OCR Text |
Show CANADIAN CRITICISES OUR BANKING SYSTEM Says Banks of V. S. Have Not Kept Up With Coon, try's Business. WASHINTJTON, re. 11 sir Aniund Walker, a Canadian banking authority before be-fore the currency unarm aosnanltt i th houae, declared th defect of the United St tee banking system war a lack of flexible currency, fixed reserves which dissipated needed cash la times of stress, aad tba ahaaaea of a rediscount bank Mr Edmund declared that tha bank af th I'nltsd atatas had not grown la relation re-lation to the great Industrie of th oawa-try oawa-try and that thsy war sow "behind tba ttate." lis i ii nmmaadai a erotosx ol regional banking oraanlsatlem tc strengthen ths Individual banks, but said thst he "waa not In favor of th AJ4rteh plan without qualification." In these regional divisions, he said, tha banks should be allowed to lee us asset currency, In banknote form which weald sppear as It waa assdsd and disappear when the need for It had passed. The national na-tional banknots system, he said, laawJd be continued and perfected. The witness thought that In addition to maintaining ths national banking system, the "Individual banking syetsm ' should be aided by the govsnunsnt. Hs rsoosn-m rsoosn-m ended that permission be granted to rirlvate bankers to establish large banks n tha large cities of ths country with brenches In forslgn countriss. He said that bad banking would not be prevented by government go rant of deposit. |