The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1911-10-20
.[.'lWELL URGES
MONETARY REFORM
For Laborers, Merchants and
Producers.
nCcCnnc CnIlNrDv pkNvc
DEFENDS COUNTRY BANKS

7ISSeSttCns OF tnc NattCnal Citixens
League for National Reserve
Agency Are Set Forth and
Explained.
Springfield, H., Oct. 1.-THE fea-
ture Of tonight's session OF the Bank
lers' Association Of Illinois was an ad-
dress by John V. Farwell, president OF
lthe National Citizens League for the
Promotion of Sound Banking Sys-
tenn. His subject was The Impor-
ltance OF Monetary Reform TO business
Men" and he said in part:
AS business men deal both with
banks and wage earners. they occupy
a position from which they can or
should see both sides OF a banking
lquestion. They are convinced that un-
der a sound system, extreme panics
ishould not occur, and that some
scheme can be devised so that bust
ness can proceed without the Jars and
breaks which ruin business houses and
throw many innocent people out of en-
lployment.
While we fully recognize that all
must suffer together, II could be shown,
/ am sure, that such panics injure
banks less than business men, and
heads OF business houses less than EN-.
iployes. II is, therefore, OF greatest
Interest TO the latter classes TO study
this subject OF banking and currency,
and to help bring about a correct so
luton OF the difficult problem. II is
flor that reason that the National Cit.
liens League was formed, at the In
stance OF the Association OF Commerce
lof Chicago
~While we do not refuse the coop
eration of Bankers. We are especially
interested in organizing the business
men and men OF all occupations. wheth
er farmers, mechanics or daily laborers
II is their problem, and II is their opin
ion and their vote that will settle the
lsuestion-
The Leagues Suggestions.
I'VE have no bill of our own. and
will present none TO congress, but have
suggested the following principles on
which we believe a sound measure
should be founded:
Il Cooperation, not dominant cen.
ltralization, OF all banks by an cvolu-
ton out OF our clearing house expert.
ence.
"2. Protection OF the credit system
OF the country from the domination OF
any group of financial or political In
lterests.
81 Independence OF the Individual
banks. national or state. and uniform
treatment In discounts end rates "a
all. large or small
a. Provision for making liquid the
sound commercial paper OF all the
banks. either In the form OF credits or
bank notes redeemable IN gold or law
full money.
30. Elasticity OF currency and credit
In tines Of seasonal demands and
stringencies with full. protection
against over expansion.
"6. Legalization Of acceptance Of
time bills OF exchange. In order TO ere
ate discount market at home and
abroad.
81 The organization OF better bank
Ing facilities with other countries, tC
aid in the extension OF our foreign
trade.
These objects should be carried out
through some national cooperative
agency, under government supervision
which would so dispose OF cash re
serves az make them available wher
ever needed. and also create conn
dence I'm our banking stability at home
and abroad.
What the System Must BE.
What are the troubles today? The
panIcs of 1898 and 1907 showed every
thoughtful business man that some
thing was wrong with our monetary
system. We would all agree. think
in saying that we have many Of the
best banks and bankers in the
world, but when, In panics. such
banks have TO refuse 10 per
form their functions, and all seen
near chaos. we must be equally ready
to admit that we have the worst bank
ing system In any civilized country. In
fact. the trouble Is we have no sys
TEN which makes united action possi
BILE against the disintegrating forces
of panic AT such times we are al
aware that the tendency, instead OF be
ing toward union and common defense
is toward individual selEpreservation
without regard for any one else.
"As n league we do not believe ir
"a central bank doing gen
eral banking business. like ths
Bank OF England. but we do believe IN
what might be called national re
serve agency. controlled and managed
so as 10 represent the democratic spiri
and the sound common sense OF thi'
nation.
by that, mean that the majority
OF the directors Of the agency In al
its departments, should be elected b,
the banks az units without any refer
ence to the amount OF capital stock
and a minority only by votes accord
ing 10 capital stock Other restrio
tions on the voting power OF certaiI
, forms Of chains OF banks might also b
considered wikk the same purpose n
mipd. Svoh 6funesment WOULD keel