The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-12-09
old METHODS
WILL NOT Do.
Senators Aldrich and Burton
Dilate Upon the Need for
: Currency Reform in United
States at Earliest Moment.
II HIIADEIPHIN Dec. S.-"The Need
- for Currency Rcfnrm- NNns dis

II HIIADEIPHIN Dec. S.-s.The Need
- for Currency Reform" was dis
GUESSED ny senator AIdrich, chair
man OF the national monetary commits
sion; Senator Burton. n member of the
committee; Assistant Secretary Of the
Treasury Andrew. former secretary
of the commission. and Director Rob
erts of the mint ut n special session Of
the American academy OF Political and
social Science here tonight.
Senator AIdrich declared that I'm his
banking system was the most impor-
tant work now before the monetary
would adjust itself. he said, when the
banking system was taken care OF.
He said many methods prescribed by
law for the control Of national banks
had become obsolete. and "the national
government having assumed control of
the organization OF credit. "a s. mani
Testify incumbent upon 30 10 enter Al
the earliest possible moment upon such
n revision Of our national banking leg
islation az will make our methods and
practices more responsive TO the de-
mands OF our modern business life"
Continuing. Senator Aldrich said.
ing 100000 Population.
THE virtual weakness and practical
defects OF our national banking sys-
tenn are shown by the relative growth
Of national banks and state banks and
trust companies in the last twenty-five
years. Within this period the number
of national banks has increased 4.26S.
while the number OF state banks ana
trust companies have Increased 11.0S5.
The capital and surplus OF the state
banks and trust companies have in
creased in the same. time from S175.-
100000 to Sass. 900. 900. To many i'm
portant communities practically all the
banking business is carried on by state
trust companies.
1T is manifest that the state banks
and trust companies are better organ
lied TO respond to the business de-
msnds OF the communities I'm which
they are located"
Due 10 Old Methods.
Senator Burton said the need for cur
rency reform did not arise from any
insufficiency in the general amount.
With the exception of France. the per
capita circulation in the United States
is larger than in any other great com
mercial country The defects OF our
currency system. he said. were due TO
the retention OF the old method dis
carded by so many countries. OF main
taininE government currency.
Director Roberts OF the mint de-
clared there IS no pressing occasion to
deal with United states notes and sill
ing rapidly absorbed by the retail
trade. and there is no probability that
they will ever again embarrass the
treasury.
since June 2. 1900 he said. "tbe
country has absorbed s337 .OOO. 900 OF
notes in the denomination Of ones twos
and fives. and the demand has not
been fully satisfied at that
The total amount Of United States
notes and silver certificates now out
standing in denominations above five
dollars is only about S250. 0OO. 600. They
are being reduced 20 the smaller de-
nominations as fast as the treasury
can place hands on them and at the
present rate will be absorbed i'm the
next five or six years IL the treasury
can get them"