The Newark star and Newark advertiser. [volume] (Newark, N.J.) 1909-1909, 1909-10-11
NATIONAL VIEW
OF THE CENTRAL
BANK PROJECT
Canvass of Many States Shows
Bankers Are Uncertain of
Plans Success.

sociations all over the United States, il
an attempt to get at the opinion of TIL,
~country's bankers or the plan for thu
establishment of a central bank, are
that the rank and file of the organized
men who head large and small institu-
tions over the land have not yet beer
convinced that the central bank is q
good one.
A circular letter was last week mailed
to the secretaries of all the State asso'
cations in the country. AS a rule thu
secretaries lave duties that keep then
more actively in touch with the mem
bers of the organizations than the
presidents; they hold office longer and
have a wider acquaintance. The letter
asked them to tell briefly what the
opinions of heads of large and small
banks in their States were as to the
plan which the big Eastern banks and
Senator Aldrich's committee favors:
giving the best arguments on both sides
and indicating as surely as possible
the trend OF opinion. A few replies
have been received already, some CIV
Ing an expression of opinion, others
saying that a week or two will be re-
Quired for further inquiry.
Virginia.
n. p. Calling, Of Lynchburg, Va, Sec
rotary of the Virginia Bankers Asso-
citation. suggests a direct v of
the presidents of the banks. In the
course of his letter. he says:
II beg to say that the subject is some
what a delicate one. and | would not
care to venture any more than a gen
eral statement, to the effect that the
views of sue bankers in Virginia as /
rave discussed the matter with seem
10 be in favor of a central bank"
Maine.
Hascall S. Hall, of Waterville, Me-,
secretary of the Maine Bankers AS
ISOLATION, after saying that his ASSOC
citation has not yet taken the matter
up. continues:
We hold our meetings of the Maine
Bankers Association in June of each
year. and since our last meeting have
had no opportunity of getting together
for a discussion OF any subject. It
wodld seem to me that Maine could
not appreciate for some time the ad-
yantaEes that might. accrue from the
centrl bank idea. The complete revo-
luton of the currency system and the
necessary variation in the government
beyond US, but Undoubtedly before the
plan reaches maturity, provided II ever
does, there will OF necessity be SUM-
f's trust tes xs sssil a Il b psossat Us I am all; so anS
w SAohA so NV ttt' +.
we cannot express ourselves ohicially.'
Missfssippi.
b. w. Grifith, of vicksburg, secre-
tary and treasurer OF the Mississippi
Bankers Association. writes,
Our association. as such. has never
passed upon tho question of o central
bank. Up to a year ago l feel sure
that not more than a dozen bankers
that time I also feel sure the idea has
gained advocates. but such advocates
are still very largely In the minority
Of . central bank"
Connecticut.
c. e. Hoyt, of South Norwalk. Conn,
secretary of the Connecticut Bankers
Association. Is one of those who have
not yet got in complete touch with the
opinion Of his States bankers on the
central bank plan. He says:
attitude OF the bankers OF this state
toward the central bank plan. beg to
say that I would not Ike 10 give a
delnits opinion as to their attitude
. more complete expression. Those
With whom I have talked are disposed
~ Y the plan, but should not like.
an opinion for publication until I am
more fully Informed
Michigan.
Hall H. Smith, of Detroit, secretary
and attorney OF the Michigan Bankers
Association. win give an opinion when
the plan has had more discussion In
his State. He writes:
Referring TO your inquiry of September
a, / DO not think that the member OF our
association arc at the present time In a
expression OF their vie WIS on the central
hank. Discussion, however, is beginning to
be quite active. and in the course of a
couple of weeks ] may be able to give
some idea of how they stand"
Missouri.
w. r. Keyser, at Sedalia, No., Sec
rotary of the Missouri Bankers Assoc
citation, says:
q, regret that II Is impossible for me
TO give any Intelligent information concern
ing the disposition of Missouri bankers to-
ward the Central bank plan. Missouri has
heen so thoroughly absorbed In matters
pertaining to guarantee OF deposits and
postal savings banks that these fallacies
might be attached to the central bank
plan
Alabama.
Mr.. Mclean Tilton, of Pell City, Ala,
secretary and treasurer of the Ala
bama Bankers Association. has sen,
the fullest expression of opinion yet
received. He says:
Alabama bankers. while quite generally
realizing the need Of substantial changes
in our currency system. are not yet ready,
in my judgment, to accept the central bank
idea as a solution Of our din cuities-at
lenrst until some other methods have been
exhausted. 1t Is safe to state this Is the
attitude of the snsniler country bankers al
most without exception. In our large
towns. and especially among the larger ma.
tiouai hopka a nnra IA VOrnhla failing nx-
lists, no doubt due to their closer affilia-
lions with central reserve city ankers who
are supposed to he sponsors OF the move
ment.
Recent tariff legislation to many pre-
cludes the hope that currency reform will
be effected either Ia the interests OF the
rural banker or business interests. That
the central bank has so many warm friends
close to speculative centres tells against
1t. the lesson OF Troy having not yet been
FORGOTTEN. Political conditions now existent
and likely to continue create the suspicion
that the central hank can never be con-
tional basis. The literature OF the sub
tect convinces the majority OF the sum-
Client force to bring them out in the open
IN active opposition.
The agitation OF guaranteed bank de-
pouits In State politics. and OF postal saw
tngs banks in national politics. should re-
suit In closer relations between both sys-
TENS and more uniform laws. The partial
removal OF the law against real estate
loans In the national hank act would bring
many State banks INTO that system. The
little hank out on agriculture's firing line
10 usually a State institution. whose own
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