Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-09-02
MONEY BILL TO WAIT
Currency Commission Won't
Report at Next Session.
WORK FOR NEW CONGRESS
Subcommittee Returns to New York
From Europe.
GOOD TREATMENT ABROAD
Bankers of London Were Especially
Representative Vree-
land Discusses Trip.
GOOD TREATMENT ABROAD
Special From a Staff Correspondent

NEW YORK, September No cur
rency or financial legislation will he un-
dertaken at the short session of Congress
next winter, according to Representative
Vreeland. vice chairman of the Congress
sional currency commission which has
been investigating the financial systems
OF Europe. The commission will not re-
port bill until the beginning of the next
Congress, desiring to make thorough in
vestigation before proceeding to new leg
islation. The existing currency will suf-
flee In the meantime to prevent financial
disturbances such as the country suffered
last fall
Senator Daniel of Virginia. Representa-
tive Nreeland of New York and Repre-
sentative Overstreet of Indiana, sub
committee OF the Congressional commits
sion appointed to study the banking and
monetary system of Europe. arrived yes
terday on the steamship Kronprinz Will
helm. Representative Vreeland, who is
vice chairman Of the commission, called
at the republican congressional committee
headquarters this afternoon and had
conference with Representative Louden-
slayer of New Jersey, secretary of the
committee.
Speaking of the results Of the commits
sion inquiries abroad Mr.. Vreeland said:
Inc subcommittee OF the national
monetary commission. consisting OF Sena-
tor Aldrich, chairman; Mr.. Vreeiand os
New York, vice chairman; Senator Dan
iel of Virginia and Senator Hale and Rep
resert tatives Overstreet and Padgett, left
Ior Europe in August. Representative
Burton of Ohio was already there. and
acted with the commission in London
Ihe object of the visit was to obtain a
more intimate knowledge. of the workings
OF the banking and currency systems of
the great commercial countries abroad
than it is possible to obtain from a book
or printed report
Under the laws of England Germany
and France. there is no government su-
pervision or inspection of banks. nor are
they obliged by law to make regular and
detailed reports. as in the United States.
hence the inside knowledge of their work.
lngs could only be obtained from their
managers.
Good Treatment in London.
"The commission was treated with the
grea test kindness and cordiality by the
great bankers of London. The governor
of the Bank of England and two of his
managing directors came before the com
mission and submitted to nterroga tories
in detail in relation to the workings of
their system. The managers OF four or
London also came before the commission
and gave freely and in great detail all
the information desired. The commission
employed Prof. Foxwell. a noted English
economist upon banking and financial
subjects. TO prepare treatise showing
the conditions which led to the adoption
OF the act of 1874. upon which the pres
ent English system is based.
The commission went thoroughly into
the question of branch banking, of
serves. of the workings of their currency
system and other important details re-
lating to the subject. The bankers of
Great Britain are greatly interested in
the American situation. because the
money panic in the United States of Octo-
Der, 1907. put a very severe strain upon
the Bank of England and the great banks
of London Similar interest in our none
tary conditions exist also in Berlin and
Paris. The subcommittee consisting of
Mr.. Vreeland. Senator Daniel and Mr..
Overstreet. visited Paris.
We found the bankers there also will
ing to give us every detail OF informa ton
which We considered important. The gov
ernor of the Bank of France gave the
commission whole afternoon in answer
ing all questions asked concerning the
French system. and particularly that of
the great national bank. We found that
both the English and French bankers are
thoroughly satisfied with their banking
and currency systems. The president OF
he Credit Lyonnay Use. the largest ba nix in
the world in the amount OF its capital and
In the amount of its deposits. also gave
us very full information as to the work
ings of the French banking system. The
Credit Lyonnayse has 1900 employees in
the great Paris Office and in its branches
throughout France. 1t has capital and
surplus of 100000 and deposits of $50
coo, 900.
Aid From the French.
THE commission made arrangements
for having articles prepared by French
experts bearing upon important matters
relating to their monetary system.
Senator Aldrich, chairman of the COM
mission. and Prof. Andrews of Harvard,
who has been employed by the commits
sion. are now in Berlin getting informa-
ton along the same lines as that secured
in London and Paris.
"'The members of the commission feel
that their visit abroad has been of great
value, getting much Information that
could not be secured in any other way,
except by interviews with the great bank
ers abroad. The commission received
many invitations to dinner and other so
cia functions in London. but decided to
decline all OF them except the dinner given
| by Ambassador Reid at Dorchester House.
which was attended by the governor of
| the Bank of England, Baron Rothschild.
and other great London bankers
I'm Paris the subcommittee dined with
Ambassador White at his summer place,
about twenty-five miles from Paris. They
also accepted an invitation to luncheon
with the governor of the Bank of France.
| Amba assador White took great interest in
| the work of the commission in Paris, and
was of the greatest assistance to us on
| account of his knowledge of the French
language which he speaks like Partisan.
| He attended the meetings of the commits
sion and was of great assistance in get
ting up an accurate Interpretation of the
answers Of the French bankers.
Time Too Short
The commission could have put in an
other month in Europe to great advantage.
We have so far obtained only the opinions
| of the banking side of the question. We
| found the bankers in the country districts
| thoroughly satisfied with the system, but
we must still secure information as to
how their systems are viewed by those
| outside of the banking business. the mer-
| chants. manufacturers and the great
masses of the people. We also intend to
| take up thoroughly the banking systems
OF Scotland and Canada, as the systems