The morning journal-courier., 1908-12-08

present organization of national banks
 Instead of the currency being issued to each bank l propose that all the money he issued by the government to the banks to be known as United States Bank Currcncy,' The speak CT went on to develop this rccommen- datIon In detail and then took up the argument for the per capita basis of money issue Said he.
 'When this rule was made as d basis, (which has grown by centuries into an customary practicc), the prod uct of one mans labor with another was generally about equal That was
 in the days when inventive methods supplanting hand labor had not come SO firmly to the fore, On the dlscoV- cry of steam and the stimulation of inventions in the use of machinery and the wide adaptation of steam and electricity therefor, the value of ono mans product to another reached tre- mendous proportions in contrast The man who labors by his hand may pro duce two dollars worth of product but that man, by intelligent direction with the use of steam and machinery may produce 100 fold or 200 fold moro than would be attainabe with out these accessories, This Is not on- ly apparent in matters of manufaC- turc but in transportation as well, In agriculture and In mining The farmer, with modern machinery, Is able to cultivate land sufficient to raise 10000 bushels of wheat where previously he could raise only 1000. The difference in that product may be 5000 and yet the basis of money to supply such conditions Is only s1,000. Therefore, 1t is evident that in our modern system of production the bas- is of money per capita Is seriously faulty What shall we put in its place? If Is undlsputed that the vol umc of business regulates the need of the amount of currency. How to ap- proNimate fairly reliable computat- tions presents quite an obstacle Our census is taken only once in ten years and the volume of our business is largely represented in the exchanges of clearing house banks in the differ cnt center but those by no means rep resent all the aggregation of business.
 Tn the days of George Washington the money per capita was s4.96; at tho beginning of McKnlcy's adminis- tration 1t was S22, At present it is about SS5, an increase of almost so per cent. in eight years of adminstra- ton. Many persons have said to mo that this s too rapid a growth of tho volume of currency not taking into account the enormous production per capita which should require a similar increase of money.
 'lt is also affirmed by many noted wrters that If the currency is free
 to retire as it is to issue that the aomunt kept in circulation is true
 test of tho business needs of the coun- trN If this be true, then we have no excessive currency because the pressure for tho retirement or con- | traction of the currency has only re- | suited in about one-third of what the | 'oN P'iiliAi'Nf LUIS lN dH lnFb that
 l have not seen discussed but II seems
 to me that it is one that should be
 carefully considered.
 Mr. Treat closed by paving warm | tribute of praise to President elect
 Taft of whom he said tht perhaps no
 president-eloct had attained before his nomination for this great office such world wide recognition, with the ex- l coption of tho illustrious George l Washington. In conclusion he said
 of Mir Taft.
 'lt is a most comforting fact that never has president taken office i in whom not only those who voted for | him hnt those who voted against him 1 are go well satisfied that the interests | of tho republic will bc not only pro. noted but safcGuarded In hls hands. | He is known world wide, conyersant | with worldwide conditions which 1 equipment is absolutely essential to di
 rect the United States ably and sue | cessfnllN with the large international
 affairs that annually demand our at | tention