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Page:Popular Science Monthly Volume 49.djvu/345

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ON OUR BANKING SYSTEM.

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 phenomena 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 continued 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 between the Miocene deposits and the Pleistocene glaciation—viz., the finding 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. Chamberlin, 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 Royal Geographic Society of Vienna has carefully examined Robert 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 scientific importance. For this purpose the plan designed and elaborated by Mr. Robert Stein seems especially suitable. At the request of the society, the well-known explorer, Julius von Payer, has also expressed 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 million 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 custom of depositing such money in banks. Primary and elementary 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