| Show R fORMS S THAT ARE N ND DED Treasurer Treat of United Stat States s Says American System Can Be Improved Against Cr Credit dit Currency KANSAS CITY CITY CITY- May 23 Charles Charles' Chares Chares' Charles H. H Treat Treasurer of the United States addressed the Missouri Bankers' Bankers association asso asso- elation caton meeting here in annual convention convention conven conven- tion this morning on Some Comments Comments Com Corn ments Upon the tho Aldrich Law Mr r. r Treat Said the tho law was of mu much h benefit bene benefit fit ft but that banking reforms still sti remain remain re rc re- re main to bo be made He lie le believed our national bank system meets the tho needs needs of the the country as a whole better than thap any other system in 1 existence and he favored a modification modification tion of it rather than an attempt to in- in mu- mu tr duce any ny revolution scheme such uch as credit currency Mr Ir Treat said in in part Since 1900 this country has enjoyed a n prosperity far surpassing that of any similar experience which marshaled into into in in- into in- in to figures is so 50 astounding in volume asto as asto asto to almost cause a disbelief on the part of many who are aro not well wel informed regarding regarding re Te re- re garding our enormous wealth growing power On the passage of the act of 1900 it was 8 believed by many seeing far statesmen and financiers that no very important t legislation would probably be required for one or more decades but five years only had ha elapsed when the benefits from the he amendments to time the currency laws were found to be inadequate in ad adequate quate to the Nations the Naton's needs need It I was plainly manifest that while f facilities for increasing the volume of currency were ample yet there was a radical defect in that that it could not be made elastic to such an extent as to meet business requirements Mr Treat said sid that the Aldrich law law- was of much benefit but that important banking reforms still sti remain to be made He believed that the national banks should be al allowed 0 wid to issue 50 per percent percent percent cent of their circulating notes on the basis of other securities than United States bonds deposited with the Secretary Secre Secre- tary tart of time the Treasury such StIch notes to be retired in four six sir and eight months month from September 1 of each year This plan plan he said sid would woud provide the te expansion of circulation that is needed every fall to move the tte crops These amendments Ito to the national banking laws said sad Mr Ir Treat are suggested to me by the forecast of the greatest Secretary of of the Treasury since Ale Alexander Alender Hamilton the Hamilton the the late Secretary Secretary Secre Seers tary Chase who Chase who saw clearly the situation situa ton tion that confronts us today toda that forthe forthe for forthe the extension and perpetua perpetuation on of the national banking system there should be securities other than Government bonds acceptable to the treasury for the issue of bank circulation and who made the suggestion in a message to Congress that such suh currency could be issued as a aloan aloan aloan loan to d deposit posit of coin or pledge of securities or in some other way But these considerations may be deferred to another generation The maturity of this prophecy confronts us |
