The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1912-12-04

binary financial use AID IocKlnS AZ
up as a dead mass in the vaults or
the treasury IS a proceeding as un-
scientific and unreasOned as any 9TH
er part OF our unreaso1ed and un-
scientific banking and currency sys-
TEN.
A relief measure reforming the
banking and currency system. the
secretary declares. must include,
among its necessary features. pro-
visions for never-fatling reserves
and never-failing currency. and for
the perfect elasticity and 1exibil!ty
of both: for the permanent organisa-
ton and organized cooperation OF
the banks. which are now suffering
and causing the nation 10 suffer by
reason Of their unorganized state;
for a central agency to represent
and act for the organized and CO.
operative banks-this agency to be
securely free from pol teal or trust
control, but with the government
having adequate and Intimate SUI
pervision of it: for Independent
banking units-so Independent that
no one bank can be owned, con-
troIled or shared in in any degree,
directly or indirectly, by any other
bank: for the equality of all banks,
national or state. both as to the
standards and to functicsas-so that
every requirement. made OF ma
tional bank must be complied with
equally by a state bank. and every
function or privilege enjoyed by q
state bssak shall be enjoyed by a ma
tionaI bank; for the utilization and
the nudity of bank assets; for the
scientific development of exchanges
domestic and foreign; for foreign
banking as an adjunct of our for
eign commerce; and for taking the
treasury department out Of the
banking business"
Discussing customs reform. Sec
rotary Macveagn says that wide
spread exposures by the present adj
ministration OF frauds have resulted
in an annual saving to che govern
nent of more than $4,000, 900,
distinctly an underestimate"
To show that incoming travellers
are now more honestly declaring
their baggage as the result Of re-
forms. the secretary points out that
at New York alone the revenues
from travellers imports have in
creased from a yearly average of
! $3.50 SIS for the previous admins
tration to about $2.1OO,0o in 1912.
This class of frauds. he says, had
been not only conspicuous, but al
most defended
{ Regarding the pending investiga-
ton OF the board OF general APP
praisers at New York by a commits
sion appointed by President Taft.
Secretary MacVeagh says the DoafS
has drifted from its original insti-
futon as board of customs review
within the treasury department to a
! quasi Independence as a court out
side Of it. The department. he
adds, needs a board Of general ap-
praisers within the department to
supervise and unity the -appraising
work of the country
Mr.. Macveagh urges that all col
lectors and surveyors Of customs,
naval officers, appraisers and as
sistant appraisers, collectors Of in-
ternal revenue auG ali like ofhcials
lof the treasury department whose
appointment requires confirmation
by the senate be transferred to the
zclass Aed civil service. Complete
separation OF the treasury service
Especially the classified part Of 1t
from practical politics, is recon-
mended by the secretary.
I The abolition of all assay offices
I'm the country except the one at
New York, is urged by Mr.. Mac
veagh. All assay work, he adds
should be done at New York or at
the niuts.
Secretary Nacveagh announces
intention of reforming the treasury
DEPARTMENTS business methods by
scheme for the payment OF gov
eminent obligations in such a man
,,er as to avoid exchange on govern
mept checks. He does not divulse
the details but apparently contem-
plates the distribution Of govern
ment funds at convenient points
over the country for the payment OF
checks. He points out that pension
/ checks. for example. in many Ia