The Washington times., 1914-10-31
GEORGE E. ROBERTS.


Director of the Mint, illustrates the
opportunities that Government serv.
ice can open to the man who gives
the most there is in him to the work
set out for him. Mr.. Roberts was
originally a merit appointment. He
was named Director by President
Mckinley, because during the 1896
campaign he had written some Won
derfully simple, understandable, pop
ular, and effective sound money lit
erature for the Republican cam
paign. Mr.. Mckinley had never seen
him and didn't know where he lived.
He simply wanted in his financial
cabinet the man who had written the
best reply to "Coin."
Mr.. Roberts had been a country
editor in Iowa. AS Director of the
Mint he set about studying finance,
He might have made merely min
isterial job of the mint dictatorship
1t had been for many years one of
the softest snaps in the Federal
service. Roberts didn't want that
sort of a post. He proceeded to
make himself the worlds foremost
authority on the production of gold
He became the friend and co-worker
of big men of scientific banking and
finance, all over the world. He
studied modern financial systems, and
presently began to write in Ameri-
can and foreign reviews on the need
of reform in our currency and bank
ing processes. His work always was
marked by peculiar clarity and
pla;-1ess that made it possible for
laymen to get the idea. No man in
the country did more than he to pre-
pare the public mind for the re-
organization that is represented by
the legislation now taking effect.
So long as six or seven years ago,
in a magazine article, he outlined a
project in reorganization of banking
and currency, that reads today like
an inspired prophecy, so accurately
does it forecast the Federal reserve
system. For political reasons, Con-
gress found it desirable to estab-
lish twelve reserve districts; Mr..
Roberts recommended only five. With
that exception, the system that has
been adopted is almost exactly the
one that the Director of the Mint
proposed.
A number of years ago Mr.. Rob
erts was summoned to the presi-
dency of the Commercial National
Bank of Chicago, where he served
with distinction during the trying
period of the 1907-0S panic. 1t was
he who, out of the wealth of knowl-
edge and resource with which his
studies had equipped him, devised
the plan of releasing Government
bonds held by banks as securi:ys' for
deposits, accepting other securities
in their place, and letting banks use
the Government bonds as basis foa
additional currency issued that were
pressingly needed. That much was
possible without any legislation; and
there was no time for legislation
The Treasury authorities accepted
the plan, and it contributed vastly
to save the situation.
The Commercial National was at
length consolidated with the great
Continental National Bank of Chi
cago, and Mr.. Roberts, retiring, was
promptly summoned back to the
head of the mint once more, by
President Taft. Thus he has served
in that post under Mckinley, Roose-
welt, Taft, and Wilson.
Now it is announced thai he will
retire to become assistant to the
president Of the National City Bank
the greatest institution in the west
ern world. The National City, reach
ing out to South America and seek-
ing to make itself an instrument for
the extension and support Of Ameri,
can trade throughout the countries
to the south, wanted exactly such a
man as Mr.. Roberts; AMI Govern
ment service is never able to COM
pete IT. substantial rewards with rri-
vate business. 1t is AZ least inter.
esting to observe that the president
of the National City, Mr.. Wander
lip, and his immediate personal as
sociate in the management are both
former journalists and came ur
through Government service, Mr.
Vanderlip as an Assistant Secretary
of the Treasury, Mr.. Roberts as
Director of the Mint. Their cases