The herald and news. [volume] (Newberry S.C.) 1903-1937, 1907-01-08
OUR WASHINGTON LETTER.
Judge Gray For President-Aid For
Cotton Manufacturers New
Currency Plan.
(By James S. Mccarthy

administration is constantly running
to new extremes Of centralized radi-
calism and. imperialism the conviction
is &rowin" anon" thinking" men Of
both parties that the country must
look to the democrats Of the siouthcrn
states for conservative leadership and
for the Inauguration or q movement
that will restore the government to
the lines laid down by the trainers of
the Federal Constitution. Congress-
man William Richardson, of Alaba-
ma, voiced the views Of many of his
party associatcs-both South and
North--when. on his return to Wash
ineton after the Christmas holidays,
he said: "The South is getting bust
ness-like and conservative. In fact,
I predict the time when the Southern
States will be relied on to preserve
the whole union from socialism and
radicaism Of every sort. In line with
this mission, L want to see the demo-
cratic party select for its leader in
1908 that great and able man Of stain
less character, Judge George Gray, of
Delaware, a man whose name is a
synonym for conservatism. Let him
have as a running mate John w.
Daniel Of Virginia, or John Sharp
Williams, Of Mississippi. and we vii
have ticket to be proud off,.
The Bureau of Manufactures in the
Department of Commerce and Labor
has been collecting samples Of cotton
goods manufactured in foreign coun-
tries and sold in China, Japan. India,
:AnS;ralia, Turkey, Egypt, South Afri-
ca, and South America. These samples
have been collected for the purpose
of giving to American manufacturers
information as to the exact character
Of goods in demand in the different
markets of the world. In order that
they may be Of the greatest benefit to
the cotton industry of the United
States they vii be distributed, on ap-
plication, to cotton manufacturers and
to chambers of commerce and other
commercial organizations located in
cotton manufacturing communities.
Congressman Fowler, chairman Of
the House Committee on Banking and
Currency, is urging early considera-
tion of the bank currency bill reported
from his committee. This bill fol-
lows the recommendation of the Cur
rcncy Committee of the American
Bankers association. Some Of the
leading men in congress are not en-
tirely satisfied with it, however, and
will propose more or less radical mod
;fcations. A plan that is attracting
great deal Of attention here is one
proposed by Mr.. Victor Morawetz, Of
New York, which has been formulated
with a view to combining elasticity
with perfect safety. A central bank
nt issue being on! g. tiIe ';:les: on in
the United States, Nl". Mora: etz pro-
poses to secure all the advantages Of
such an institution by providing for
a joint issue department under con-
troll of board of managers to be
elected by all the national banks and
to have authority to issue joint notes
to each bank, to an amount not ex-
ceeding it's capital, on payment of
contribution Of at least twenty-five
per cent to a joint redemption fund
and upon deposit Of bonds or other
approver banking collateral. Au-
thority would be given to the board
of managers or the secretary of the
treasury to require an increase in the
redemption fund at any time, thus ell
abling them to check any tendency to
an imitation Of the currency. It is
not probable, however, that this power
would have to be exercised, for the
provisions for redemption would be
such as to make it practically impos-
sible for more Of this currency to re-
main out at any time than would be
actually needed in current legitimate
business. Mr.. Morawetz would Sc
cure this prompt redemption by re-
tanning the present law as to reserve
requirements which would make it to
the interest Of every national bank to
present for immediate redemption
every one Of these joint notes paid in