Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-12-19
CENTRAL BANK QUESTION
HOW BANKERS OF NATION
VIEW PROPOSITION.
Summary of Poll Taken by Finan-
cial Journal-Sixty Per Cent
Favor Idea.

From the barking Law Journal
Under the date of October Is, 1902 the
Banking Law Journal posted letter to
each national and state bank and trust
company in the United States for the
purpose of obtaining from the bankers
throughout the country their views on
the central bank question. Attention Was
directed to the point, as we see 1t,
viz.
Il a central bank the best thing for
bankers and the public at large?'
Following the cue of President Taft
and to pr esent the proposition concretely.
the question submitted tor correct repiy
was:
controlled by Wall street or any
monopolistic inte esto''
We also asked for their reasons, and
for any suggest on. so that the resu Is
would airy EXPIRE the sentiment and
attitude of the bankers of the cou...ry
in regard TO the subject.
The 'epiies we p-bI.s.i have been select
ed with a view to fair y rehec.ins he
ideas AID opinions expressed Over
Loo r-pnes received nave, In addi-
on to ans ,,c.'ins aft mativeiy Of mega
lively. gwen .nteliiee Mt eX ..rc IS. ons on m
puTtant points Win II must nave carer al
con>ioe- alton b. tn frai:ers o n h. /.
q { I VII have Little chance OF becom nS
a .aw, and If enacted. VIII be les, kelly
10 Successfully met me ..n.ncial eq.iie-
InentS OF the country.
Those selected To re?r. sent all. are
TYPICAL but Lot better than those I'LL
pUoiisned. Obviously. we could not puo-
lisn ali.
throughout all replies which say more
eyluence O. openm.nded.,ess 1 s,i"wn.
THIS wholesome attitude, I taer expire sed
clearly o! de i'll ed .nfsrentially com. rises
a large Proportion o. tn yse not specin. al
IL ola 6e1' =
prove an Inspiration t. all earnest work
ers for currency r.form.
The statistical "a may we'll be con-
sidered in connection with the opinions
published. While some stats if CON-
$ dered alone may be misleading. ti.eJ
will, if taken in connection with tie
whole, the S ct.ona. su.nma e'. cor
rect Y represent the eWs expressed.
Senator Aldr.ch is iepor Led as having
sad III the west:
Il cealize as know all of you do. the
absolute nece slty of re. ornling lhe cur
rency. Ii is to be re- orm.d. upon the
broadcast national lines. The WORK tlat
is to be aone cannot be done by any one
man. nor by any SIT of men; It cannot
be done by any one party, nor In the in
terest of any one sect on. It cannot De
done by commission or by Cong ess
without the aid of the country al la &c.
We especially desire suggestions
from men o practi al exp rience-
He sa ut the one hundred and forty
fir annual banquet of the chamber OF
commerce in New York:
The character of legislation must be
based upon an intelligent public opin on"
This, our effort toward the desired end,
is respect uly submitted.
The total number o. replies received IL
1913. OF these 80 Is per cent answer
our question n the affirmative. 3S 2-3
per cent in the negative, and per cent
are undecided.
are nat onal banks and 80 per cent state
banks and trust companies. The negative
replies how So 2-3 per cent national
banks and I'll Is state banks and trust
companies. The undecided show So per
cent nat onal banks and "a per cent state
banks and trust companies.
1t viii be clear from the replies we pub
lish that large majority of those favor |
ing a central bank pre- uIpose tina. 1t
shall be establ shed on sound (some say |
ideaD basis: that is, 1t must be represen- |
tatiye of every interest and free 11om
domination by political party or SPECIAL |
interests.
A little over per cent express a |
preference for location. These ar dlv1d- /
fd, Wa hington, ST Louis, Chicago, and a |
central location being specified in about
equal proportion.
Divided into sections, the showing IS as |
follows: New Eng and states, f56 rep les,
IS per cent OF which are In the affirmative
and - per cent in the negat We. OF the
affirmative 73 per cent are national banks |
and 20 per cent state banks and trust
companies OF the negative GO per cent
are national banks and 40 per cent state
banks and tru companies.
Eastern states. S27 replies. ~ per cent
OF which are in the affirmative and %
per cent in the negative. OF the :
iirmative 90 per cent are national banks
and 40 per cent state banks and trust
companies. OF the negative, "a per cent
are national banks and rs per cent state
banks and trust companies.
Southern states, LILO replies, 80 per
cent of which are in the affirmative and
AZ in the negative. OF the affirmative, 81
1,a,,I nor
cent state banks and trust companies.
.: the negative, 81 per cent are nationa
banks and az per cent state banks and
trust companies.
Western states. 2ol3 replies. 60 per cent
of which are n the affirmative and ~
per cent in the negative. or the al
firnative, IS per cent are national banks
and 62 per cent state banks and trus,
companie Of the negative, 3D. per cent
are national banks ana 10 per cent state
banks and trust companies.
Pacific states. A91 replies. t3 per cent
of which are affirmative and q per cent
negative OF the affirmative, is per cent
nat onal banks and IT, per cent state
state banks and trust companies vi
the negat We. - per cent are national
banks and Is per cent state banks and
trust companies.
We have considered those undecided ,
only il the first summary. In the state
statistics we vii not separate the nation
AT banks from the state banks and II US:
companies. Their bearing upon the STU
alton l., We bel eve, made clear in the |
above analyses.
Appended IS a selection of the replies |
arranged according to states. and Show |
ing the percentage in each state for and |
against. The selection quoted from the |
replies of bankers in the District is as |
follows:
Replies received. II; for, 81 per cent;
against. 66 per cent.
\. r. Fox. pre- ident Columbia National. |
Wash ngton. d. C-.'I am decid oily op |
posed to the central bank. for you might |
just as we'll try to keep a free duck ou |
of mill pond as to keep the influence |
of Wall street from controlling and |
,nonopoiiZing central bank.
u am heartily In favor % the govern !
nient continu ng to be the only source Of
currency issue.
Il stlli remember the wild cat currency |
issue prior to tine sixties. for n renewal