The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1910-04-09
BY Associated Press.

Aiken, S. c., April 9.-In order tC
J bring the American banking system in
to line with the drift with the world
greater flexibility and greater mobility
in the banking reserves of the country
is needed, as well as greater concen
tration in note issue privileges and
greater conference and system in the
general control of the country's bank
ing. This was the declaration made
today by A. Piatt Andrew, Director OF
the Mint, in an address before the
South Carolina Bankers Association
on the work of the national Monetary
Commission.
The Commission has not yet begun
to discuss even the general outlines Of
the recommendations which ultimately
it will have to make to Congress, ac-
cording to Mr.. Andrew. No one today,
he added, knows what that plan will
i be. He expressed his belief, however
that the material gathered by the Com
mission, which will be available with
in the next few months, will constitute
IAN encyclopedia of banking without
its equal in literature Of any other
country"
After drawing a comparison Of the
banking systems of some of the Europ-
can countries with that of America,
Mr.. Andrews declared he entertained
no illusion" that the same ends could
be accomplished in this country by
exactly the same means as in any
other country.
1T was on account of the striking
contrast between experiences here in
America with conditions abroad" said
Mr.. Andrews, that the national None
tary Commission, in undertaking its
investigation of possible means for i'm
proving the credit arrangements of
this country, began by examin-
ing the banking institutions, customs
and regulations of the leading coun-
tries of Euripe. If, among other peo-
pie, in most respects not unlike our
selves, financial panies do not occur
and the credit systems maintain them
selves intact in the face of stress and |
strain, then the reasons for the diff
ference require examination"
Mr.. Andrew declared that 'In none
of the leading countries of Europe
during the past 100 years, except in
periods of war and revolution, has
there been any such general collapse
of credit and general suspension of
the banks as occurred here only two
years ago.
L do not mean to imply" he con
tinued, that there has not been in the
an unceasing alteration of
trade activity and trade relaxitation.
Nor do mean to imply that there has
not been great failures of banks and
business firms of all sorts. But upon
III these occasions there has been
leadership and the situation has been
kept firmly in hand. There has been
40 infectious panic and no general
out in which guilty and innocent al
Ike were crushed to earth, the failures
n each of these cases having been
confined for the most part to the per-
IONS and firms responsible for the
PREVIOUS expenses"
Comparing the banking system of r
his country with those abroad Mr.. An $
rev said: q
mot only are our banking reserves d
endered less available in necessitous
ines than the banking reserves of r
ther countries, because of the rigid $
equirement under our laws of fixed d
roportion of cash, but our reserves are i
ar less available than are the reserves +
4 other countries because they are f
catered all over the country among +
ur 25,000 different banking institu- n
ions. No aspect of the banking sys. a
ems Of other countries is more i'm o
ressive to an American than the con 9
entration Of banking reserves which q
xists abroad q
The institutions which in other D
are charged with the respon- v
ibility of handling the greater part Fl