Semi-weekly herald. [volume] (Durango, Colo.) 1907-1917, 1914-01-22
Our Banking and
Currency System
ReyOIutiOnized
by Lafayette Young, in the Des
Moines Daily Capitall

war the Dahking ana currency sys-
TEN Oh the united states IS 70 DC
reyoiutionized. Inc flrst reading OF
the act oil congress creating the red
eral reserve pahhs' ihpfesSes she
business man mat something very
simple mas been DONE ana that the
lederai reserve banks WIN ne hothihe
more thah clearing houses lor the
other banks DONG business WIN
them' but more careful eXainiha-
tion VIII demonstrate that the FOUND
atioh mas neen lalu lor oVerturhine
an present systems
Nationai Bank No'es WIN pisappea'
"iehlh twenty years from 'hi'
time al the present iia'io''a' pa'if
hotes WIN nave disappeared, anu t"eii
place VIII nave oeen taken by ieuera
reserve Dahk notes me ne" oa'ih
ing act IS ehtt.ieu'
An act TO pfoviue Tor 'ne eS-
tapiishment oil iederai reserve
DankS' 10 lurhish an eiasl'c cur
reney' TO AFFORD means oil reuis-
counting commercial paper TO
establish more eiteetlVe super
vision OIL banking IN the oh''eu
states, ana Tor other purposes.
me ABOVE 'ieie correctly ues'iips'
ana forecasts 'ne new o@nn'hg act
Eieh' or iwelVe 'euera' heserF'
BANKS
Inc act provides Ior eien' leuer''
reserve banks Eaeh pafk must HaV'
q capital Oh not 'esS Una" '''oo0'uu'
ihiS Is positive fequ'Ie'lie".' me
committee Oh oIsaHi1a'iol'' WHICH -
no" WORK. eoinpoSeu Vi '"e 9e9ie
eary Oh 'ne treasury sVe'e'aiy %
agriculture ana cornpVroiier % '"'
currency, may increase the Ieuera
reserve banks TO V"eiVe' inns OF
gahizatioh committee Is 70 put 'h'
iederaI reserve oa''Ns On tNeir iee'
10 see 10 tle'r org"nila'io '"e e'e'
tloh OIL the'r ooaIuS Vi ulIeetor9' e''
Inc same eommiltee VIII ues'gha'.
the eities III "hlcii 'nese p%''Ns "i'
TO be. 1t is adnii'teu al t"e star :
that Chieago VIII nave one % VI
ieuerai pai'NS' anu ''"' !. WIN
caiieo federai NeserVe pai'N Vi N"'
cago'
10 make the matter palmer VIZ
VIII dlsregaru Vhe oIher pai'Ns 70 %
established ana SPEAK Oh 'le leueie
reserve panN OIL N"ieaEo' IT - VIVA
such pailk ''iaV l'es MONIES anu LOVE
expect W nave intimate le'"'io''''
hra"eh Hese''e p"''NS Va" DC rs
t"o''S'e"'
me reuera, NeSeiN We "''''N u ''i''
cage mas autnori'y ""u WIN $50"
,lSh prah'h i ', reserve D''"'
oes MONIES WIN u"uouDteuly get ou'
pr'rei' ou' '"e u'"''''' WIN nave ''o.,'
ing iiNe inc 'liiue"Ve anu 'u'',oi ~
"iiie" WI, '''''i "''e'' vac '"V e's''' "
'"elNe ieue'"i ieSe' We "'''N p,Up p
o'e"h,H"'''" Noi,'''''''ee W."
""he '''e Dis'i'''S'
me seliei'i eo,ii'''i''e VI, % S''"'
~a'ioii VIII io' on'y e'e"Vv '"e cue
al RESERVE oa"Ns, Du' WIN mar 'u'
the iiiii's oi 'ne leue'"' iesei
p '..i u's'i'e,S' inns Is one /" Ui-
''i iieul' proo'e''s' N'I go, '"e'e %
contention between '''Spu.E am
rhiiauelphia' anu Oe'"ee" Hs'oi''
ana I'VE" orleans one YES "o'i'e =,
o'iNer '''''NS II "ou'u W D9'''i -
'here were 10 oe FEWER u'S''''' -
serve pa'ins'
Na'''ha' oai'hs ""s' '"''''''' -
'"e N'p'"''
""e', '"e u, ana w" N'''l'','''e
mas outlined III, Nn'''eo u'9',i
every national p""Hi"s ''soo'a''o
within tha' u's'iieV s'i'',' w ieH''i
"i'n'h ''ir'y uays 70 ''''e " 'i''
cap,'ai S'ocN Oh ''e lineage resei ;
oa'N' III d sur" eqoa' 10 y per 'e'''
VI '"e pa'u-up vap''ai' anu ''i P'S
Vi sueii DAMN, ms amount 10 - "
pau On 'ne instrument pam 'o'e'
ing space u SIN "ioiv"s'
"y menus i" the N"pi'al 9'ueN 'u''
ne !" "o'u vi '''iu N'' VI '.'''e''