The Birmingham age-herald., 1914-01-24

serve board so that the success OF the
new banking and currency law RAY be
gained as soon as possible. Mr.. 1AieXar-
der is president of one of the great in
stitutlons of New York, the Bank of
Commerce.
1t used to be thought that Mr.. Morgan
and his associates were of personal inftu-
ence in that institution. Curiously
enough, the Bank of Commerce held
sloof in the administration OF President
Lincoln, not having any desire to take
out a national bank charter unde1 the
new law which was enacted III LIN
coins administration. The reason Ees
good and was recognized as god "
Congress- The charter which this bank
had received when organized from the
state Of New York gave to 1t -wo Va'-
liable privileges which it would have
been compelled to part with had it sur
rendered the state charter and reorgan-
ized under the old. national bank act.
But it was imperative that this 1nstltu-
ton should be numbered among those
that took out national bank charters. For
that reason, Congress so legislated as to
enable the Bank of Commerce to reor-
ganize, under the national bank act while
retaining the special privileges 1t had
earlier obtained from the New York state
legislature.
Now this institution. which is numbered
among Ile InTce OF IOuT very great Aluti-
ican banks. has made haste to announce
that it will gladly ask for membership
in the new system. The example thus
set has doubtless inspired many other
banks of New York to like decision.
president Alexander's address, aside
from the highly important message 1t
contains, Is a fine example OF the COM
mand of the English tongue In the set
ting forth of thoughts based upon finan-
cial considerations.
Based on Sound Principles
The addresses of the three distinguished
banking experts who together represent
the worlds great money powers all con-
veyed the profound impression that Eng
land, France, and Germany welcome the
United States as Il financial power whose
new system is based on the whole on
sound principles. DR.. Riesser, IN setting
forth some of the reasons for the pne-
nomenal success which has followed the
establishment of the German banking sys-
tenn, stated that this was In great meas
ure due to the fact that while the gov
ernment had complete supervision yet
the bank was managed by men or expert
ence, ability and high character.
His intimation was clear that in the
view of Germany the new American sys-
tenn will. II the system Is wisely man
aged. greatly aid in establishing the Uni
ted States in position OF financial equal
it with the other great nations of the
world. That, too. was the thought run
ming all through the address Of M. Mas
son, or the seemed to be convinced that
no longer will other nations look with ap-
prehension upon the United States, for
under new banking law 1t will be impos-
sible to create conditions similar to those
which brought on the panic of 1907,
Mr.. Simpson, onc-of the great banking
authorities OF England. was fortunate
enough to possess a voice and the art
OF controlling 1t so that every word he
said was heard throughout the great hall
He spoke slowly and with simple but
effective rhetoric. He welcomed the new
American banking system. He believed
that it would enable the United States,
in fact, compel this country. to partici-
pate in the International discount market.
He spoke in high terms OF the ability OF
American bankers, going 70 far in fact,
as to name some. He also mentioned !
fact Of which not many persons have
knowledge and thet is that the bankors