Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1906-12-15
Controller of Currency
Opposes High Tax on
Credit Medium.
SHOULD BE GRADUATED
EnIarges Upon His Ideas Before
Banking Committee of
House.

Washington. Dec. 15.-William II
Ridgely. controller of the currency, ad
vocated before the house committee
on banking and currency today the
proposed credit currency plan. There
was. he said. no question regarding the
necessity of some measure of relief.
He believed a graduated tax should be
placed on credit notes which would
create ample reserve for their redemp-
tion. This he thought, was a much
superior method TO the high tax plan
with no reserve.
Would Guarantee Ii.
Ridgely is strongly in favor of hav-
ing the government guarantee such
credit currency. No risk would be in
vOlved in this, as he said the > per
cent guarantee fund would make the
government safe against possible loss
The controller did not regard the ad
ministration's proposed plan as neces-
sarily expensive TO the government.
The proposed 21a per cent tax. he
said. would create a fund of from 81
100000 TO S5,000,000 a year. which
would be abundantly ample 10 meet all
expenses and create a reserve fund.
Redemption agencies, he said, would
necessarily have to be established in
many cities of the country, but the
maintenance of these would be a COM
paratively light expense.
To Increase Retirement Limit.
Ridgely favored the increasing of the
present s3.0G0.OO0 monthly limit on the
retirement of national bank circuIa-
tion to s12,OO0.O00 or S15.O0O.OO0. Civ
ing the secretary of the treasury dis
cretiGnary power to modify or suspend
the limit to meet any arising condition.
This limit was fixed. he said, when the
circulation was something like $780,
100000 1t is now more than S5OO.OOO.-
600.
Pass Deficiency BILL
Washington, Dec. 15.-The 9THRnt
deficiency bill. carrying appropriations
of S5S1.5O0 was passed by the house
today.
Would Protect Nails.
Washington. Dec. 14.-Represent-
ative's TOwnsend's bill for the compul-
sorry investigation of troubles between
employers and employees which affect
the transportation of government mails
or necessary government interstate
and foreign commerce was under con-
sideration yesterday by the house COM
mittee on interstate and foreign COM
msrce In explanation of the bill Town |
send said arbitration of the anthracite |
coal strike in 1902 by a commission |
showed the desirability of such meth |
Od to bring labor troubles to and end.
do Not Consider Public.
"Some labor leaders," he said may
desire to settle their differences with
out interference and many employ
ers may have the same desire. but"
he added. this selfish view does not
take the welfare of the public into con-
sideration." He urged publicity as a |
remedy for wrong of all sorts.
The bill provides there shall be in
reference only when the president is
convinced interference is necessary.
VIII Qualify Monday.
Washington. Dec 15.-Moody says
he will qualify for justice on the SUI
preme bench Monday when the cabinet
changes take place, the ship subsidy
fight by agreement of the committee
today goes over to January Z, when a
vote will be taken.
would Modify Pass LAW.
Washington, Dec. 15.-An amendment
to the railway rate law has been pro
posed in the interest of newspapers.
Several editors of what are usually
termed country newspapers are in
Washington to promote the passage of
a bill introduced by Representative
Garrett of Tennessee. The bill pro-
poses to permit newspapers to accept
from railroads in lieu
of cash in payment for advertisements.
Under a ruling of the interstate com
merce commission only cash or its
equivalent can be accepted by railroads
in payment for transportation Under
this ruling a practice common before
the new law took effect of railroads
transportation to newspa-
pers on account of advertising has 1
been discontinued.