The Jeffersonian. [volume] (Atlanta, Ga.) 1907-1917, 1913-08-14

majority or the Federal Reserve
Board of Directors.
Third: There are at present i'm
the United States about seventy-four
hundred National banks, and there
are some seventeen or eighteen
thousand reporting State banks, trust
companies and savings banks. The
aggregate of the capital, surplus, un-
divided profits and deposits of the
total of the National banks of the
United States in comparison to such
totals of such other banking institu-
lions is as one to two, in round num-
bers; and the effect, if not the spe-
cific object, of said Glass bill, will be
to induce all other forms of banking
institutions to come into the Nation
al banking system-for that, as the
imposition of ten per cent tax on
the issue of State bank notes, i'm
posed by the National Bank law, and
justified under the commerce clause
Of the Constitution, by imposing
pains and penalties, had the direct
effect to stop the issuance of circu-
lating notes by State banks in order
to conduce to uniformity in the cur
rency, so, in and by said Glass bill,
by Offering enormous inducements
and regards, the direct effect will be
to make such seventeen or eighteen
thousand savings banks, trust COM
panies and State banks abandon their
present State charters and the per-
Torrance of their present allowable
functions and, in lieu thereof, to take
out Federal charters and to become
National banks; provided this new
system shall work as planned; so
that, the net result of said Glass bill,
insofar as the organization of the
banking institutions of the country
is concerned, will be to solidify all
Of the banking institutions of the
country under one National banking
system.
This will be true, notwithstanding
the fact that it is greatly to the in
terest Of the public that the different
varieties of banking institutions now
existing shall continue to exist, regu-
lated as they are by State laws and
providing different terms and condi-
lions by which the borrowing public
may obtain their money. If they
were all nationalized under one COM
mon system, only persons possessing
specified lines of securities could OBJ
tain funds,-a consideration which
will confer special privileges upon
persons thus fortunately placed. Thus
the existing diversified banking in
situations, such as exist at present
in the four classes above named,
would be welded into a political or
commercial organism rendering it
possible to accomplish, at a common
time and in given manner, and
common design adverse to the gener-
al public good. Their consolidation
into one system managed by an in
significantly small number of men
and centering into a control at the
top in the hands of seven men named
and controlled by one man, will orga-
nize the tremendous machinery and
power Of the banking institutions of
the country SO that, by concert and
management, IL will be possible for it
to act as unit according to any pur-
pose or wish it may entertain and
that independently of consideration
for the general public good
Fourth: Said Glass bill provides
cumbersome, needless and very
expensive government machine, in it's
banking features, through which to
carry out paternalistic scheme Of
banking, through the promisory notes
of the government; whereas the only
duty Of the government, with refer
ence to money and currency, is to
provide, through the demands of the
people as represented by their Con-
gress, an adequate and suitable vol