Show UNiTED STATES STATE BANK IOtA IDEA AGAIN Former Secretary Shaw Thinks it Unfortunate Charter Was Vetoed by Andrew Jackson Jacksons JacksonN s New N York Nov 21 The chamber chamb r of or commerce had as its guest and speakers at its one cne hundred and thir anniversary ary dinner tonight J JJ JJ JJ J French ambassador Baron Rosen Russian ambassador former forner Secretary of ot the Treasury Les Leslie Leslie Leslie lie M I Shaw John C Spencer former United Unit 1 States senator from Wisconsin and President George Alexander of o Union college c l ege Toasts to President Roosevelt and to 10 the heads eads j of other governments rep represented represented resented at the dinner were drunk The financial crisis which recently came upon pon the country was likened to the storm of ot Prosperos otherwise hap happy happy happy py island a fancy storm a make believe by Ambassador Doubting he said may put on spectacles and look at the statistics and d they will find that the depression depres depression sion sian which terrified them resulted during the last ten months in an m increase in increase Increase crease of ot in ht the foreign trade of ot the United States Mr Shaw said People Still Believe That Way I 1 tam am disposed to believe that the l most unfortunate act of Andrew Jack Jacksons Jacksons Jacksons sons administration was his veto of the act renewing the charter of the d States bank I say this recognizing that act of ot his was more popular at the time and that from froll then until now nosy none has been be n more universally approved by the American people A large birge central bank clothed with authority to discount commercial comm pa paper paper paper per and ind to Issue currency against the same as in other great commercial countries would do much to prevent a repetition of conditions such as we w are arenow arenow arenow now experiencing but the American people arb ar against such centralized commercial Dower power and I dont believe elleve I 5 per cent of ot either house of ot congress could be induced to vote and ant per cent should vote tor for such auch a measure would be probably re retired retired retired tired to tl private life Ufe at the tho next elec election el election e elion tion lion And n it must be conceded that there are some valid objections t to tJ such an institution The Best Assets Every one must recognize that thit money due for goods sold old and delivered delivered delivered ered Is the best asset known to mar man money in the till and in the bank alone excepted In all aU other commercial countries the practice Is for tor the seller eIler to make his thirty sixty or draft on the purchaser These accept acceptances acceptances acceptances ances represent the best class of Jf com commercial commercial commercial mercial paper In the world and amI throughout Europe they are liquidated and pass from bank to bank and when necessary or convenient to the great central bank for tor discount the central bank issuing bank notes against them Much good would be accomplished if It the banks of this country were per permitted permitted permitted to endorse acceptances ac drawn against actual values and in the or ordinary ordinary ordinary course of or trade trado tn o without report reportIng reportIng reporting Ing the same as rediscounts Such an authorization would allow the th free In Interchange Interchange of this great flood of credits which no man mall can measure represent ing goods sold and delivered Another essential Is a great reservoir corre corresponding corresponding to the central bank banle of ot the countries where in times of or pressure presure the excess access of credit can be stored and ani notes Issued against it itIs ItIs itIs Is it not possible to allow allo each na bank to become a reservoir for Cor fora Cora a limited amount say 50 per Del cent of its capital Some would call this emergency currency I would not Business activity It is not an emergency cy Thc emergency ncy comes when banks find their hands tied by statute and business s men find it Impossible Impe to dispose dis dispose dispose pose of ot what should be assets A |