscribed capital.
(c) Paid-up capital.
(d) Reserve liability of slutreholders.
(e) Surplus.
(f) Total capital and surplus.
(g) Mortgage bonds issued.
(h) Communal bonds issued.
(i) Deposits and current a( counts.
(j) Acceptances.
(k) Amount of mortgages taken.
(1) Average size of mortgages.
(m) Average duration of mortgages.
(n) Communal leans.
(o) Cash on ham' and at the bank.
(p) Discounts.
(q) Securities.
(r) Advances on collateral.
(s) Deposits with other banks.
(t) Percentage of dividend.
Citc:DIT AGRICOLE.

1. Number of caisses locales.
2. Number of caisses regionales.
3. Number of members.
4. Number with limited liability.
5. Number with unlimited liability.
6. Extent of reserve fund.
7. Kinds and amounts of credit extended (discounts, current accounts, and
so on) and other investments.
8. Rates of interest and of discount.
CANSES D'gPARGNE.

The fiumres should 1)e given separately for the Caisses d'Epargne Ordinaires
and for the Caisses Nationales, to include:
1. Number of institutions.
2. Number of depositors.
3. Proportion of depositors to population.
4. Amount of deposits at the end of each year.
5. Proportion of deposits to depositors and to the total population.
6. Amount of yearly additions to deposits.
7. Amount of yearly withdrawals.
8. Rates of interest paid upon deposits.
9. Classification of in Nestment of savings-bank funds.
Above figures to be given for period from 1870 to 1907.
GROWTH OF POPULATION, BUSINESS, WEALTH, AND
COMMERCE.

For annual and decennial periods since 1871, as shown by—
(a) Population.
( b) Foreign commerce (exports and imports).
(c) Registered tonnage.
(d) Amount of bank capital and reserve fund.
(e) Bank deposits.
(f) Savings-bank deposits.
(g) Rank clenrintr-bouse transactions.
(it) Home consumption of coffee, sugar, and wine.
(i) Amount of public revenue.
(k) Amount of iron and steel production.
(1) Transportation statistics, including gross earnings of railways and number of tons of freight carried one mile.
(m) Growth of wealth in France as shown by any particular tax returns.
(n) Total ratable value of lands and houses.
(0) Any other available statistics showing industrial growth.




•

19

APPENDIX.
E TO BE PREPARED BY H. WITHSUGGESTIONS FOR THE STUDY OF BANKING PRACTIC
: 15 COPTHALL AVENUE, LONDON, E. C.
ERS, OF THE LONDON TIMES. CITY OFFICE
PRIVATE ADDRESS, 6 LINDEN GARDENS, LONDON, W.

1. What are the distinctive functions of—
(a) Bank of England.
(b) Joint-stock banks.
(c) Private banks and merchant bankers.
(d) Postal and trustee or other savings banks.
(e) Discount houses
(f) Banks of Scotland.
2. What are the laws which govern each class as evidenced—
(1) By legislation, or
to include
(2) By custom, growing out of the understood unwritten laws,
the provisions of law or custom governing—
in each case
(a) Organization.
(b) Government and control.
(c) Capital and reserve fund.
(d) Liabilities of stockholders, officers, and directors.
supervision,
(e) Requirements, if any, for the government or other
tion,
inspection, or examina
, if any,
(f) Nature and extent of statements or returns, public or private
required or published.
classes of banks
3. What is the character of the business done by various
under the following different conditions:
(a) In rural communities.
(b) In industrial and financial centers, like Manchester.
(c) In commercial centers, like Liverpool.
, to include in each
(d) In the great international exchange center of London
MSC"-

(1) General nature of the business done.
s, with the
(2) General character of (a) deposits, (b) current account
, if any, paid on each class.
usual rate of interest
advances
(3) General character of (a) bills discounted, (b) loans, (c)
credits, with the usual rate of interest on
to customers or cash
each as compared with the hank rate. (d) Acceptances.
turnover, distinc(To include description of "crossed checks," charges on the
and deposit accounts, etc.)
tion between current
clearing
(4) Are there organizations or associations of banks other than
if so, what is their character?
houses in existence, and
in the United
(5) Number and character of clearing-house organizations
Kingdom.
conditions of
(6) Description of London Stock Exchange; its organization;
r of law or custom; methods of listing; kinds
membership; regulations whethe
of business done, machinery of settlement, etc.




20.

The session of the Commission was takelkip by a verbal explanation of this report by the Chairman and a discussion of
the matter by the different members.
m
The Commission adjourned at 1 p.m. to meet at 11 a. .
Tuesday, November 24, 1908.

Tuesday, November 24, 1908.
The Commission met at 11 o'clock a.m., pursuant to agreement.
Present: Senators Aldrich (Chairman), Burrows, Hale,
Teller, Money and Bailey, and Representatives Vreeland (ViceChairman), Burton, Weeks, Bonynge, Smith, Padgett, Burgess
and Pujo.
Mr. weeks, who, on the death of senator Allison, became
Chairman of the Subcommittee on .1kendments to the Administrative Features of the National Bank Act, stated that he was
ready to report on the work which was done by his subcommittee
in this country.
He laid before the Commission printed copies of a set of
questions which he had mailed to every national bank in the
country, to every national bank examiner,

to the manager or

secretary of every clearing-house association, and to every
association of national banks within a State.

He stated that

he had also sent several copies to each State bank commissioner or examiner, and had forwarded 500 copies to The American
Bankers' Association durinfr their convention at Denver.




The circular containinu the questions is as follows:

SUGGESTED CHANGES IN NATIONAL BANKING LAWS
BOSTON, MASS., Sept. 26, 1908.
Section 18 of the Act of Congress approved May 30, 1908, known as the Aldrich
-Vreeland
Bill, provides "that it shall be the duty of this Commission to inquire into, and report
to Congress at the earliest date practicable, what changes are necessary or desirable in
the monetary
system of the United States, or in the laws relating to banking and currency."
Under this
authority the National Monetary Commission is making a careful study of the
laws authorizing
the establishment of National Banks and their administration. Believing that the
officers of
National Banks have had the most intimate knowledge of the workings of these laws,
and have
considered the reasons for or against any changes which may be suggested, it seems
wise to the
Commission that their opinion be obtained before making any recommendation to
Congress.
For that reason we request that, at as early a date as possible, a reply be made, either
by the
President or some officer of your bank, to the following questions.
1. Section .5240 of the Revised Statutes authorizes the Comptroller of the Curren
cy, with
the approval of the Secretary of the Treasury, to appoint suitable persons to make
examinations
National Bank Associations.
of
Should, in your judgment, the method of appointing examiners be continued
as at presents
or be made subject to Civil Service rules?
Is it desirable to apply Civil Service regulations to the tenure in office of bank
examiners?
2. The same Section of the Revised Statutes, 5240, provides the method for
paying examiners, basing it on the fee system.
In your judgment, is it desirable to change this to a salary or per diem
basis, to which there
should be added the necessary expenses incurred in making examinations;
it being understood
that banks shall be assessed to pay salaries and expenses in a similar manner
as now provided
for by the existing law?
3. In making assessments to provide a fund to pay examiners, and other
expenses, do you
think the law should be changed so as to base the amount of this assessment on
capital and gross
assets rather than on capital alone, as the law now provides?
4. Do you think it would be desirable to provide a force of assistant examine
rs, to work in
co-operation with examiners in larger places, and, in future, when vacancies
occur, to recruit
the force of examiners from these assistants?




22

5. As examiners are frequently in charge of failed banks, acting as temporary
receivers,

do you think it would be desirable to require them to give a sufficient bond for the protection
of the Government and the bank when such contingencies occur?
6. Section 5200 of the Revised Statutes limits the total liabilities to any Association
of any

person, company, corporation or firm, but excepts bills of exchange in the following terms: "But
the discount of bills of exchange, drawn in good faith against actually existing values, and
the
discount of commercial or business paper, actually owned by the person negotiating the same,
shall not be considered as money borrowed." Evidently the intention, in making this exception, was to enable the owner of such paper to realize on it at once, preventing the necessity
of
tying his capital up in forms of indebtedness not of his own making. Frequently banks have
allowed a liability of this class to greatly exceed in amount what they could legally take as
a
direct loan. Many failures have resulted from these excessive loans made to a single, or allied,
interest.
In what manner do you think the law can be amended to remedy this condition, and sufficiently limit the amount of paper of this character which a bank can properly discount?
Should the Comptroller, in such cases, be given authority to take action when, in his judgment, loans are being made in excess of the limit indicated by prudence and safety?
Should directors and officers of banks be placed in a different category from general creditors in such eases?
Should a penalty be provided for violation of such changes as may be recommended, enforcible against the officers or directors responsible for such violation?
7. Section .5205 of the Revised Statutes provides for the impairment of capital. Under
the present law this impairment must be made good by a stock assessment within three months
from the receipt, by the directors, of notice from the Comptroller. If this is not done, the Association is placed in liquidation.
Should not the Comptroller have authority in such cases to protect depositors who may,
during the three months specified, deposit their money in a bank in which he, the Comptroller,
knows the capital is impaired? If so, in what manner do you suggest that such deposits should
be protected? There have been many instances of bank failures, and some serious losses to
depositors in such cases.
8. In what manner would you suggest the limitation of borrowing from a bank by its officers,
directors or employees, both in making direct and indirect loans, and would you make ally difference in such cases between officers and directors? Do you think any officer should be permitted to borrow from his own bank?
9. The Supreme Court of the United States has held that it is unlawful for a National Bank

to purchase or invest in the shares of stock of other corporations, but the laws of several States
authorize the ownership of stock of National Banks by other corporations. There have been
several instances in which the directors of the holding corporation and of the National Bank
have been the same individuals, and when trouble arose the holding corporation became involved
as well as the bank, and in such cases the possibility of double liability was entirely annulled.




In your opinion, would it be wise to provide against the holding of shares of National Banks
by any other corporation, except in cases when taken in satisfaction of debts?
10. In your judgment, is the operation of another banking institution in the same building
with a National Association so undesirable that legislation should be recommended preventing
it? There have been cases where securities owned by one corporation have been used during
examinations of the other, preventing examiners from obtaining a correct knowledge of the condition of either of such allied corporations.
11. Under Section 5211 of the Revised Statutes, which provides for bank reports, banks are
not required to make them in duplicate, and in several instances the examiner has been furnished
by the officers of the bank with a report entirely dissimilar from the one on file at the Department in Washington, and, in using the imperfect report, he has found that the bank's books
corresponded to it. This permits of deliberate falsification of accounts.
Would it, in your judgment, be wise to require that reports be made in duplicate, both
reports being sent to the Comptroller of the Currency, and one copy furnished to the examiner
by the Comptroller when about to undertake the examination of the bank?
12. Section 5211 of the Revised Statutes provides for the publication of reports, showing
the condition of National Banks, including the direct and indirect liabilities of officers and
directors.
In your judgment, would it be wise, in publishing such reports, to show the individual liability of the officers and directors; not individually, but collectively?
13. Section 327 of the Revised Statutes provides for a Deputy Comptroller of the Currency,
to be appointed by the Secretary of the Treasury, and the Legislative, Executive and Judicial
Appropriation Bill, approved May Q2, 1908, provides for an additional Deputy Comptroller,
to be appointed by the President.
Would you recommend that both these Deputies be appointed by the Secretary of the Treasury as a result of Civil Service examinations, and be subject to Civil Service regulations?
14. Section 5209 of the Revised Statutes makes it a misdemeanor for an officer or an employee
of a bank to make false entries with intention to deceive, but the Courts have decided that this
does not apply to reports made to the Comptroller of the Currency, as he is not mentioned in
the law.
Should not the law be extended to apply to false reports made to the Comptroller ?
15. In your judgment, should the law be so changed as to make it possible to enforce the
liability of shareholders who have foreseen the insolvency of a bank in which they own stock,
and have transferred that stock, to escape liability, before an assignment is made?
16. The law as it now stands requires every National Bank to keep on deposit with the
Treasurer, in lawful money of the United States, a sum equal to five per cent of its outstanding
circulation, to be used for the redemption of circulating notes. There have been many instances
where banks have failed to promptly reimburse the Treasury for the redemption of their circulation, and, as the law now stands, the only recourse the Comptroller has is to sell the bonds




2 t•

held against circulation, or to appoint a receiver, either of which courses might be detrimental
to the interests of the Government, the note holders and creditors of the defaulting bank. At
the present time the aggregate deficiency due the Treasury for this reason amounts to several
millions of dollars.
Should not the Treasurer be authorized to, in some way, enforce this law without taking
the extreme measures which are now provided, and, if your answer is in the affirmative, in what
way would you provide for its enforcement?
17. The present law limits the amount of the notes of the denomination of five dollars which

a bank may have outstanding to one-third of its total circulation. Frequent complaints are
made in some localities that this amount is insufficient to meet the requirements for small bills.
Do you think it desirable that this limit be increased?
18. Would it be well, in your opinion, to change the existing laws so that liquidating banks
could, in some way, arrange to pay depositors more rapidly? A careful examination of the

assets of failed banks will frequently show about how much dividend they can eventually pay,
and considerable distress would be prevented if something approximating this amount could be
paid to depositors without any delay.
19. Have you any suggestions to make relative to changes in the organization of the Comptroller's Office?
There are many other minor changes which it is apparent should be made in the administrative features of National Bank laws, some of which may occur to you, and the Commission
will be gratified if you, in your answer to the above questions, will make any recommendations
which seem to you wise, giving your reasons for urging such changes. In replying please direct
to Room 213, No. 60 Congress Street, Boston, Massachusetts.
JOHN W. WEEKS,
Vice-Chairman of Committee to consider
changes in National Banking Laws.




25.

It being generally agreed that the legislative

ork of

the full Commission at this time should be confined to this
subject of purely administrative changes in the

banking laws,

a discussion followed as to the best method of proceeding in
this matter.
Mr. '3e(1ks stated that he would be glad if the Commission
would Five him authority to have the replies which he had received to the

luestions above referred to edited and printed

fflr the use of the Commission.

In the absence of objection,

the Chairman announced that thin authority was granted.
After some further discussion, it was decided that in
proceeding to consider this subject of administrative cfrianges,
the Commission would first '
,
tear the recommendations of the
Secretary of the Treasury and the Comptroller of the !purency, and the Chairnan was authorized to invite them to appear
before the Commission at its next meeting.
Mr.Vreeland

.oved that th(: Chairman ')e Luthorized
reakcie fIL
/
quest Mr. George M. Reynolds, the -P,44+-1-a=p+an of The American
,
Bankers' Association, to appoint a committee of not less than
7 representative bankers (members of the Association), covering the different sectioLs of the country, to come to Washington and confer with the Commission duting its consideration of
this mntier,
The motion was agreed to.
The commission then adjourned at 12:30 p.m. to meet at
11

P.M.

on Wednesday, Novel:.ber 2!7,

1908.




2€.
Wednesday, November 25, 190F.
,orzni
The r

ion ret at 11 a.m., pursuant to agreement.

Present: Senators Aldrich ( Chairman )

Burrows, Hale, Tel-

ler, Money and Bailey, and Representatives Vreeland (ViceChairman

Burton, Weeks, :i3on:Inge , Smith, Padgett

Burgess

and Pujo
Hon. George B. Cortelyou, Secretary of the Treasury, who
was present at the request of the nhairran, stated that he
hoped the Commission would allow hts fornal statement to go
over until next week, as the recommendations of the Comptroller of the Currency were not yet quite ready for presentation.
It was, therefore, agreed that when the Commission adjourn
be to mcet on Wednesday morning, December 2

it

at 10 o'clock.

The Chairman stated that, in pursuance of the motion riade
at the last meeting he had been in communication with the
Chairman of The American Bankers' Association, who had advised
him that there was already a legislative corruiittcc of 5 appointed for the purpose of recommending cuJ rency legislation, and
that therf‘fore he would he unable to appoint a committee of
7, as requested.
r. Aldrich suggested that he woulu himself, if the Commission thought it wise, request certain northers of The American Bankers' Association, in addition to the legislative committee referred to

to come to Washington allo confe:: with the

Commis:,ion , stating also that he desired to include in his
invitation 7.r..ieynolds, Chairman of the Association.
The C7
,

' suggestion was agreed to.
s




27.

'f.r. Burgess moved that the (tha inetan be authorized to announce throur,h the press the action of the Commission in this
rer,
:ard.
This notion was agreed to.
In pursuance of this notion, the r- hairrlan subse,,uently
gave the following statement to the press, dated Nov.25,1908:
1.11111,
oncl,irj ;,
IL„: .4n took
au)

the adrairii6triL,t,ivf2 ..fottsture;:v. of

quo etitiri of cucperited ;.clend..7:tintz

)
Orto1yo 11 who

r tt.t.xv

:taws

thc

p one d for tit rei-mon

•

1.'lrintor on titi tnlbje

ire110111.

Wan

bo
,
rory,- 41. rficumlandat.Lono of the nepartl(Intm hrial nut, ; rt, Ix

e,i e rat

n on Wo

e

ixof the, ter 1, ra. h.1.; -1.1rtt

t1:ti

t
of five . iorlbc.1711.

s•ut,

(:

rs.r, ?.• uvo7ro

.
As , ‘ooi

kek*,3•

f

zrictted with

.1.11%vc cc

The

cm:the r

ir,27

imr In°

cor-

rn putt ter up for furtln

ant.. 1.71r. !Orin n slan dec. i‘i.loct to tak'

sonce hert

t'1ft

;
Aso', elat., tort) eon-

t/i 1.4st

t3 VIM it s cc oi

ect-i.onv, of

v;itrit.:ui

In order

.1:.

.

r
: ii .id be ;lore full„, coveree breprenentat,ilm of. i.corn of
countr
tx the

bankti, the 00:aiinutOrt dUCieloci to
".•

:
fr011tiArtail

1, urk; Tho .
L

.:4.1

•

r, Pre pi dcv.r.t.

&.•

.;.Lt

r
,3 tie orld

'Ill

,anact

•1•;s.t.lon41

:!:-crro; ?". -`;'• Tiviriney, Prturtxcient
1
'

' z.toni.41

Porter, l'refiAcfelnl,

ton; .,*.x-Fleitt t„ fltt11L, Tbreti(.(yrrt

;

t

.
ir4ttt, 7:44

jtzi.:-iitotx t "rot:Ida:It iew'!rib,•rni

L1i,

44V1..W.

ationiki

tf,Stat;•

"ert

":76.1iel. oar)
1', 41 ",

.

;
o.nsur, 'it.

Or1c3.na
::34.ttk)

Yr tyic ucso
nay h.tyi a no ,n ad the ')rfs
AnuociatIon,
1.0a4T0

• . f:1101

to be. •izenent,

Ont.
reY•

f t.tte A'ker.ar1 Y5Lnkurti
on i, of the 1

• t that t ote.

t tint




28.
The Chairman stated that the report of the Ilubcommittue
would show th:t

considerable work had been done abroad, but

that it was equally important to investigate conditions
in
this country.
The following discussion then to ,k place:




29.
Mr. Aldrich.

I desire to state to the Commic,.;ion the sub-

jects which I think it necessary to investigate and the class
of people that I want to take hold of things with us and for
us, with a view to getting the best possible result. There are
a laxgge number of men who have been studying the varilus phases of the currency question along different lines.
In the first place, Professor Davis R. Dewey, of the Institute of Technology, Boston, has been placed in charge by
the Carnegie Institute of the subject of the banking history
of the United States.

He is willing to put the material that

he has gathered at our aisposal if we arc willing tu give him
some clerical assistance - say that of some young men (students
and college graduates) who can assist him in looking up authorities, etc.

It seems to me that this would be a very va- l

uablc thing to do.

The work he has in charge is a history of

banking in America before the Tivil War.
There have also been a number of young men who are at work
on various subjects whom we can employ to do different parts of
our work in thll, country.

I shoulc. like to have some one make

a special investigation of the safety fund and free banking
system of New York.
I question the authority of the Commi!,sion
to investigate general banking conditions.
Yr. Aldrich.

I will call the Senator's attention to

Section lE of the Act of May 30 1 l90C, which is as follows:




30.

SEC. 18. That it shall be the dui3r; of this Commission to inquire into
and report to Congress at the earliest date practicable, what changes
are necessary or desirable in the monetary system of the United States
ta. in thA laws relating to banking and currency, and for this purpose
they are authorized to sit during the sessions or recess of Congress, at
such times and places as they may deem desirable, to send for persons
and papers, to administer oaths, to summons and compel the attendance of witnesses, and to employ a disbursing officer and such secretaries, experts,stenographers, messengers, and other assistants as shall
be necessary to carry out the purposes for which said Commission was
created. The Commission shall have the power, through subcommittee or otherwise, to examine witnesses and to make such investigations
and examinations,in this or other countries, of the subjects committed
to their charge as they shall deem necessary.




31.

Mr. Bailey.

I protest against obtaining info:.rnaticr about

savings banks and the ordinary barks of discount and deposit,
and think we should limit our investigation to the banks over
which the Government has control.
Mr. Aldrich.

The questions conce:.nirc which I am now sug-

gesting that the Commission inquire into led up to the formation of the national banking system.
Yr. Bailey.

And that was purely as a means of selling

bonds.
Mr. Alarich.

It nay not be profitable for us at this

moment to enter upon the discussion of what were the reasons
for the formation of the national banking system.

I do not

agree with the Senator from Texas, but that is not imporlant
to decide now.
::oney.
our work

I think it is very important to know now what

is - o be.

I understood that the prime object was to

inquire into the monetary :3stem of the United States, and that
would embrace the banking system as an important part of our
inquiry.
Yr. Bailey.

I do not question the propriety or the power

of the COT1171113SiOn to conduct any investigation of the existing national banking system.

What I protested against was

the statement of the Chairman that he wanted information about
the safety fund and free banking system of rew York.
(After some further discussion).
Mr. Aldrich. The inquiry we intend to make is fully covered by the terms of the Act, and can not, in justice to our-




32.

selves and the public, be °milted.
I am in hopes that some time in July, or perhaps before,
we will be LLble to present the complete report of the information collected in England, France, and Germany.
There will he nothing, partisan in the infornation which we
obtain, and the preliminary reports will contain siraDly facts
and not t?leories or conclusions.
Mr. Hale.

If you can get the information you speak of

into shape by the end of the extra session of Congress - the
complete statefients of the systems of the three countries referred to - that will be an immense step in the direction you
h;tve in rand.
Mr. Money.

Is it necessary for the entire Co-_, Imission to

be engai;ed in this r)relLmin.ary work of obtaining information?
;ir. Aldrich.

I will be clad to go ahead with the work

along the lines I have indicated if the riomber:3 of the Commission understand and approve of rat 1 am Going to do.

I ,ill

be glad to consult with the Vice-Chairman and with an; other
,
/
Illember of the Commission from time to time.
Mr. Vrenland.

I agree with thc Chairman that this infor-

mation will. he worth ten times what it will cost.
Mr. Weeks.

(Addressing th- Chairman)
.

If any consider-

able expense is to be incurred, I think, for your own protection, some foraal action should be taken by the Corimisoion,
granting you the proper authority.
'. Aldrich.
glad to' /5
11
i

I entirely agree with t':al.

I should be

a subcommittee created which would have a .thority

to pass on all questions of 3xpense.




Mr. Hale.

I would suggest the Chairra.1 and Vice-Chair-

man.
Mr. Aldrich.

That would be most satisfactory to me, but

I would be very glad if Senator Tel.er could he associated
with us.
I am willin

Mr. Teller.
Mr. Hale.

to trust you in the matter.

:
I move that the employraent of af, ents, employees,

or assistants in investigation, and the expenses and salaries
of the sarde, be committcd to a subcom:aittec consisting of the
Chairman, the Vice-Chairman, and Senator Teller, this subcoumittec to make such reports to the full Caamission from time to
time as the

ma; deem essential.

This motion was agreed to.
Mr. Hale.

My understanding now

that it is left en-

tirely to this subcommittee to exercise authority regarding all
expenses and to scrutinize the same, and, whenever they deem
essential, to report to the full Commission.
(After some further discuosion).
Aldrich.

In connection with the visit of the subcom-

mittee abroad, I desire to say that our Ambassador to Prance,
Mr. White, rendered most valuable assistance to us in the prosection of our wor.
Mr. Weeks brouOit up the question of foreign and domestic
exchan,, suggesting that he regarded that as one of the most
important questions that the Commission would have to deal with.
Mr. Aldritth stated that wela the raenbers cane to read the
report of the invcstigations of the subcommittee abroad and




34.
their interviews in foreign countries, they would see .
tat the
subconmi ',ee made that one of the principal branches of their
inquiry.
Mr. Weeks.

I wondered if you had it in mind to employ

SON.0 one to investigate this question.
Mr. Aldrich.

Iam very clad you spoke about that.

tainly think we ought to do it.

I cer-

You will find that we exam-

ined Lord Swaythling particularly on this subject.
Thereupon, at 1 o'clock p.m., the Cormission adjourned.




December 2 and 3, 1908.

Hearings held at Finance Committee Room, Capitol,
Washington, D.C., on Suggested changes in the Administrative
Fatures of the National Bank Act.

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