New-York tribune., 1906-11-22
NEW CURRENCY NEEDED.
Commission Plan Favored by Ep-
Controller Eckels.

Omaha NOV. N-The convention OF the Nebraska
Bankers Association opened to-day, with United
States Senator Mllard. the president. in the chair
The principal address was delivered this afternoon
by James H. EckeIs. president of the Commercial
National Bank Of Chicago and Controller of the
Currency under President Cleveland Mr.. EckeLs
esid. IN part:
It is a happy circumstance that the need of a
more responsive character of banknote issue ana
better adapted relation Of government finance 10
time when the prosperity Of IS undoubt
ed, its agricultural, manufacturing and financial
activities everywhere apparent and substantial. and
its credit conditions healthful and sound; The de
mand for better things springs neither from % psnS o
the banker in the first instance. but of the men
how inadequate are the banks OF the country upon upon
which the business interests OF the country Pely
fully and cheaply TO meet the varying demands or
A great central bank is an impossibty In this
country where political issues always prevail and
where individuality in every part OF the country
the field Of barking the legislation that is the
most most nearly perfect ana improves & exlstis
itself as practical thing and the country can can
best thing than 10 wait stiu longer for legisaton
The commission which sat at Washington under
authority Ct the Chamber Of Commerce ana {ne
which will nacs Tbs he y Linz hi,ansss az The gov
ernment of the United States upon the same ra-
tional and common sense lines as is that of the
banking & transactons f u Of the man Of eyeFyday al
lalIs ana that or every state county ana IIunlCl-
continual appeal TO the Secretary TO aid the money
Oag Dy DAY tle government VIII pdllh
as others bank, and all will know what the con-
ditions are, and not dwell in continuing expectancy
The commission on behalf Of the eonmeroial and
banking interests OF the country will ask Congress
20 enact into law provision enlarging the note
issuing function Of national banks by granting
them the right, under well conceived and conserva-
tive restrictions which assure safety to the public
and guard the banks against misuse Of the power
given 10 put forth promissory notes OF small de-
nominations without specific deposit Of assets TO
EecDre the
But the argument is advanced that the proposed
unsecured banknote currency suggested by the
commission Will become the means Of an imitation
OF our volume Of currency which will encourage
speculation on every hand and work out panic and
disaster. challenge the objection thus made as
cIsound because imitation through an
issue or notes which quickly convertible on
demand, with redemption agencies hand,
ana Wnere the monetary standard of value upon
which such notes rest is not debased.
mere Is no adequate means in this country, out
side OF arltcial and unnatural ones. Of meeting
the changing needs OF business requirements It
Is because Of this fact that there Is the demand
that the banks, the properly organized agencies
tor caring for the needs OF business be granted
the power 10 provide a credit currency which is nor
only possessed Of the quality of safety. but adds
10 il the less important quality OF being resnon
eiVe 10 the requirements of our highly developed
and complex business world