Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1909-11-17
ALDRICH TO STOP pANICs ?
Currency and Banking Systems
Commercial Paper i'm Old World.

| DeS MoineS, Ia, nov. 11.-Sena-
tor Aldrich tonight, before the To-
cal Bankers Club, discussed the ne
cessity for the reformation Of the
banking and currency laws with the
end i'm view Of providing against
panics like that Of 1907, and went
| into details concerning the opera
tions of central banks in Europe.
| This being the home Of Senator
| Cummins, 1t had been expected that
| Mr.. Aldrich would make some refer
| ence to that gentleman, who has
| shown an inclination to antagoniZe
| his policies, but the only allusion to
! Mr. Cummins was courteous, and,
| being made In connection with a
| mention Of the late Senator Allison,
could not have aroused any but the
| kindest feeling.
| Commercial Paper I'm Europe.
Here he gaze somewhat more at
tention than elsewhere to the I'M
| pOrtant part that commercial paper
| plays in the banking systems of the
old world. This, he explained. was
not done for the purpose of urging
| the adoption of the European plan
| in the United States, but to indicate
| a possible means of increasing credit
| I'm case 1t should be found desirable
to go abroad for suggestions looking
| to an improvement over our none
| tary system. In the course Of his
discussion Of this feature of foreign
banking, Mr.Aldrich said:
In Germany all notes, taxed or
untaXed, must be covered by an
amount OF specie equal to one-third
of the total issue and an amount of
bankable bills equal to the other two
l.. Ill
| commercial paper. They must bear
the name of two solvent parties and
must not run for more than ninety
days to answer the standard fixed
for bankable bills.
''In France they have a provision
that what are bankable bills there
must bear three names and must be
written the same limit as to time as
the German bills.
No PromissOry Notes i'm EGropc.
''In Great Britain the custom Is to
require two names of English ,citi-
ZenS, one Of whom must be acceptor.
OF course, you are aware of the differ
| enco in terminology of our CONNER
cial paper and theirs. Our people
use promissory notes, either with a
| single name or endOrSers. No such
thing as Il promissory note is known
| in the ordinary experience in any Of
| those countries. They do give a
| form of obligation with mortgages
| and sometimes with collateral, which
| is, perhaps, the closest apprOXima-
| liOn to our prOmiSSOry note. There,
| If a wholesaler sells retailer goods
| OF any kind, or a dealer, wholesale
| or retail, sells to customer any ar
| ticle, the wholesaler or the merchant,
whosOcvcr he may be, makes a draft
on the purchaser and that draft is
accepted and the paper IS known as
Il bill OF exchange. 1t is for a real
transaction, and those bills are
bankable and they are the founda-
| tion of the credit system OF the
countries | have named"
Not Urging Foreign System.
MIR. Aldrich also took occasion to
explain that in referring to foreign
banking systems he had no intention
OF urging the adoption OF any of
| them.
! In making this statement to you
as to the character OF these banks,
| | don't want to leave any opportu-
! nifty for misunderstanding what
| ever, he said. "It is not the pur-
| pose OF the cOmmiSSiOn-it certainly
! is not my purpOSe-tO try to make
| any part OF the American people be-
licve that any of those systems could
be adopted in the United States; GER
| tainly not without very important
mOditicat ms. And am not pre-
| scnting to YOU tonight this matter
with view Of convincing you, or of
preludicing YOU, or leading YOU to
| think for moment that |. or any
of the members of the commission
believe that any Of these systems
! could be adopted by the United
| States.
THE habits of the one people. the
| relations which exist between banks
and borrowers and banks and de-
| pOSitors, the $4,000 independent in
StitutiOns in the United States, all
related TO the development of vari-
! Gus communities, must be consider
ed, and no system can be adoptcd in
| this country that uoeS not recognize
! the fact that the continued exist
| ence OF these banks and the prosDer-
| ltN OF their business must he main
| taincd.'
Mrs. Louie Hitc, 42S Outlen St.
| Danvillc, H., writes, October 1st:
| 'Foley'S Kidney Pills started me on
| the road TO health. was treated by
| four doctors and took other kidney
remedies, but grew worse, and was
unable TO do my housework, and tic
doctor told me | only could live FROM
| TWO to six months. | am now so
! much better that | do all of my own
| work, and | shall be very glad to tell
| any one afflicted with kidney or blad-
der trouble the good results receiv-
| ru from taking Foley's Kidney
| pills. Commence to-day and be
! well. DO not risk having Bright's
| disease or diabetes. J. w. Bell.