The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1911-10-12
MONEY PANlCs "A NATIONAL DIS
orACE, A MORAL WRONG AND
CRIME AGAINST THE PEOPLE,"
PUT STOP TO MONEY PAN|CS
John V. Farwell, of Chicago, Tells
Bankers That Business Men and
Wage Farmers Demand Currency
Reform-Uroes Cooperation.

SprinefeldJIli, oct 1.-THE con
linuance of present financia condi
tions without an earnest effort tc
change them is rot only a national
dL7grace, but oral wrong, and a
crime agains, he people said John
V. Furwell the Chicago merchant, in
speech this evening before the II.
lmois State Bankers convention.
Mr. Falwell, as president of the
National Citizens League for the Pro.
molten Of a Sound Banking system,
told the bankers that business men
and waee-earncrs wanted legislation
that would stop money panics
"Panics will surely come as long
rs we nave an unsound banking s%s-
ten. The American people wont
even lock The door after the horse
is stolen but proceed cheerfnlly to
buy another horse and leaYe the door
open.
while we dc not refuse the co
operation OF bankers, we are especial
w interested in organizing the bus
mess men and men of all occupa-
tions. whether farmers. mechanics
or daily laborers. 1t is their prob
lem. and it is their opinion and
their vote that will settle the ques.
ton.
"Ve must have system which
will work under all strains without
anv friction. and we must have one
which stands out so strongly and
effectively before the mind Of every
banker and every deposltOr that he
can nc more doubt The stability OF
the system than he could doubt the
scNencv of tie combined business
of the wU'ld. 1t must also 5e Tree
from politics,
AS a. League, We do not b2l'ev'
in a central bank doing a general
banking business, like the Bank OF
Eoeland but we do believe m Whaj
mieh, be called a National Reserve
Agency. controlled and managed so
as TO represent the democratic sWr-
it and the sound common SENSE oil
this nation.
I'VE all remember the excitement
caused by the announcement III 1900
that the New ork and other reserve
city banks would. on Tie tolloWlhS
Monday. issue clearing house certI'-
icatcs. That experience proved iha'
we must nave during panic periods
por clearing house certificates, bat 4"
larger issue OF the same Nnd oi
Noes that are regularly outstanding
and system of credit that can
adapt itself without apparent violence
of effort to meet the new conditions.
At sucl lines, under good syS-
tenn of cooperation, banks could 80
ON making loans undoubtedly at high
rates but surely at lower rates than
1t is possible uHGcc our present ia"h
of system. and merchants could GET
the accommodation that they needed
and that ;heir balances deserved.
Cotton or grain would continue 10
move. because the flow Ct currency
and credit, though slightly retarded
is not stopped merchandise would
he bought and shipped and sold, all
because order has bcen produced on'
Of the chaos whic hallway. has here
tofore gone witl ovcr-tradins and 4
few important bank failures
1T will not. however be useful
only in panics or 10 prevent panies.
but will produce the expansion ana
contraction Of credit and eugene
necessary for the yearly moving of
the crops. Interest rates will not al
WAYS be bieh in the fal, and low in
he spring. high in the western states
ani low in the east, but will be, in
A measure, eQualized for all seasons
and localities
Iron this il is obvious that the
Rcser:e Agency Is not =
central bank, but simriy a co-operai-
lively owned machine for rendering
liquid tho wood current commercial
paper of all banks. and, also, through
concentration Of the reserves, a stead
fast hulwark against any feasibility
Of 9 lack Of confidence in the system
a good banking system must hel0
TO bring about general prosperity.
it must help all sections and all
classes While a good tariff law.
~. .,gf on,