Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-02-26
Disagrees With Carnegie.

Disagrees With Carnegie.
Representative Vreeland member of the
national monetary commission which is
engaged in working out an improved
banking system for this country, said
that a few years ago Andrew Carnegie
declared the United States had the worst
banking system in the world.
Il don't agree with Mr.. Carnegie,
said Mr.. Nreeland Though we have
money panics which occur in no other
nation and which have cost the people
more than all the wars of the world.
believe our system is best Tor our form
of government. l would not like to see
the branch bank system developed here.
1t would drive out of existence the in
dependent banks. To our system of in
dependent banks. $4,000 strong Is largely
due the great growth of the country.
But what we need is a keystone,
head and we want unificaton. We don't
want a system that is good only for fair
weather The problem is great. At pres
ent we have no leadership to our bank
ing system. We need a plan to take care
to our currency at present. Our issue OF
paper money has no regard for business.
When crops are to be moved and money
is needed away from the money centers
for that purpose it almost creates a
panic This a relic of a barbarous sys-
tenn
But we have made strides in the last
few years. and gradually there is grow
ing a consensus of opinion, and | hope
that during the coming Congress we may
succeed in establishing a banking sys-
tenn that is commensurate with the great
ness of this country. The plan submit
ted by Senator Aldrich to the monetary
commission. in its fundamentals will
solve the problem, l believe. We must
keep the banking system outside of poll
tise.
Speaker Cannon. who came next. said
"All of you boys hope to get to the
position where you can say yes and
mo- and let some one else do the book
keping," he said. land in course of
time we all find our proper places.
am just about an average member of
Congress and an average citizen. l be-
lieve that perhaps we had better put
up with some of the difficulties which
our banking system has at present
rather than centralize it. l have seen
the system grow and develop and
would not destroy it. 1t is the best
we have ever had.
But the monetary commission is work.
ing on a plan. and some day it may give
US an improved system of banking. One
thing / would do, l would amend the
banking laws to permit the ma
tional banks to have savings depart
ment and allow the money deposited in
that department to be invested in such
safe securities as are invested in by
private savings banks now.
Thanks Banking Institute.
Justice Stafford Of the District Supreme
Court, who was scheduled to answer a
toast. curtai,ed his speech owing to the
late hour and merely thanked the Wash
ington chapter for its courtesy to him.
Representative Dawson Of Iowa said
it was a pleasure to get into the quiet
atmosphere Of the bankers meeting
after that of the House. where. he said,
they have torn up the Reed rules and
taken to the Marquis of Queensbury
rules He spoke of the defects of the
present banking system,
List of Guests.
The guest list was as follows:
Thomas p. Kane. Eldridge f. Jordan,
Thomas Hyde, DIR. II. c. Duffey. w. +.
Guide. Adolph GUIDE. John s. Larcombe. A.
8. Worthington. John c. Let's, ]. Miller
Kenyon, Representative A. F. Dawson,
Representative Gilbert n. Haugen, Sem
ator A. J. Gronna. H. H. Flather. E.
Prince NJ G. Mccormick. Charles E.
Nyman, william NJ Dore, NJ E. Allies
James A. Sample. l.. w. Groomes
George F; Hardin, David A. Howe.
Floyd E. Davis. Frank Stetson. Charles
e. Lamborn. H. L. Lynn. F. w. Stone
9ieorge Tulley Vaughan, Charles n. Nc
.iroarty. Ernest Gerstenberg. Eli sheetz,
s. Galley. Joseph Strasburger, A. X. Par
ris, Thomas B. Huyck. Charles c. Glover.
George E. Roberts. Henry H. Mckee. DR..
c. w. A. Veditz. ]. Gales Moore William
]. Flather. A. D. Graham. John c. Wine
man, o. Howard Wolfe, Carroll Pierce,
NJ L. Dinwiddie William D. Hoover, P.
]. Nee. Herbert v. Hunt. o. H. P. John
son. James w: Roberts. jr.. John Mason
Brown, John w. Calvert. A. B. Claxton,
NJ. Sheridan, Senator Thomas P. Carter.
w. A. Dexter. A. NJ. Nevius. Thomas F.
Kane. S. d. Waters, w. H. Taylor, r.
v. Fleming. H. v. Haynes, George o.
vass, Joshua Evans jr. Thomas Donald
son, Robert Stead. J. G. Williams. S. J..
Henry, r. A. Cissel. Edmund S. Wolfe,
Julius I. Peyser, A. Brylawski. A. B.
Dent. E. E. Herrell. David A. Howe.
William F. Naylor, J. B. Gilpin, A. c.
Muddiman, F. v. Grayson, Frederick
Eichelberger. c. II. Doing. jr., c. H.
Bowie, j. c. Whitaker, E. G. Chewing.
o. G. Claxton: o. b. Brown. J. Everett