The Hartford republican. (Hartford, Ky.) 18??-1926, 1906-11-23
CURRENCY COMMISSION
Will Present Series OF ResO-
lutiOnS TO Congress.
Prosecution of Standard Oil Com
parry to be Pushed TO a Sue
cesstul Conclusion.
SENATOR PLAT TO RESIGN
Especial to tux RrrrnI.icAS,l

Washington, DC, Nov. 20, 1906.
After almost week Of delibera-
ton the Currency Commission in ses-
sion here. representing the principal
banking interests of the United
States, has drawn up series of
recommendations which it will pre-
sent to Congress as soon as that
body meets. and which will have a
considerable show of passing, as
they seem to embody the united
opinion of the banking interests,
not exclusively those of New York.
The reform currency scheme pro-
vides for an issue of emergency cir
culation by the National Banks on a
basis which it is believed will guar
antee entire stability. Briefly the
scheme is to allow banks of issue to
put out extra note circulation to the
amount of 40 per cent. Of their nor
NAL bond secured circulation. This
issue will be subject to tax of 2-l
2 per cent. An additional amount
up to II per cent. of the banks cap
ital stock may be issued in note cir
culation at a tax of 3 per cent. This
tax will be set aside as special fund
out of which to redeem the notes of
banks that fail. In order that the
guarantee for the note circulation
may be ample from the time the
bank first takes out this circulation,
it may guarantee its note issue by a
deposit of per cent. of the total
note valuation in the Treasury of the
United States. As its taxes accu-
mulate 1t may call for a refund of
this deposit, providing always, that
there is an amount to its credit in
the reserve fund not falling below
the per cent. of its note issue.
The prosecution Of the Standard
Oil Company under the Sherman
anti. trust act has awakened a great
deal. of interest in Washington, es-
pecially in view of Attorney General
Moody's statement that he believes
he can push the prosecution to sue
cessful conclusion. The investiga-
tons of the Bureau of Corporations
during the past two years have made
it seem plain enough to the average
citizen that the Standard Oil Com
pany has been caught with the
goods. +" and the only wonder is that
the Attorney General has not in
cluded criminal prosecution, as well
as civil, in the indictment. There is
little question that criminal prosecu-
ton would be justified. and it is be-
lieved that it could be made to stick.
But it is thought that the moral eff
feet of winning the civil suit will be
enough to force the Standard Oil
Company out of its monopolistic ex-
istence and brighten its moving spir-
its into playing fair with the public
and the independent dealers, lest a
worse thing befall them.
There is every indication that Sem
ator T. C. Platt, of New York, is 60
ing to resign. The old. gentleman
has been in very i'll health for long
time past. His political trends, to
a very large extent, have fallen
away from him since he lost control
of the New York machine, and the
unpleasant family troubles through
which he has passed, make it almost
impossible for him to remain in pub
lie life. The reason for thinking
that his resignation is impending
lies in the fact that if he resigns
now his successor will be appointed
by the present Governor, the Leg
islature being Republican in both
branches. This is about the last SER
vice he can render his party and it
is thought he will take the opportu-
nifty while it offers. The most prob
able name among those mentioned
as his successor is Frank S. Black
and it is understood that he will
gladly accept the position. Senator
Platt's term runs until 1909.
There has been a meeting in Wash
ington this week Of the American
Forestry Association that ought to