The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-12-09
Chairman of National Monetary
Commission Describes Need
of Reform.
DIRECTOR OF MINT ALSO
GIVES VIEWS ON QUESTION
Defects in Banking System Afe
Pointed Out and the Remedy
Suggested.

PHILADELPHIA. Dec. S.-"The Need
LOT currency Reform was discussed by
senator Aldrich. chairman OF the nation
al monetary commission. Senator Bur
ton, member OF the committee: Assist
ant Secretary of the Treasury Andrew,
former secretary OF the commission,
ana Director Roberts Of the mint. at a
emy of Political and Social Science here
tonight.
senator Aldrich declared that In his
opinion the reform OF the present bank
Ing system was the most important work
now now before the monetary commission.
Ihc currency problem would adjust
itself, he said, when the banking system
was taken care Of
Bank Laws Obsolete.
lie 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, IL Is manifest
ly incumbent upon 1t TO enter at the
earliest possible moment upon such n
revision OF our national banking legisla-
tion as VIII make our methods and
praclices more responsive TO the de-
mands Of our modern business life"
continuing. Senator Aldrich said
The virtual weakness and practical
defects or our national banking system
are shown by the relative growth Of ma
tlonal banks and state banks and trust
companies in the last twenty-five years,
Within this period the number OF nation
al banks has increased 1868. while the
number OF state banks and trust com
panes has Increased II 0S5,
The capital and surplus OF the state
banks and trust companies have in
creased In The same time from SITS. 1000.
600 10 sl,2S3, 900 900. In many Important
communities practically all the banking
business is carried on by state trust
companies
"It Is manifest that the state banks
and trust companies are better orga nized
to respond to the business demands of
the communities In which they are To-
Gated
France Has More Per Capita.
Senator Burton said the need for cur
rency reform did not arise from any in
sufncicncy In the general amount With
the exception OF France, the per capita
circulation in the United States is larger
thon in any other great commercial coun-
try, The defects of our currency system.
he said: were due 10 The retention OF the
old method, discarded by SO many coun-
tries. ,of maintaining q government cur
Tency.
Director Roberts OF the mint declared
United States notes and silver certlfi-
Gates. which. he said, are being rapidly
absorbed by the retail trade, and there
is no probability that they Will ever again
embarrass the treasury, ,
country has absorbed s537 900, 600 of notes
In the denominations 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 So is
only about $3.50, 900, 600, They are being
reduced to the smaller denominations as
fast as the treasury can place hands on
them, and at the present rate Will be abb
sorbed in the next five or six years, IL the
treasury can get theln.