The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-19
Pass the Van Tuyl Banking Bill

All the indications are that the chief
obstacle in the way of the enactment OF
the Van Tuyl banking bill Is provided
by the opposition Of the small private
banking interests. which will be brought
under effective supervision and regula-
tion when the bill becomes law. Refer
ence to the public prints Of recent date
supplies all the requisite evidence to
show how great the need OF such regu-
latiOn has become. 1t Is unthinkable
that such an important piece Of general
legislation as that represented by the
Van Tuyl bill should he held up on &C.
count of the unregulated community
Of small private bankers. who are the
only body OF various banking interests
affected by the bill In which the OppOsi-
ton is able To muster anything more
than a small minority. A good deal
Of noise has been made by some repre-
sentatives of savings banks and State
banks IN their attempts to block the
hill because of their dislike for certain
features Of ii. but the prevailing senti-
ment disclosed Is misrcprescnted by the
tumult of clamorous criticism.
In practically every respect the de-
batable features In this bill are not es-
sential and do not constitute menace
to business or financial activities or
banking safety. II would be much
better To leave them to amendment at
the next session Of the Legislature than
to compel the whole bill TO 60 over.
Anybody who knows anything about
such matters knows that 1t Is very diff
ficult to procure complete perfection In
new departures of banking legislation.
The Federal Reserve act, which was
the great legislative accomplishment OF
last year, Is proof OF this assertion
Competent authority everywhere con-
cedes that the Federal Reserve act Il
far from perfection. but 1t has been ap'
proved widely because its defects are OF
less consequence than its merits.
The Van Tuyl banking bill confer'
many advantages on State institutions
at q time when It Is very necessary t.
grant them. and at the same time es
tablishes increased safeguards for thu
public. As a whole II II the carefully
deliberated work Of very intelligent
commission. which was appointed las
summer because of the manifest im
portance Of preserving for banking un
der State charter n footing OF cOmpeti
tive equality with national banking II
the new system for which Congress
was then preparing to provide. i
present expectations entertained a
Washington are realized u large part O.
the new Federal system will be organ
lied and ready for business this sum
NOR, perhaps by July /. Here Is thu
Legislature should not let the Van Tuy
bill go over unless 1t can be shown. n
Il has not been shown. that state In
tcrests will suffer more than they vii
gain by It's prompt enactment.
One of the principal objects Of tn
Van Tuyl bill Is the protection OF thu
banking interests of New York Stat
and the preservation of its fnancin
supremacy. without at all subscrib
ing 10 q construction Of the Fedora
Reserve net as designed to diminlsl
New York's banking prestige, New
York's financial resources should never
fheiess receive from the State, to say
itself. all the protection that can h
granted against any project TO drn,
them AWAY politically. These resource
made an amazing exhibit In Superb
tendent VAN TUYL's recent report. Th
aggregate banking power Of the Sta,
niis.ks aud trust companies Is ab0u
aae nae