ON OUR BANKING SYSTEM. 327 



I must confess the most active sympathy with the objects in view in all 

 polar research, and I am convinced that the observations of physical phe- 

 nomena there are to be ultimately of much practical benefit to us in these 

 lower zones in our commerce and in the safety of our lives upon the high 

 seas; but, unless systematically organized and coutinued through a series 

 of years, we may expect small results. (Commander W. S. Schley, U. S. 

 Navy, the rescuer of Greely.) 



There is a line of possible discovery of the utmost importance lying be- 

 tween the Miocene deposits and the Pleistocene glaciation — viz., the find- 

 ing of Pliocene beds that indicate the climatic conditions of the region just 

 preceding the glaciation. All deposits later than the fossiliferous Miocene 

 possess extreme interest. (Dr. T. C. Charaberlin, Professor of Geology, 

 Chicago University, formerly President University of Wisconsin, and 

 Chief of Division of Glacial Geology, United States Geological Survey.) 



The Board of Managers of the Imperial Eoyal Geographic Society of 

 Vienna has carefully examined Eobert Stein's project of continuous polar 

 exploration, and welcomes it with the utmost satisfaction. In the domains 

 of oceanography, meteorology, terrestrial magnetism, the determination of 

 gravity, plant and animal life, a new expedition would be of high scien- 

 tific importance. For this purpose the plan designed and elaborated by 

 Mr. Eobert Stein seems especially suitable. At the request of the society, 

 the well-known explorer, Julius von Payer, has also exj)ressed his opinion. 



A " secure base of operations " can only be had on land, and even there 

 only at a few points in the polar region. It is the merit of Mr. Stein to 

 have discovered the one spot most suitable for such a base. Mr. Stein's plan 

 has my full approval, and, for geographic exploration in the far north, it is 

 thus far the best imaginable. (Lieutenant Julius von Payer, explorer of 

 Franz Josef Land.) 



ON OUR BANKING SYSTEM. 



By LOGAN G. McPHERSON. 



IT is not to be supposed that many of the heads of the six mil- 

 lion families in the United States whose incomes are less than 

 six hundred dollars a year ever have in their possession more 

 than a few dollars that are not required for immediate needs. A 

 considerable number of those having larger incomes frequently 

 are in possession of money which they are not obliged to spend at 

 once, and merchants and manufacturers and others who direct 

 on a large scale the efforts of many employees are frequently in 

 possession of considerable sums which they do not immediately 

 need to use. 



Especially among English-speaking people has grown the cus- 

 tom of depositing such money in banks. Primary and elemen- 

 tary points of the banking problem are therefore the provision 

 of receptacles for money that will withstand the forces of Nature 

 and the assault of thieves; the securing of custodians who are 



