The Washington herald., 1908-09-02
NO GOVERNMENT
BANK INSPECTION
Vreeland Explains COndi-
tions in Europe.
THREE OF COMMISSION BACK
at Il Probable Some RecOmmenda-
tfonx WIN Be Made as 10 Revision
of Our Banking Laws,7 Says One,
E1But Only Affecting More Efficient
ExaninatioR"-Meet November 10.

New York. Sept 1-seaator Daniel Of
Virginia. and Representatives Nreeland-
Of New York. and Overstreet, Of Indiana
three Of the members OF the subcommit-
tee Of the national monetary commission
appointed by Congress early IN the year
10 make study Of the banking and cur
rency systems abroad. returned to-day OF
the steamer .Krouprinz Wilhelm. Senator
Hale. one Of the committee. had preceded
them. and Senator AIdrich. chairman Of
the subcommittee, and Representative
Padgett and Burton stiu remain abroad
Representative vreeland. who IS vice
chairman OF the monetary commission,
called at the Republican Congressional
committee headquarters this afternoon
and had a conference with Representative
LouGersIager. OF New Jersey, secretary Of
the committee. When asked about the
results OF the commissions studies
abroad. Mr Vreeland gave q general
resume Of the ground covered IN the ex-
animation OF financial institutions there
No Government Inspection.
Under the laws OF England, Germany.
and France" he said. "there is no gov
ernment supervision or inspection OF
banks. nor are they obliged by law to
make regular and detailed reports, as n
the United States: hence the inside knowl-
edge Of their workings could only be OBJ
tained from their managers.
The commission was treated with the
greatest Kindness and cordiality by the
/ great bankers Of London The commits
sion employed Prof F0xweu a noted
/ English economist upon banking and
| financial subjects. 20 prepare q treatise
/ showing the conditions which led 70 the
J adoption OF the act of 1874. upon which
| the present English system IS based The
/ commission went thoroughly into the
Z question OF branch banking. Of reserves
Z OF the working os their currency system
/ and other important details relating 20
! the subject"
NIr Vreeland said that because Of the
/ recent panic N this country the bankers
/ and big traders Of Great Britain were
greatly interested in -he fiscal situation
/ in America; particularly so because the
/ panic CF October last Put a heavy strain
/ upon the Bank Of England and the great
[ private banks OF London This interest
/ existed also n Paris and Berlin, said
{ 1Ir. Vreesand. and in lesser degree fer
I the same reason
Courteous Reception
/ 'sThe subcommittee, consisting Of Seca-
I tor Daniel. Representative Overstreet.
/ and myself. visited Paris" continued 8Ir.
[ vreeland. we found the bankers there
were also willing 10 give Us every detal
| of information that we considered I'm
! portsnL"
Nr Treela15 said that supplementary
20 the subcommittee work IN Paris ar
ticIes are now being prepared by French
] financial experts dealing with important
points IN the French financial system
/ Senator Aldrich and Pref Andrews. Of
I Harvard. who has been engaged BY the
. commission as an expert assistant are
now getting material in Berlin along the
E same lines as that obtained in Paris and
l London
1t does not follow" Ny Vreeland add
ed. that system which may be thor
. OuEhly satisfactory IN a country Ike
i France or England should be best adapted
Z to the United states. No attempt wil be
made 10 frame a measure along these
l lines 20 present at the coming short ses-
. sion. II is probable some recom1erda-
tons VIII be made as 10 q revision Of our
+ Administrative banking laws For exam
Die. a more efficient examination Of ns-
ti51al banks. Beyond this nothing VIII
be attempted
NIr. vreeland said that for the present
/ the members OF the commission Will fore
90 their IabOrs 20 indulge in campaign
. work The commission VIII meet in
/ Washington November u. and VIII con
tiuue its work until the beginning OF the
short session Of Congress in December.