Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-12

Made a Member of the Executive Committee.
organized classes under the direction of
experienced professors. in which superior
educational results are accomplished It
is the purpose of the institute to extend
such university alliances as far as pos
Sible.
There are now thirty-seven chapters of
the institute, with a total membership of
$3.50, being an increase of over 900 during
the past year. The number of students out
side CT chapters cannot be accurately given.
for the reason that there is no way to as
certain who they are until they apply for
examination papers. There are at present
300 applications for preliminary examina-
ton in practical banking, lis in commercial
law and 1919 in political economy. Judging
from textbooks ordered through the insti-
tute or direct from publishers it is estl-
mated that there are between 1000 and
5000 students at work on the study courses
"F1fty-one students have already passed
the preliminary examinations in practical
banking, eight in commercial law and thir-
ty-s1X in political economy. \ record of
70 per cent is required in passing any pre-
nminary examination. Twenty-sX students
have attained a percentage of over 90
considering the high standard main
tanned, these results are more than salts
factory and the first final eXamina tions for
certificates arranged to be issued NV tbo
American Bankers Association Jointly with
the institute viii be held during the coming
winter. Such final examinations will be
conducted under the supervision of local
moderators. who must certify that students
examined have written their ansyers 70
questions within the specified time and
without assistance of any kind 1t is ey-
pected that select few will meet require
ments.
The only criticism of the educatiorsi
standard established by the study cnurses
ana examinations is that it seems too high
put IN view of the fact that the demands
OF the banking business are for more thor
oushly equipped men at the top rather
than more superficially equipped men al
the bottom, your committee looks upon
not dlsparasement. Any lower standard
would certainly not be in keeping with the
character of the American Bankers Asso-
ci1tion.
The contract heretofore existing under
which portion of the work of the insti-
| tute was conducted by outside parties has
been terminated and the direct manage
ment of every department is now in the
hands of the trustees"
Committee on Currency Reports.
Mr.. Cornelius E. Pugsley of Peekskill.
N. Y. former member of Congress from
New York, then presented the report of the
committee currency. Mr.. PIgsley pre-
sented the report in the absence of the
chairman of the committee, Mr.. ]. NJ. DON
old, who is in Europe. Public sentiment
demands that report be presented, Mr..
Pugsley said
"The question of reform is exceedingly
delicate problem" he continued 1T is an
exceedingly intricate problem, and yet one
upon which the bankers of the country
should be willing to give an expression of
opinion. Experience member of the
banking and currency committee of the
House of Representatives has led me to the
belief that II the bankers of the country
could agree upon some definite, sound,
practical plan of currency reform, and
unitedly and strenuously urge ii upon the
members of Congress, favorable and desir-
able legislation might be- secured.
Retirement Of q. s. Notes, or Legal
Tenders.
IF practicable. the United States notes,
or legal tenders should be retired Bor-
rowing on demand, either by the individual
or by the government, unless there are re-
sources Immediately available is fraught
with danger to both government and indi-
vidual. 1t cannot be justified in any coun-
try, except in such emergencies as led, pos
sibiy. to the original issue of the legal
tenders, or sgreenbacks.' It is obvious that
they are debts of the government, payable
on demand. A strong, prudent government
should avoid the danger arising from pres
sure and panic by providing that all obli-
cations, as far as practicable. should be,
not on demand but on time.
sIt would seem the part of wisdom to re-
tire the legal tenders when the country is
prosperous, rather than In the throes of
panic. when the danger of such a currency
((,ont i,iSsed ~, Third Pagal -