#Defects of our banking organization before 1913#.

Taken altogether, the banks in the United States since 1868 have represented great banking power and very efficient service for the community in times of normal business.

But in several respects it long ago became evident that our banks were operating less satisfactorily than those of several other countries.

American banking organization had failed to keep pace with the increasing magnitude and difficulty of its task.

Especially at the recurring periods of financial stress, such as occurred in 1893, 1903, and 1907, our banking machinery showed itself to be wofully unequal to the strain put upon it.