Evening journal., 1919-09-04

ties ,hsn we are now doing. IL Is worth
while % look into this matter very care
fully and 10 ascertain whether IL is not
possible TO utilize our resources TO
grcaler advantage,
III would be an excellent thing n our
association could have permanent head
/ quarters where action could be taken
on all matters OF general interest (;
whore tho functions OF a clearing house
FOR all business growing out Of COOP
leraiion OF our financial institutions
could be performed; and where In
1 formation for the benefit OF all could
be readily obtained.
Al our meeting a year ago, you rec
commended the creation OF tho ONCE or
state Bank Commissioner. After full
discussion, in which you expressed your
strong desire for a better supervision
OF your Institutions. but not Without
deposition, the General Assembly pass
ed an act creating the office OF Stale
Bank Commissioner The act IL now In
full operation, and lt Is not too much
TO say that even those who opposed the
measure now Join heartily with those
who favored II IN saying that II IL TO
]
latlon ever passed I'm this state.
1t now remains 10 revise and mod
ernlze and codlfy the general banking
laws. This you also recommended
should be done. This very necessary
work awaits attention before the next
session OF the General Assembly. There
should be eliminated from the subslst-
Ing statutes all antlquated and imprsc-
tlcable provisions. The important and
operative laws should be enlarged and
given wider application by the add
tion thereto OF such progressive meas
ures as have been adopted In other
States, or that may be suggested by
our own further Investigation. This
work could be very well undertaken
by your officers and members Of your
executive committee in collaboration
with the officers and directors OF our
member banks.
"In the performance OF the higher
duties Of citizenship which deVolNe
upon us as bankers. we cannot Ignore
the great question OF education now be-
fore our people. We must show our
/ fellow citizens that we are fully con-
scious OF. existing conditions. and we
must do everything in our power to
support the state in its efforts TO raise
our schools TO a higher standard. and
to extend education so widely that our
Ichildren will never have reason to COM
plain that the State did not give them
the fullest opportunity to qualify Tor
their proper places In life. The new
school code, toward which the sharp
est criticism IS now being directed, was
framed 20 accomplish this worthy pur-
pose. All the friends OF this measure
ask is that 10 be given fair trial. and
/ this all fair-minded citizens should
/ grant. Illteracy is a dark stain upon
our State. Instances OF IL are found
everywhere. In one somewhat remote
section OF our State. a surprisingly
large percentage OF the people VINO
have business with the local bank are
compelled TO sign their checks and notes
with their marks. This should arouse
US TO the grave importance OF radi-
cal change Il VIII cost something.
Anything worth having Is costly. We
shall have to pay little more tax. We
shall have TO take more bonds. but the
people who so proudly and generously
subscribed to the War Loans. can be
relied upon to take as liberarlly the
bonds dedicated TO the welfare OF their
children.
at is freely asserted that our STATE
finances are not managed by the bes'
possible methods. and this presents an
other question that requires our seri-
Gus consideration. No doubt exists a.
to the proper care with which the fund:
have been managed. but we have moi
I the best system Of administration. There
are many things that we could do q
j bring about a more nearly exact man
agement and make better use OF the
monies paid into the State Treasury
We need 90 have a clearer understand
ling OF how to utilize these funds wise
| ~ and efficiently. We have large re-
ceipts but apparently these receipts are
not always handled in the best manner
Happily there is a nationwide move
ment in favor OF budget system, and
when this system has been perfected
! Il will be available for use In the adj
minisiration Of all public funds. and un-
der It's operation. Delaware viii GER
tainlv be able 10 use its receipts "a
greater advantage than they are now
being employed.
Z I'VE have made satisfactory progress
toward the enrolment Of all our state
banks and trust companies in the Fed
eral Reserve System. There IS now
broader conception OF the advantages
OF membership in the Federal Reserve
and Il has come. % be understood tha'
non-member banks, not only do mol
enjoy the privileges OF the members
but also are deprived OF the profits ac-
cruing TO member banks. in other
words. there is a gain TO members, by
reason Of their membership. that passes
entirely out Of the reach OF non-mem-
bers. This. in some respects, Is not the
best line OF argument in favor OF mem
bership in the Federal Reserve System
because the highest motive should be
10 aid in bringing about nationwide
solidarity OF our banking resources anc
in securing TO the people the guaran-
tee Of greater stability in their bank
ins Institutions than is possible under
the present arrangement OF each insti
tuition standing alone upon its OWL
strength or It's own weakness. Il IS en-
firely practicable TO enroll in the Fed
eral Reserve System every bank ant
trust company in Delaware, and thu:
present 10 the country at large. an.
other proof Of the pre-eminence OF Del
aware in everything progressive. The
financial institutions Of the State would
become stockholders in the Federal Re.
serve Bank OF Philadelphia and thereby
acnlire their right 20 all the privileges
Of the system in Its entirety. and thai
means protection and profit afforded tC
Ian federal banks regulated and con
trolled by the Federal Reserve Board a.
Washington. It must be apparent tc
all that there is very marked move