The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1911-05-18

uHhA fihtto suggested nat along
with business he believed too much
attention was given and too little to
other things which should occupy a
mans life. and believed that not all
the energy and time should be deyot.
ed to the business.
l.. j. WEIGH was given Compound
Interest to discuss, but he paid q
tribute to the older bankers as men
from whom the younger bankers
were to receive their Instructions in
the business, and believed 1t to be
the ambition of the young man in
the bank to uphold the standard of
business al outlined by their elders.
w. NJ. Smith was called upon to
make a few remarks. but begged to
be excused.
S. G.. Vessey spoke on washington
Springs briefly and told one OF two
incidents concerning the banking
business.
Robert Burns, president of the
Commercial Club told the visitors
what "The Mitchell Way" meant and
how 1t originated. In sympathy with
the occasion Mr.. Burns referred to
the Mitchell bankers in very compli-
mentary terms for the cordial re-
lations which existed and for their
promptness in aiding anything OF
merit which came along.
W. r. Ronald, editor Of The Re-
publican, was given the subject of
"The Lever that moves the World"
and said he could not see why when
the subject of the im%pecunious bor-
rover had been passed a news
paper man should be asked to speak.
HE felt that the banker in a COM
munity had about as much to do with
the moulding of public opinion as
the newspaper, and referred to the
high class bankers which Mitchell
was so fortunate to possess. He
commented upon the unity Of spirit
which prevails and counted 1t as the
best asset that Mitchell possesses.
The Aldrich Currency Plan.
John j. Large, of Sioux City,
vice president Of the First National
bank, gave an exhaustive statement
regarding 1.-THE Aldrich Currency
Plan" which is now under discus
sion by the bankers and moneyed in-
.terests of the country. Mr.. Large's
presentation of the plan was ar ex-
cellent one, and he showed a very
clear understanding of the same. He
believed that with some such sys-
TEN in vogue that the panic of 1907
would never have taken place, be-
cause of the fact there would have
been a large reserve which would
have stood as a solid wall against
the things which took place. He
further expressed the opinion that
New York was largely responsible
for the situation that reached into
the remote west, and which should
not have been disturbed.
Mr.. Large gave a detailed account
of the plan, and explained many of
the steps leading up to the culmina-
tion of the system. The head of it
is called the Reserve Association of
America, which will act as the gov
ernment's fiscal agent, and will be
a bank of banks, a parent institution
of fifteen branches, and each branch
being the headquarters for the afi-
lated banks of. a separate district.
The capitalization of the Reserve As
ISOLATION is placed at $500, O00,0 600,
although only half this amount is to
be actually paid in. Any national
bank may subscribe for the capital
stock, but car possess no more
than twenty per cent of the banks
capital stock. The Reserve Associa-
ton will distribute, after all taxes
and expenses are paid, 4 per cent
cumulative dividends. No larger
than five per cent shall be
declared, and all excess earnings
must thereafter go, one-half to sur
plus and one-half to the government.
The organization is effected
through the subscribing banks join
ing what is known as a local associa-
ton of national banks, each compos
ed of ten or more banks having a
of not less than $4,000, 600,
are grouped into fifteen divis-
ions. There is adequote provision
made for the government of the To-
cal association and for the Reserve
which is controlled by
committee consisting Of forty-five
which are secured in a
way through the local associations.
The directors select an executive
of nine, which is dele
gated a large amount Of authority.
MI. Large explained the duties of
the executive committee and, its pow
ers, the board of supervision and the
officers Of the association. He de-
tailed the functions Of the local as
as relates to the redis-
counting Of paper, the profit and loss.
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