The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-12-05

|, ing aud currency system. the secre-
J tary declares. must include. among its
| necessary features. provisions Tor
never-failing reserves and never~faii-
| ing currency. and for the perfect elias
| ITCHY and debility Of both, for the
permanent organization and organized
cooperation Of the banks, which are
I now suffering and causing the nation
to suffer by reason Of their unor-
/ gained state; for central agency, 20
! represent and act for the organized
and cooperative banks this agency 10
BE- securely free from political or trust
control. but with the government hav-
: Ing adequate and intimate supervision
Of IL; for Independent banking units
SO independent that no one bank can
4 be owned. controlled or shared In in
any degree. directly or indirectly, 10y
I any other bank; for the equality or al
banks. national or state. both as 20
Z tsndards and AS TO functiOns-so tina
every requirement made OF a national
bank must be compiled with equally
I by a State bank. and every function or
privilege enjoyed by a state bank shall
be enjoyed by national bank for the
utilization and the huidity OF bank as
sets, for the scientific development 81
[ rxchanges--domcstic and foreign. FOR
foreign banking az an adjunct Of our
foreign commerce. and for taking the
Treasury Department out OF the BANK
ing business"
Frauds Are Uncovered.
& Discussing customs reforms. Secre-
taly MacNeagh says that Widespread
exposures by the present administra-
] ton OF frauds have resulted in "a
/ annual saving TO the government Of
more than $40. 0O0. 600. distinctly an
underestimate
To show that incoming travellers al
now more honestly declaring their
baggage as the result Of reforms. the
I secretary points out that at New YORK
alone. the revenues from travellers
imports have increased from yearly
average OF s8so.6ss for the previous
{ administration 10 about s2.100.000 la
1912 This class Of frauds. he says
, nad been not only conspicuous. but
almost defended
Regarding the pending investigation
/ of the Board OF General Appraisers
+ al New York by a commission appol MT
&C by President TAFT Secretary Mac
, Neagh says the board has drittec from
I It's original institution as board
+ OF customs review within the Urea
I sury Department, 10 a quasi indepen-
, dencs as a court outside OF It. The
! department. he adds. needs a '5oard
/ OF general appraisers within the de
I partment TO supervise and unity the
3 appraising work OF the country.
Mr.. MacVeagh urges that all col
!ectOrs and surveyors OF customs, ma
val officers. appraisers and assistant
| appraisers. collectors o. Internal reye-
nue.. and all like officials OF the Urea
! sury Department whose appointment
/ requires confirmation BY the Senate. be
vice. Complete separation of the
treasury service. especially the classi-
fed part o. 81. from practical poll
tics. IL recommended by the secretary
The abolition OF all assay Offices In
| the country except the one al New
York. Is urged by Mr.. MacVcagh. All
assay work. he adds, should be done
at New York or al the minis.
Secretary MscVeagh announces his
intention OF reforming the Treasury
Departments business methods by a
ment obligations in such a manner as
10 avoid exchange on governn Mt
checks. He does not divulge the de-
tails, but apparently contemplates tn.
distribution OF government funds a.
! convenient points over the country
for the payment OF checks. He points
out that pension checks for example
/ in many instances are not really worth
their face value. because the dificui-
ties o. collection enforce an exchange
| charge
other Recon- me q da tion-.
Other recommendations by the sec
Rotary include. construction OF four
revenue cutters and a building pro-
gram OF at least two cutters yearly in
future. power presses for the Bureau
Of Engraving and Printing: provision
FOR disabled and old members OF the
iife-eavine service retirement pension
for civil service employees; complete
revision OF the oleoma reeaT'ne law:
legislation for the prevention OF the
opium traffc. and the creation OF a
bureau 10 supervise the expression
OF laws" cooperating with Congress
10 make their meaning plain to exc
Sutsve officials who enforce them