The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-04-10
UNIFORM BANKING
. LAWS ARE NEEDED
This Is Object in View by Ma
tional Monetary Com
mission.

| Aiken, s. c.. April 9.--1n order tt
bring the American banking system
INTO line with the drift OF the world
greater flcxibility and greater mobility
| IN the banking reserves of the country
is needed. as well as greater conccn,
tration In note issue privileges ant
greater conference and system in the
| general control of the country's bank.
ing. This was tho declaration made
to-day by a. Piatt Andrew, director OF
tho 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 ulti-
mately 1t will have to make to Con-
gress. according to Mr.. Andrew. No
one to- day. CHE added knows what that
plan will be. He expressed his belief,
however. that the material gathered
by the commission, which will be
available within the next few months,
VIII constitute IAN encyclopedia of
banking without lis equal in the
literature OF any other country"
Comparison of Systems.
After drawing a comparison of the
banking systems of some of the Euro
y 'o'htAito Will @I1ul Ol america,
Mr. Andrew declared he "entcrtaincd
no illusion that the same ends could
be accomplished in this country by en-
actly the same means as in any other
country.
III was on account Of the striking
contrast between experiences here in
America with conditions abroad" said
Mr.. Andrew, that the National Monc-
tary Commission. in undertaking its
investigation OF possible means for
the credit arrangements of
this country began by examining the
banking institutions. customs and reg
uiations of the leading countries of
Europe"
Mr.. Andrew declared that Sin none
OF the leading countries of Europe dur
ing 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."
Il do not mean to imply" he contin-
ued. that there has not been In these
countries an unceasing alienation Of
trade activity and trade relaxation. Nor
do I mean to imply that there have not
ben great failures of banks and busi-
ness firms OF all sorts. But upon all
these occasions there has been leader
ship and tho situation has been kept
firmly In hand.
American Banking Methods.
Comparing the banking system OF
this country with those abroad, MI.
Andrew said:
Not only are our banking reserves
rendered less available in necessitous
times than are the banking reserves
of other countries. because Of the rigid
requirement under our laws of fixed
of cash, but our reserves
arc far less available than are the
reserves in other countries, because
they are scattered all over tho coun-
try among our $1,000 different banking
institutions
The institutions which in other
countries arc charged with the respon-
sihtlity of handling the greater part
Of the balances of the banks" he added,
are not managed primarily for the
private profit of their stockholders, are
not operated primarily to earn divi-
dends. but are conducted with a more
or less admitted responsibility for the
maintenance OF the common credit Of
tho country.
Another respect In which the drift !
Of the worlds banking is In a different
from that of this country
concerns the matter of note issue. The |
tendency OF note Issue regulation in
every other country is mantfestly to-
ward their concentrat ion in a single