Evening star., 1922-10-08
PERTINENT .COMMENT ANENT
CONDITIONS. As THEY SEEM
Factors That May Dominate Wall Street
Washington Junior Bankers Coming
Into TheireOwn

Messrs. Bedford. Eckford and Bright
nave been made assistants: at the
Riggs. A. v. Nevius and George Vass
have been made vice presidents. and
Hoskinson, Amfck and Burroughs,
assistant cashiers.
1t would not do to ignore two
cashiers who I'm the past week have
been slated for vice presidencies. w.
}: Waller and Charles Lyddane, nor
their friend and associate. Frank J.
the vice presidency of the Columbia
National. after having one honor con-
ferred upon him In being given the
cashiership of the consolidated Fed
eraI American National Bank.
There have been several other
Life In. the banking as we'll as in
every other business is rotation in
once. SO long as the business shall
last. but It does not often fall to
me lot or SO many men to move
forward in the roster Of leading
banks in a community no larger than
Washington in 80 short q period of
time.
And the end IL not yet by any means.
The annual elections in January will
probably bring rewards to others.
sun HssStatins.
The President still hesitates over
the appointment of successor to
former Governor Harding of the
Federal Reserve Board, which causes
some uneasiness among the friends
Of this wonderful banking system
who fear for It's safety. having in
mind that politics ruined tho nrst
United States Bank, established 1871.
and the second United States Bank.
established 1915. both valuable instI-
tutions.
John Nickerson. 1r.. investm on
banker of New York and st. Louis,
has written and published a very
interesting circular under the caption.
Can We Retain the Federal Reserve
system" from which we republish as
follows:
"The first United States Bank was
more of an improvement over pre-
vious banking methods than the fed
eral reserve system has proved to be
over the national banking act"
says Mr.. Nickerson. Despite the
evident bentits to business which it
buttressed an otherwise disorganized
banking system. an influence crept in
which ultimately destroyed it just
when its promise for the future was
greatest. Politicians began their at
tacks almost at the banks inception.
OF the day took part in abusing the
bank. or supervising it to political
purposes.
In the midst Of a successful career
the request for a re-charter Of the
bank was refused by Congress and
Is hardly comprehensive how that
could have been allowed when the
war of 1912 was imminent and the
country in such dire need of banking
facilities.
"In 1916. only five years after the
passing of the first United States
Bank, the second United States Bank.
with a s35.000.000 capital. was char
tered by Congress. 1t became the
most powerful and best managed in
situation that the country had seen,
and. like the present federal reserve
to be disloged or even tampered with.
When President Jackson and his
followers determined to make the
bank a political issue. every act of
the k bank which could possibly be s
upon and magnifed. The petition for
re-charter was passed by both
branches of Congress. but was vetoed
by the President. President Jack
sons veto set forth many reasons
attack upon the bank and the events
which followed constitute a chapter
in political history rather than an
instructive commentary on banking
methods and policy"
The federal reserve system was
established in 1913. after 1t had been
conclusively proved that banking
system without centralized direction
and control was utterly inadequate
to cope with modem commercial
needs. Mr.. Nickerson declares that
the record of the federal reserve
a. 1917 chnyUs haGe
been a potent factor for good.
And all the banking fraternities
north of Georgia and North Carolina
admit 1t.
A Mighty Good Suggestion.
W. H. Moran. chief Of the United
States secret service. sent q message
TO the bankers assembled in New
York city last week. given circula-
tion through the Convention News, in
which he urged that depositors and
the general public be educated to the
fact that there is one Distinguishing
feature to the federal reserve bank
notes that is never counterfelted. ana
which will prove an invariable detec-
tor OF counterfeited oilis OF THESE
series.
A one-dollar bill has on Its face the
portrait of Washington: two-dollar
bill is honored and distinguished with
the face of Jefferson: five-dollar bill
has the face of Lincoln: $40 bears
the likeness of Gen. Jackson; a $50
has Cleveland's visage: $50 10 pro-.
tected by Gen. Grants bronzed por-
trait. and the 500 note 10 under the
care of the distinguished. dignified
Daniel Webster.
To initiate, alter and change these
bills is the chief work of counterfeit
ers and their ilk.
Knowing the portraits that should
be on the denomination of bill pre-
sented will save having a counterfeit
or raised bill put over on you.
There were 1,400 counterfeiters ar
rested last fiscal year of the govern
ment.