The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-11-19

him in the search for solution of the
monetary problem. But believe that
he west and its representatives in con-
Press would fight to the last ditch for
voice in the control and management
of the proposed central bank.
West Wants a Voice.
Here is where the rub will come
and the most time be consumed. The
general outline of the plan will doubt
less be quickly agreed to by all sections
el the country in the general desire
and demand for improvement over the
present system. But the working out
of the details. the location of the
fank, its rules and regulations, the
personnel of its active management.
all this Will require time and sagaclty
and fairness.
There are $4,000 banks in this coun-
try and of these $4,000 are state banks
and 1000 national banks. In Kansas,
western state. over 500 of her thousand
banks are state institutions. The state
bank is peculiarly a local institution
and it is independent in a measure of
ali else except the circle of its local
patrons and its own state laws These
state banks should at least have an
equal voice in the founding and regu-
lation of powerful central bank
which is to act safety vaive and
pendulum for the finance and business
and development of this great and grow
ing nation.
Stock Only to Bankers.
Il should hope that one regulation
of this central hank would be that its
stock coul6 be sold only to the banks
of the country and not to individuals
and the amount of stock each bank
should have be based on that banks
capital stock. and this central bank
stock should be made nontranSferable,
so that Wall street and its agents
could not quietly buy up a controlling
interest in the institution. If bank
owing stock went out of business it's
stock should revert back to the cen
tral bank purchased at par value.
AT the Kansas City meeting voiced
these views to President Roberts of the
Commercial National bank of Chicago,
who was present as the guest of honor
and principal speaker, and in the main
he agreed with me. He is taking a
deep interest in the proposed central
bank bill to be introduced sooner or
later in congress, and he has views in
this matter that are broad and fair
and in keeping with the western idea
o. this important issue, next only to
the tariff in the eyes of the nation. The
west cannot take too deep an interest
ir this great Capitalization of financial
power.
Imperative Demand for Change.
Grave as is the step it is surely de-
manded by the pressing needs OF this
country. The panic of 1907, coming in
| a time of prosperity, showed this fact
clearly. A slip in the clutch. combi-
| nation of important circumstances,
may possibly bring about such another
panic at any time. At the best there is
nothing to prevent it. Such perfectly
laudable and sane enterprises as NOV
ing of crops and development of re-
sources may. bring about a money
shortage that would cause the fear of
panic to loom up in the financial sky.
AT this time in the banks of the great
reserve centers Of New York, Chicago
and st. Louis there is only about five
per cent more money in their vaults
| than is required for their legal reserve
This is plenty for all ordinary needs
| and makes the f1nacial outlook SAFE
and solid. but in the face of crisis
| there would soon be a shortage that
our present banking system with its
many excellent points could not con-
| front nor dispose of quickly.
| Two Great Issues.
1.-THE tariff, governing the cost of liv-
ing, and the monetary system, govern
! ing the transaction of business, these
are the two great issues before the ma
tion for final solution that will satisfy
and be fair to all sections of this coun-
| try. I repeat, it will take time and
wisdom and fairness to solve them"