New-York tribune., 1907-11-26
"BRYAN'S PLAN ABSURD" i"
Dir. Hall GiUes His Vie5oS on
Finance and Politics.
a. pa l,he TrIbune pure,u.l


Washington. Nov. %.-"Mr Bryan's plan TO have
the government guarantee all the banks is the
most absurd scheme / heard of. The only
way to manage the banks is TO make the bankers
manage them themselves"
Representative Hull of Iowa declared to-day,
after interview with the President. which
the financial situation was discussed Mr. Hull
told the President that he In accord with the
views Of ex-Secretary Shaw, who believes that
financial stringencies may be avoided by allow
ing the national banks to issue circulation TO
the extent of 90 per cent of their capital stock
and placing a government tax OF per cent on
the circulation
IF the government tries to take care of all the
banks at once Mr. Bryan suggests said MT.
Hull, the worst kind of chaos is certain to re-
suit. The bankers should be made to take care or
the banks. They are the only ones who can If
Congress is afraid of the plan suggested by Mr.
Shaw. because of apprehension that this great
added volume of circulation would not be called
in, why not pass law limiting the time for the
emergency circulation TO expire? But there Is no
danger whatever that 1t would not be retired
very quickly after the emergency ceased TO ex-
st if the Shaw plan were adopted. for the per
cent tax would do It. The bankers would not
let II stay out a minute longer than they coulo
help for as soon as the crisis passed money
would not be worth anywhere near that interest
Speaking of the panic. Mr. Hull declared that the
people OF the country did not hold the PRESIDENT
responsible for it any more than they would oisme
an officer of the law for arrestng a criminal
IF a man breaking into your house. ne
said by way of illustration. you certainly would
not blame the sheriff for coming along and arrest
ing the burglar. This is pretty nearly parallel
case and the people throughout the West at least
willing to suffer the squeeze of panic Tor a
time If by doing so they are assured that the
country good housecleaning Ihe
situation we find confronting never could have
been brought about but for the gambling and IL
legal maneuvres of the big spectators In New
York. The country is rolling In wealth-smply
wallowing in 1t. Crops were never better. and the
people OF the country comparatively rich. Yet
n few banks in New York put down the lid and
down goes the lid all over the United States The
banks out in my country cannot get the money
which the banks in Chicago. St Louis Cleveland
and Kansas City them. The banks in Chi
cago. St Louis. Cleveland and Kansas City quit
paying out money on the plea that they cannot
get the money that the banks in New York owe
them. and panic results. Yet we hear the cry
raised by the New York bankers that the West
is trying to ruin them. when the Western people
demand the money that is rightfully theirs / be-
leve most of the trouble has been caused directly
indirectly by the New York bankers loaning on
margins. II I had my way ia pass law pro-
hhiting any national bank from dabbling in stocks.
If they want to buy stocks let them buy them
outright and keep out of the gambling game This
is n gamblers panic from the start and while, OF
course, II is necessary for the government TO 20
TO the relief of Wall Street, do feel bit like
wasting any sympathy on the men who have been
caught in the squeeze. We must help New York
because New York is the national clearing house.
and not because we approve of what IT has done"
Mr.. Hull said that had the President been lying
awake nights trying to devise a plan TO increase
his popularity he couldn't have found a moro ef-
fective way than the order he issued prohibiting
federal oftceholders from booming him for reelec-
ton. It was one OF the best orders he ever issued
1 tried my best 10 get President Mckinley to order
the Southern oflcehoders out of politics and he
said he would do 1t. But he found that they were
too strong for him on that proposition and the ef-
fort failed. Take the Southern oflceholders as a
class they Republicans for job-hoIding pur-
poses only. They'd hate TO the South go Re
publican. for then there wouldn't be enough Offices
TO go around. Now there just about enough
Out in Iowa. and the West generally. believe tho
people are thoroughly convinced that the President
should succeed himself
Then you don't agree with Mr.. Shaw on all SUBJ
tects?' asked
mot all subjects" Mr.. Hull replied IT have the
greatest admiration for Mr.. Shaw, and think that
his financial suggestion is a very fine one but in
political way not always in accord with his
views"