| Show AND PROVIDE FOR ENLARGED ISSUE OF NOTES responsibility for Count rys continued prosperity is lupon new york bankers bluff point N youly 6 frank A vice president of the national city bank 91 new york was one of the principal speakers at the new york bankers association today his topic waft the currency mr said that the currency problem in Is far from settled and he declared it to be the duty of the now association to take the lead lita consistent movement for the betterment alons mr address ih part follow t to my mind we arc in a lethargy of success we hear paeans of prosperity sweetly ecung on every side unexampled totals mark the measure of every phase of industrial and corn ve have engaged in expenditures tures of capital on a scale so vast that makes the financial operations of other nations seem petty by comparisons labor was never bo fore so fully or so profitably employed business was never so active and some of ua say there surely can be nothing wrong with a situation that gives such evidences of health and growth it financial disaster should ever come because we have failed to enact proper legislation the blame tor ahat disaster will ilo against the bankers of new york more directly than against any other group of people the one thing that I 1 want to urge Is the importance of providing a scientific bank noie currency if we wish an indefinite continuance of prosperity and further to emphasize the response which rests particularly upon the bankers of new york in ing a plan for euch currency the plan may take one of halt a dozen forms perhaps best one were it politically would be tho question of a bank having the power of issue whose sole business would be lu its relation with other banks and whose chief operations would be the re discounting for other banks I 1 do not mean that any existing institution could be metamorphosed into nuch a central bank it would have to be freshly organized from the beginning its control would need to be largely in the hands of the government and its ownership widely distributed among interests throughout the country the principles of a scientific asset currency could well be worked out through the medium of such an institution as the experience of germany eloquently acs j titles but they can undoubtedly be worked out in dome other way tho fear which men so commonly have of giving a large power of note issue to small national banks will largely disappear when the opponents of asset currency have once fairly in their minds what the result will be of providing adequate redemption facilities that plan can be devised which will safely permit every national bank to issue a certain amount of notes not secured by government bonds I 1 have no doubt anil I 1 am in dined to think that it Is along tha line that legislation is most likely to be obtained although perhaps it the ideal solution the things of which I 1 am absolutely certain however Is that a solution of the whole problem can be atta I 1 ed wisely promptly and easily it would give to a consideration of the subject anything like the attention which it merits the responsibility iss on the bankers of new york you can not hide behind congress con grees to avoid the responsibility you can not shift tho responsibility to the shoulders 0 your associates in the west you are financial leaders and tho responsibility oi leadership Is yours |
