The weekly chieftain. [volume] (Vinita, Craig County, Okla.) 1905-1913, 1911-10-20


John V. Farwell, of John V. Farwell
company president; John Barton
Payne, of South Park commission, vice
president; J. Laurence Lapghlin, of
the University of Chicago, chairman
of the executive committee; A. c. Bart
lett, of Hibbard, Spencer, Bartlett &
Co., treasurer; Murray S. Wildman, of
Northwestern University, secretary of
the organization.
Directors of National Body.
/ Directors: B. E. Sunny, of Chicago
Telephone company; Cyrus H. McCor-
mick, of international Harvester com
ipany; Harry A. Wheeler, of Chicago
Association of Commerce; John G.
Shedd, of Marshall Field & Co.; F. A.
Delano of the Wabash Railroad com
pany; F. w. Upham, of City Fuel com
pany; Marvin Hughitt, of Chicago &
Northwestern Railway company; Ju-
! Illus Rosenwald, of Sears, Roebuck &
Co.; A. A. Sprague, of Sprague, War
ner & Co.; Clyde NJ Carr, of Joseph T.
Ryerson & Son; F. H. Armstrong, of
Reid, Murdoch & Son; Graham Taylor,
of Chicago Commons; c. H. Wacker,
Iof United Charities, and Joseph Bach,
of Siegel, Cooper & Co.
Branch leagues, with similar sets of
officials, are being established in Buff
falo, Rochester, Syracuse, Utica and
Albany. Other state league organiza-
ations are under way in Connecticut,
New Jersey, Delaware, Maryland, etc.
From the headquarters of the Ma
tional Citizens League in Chicago sim
liar organization work is being done
in the western and southern states as
we'll as several leading cities.
1t is sought through the National
Citizens League plan to take full con-
troll of the financial situation of the
whole country by amassing in one
stronghold the reserve cash now held
by every bank in the country. Notes
thing of the past Banks would no
longer hold their own reserve cash.
Instead they would deposit this re-
serve with the National League, which
would retire the individual bank notes
and issue National League notes to
each bank covering the amount of re-
serve deposited by that bank.
Although it is not made clear, the
understanding is that the temporary
directors would retire in favor of new
men to be elected by the banks them
selves. There would be two classes of
directors-one elected by banks, who
would be in the minority, and the
other elected on the plan that each
bank would be represented by a unit,
regardless of its size. Presumably,
these would be the controlling direc-
tors of the National League. 1t is pro-
vided that in elections the stock of
any bank owned by holding company
or corporation could not be voted
Each state and national bank would
be expected to subscribe for stock in
the National League to the extent of
about 10 or 20 per cent of its own cap
ital stock This would make a pos
sible capital of $300000,00O.
1t would be so arranged that stock,
holders of the National League could
not make more than six per cent, all
extra profit to go into surplus or to be
paid to the United States government
Practically nothing is said of the ex
tent to which the federal government
could or would control this massive
machine.
That there would be close relations
with the government is shown by a
provision that the United States shall
not deposit its funds with any bank
but shall make all deposits with this
institution No private accounts could
be opened.