Evening star., 1901-10-01
REF lN,PslykhGsYsTEM.
That woula reP"d to Eauali1e
Ratas of Interest.

Before leaving Washington for his home
this morning Col. John p Irish, member
from Californiatbf the Indianapolis none
tary conference, of Which H. III. Hanna is
chairman. said sto ali Evening Star re-
porter that there would likely be meet
ing of the executive committee In WASH
ington some time early in December
II do not believe that am violating the
confidence of my fellow-lnembers when I
say that the committee will, in all proba-
bility, submit to congress proposition for
such reform In the banking system as will
more nearly adapt 1t to the credit and cur
rency needs of the people," he continued.
'At present the system tends to overcon-
gest the currency in money centers. where
business men have ready access to 1t at
low rates of interest and can use their
credit very economically. The business
men, however, remote from these centers
farmers, stock growers. miners-have not
the same opportunities to economically use
their credit through the lack of banking
facilities.
"A function of banks is to carry and dis
tribute the surplus capital of the country.
This surplus constitutes the loan fund Of
the country, to which business men resort
to borrow capital for use in their enter
prises
by hberalizing our national banking law
will more evenly distribute this loan fund
than at present and will tend to equalize
interest rates so that a business man In
IeXas Will not have to pay 10 per cent for
money while man in New York gets 1t on
call for 2 per cent.
This reform will not only benefit the
business and stimulate the enterprise of
the country. but will have a tendency to
obstruct the unsound money campaign
which has been promoted in states remote
from the money centers by the false cry
that there Is not money enough in the
country to do its business
Grazing on the Ranges.
Colonel Irish during his brief sojourn in
Washington. talked with a number of men,
bers Of Congress who are here regarding
legislation that will better protect the pub
lie domain In the western states.
"The destruction of the forage on the
economic subject Of vast Importance" he
said. "The grazing of cattle the year
around has had the effect of stripping tho
ground of its vegetable covering, the aridi-
ty has increased and springs have dried up.
Water courses that used to have an even
flow the year around are torrents when it
rains and then dry up sometimes for
months This stripping of the ranges. by
making the country drier, is every year
reducing It's possibility for agricultural set
tlement. r..
There is widespread feeling by people of
the west that this destruction Of the ranges
should cease. that stockmen who use them
should be compelled to lease from the gov
ernment and pay rent for the USE and that
the rent be held in trust in the federal
treasury, to be Eeturnad to the states and
territories where 1t is derived when they
are prepared to properly apply it to irriga-
ton. liz b
This will relieve the river and harbor
bill of propositions to load it down with
appropriations for irrigation in the west
will be making the steckmen pay as they
should for public property they use. and
will be devoting an existing public asset to
the extension of fertility in the west by ap-
plying the rental to irrigation.
ut is estimatea by the executive depart
ments in Washington that the rentals thus
derived from leasing the public property
now used for nothing and destroyed will
yield fully $4,000. 900 per annum."