The Washington herald., 1913-12-08
The Currency Problem.
II-New Features that Are Desirable.

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many years present national banking system established
the necessity for flexible money system emphasized because h
supply of already created ample for the limited which &
country then had of money But when billion dollar
hundreds millions
the than did others the lack money hexy plainly
There other particulars that might specified which the
po but all these pertain general way
deficiency that been noted One mentioned
need Of method OF securing greater mobilization reserves but
clear that ali this comprised the article By
power OF Immediately rushing great deal of spot section
when sudden crisis arises just exactly general would rush of his
battaons point the battlefield where the soldiers
already fighting getting hard pressed.
Another deficiency that often spoken of the absence the
proper discount market This technical phrase that requires little
explanation Everybody understands what
lis by which bank money his
of the less the interest for the This
of hundred country
Occasionally when the is
the the first place. desiring
ably wishing itself position
the larger bank with which
larger
counts the note for the original bank so that the original bank once
placed in funds position the money again
Now In England and in the other system
grown up BY which certain great banking houses make business Of selling
their endorsement bills exchange paper
Their endorsement of makes this acceptable everywhere
country paper from hand hand with entire
banking houses that make business of doing
these things what known They advance
commercial themselves John Smith
them and Il endorse will
will fee for doing John Smiths proposition pro-
vdd of they convinced that his safe take his fee and
endorse his In other words they do business of commercial
the other the value the
this business obviously great The thus insured from
hand hand exactly the bank check often in the
districts Each who handles endorses and his
neehbor and each time changes hands security made because
additional whole
method by which single $1,000 made
form the functions OF great many tens of thousands OF dollars IT, thus
could which John Smiths Omaha
Federal bank could all the country and be utilized
by banking firms before finally John
payment
eating value of making property money,
possibility of ringency would be just much ssened
This money
% + @ %'4 % w m eo nsue ;d rs S h % & M b w Is b d [ @ % ] uua
arrangements mostly
other There only slender bond of banking sympathy the banks
cities section feels look
interests. This feeling does helpful
attitude toward each other the time of trouble Anything that makes for
banking would the introduction
discount market practd abroad would corespOnds
benefit country.
eouns banking system
ALL but unquestonaby motive with
people desiring change Many
socialists either those radical ideathat
the exercised few
heaping money great
country, particularly cities the when
he fall of the and the of the their back
purposes money suddenly
money everywhere
the
speculation put plain purposes
Tow this feeling is altogether exaggerated 1t based on wrong premises
needless feeling Nevertheless
here are those who do not mpahize with at all but who recognize the
this point will good thing feeling has been put forward in plain
by present
Congress- of the meroious for general change
ur banking system.
needless should
mentioned passing people
Ding to owes speculation or put themselves in position where tev
,euae is very peculiar
merely
m bt in every par of our industrial and business life An effort to fore
the business future
op really thought pending currency be-
that could substantially
II would stand passing just
desirable in Change the and banking
n really be brought about II