The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1911-06-28

Continued From Page One.
can receive some compensation from
the collection of wholelae houses sight
y. w. LusE's Address.
One Of the best speeches heard at
the bankers convention was delivered
yesterday afternoon by j. w. Lusk
president of the National German
American bank. st. Paul, on the Inn
portant subject, Plan Of Monetary Com
mission for a National Reserve AS
ISOLATION Of the United States
Mr.. Lusk first told the bankers OF
the meetings at Atlantic city where
the leading flnanciers OF the country
mad been summoned by Mr.. AIdrich
% take up the greatest question OF
this country" according to President
tart, the currency question.
lie then talked at length on the
panics that this country undergoes ev-
cry 50 often and to which no other ma
ton Is subject in so serious a manner
wall street, he said, was the starting
place OF the panics which in short
space Of time spread over the entire
country tying up all kinds of business
and affecting everyone In the nation.
For 100 years, these panics have
been coming at intervals of ten wears.
and not until 1907 did the bankers
wake up and try to do something to
remedy the evil He then went ON
10 tell In brief. the nature of the Ma
tional Reserve association of United
states which viii have Washington
as the head with fifteen branch or dis
trlct offices. Each state then is to
nave branch offices which will COM
municate directly with the district Of
fees.
Mr.. Lusk then showed very plainlv
how the organization would work ans
how provisions had been made to
Keep politics out OF the system. The
mead office at Washington is to be
controlled by a governor and two dep-
uty governors, all OF whom are to be
appointed by the president from a list
OF financiers submitted to him by the
association. AS the new monetary
plan is now proposed no member of
any state legislature or Of either house
OF congress can be director OF the
Offices Of the association. Mr.. Lusk
thinks in this way, there is no pos
sible chance of politics getting into
the reserve association.
The fact that there are 1000 differ
emit kinds of money in the United
States was a most lamentable condi-
ton, said Mr.. Lusk. Foreign banks
have uniform system Of money that
makes our own system look ridiculous.
The new association would issue their
own bank notes and do away with the
custom of the national banks making
their paper money.
In conclusion, Mr.. Lusk spoke Of
the safeguards that had been thrown
around this new system and that II
would practically be impossible for
any set Of men to get control of the
business. State banks had not been
admitted into the new plan, yet but
an endeavor is being made. said Mr..
Lusk, whereby the state banks can be
included in the association.
thirty minute discussion followed
this address and Mr.. Lusk explained
more fully the plan outlined. Several
questions were asked by the bankers,
but Mr.. Lusk was able to make ali
the points quite clear. His address was
greatly appreciated and he was warm
" applauded for his efforts.
Committees.
The following committees were ap-
pointed yesterday:
Resolutions-Sen. Ed Pierce of
Sheldon; A. T. Hunter of Grand
Forks; George T. Webb Of Glendale;