Evening journal., 1910-11-04
new BANKING
PLAN SUGGESTED
John 5. ROSSeII Makes Sug-
geStlOn on Subject to Boar, =
Of Trade Meeting
NATIONAL BOARD
TO DISCUSS SUBJECT

At the request OF the National
Board of Trade, John S. Rossell,
chairman of the committee ON bank
ing and currency, of the Wilmington
Board of Trade, at the meeting Of the !
local board last night. submitted the
following proposal for the reorganiza-
ton OF the system Of national banking
and currency:
Resolved. That the Wilmington
Board Of Trade recommends that the
existing system of national banking
and currency be reorganized under an
Act of Congress, embodying the fol-
lowing general features.
1.-The organization of national
bank, TO be known as the Bank OF
the United States. the principal bank
TO be located in the city of Washing
ton, and branch thereof TO be
established in each OF twelve banking
districts, into which the United States
shall be divided.
2.-The affairs of said bank to be
managed by board Of managers,
= twenty-four IN number. one member
OF said board TO be appointed by the
. President OF the United States from
each of said banking districts. and one
member elected by the stockholders
from each of said districts; the presi-
!, dent to appoint, also, a governor and
vice-governor, who shall be the chief
executive officers of said bank, and the
board OF managers to appoint all sub
!, ordinate officers and assistants.
4 3.-The capital stock OF said bank
q TO be divided I'm the proportions Of
n one-half to the United States and one
n half to such persons, firms or cor
r. porations as shall subscribe for the
II same. the number OF shares allotted
IT to any one person, firm or corpor-
r alton to be limited.
II 4-The said bank 10 issue its own
Il notes, IN various denominations, to an
i amount equal to its capital stock
which notes shall be guaranteed by
the United States. and shall be legal
r tender in sums of not less than five
e dollars in the payment OF all debts and
d dues, public and private
d b.-The said bank to receive on de.
i posit from otlier banks and from trus
Al companies, bonds Of the United States
d. and Of any State, territory or city, anC
TO issue It's notes in exchange there
+ for on such terms and conditions al
~ may be determined by the board o
managers.
6.-The said bank TO make loans &
other banks and 10 trust companies
in such sums, on such security, and a
such rates Of interest. as the boar
of of managers may approve.
rs THE said bank to be the d.
ell pository OF the current funds of u
United States, and of the funds of al
re- state, territory or city; and to a
ton as the fiscal agent of the Unit
States, or of any State, territory
re- city.
ris- S.-The said bank 20 maintain at
his times cash reserve equal to tweni
Of Eve per cent. OF its deposits. at les
ion fifteen per cent, OF which cash J
serve shall be in gold coin or 90
ost certificates. and ten per cent. in 81
ion yer coin or silver certificates.
ith 9.-Thc said bank % submit its a
lst counts and affairs to the eXaminatc
OF experts appointed by the Seer
sse tary of the Treasury. and TO publis
is quarterly reports of its condition Il
in the information of the public.
a 1O.-The said bank TO establish r,
ciprooal relations with any bank {
rd trust company in the United State
Dr. or in any territory thereof, unde
all regulations prescribed by the board ,
I've managers.
ak 1.-THE currency of the country
me consist ultimately Of gold and silve
ar coin and subsidiary coin and gol
re, and silver certificates issued by n
on United States. and notes of the sal
bank OF the United States; provisio
being made for the gradual retirl
men Of all other forms of AcurrenC
lily now in circulation.
ain The above proposal was redeivC
RS. and laid over for final action at Il
ate December meeting.
ow In submitting the proposal Mr.. Ro
led sell said that it is purely tentativ
re, and is not intended to be in any sem
nd, a complete plan for the reorganizatiC
Ill Of the banking and currency syste
en- Of the country. He hoped that
OF would be given the fullest conside
OF alton by bankers and business ms
hoe generally. and that all would feel fr
ne to present their criticisms and to q
ma fer any alterations or amendmen
M.
nv