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Show j BAD BANKING TAUGHT. We are far from wishing to be criticsl regarding re-garding Secretary Shsw's five-dollar-note cir-rulsr. cir-rulsr. We sre rather inclined to praise it, as offering once more a good practical solution solu-tion of a bad situation created by law. If the Secretary could only procure the enactment enact-ment of good statutes as successfully as he make the best of bad ones, he would be entitled en-titled to higher rank st a constructive financier finan-cier than he now occupies. Nevertheless, his circular puts on edge the teeth of all sticklers for good banking, as well as for good legislation. legisla-tion. Put out small notes, ssys the Secretary; they will stsy out longer. Yet every banker regards the shortest-lived note as the soundest sound-est and best. We live in times when the meaning of actual redemption is unknown. The nearest to it is the sending to Washington Washing-ton of one promise and receiving back another an-other promise, with the result that most believe be-lieve that a promise is a dollar. "Do not send them in for redemption until unfit for nsa." says Mr. Shaw. When is a bank note unfit for use! The standard set up by the Secretary's Sec-retary's counsel and by the practice of the banking community is ability of the notes to hold together. physically. They sre kept going go-ing long after they offend the eye and nose, and there havs been cases of actual disease caused by them. They are dirty, and only fit to be handled after washing and ironing, which hss been actually done in some esses. New i'ork Times. |