The weekly chieftain. [volume] (Vinita, Craig County, Okla.) 1905-1913, 1909-10-15
MONETARY SYSTEM
MUTT Be REVISED
A Great lack Of information is Mani
fest Among Bankers on Plan 20
Adopt Central Bank.

Washington October ll One clo'
quent fact that with Golfers overflow
ing with gold. America was obliged to
appeal to Europe Tor relief in the pan.
ie of l9O5-ls a strong point of the ar
gument that will be made 20 the Con.
eresa by the advocates Of revision
of the monetary system of the country
aud according 60 the Treasury statis.
ties produced by George II Reynolds
president of the American Bankers
Association. in the course Of his
statement 70 that body when the first
blast of evil times came IN 1897 the
limited states Treasury held over one
Hundred mnlion dollars more gold
than the great national banks Of eng
land. Germany end France combined,
while circulating outside the Treas.
ury. among che national and state
banks ana the people was At least
twice the gold treasury held by all
those great European banks Yet this
vast hoard IN the United States was
entirely unayNlahle The credit OF the
national government stood uuimpair
ed. bat the business Interests Of the
country we're crippled for lack OF cur
rsney which Is their life-blood. and
only reeort 20 the issue OF clearing
house certificates prevented the pan
ic from assuming greater proportion
than it did
Congress must meet this situation
in the near future. for the lesisla
ture that WAS enacted little over 4
year ago was but temporary IN its ma
tnre and must be either alpplanted o.
reeuacted into permanent law This
realization of The need for action b,
lthe National Legislature has SERVED
to direct attention O. various project.
THAI have been advanced as proper
solutions OF The problem and first an,
foremost amone them stands u thu
Irelaton G. others for double reason
.Iit Is tbe common belief that it Nil
form the hasis 81 tbe euwute legls
latlon Is Be recommended 81 tae Sion
etau Commission and Preslden
lr0ft u hIs receot rnston speech baN
lgMaea hs ova favorable alsposl
tou towards tbs project consequent
ily ii IS timely and appropriate 90 dis
i iclose b The public inst What IS be
. leved g be "a the mlnds 81 ,ae Pres.
dent and senator Aldrich aud the lat
tcrs seventeen colleagues ou the Nop
5 etay Commission whom lhoy refer 3.
5 ,he Central BANK CO.. undoubtedly
there sfeas lack ol Information
even amoes bankers upou thi
! sohieg
{ Str Reynolds aim IS prohahly
{ gompeteh, authority snd m hts chi
6 caeo speech BE- soueat to outline thi
important project fiere Dc ponte
oat was to be bank Il The peopl
1 aud for the people The peoele wer
is 81 the stockholders ol anyon
S would - nrivneged @ 81, lae BAN
stoek mst as he misbt q Goserumeu
4 bond small nteusl o. such aa l
S Nestmeus would be guaranteed hy lh
S Government ana hy ibe stoekboldeu
{ Political control ot tbe sreat han
s would 81 made dt least extremely q
s Wgult - yhe lgfe appointment ot en-
J. i0#eers Integrity of operation wonl
! BE assured hy G boafd of supervisor
5 appointed hy tie President she So,
S relau 81 The Treasury sHd tee Cgap
S roIer 6 tee Currency tsehieel la lb
s approved she senatel far s.teraat
s ieFa,s q ss le8sl EIGHT sears te bfids
i0Fer political mutations rhHs uo8
s be met Jhe objections lomded ano
a the history ol gbe eia Unlted State
j Bank iaat lae Central hank mlgt
S be presiilaled to political ase
s aad be made powerful easine iog o.
/ lpafpetagauen Is peNe s. oae nsru