The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1910-04-10
DIRECTOR OF MINT
TO CAROLINA BANKERS

Aiken. 5 c.. April .. In order to
bring ,uc American banking system
into Inc with the drift or the world.
greater ilcNbihty and greater mobil-
10y iu the banking reserves of the
couutr, is needed. as well as great ,r
concentration iu note issue privileges
au greater rohcrcucc aud system in
/ the general control Of the couutry's /.
/ bnukme This was the declaration
made today by \. Piatt Andrew, Di.I
/ rector of the Mint IN an address bc-|
/ fore the South Carolina Bankers As
ISOLATION on the work of the national ,
Monetary Commission.
The commission has not yet begun |
o discuss even the general outlines /.
Of the recommendation which ulti-I
matoly % will have to make to con-
grcss. according TO Mr. Andrew. No,
one today. he added. knows what /.
belief. however that the material
gathered by the commission which .
/ viii Doe available within the next few
months. viii constitute IAN encyclo.
/ pcdia of banking without It's equal in
( the 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. Andrew declared he entertained
no Illusion that the same ends could
/ De accomplished ia this country by
exactly the same means as in any 9th
er country.
II was ON account of the striking
contrast between experiences here In
America with conditions abroad" said
/ Mr.. Andrew, that the national None
tdry Commission, in undertaking it's
! Investigation OF possible means for i'm
proving the credit arrangements of
this country. began by examining the
banking institutions, customs and
regulations of the leading countries
of lUrpc IT, among other people, in
mos, RESPECTS not unlike ourselves,
financial panics do not occur and the
intact in the face of stress and strain,
then the reasons for that difference
require examination"
Mr. Andrew declared that I'm 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 o;
the banks as occurred here only two
years ago.
Il do not mean 10 imply" he con-
tinucd, that there has not been in
these countries an mceasing altera-
q tion of trade activity and trade relax
alton. Nor do | mean 10 imply that
there have not been great failures Of
banks and business firms OF all sorts
but upon all these occasions there Gas
been leadership and the situation has
been kept firmly in hand There hts
been no infectious panics and no gen.
eral rout in which guilty and iuno.
b cent alike We're crushed to earth tie
failures in each of these cases having
been confined for the most part to
the persons and firm responsible .or
the previous eNcesses
Comparing The banking system of
this country with those abroad, Mr..
Andrew said
Not only are our banking reserves
rcndc ed less available In nccessitous
D times than the banking reserves of
! other countries, because of the rigid
requirement under our laws OF a fixed
, proportion of cash. but our reserves
are far less available than are the re
serves in other countries because they
are scattered all over the country
among our $4,000 different banking
Institutions. No aspect OF the banking
systems of other countries is more i'm
\ pressiNe to an American than the con
centratiou of banking reserves which
exists abroad.
The institutions which in other
, countries are charged with the re
n sponsibility of handling the greater
part of the balances of the banks.
ne added, are not managed primarily
for the private profit of their stock
~, holders. but are conducted with a
more or less admitted responsibility
for the maintenance of the common
~. credit of the country.
q, Another respect in which HE Ir'tl
. OF the worlds banking Is IN differ
out direction from that of this cuuu
TRY concerns the matter of note is
=, sue The tendency of note issue reg
.. ulation in every other country is man
., itestly toward their concentration in d
single institution. The main adyant
age. i'm my opinion, of concentratIue
the control of the note issue under d