[Volume XXVII THE CHICAGO BANKER 12 D f f vl/vlsvixCLjD /uu /¿Âjl ¿UaC¿/ ascc FISK L» ROBINSON BANKERS Correspondence invited regarding Government, New York City, Railroad, Municipal, and Corporation Bonds Members of the New York Stock Exchange Commercial National Bank Building NEW YORK CHICAGO BOSTON Western Trust and Savings Bank Chicago, Illinois Capital, One Million Dollars ESTABLISHED 1873 Is thoroughly equipped to handle all business pertaining to banking and invites the accounts of banks, corporations, firms and individuals change should be made until it can be carefully considered and made to meet the needs of the public, as distinguished from speculative interests. It would not be wise to change our present system by direct repeal, but laws should be passed under which we may automatically work into a system that shall meet the legitimate productive exchange necessities, thereby abandoning the old system through natural and gradual selection. F. M. Nye, congressman, Minneapolis—I am not prepared to commit myself to the central bank proposition, one way or the other. I think quite a number of the heavier bankers favor the proposition, but that the people generally look with disfavor upon it. C. H. Burke, congressman, Pierre, S. D.—My mind is open to conviction. Before I am called upon to act, I shall endeavor to fully inform myself, with a view to doing what would be proper, and in accord with the interests of the people generally, and particularly of my own state. Sentence Commuted A. A. Buck of Blue Earth county, Minn., convicted in connection with the frauds which resulted in wrecking the Bank of Mapleton, five years ago, has a commutation of sentence so that he can take a sick daughter out West. The board would not pardon Buck. He may leave the state October 25th. GRAHAM & SONS Bankers Steamship & A ״ _ ״ x_ Insurance AgCIltS Established 1857—52 Years Interest on Deposits — Accounts Solicited Money to Loan on Real Estate Open Evenings — Hours 9 a. m. to 9 p. m. 134 WEST MADISON STREET, CHICAGO other kind of money. I cannot see why this should not be done. The currency of the national bank is guaranteed by United States government bond. There is a 5 per cent reserve fund as additional security, and in addition it is a first lien upon the assets of the bank. If that currency is not good, then I do not know of any currency that is. If national bank currency were made full legal tender, the banks would readily take all the Panama bonds at 2 per cent and issue currency against them. There ought to be some plan devised by which national bank currency could be expanded or contracted more readily. Under the present law the amount of national bank currency which can be redeemed in any one month is altogether too small. Against Central Bank C. A. Lindbergh, congressman, Little Falls, Minn.—It is now proposed to organize a great central bank to issue currency and regulate credit, and it is thought by many that such a bank can prevent panics, or, at least, regulate them. It is my opinion that if a central bank is to be organized, the plan thus far suggested for its government is dangerous and objectionable. It has been suggested that the stock be issued to the banks, possibly including state banks, in proportion to their capitalization; and that the directors shall be elected for life. In this proposition it is easy to see that Wall Street is again at work, attempting to mould public opinion in favor of Wall Street interests. The public, however, will have to determine whether they want Wall Street to organize a central bank. The people may get into politics, but they can never get into Wall Street except during shearing seasons. We do not want our financial system mixed with politics any more than we can help, but if it is a question of choosing between Wall Street and politics, the people had better take the side of the latter. Our present currency system is especially suited to speculating gamblers in stocks and bonds, and for scalping in commodities. A careful, honest revision in our common interests is necessary. No Views collected from Northwestern senators and congressmen on the financial question and legislation for currency reform, including the central bank idea, by the Journal, are in part as follows: Senator M. E. Clark, St. Paul—I am not very much inclined to favor the idea of a central bank under any circumstances, and especially not if it is to be one in which the government participates in the management. So far as my views have taken form they should find expression. Congressman L. B. Hanna, Fargo, N. D.—I believe that one thing that would help out a great deal in the matter of currency, and that would do it at once, would be to make a national bank currency full legal tender for all debts, both public and private, so that this currency would figure in the reserve of national banks as well as any In Pittsburgh OWING to industrial and financial conditions that are entirely peculiar to Pittsburgh, the banks of this great center lead the banks of all other American cities in earning capacity. These same conditions enable this bank to offer an unusually attractive proposition to Banks and Trust Companies everywhere to act as a Reserve Depositary and Collecting Agent for them. It pays liberal interest on deposits and gives banking service satisfactory to the most exacting. Correspondence Invited OIAJMBIA NATIONAL BANK OF PITTSBURGH Surplus, $1,000,000.00 Capital, $600,000.00