Evening journal., 1911-11-24
NEW NEWS OF YESTERDAY
The Two Cases of Paralysis
That Changed a Federal
Banking Law
By Holland.

Thomas c. Acton, who gained ma
tional reputation at the time Of the
draft riots in New York city during
the Civil War. because he as chief of
police oyercame the rioters, was later
assistant treasurer Of the United
States in charge Of the sub-treasury
at New York city. After his term there
expired he became president Of
state-chartered bank and one day
when called upon him he said:
1T Is fortunate for me that our
State banks are not allowed to issue
any currency That was one Of the rea-
sons why this new bank was organ
lied under State rather than ma
tiona charter. You sec if we had taken
out national charter and had issued
currency |, as president of the bank,
would have been compelled to sign
every ono OF the notes. Had ! attempt
ed to do that / would undoubtedly
have brought on a recurrence of the
temporary paralysis OF the right arm
and hand with which / was afflicted
when assistant treasurer OF New York
and which was due TO the fact that
was compelled 10 sign my name TO d
large number of warrants. there being
an especially emergency which made
IL necessary for these warrants to be
issued within fOrty-eight hours. sign-
ed my name steadily for didn't know
how many hours and when I was
through my hand and arm were per-
fectly numb. ! did not recover the
use Of them until several weeks had
passed.
Soon after ! did this work ! met
my old friend, l.. II. Chittenden, who
had been registrar of the Treasury Dc
partment in Washington in Lincoln S
administration. ] noticed that he was
unable 20 use his right hand and arm,
and | then recalled that he had sign
ed his name TO ten millions of gov
ernment bonds within forty-eight
hours, since they were TO be sent on
an emergency transaction TO Great
| Britain 10 secure a loan of FIVE mil
lion dollars in gold which was made
10 Charles Francis Adams, our Min
ster to England. He and | compared
notes, and we then decided to begin
campaign TO secure legislation which
would make It unnecessary TO have an
actual autograph of a Bank president
or of an officer Of Treasury Depart
mont affixed 10 bank notes or govern
ment bonds or legal tenders.
'Chittenden saw Senator Morrill,,
who represented his State of Vermont
AID saw my own Senator, .. H.
Platt of Connecticut. and both
promised TO aid in securing legislation
which would make IL possible to use 4
facsimile stamp instead of an actual
autograph upon bank notes or govern
ment obligations. I told Senator
Plat, and he told the proper Con-
gress committee that unless Congress
/ authorized the use of facsimiles upon
bank notes and government notes the
/ day would surely come when it would
be impossible to furnish all the cur
rency needed-that human endurance
was not equal 10 the task Of signing
/ names by the hundreds OF thousands,
each repetition of the original sig
nature, upon our bank or government
notes
But, do you know, most of the COM
mittee felt that a banknote would be
fhAn'iNSo hiiNoo IL uolt tue dtludl SIX
nature of the president and the cash
ier upon il, and that q government
note ought always TO bear the actual
autograph of the Registrar OF the
Treasury, suppose may not live
long enough to see this legislation put
upon the statute books, but, mark my
words, it will come some day"
Mr. Action did live long enough to
see the legislation that he and Chit
tenden proposed placed upon the
Federal statute book; ana he was of
the firm conviction that had it not
been for the paralysis from which he
suffered, as well as Registrar Chit
tenden. due TO the signing consecu-
! lively Of their names to government
notes-for more than twenty-four
hours on stretch, this highly-grati-
flying legislation would not have been
! secured.
Copyright, 1911, by T. J. Edwards. All
rights reservedl
Tomorrow Mr.. Edwards will tell Of