New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-16

fttl al IN'NtI ''f 'Ii ~ iNN'''N ''''''
,efore the Commercial Club Of Chi
ago, said:
Early training IN banking in Eu-
rope has inculcated IN me an aver
sion 20 banking by regulation when,
by intelligent voluntary action of the
banks. the same result can De
achieved. But IN Washington ! am
constantly met with the view that
without compulsion it is impossible
in the United States 10 maze any
Roadway. ! have been unwilling 20
surrender to that point Of view. ]
liked TO think Of the Federal Reserve
system as Of club which the strong
est and best banks consider 10 an
honor to Join, and not as OF club
10 swing over the heads of the banks
in order 20 cOerce them into sound
banking cooperation. Il is a most
satisfactory fact that in almost
every important city some leading
state institutions have come in vol
unfairly. and ! hope that on that
same plan the majority Of the strong
state institutions will soon follow.
The stjpulationS prescribed by the
board for state bank and trust com
pany membership are most liberal
and, as a matter Of fact, moro favor
able than those governing rational
banks. The boards policy has been
not TO restrict member state insutu-
lions IN the exercise of legitimate
banking powers. granted 20 them by
their respective states, but rather 20
try 10 enlarge the powers OF national
banks where they find themselves a.
am unnecessary disadvantage against
their uon-mcmbcr competitors
The present condition Of having
800 banks carry the burden for
1900 is unfair both TO the member
banks and the best interests Of the
country The strong uon-mcmber
banks who. knowing the facts, DO not
remove this inequality Will, in time,
force the government to do ms duty
in adjusting the matter. But II Con
grcss finally should be forced TO
swing "thc big stick" they viii be
the ones 10 complain most loudly
about the nuisance and uufairueos'
of governmental compulsory Icgula-
ton.
Under a highly developed system
OF branch banking. there are in Eng
land $50 joint stock banks in Canada
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