The Idaho scimitar. [volume] (Boise, Idaho) 1907-1908, 1907-11-30
The Currency Problem.

States are not inextrcably involved in bewlderment
the monetary situation it is because they have
not read all the utterances of the statesmen to
whom they look for advice
After number of specifics had been suggested
for the cure of the alment that is tantalizing the
country, the Secretary of the Treasury hit upon
expedient and put it in force in the confident be-
lief that would restore the normal currency
ment. He authorized the issue of $5o,OOOOOO in
government interest bearing bonds and $1OO,OOOOO0
in government interest bearing certificates, the latter
practically the notes of the people to the people
which the people to pay to themselves three cents
each year on each dollar
The President of the United States made haste to
approve the action of his Secretary in public letter
in which he expressed a belief that the additional
curties put forth would in way relieve the
stringency and impart greater activity to business
transactions.
The Secretary of the Treasury received like en-
enlargement from other high authority, which broke
out in spots all over the country sometimes with
thusiasm and at other time in the half hearted way
of men foundering in the inricacies of problem.
From some important sources came unstnted crti-
cism of the administration plan and among those ar
rayed in positive opposition to it is the chairman of
the House committee on banking and currency, Rep
resentative Fowler, of New Jersey, Republican.
Mr. Fowler declared that the crisis in the currency
panic had passed two days before the President au-
thorized the public loan suggested by his financial
Secretary and said: "At this juncture, when the
financial and currency situation already we'll in
hand, the administration interviewed, against the
opinion of the best judges of the situation"
It was the belief of this critic that the action of the
treasury department i-advised and that the IS
suance of additional securities would be dangerously
disturbing although he had faith to believe that the
bankers of the country would be able to avert I'M
mnent serious consequences
Mr. Fowler stated that the government already
had $24OOOOOOO in various securities largely on de-
Dost in the banks of the country, which it was
taking interest from the people in the form OF tax
alton "Therefore," he said, this new interest bear
ing debt of the government should not have been in
Cured especially when such increase in debt is clear
" in violation of the intent and purpose OF the law
and is violation of economic law for
which the people must yet pay the penalty
No stronger arraignment of the last financial act of
the government could have been made by an enemy
of the administration, though Mr. Fowler is its par
tisan friend and he prefaced his criticism with the
statement that the course to which he had commit
ted himself personally and politically unpleasant
to him.
Another member of the House committee on bank
ing and currency Congressman Prince Republican,
of Illinois, calls attention to the fact that the gov
eminent has placed in the hands of the national banks
of the country $24O0OO,OO0 on which it is drawing
no interest and it now proposes to pay two and three
ner cent interest on another $150000000 for the re-
lease of money that will give to the banks from i've
to six per cent.
Said Mr.. Prince: "The present policy of the Sec
retarv of the Treasury is to all intents in times OF
neace adding to the interest bearing debt of the peo-
Die S15OOooOOO 1t is not justfable under existing
conditions" The Illinois Congressman was OF the