The times. [volume] (Richmond, Va.) 1890-1903, 1901-12-18
THE TIMES COMPANY.
WEDNESDAY. DECEMBER is, 1aol-
RANKING.

Al a rccen. meeting OF bankers in Chi
cago. Mr. A. i. stickney. president OIL
,ba chicago Great Western Railway
Company. delivered an address on '.'e
Central Reserve Bank
4Ie contenaed that q central reserve
bank would not, and could not, become
monopoly. extending its branches 10
every village and driving all other BANKS
o,,t OF existence The necessity Of keep
ing IS per cent. CT reserve would render
II incapable Of competing except ii t.1e
Larger transactions with the other baiiks,
which woald carry no more than $ TO $
per cent of reserve. The reserve, he
said. is tho regulator of The banking bus
;ness Az; a matter OF fact, he went on
to say, the Bank Of England has oht7
eleven branches. while the other BANKS
IA England, Scotland and Wales have
a2I branches. The banking business
outside of London is entirely in the pos
.,essfon Of the other banks. Some of the
otbe,. banks both in and OFT OF London
in point OF deposits rival the Bank O
England, and in the matter Of loans out
stE4i, it.
Mr.. stick,ley expressed the opinion that
there was no safety and could be no
safety to financial affairs in the United
states until the Treasury could be abol-
ished. but at tho same time that we must
not close our eyes 10 the fact that 1T has
become an integral part OF the banking
system and cannot be safely destroyed
.ntn a central reserve bank has been
developed
III is my CONVICTION" he proceeded,
that if the restrictions of tho American:
banking laws were repealed and banking
u.ade free, there would be developed IN
The United States a banking system sue
slantialIy on the lines OF the Scotch-E:';
fish system, In the process of time one
of tho systems of branch banks would
demonstrate its fitness, and solely by rea-
son Of its superior fitness, not by force
Of legislation, it would be selected by
the olhcr banks as the Central Reserve
Bank. A bank thus evolved it may De
Assumed. would be lit both in respect to
.inancia! responsibilities and in respect
20 the character and capacity of its d.
rcctors and managers. for the Govern
ment to enter into the ordinary relation
shin OF Customer and bank. Such is the
central bank. which ] advocated, bank
produced by evolution and controlled by
the national laws of trade, instead of =
bank controlled by partisan, i'll consid~
cred and compromise legislation. Under
free banking laws, many, and perhaps u
majority, of the present banks would con-
TIME 10 conduct local independent banks
for am indefinite period. Being free, they
could continue their Independent banks
ms long as they saw fit. More than II
per cent OF the banks Of England have
no branches"
We suppose that politicians will con-
tinac indefinitely TO attempt TO regulate
ali The financial and commercial affairs
OF the country by legislative enactment,
but men Of affairs are learning moro and
more every day that the best thing that
the Government can do for business IS
10 let the natural laws of trade and OF
finance have free course we shall never
have anything approaching a perfect
banking system in this country until that
fact is recognized by the lawmakers.