The Owosso times. (Owosso, Mich.) 1897-1926, 1907-12-13
PO TIC Al
RidseIy For a Central Bank.

Ridecly For Central Bank.
During the evening devoted to LES
sons OF the Financial Crisis" by the
American Academy of Political and
Social Science at Philadelphia many
financial experts advocated a central
government bank as the true remedy,
| among them Comptroller Of the Cur
rency Ridgely whose defense of the
president was cheered by the audi
ence. He insisted that the causes OF
the panic were worldwide and that the
critics of the president had done more
than any one else to unsettle the fnan-
| cial conditions of the country. The
central bank in some form was advo-
Gated by Bankers Schiff, Seligman,
Nash and others.
Senator Foraker's Candidacy.
The letter written by Senator For
| Bker of Ohio in response to the reso-
lutions of the Ohio Republican league
committees last week was his formal
| announcement of willingness to accept
support to the end Of his becoming the
candidate of the party for the presi-
dency. In it the senator virtually laid
down his platform by saying he win
Stick to his policy OF opposition to
executive encroachment and by oppos-
ing tariff tinkering.
Fowler Predicts Disaster.
Upon the eve of the opening OF con-
gress Representative Fowler of New
Jersey, head of the house banking and
currency committee, issued a predlc-
ton of coming financial tragedy of far
greater proportions than the present
panic unless we stop issuing a fixed
bond secured currency. He says that
the banks Of the country today have
about $12,000000,000 in deposits and
about the same amount of loans out
standing, against which they hold re-
serves of only $9OOOO0,O 900, of which
5000, 100000 is in bank nGta promises.
This he calls 1.-The worst and widest
form of infiation.' He defines it as
''basing one credit upon another cred
it," hence he deems the credit curren-
cy the safest because 1t would always
be sent to banks of issue promptly
and necessitate proper reserves.
The Man Without Party.
The refusal Of the house Republican
caucus to admit Representative Peter
A. Porter after he had expressed his
desire to be counted among the Re-
publicans left that new member in the
role of the man without a party, for
already he had objected to being listed
as a Democrat. Porter was elected as
an independent Republican in the
Twenty-fourth New York district by a
large majority over James w. Wads-
worth on the regular Republican tick
ct at the time Wadsworth was suffer
ing for his stand against the presi-
dents meat inspection bill in congress.
That is why they say that Porter rode
into congress on cow"
Bryan Likes tho Message.
W. J. Bryan is quoted as being in
accord with much of the presidents
message to congress. In particular he
likes the recommendation that the gov
eminent pay the expenses of elections,
only he would add provision against
private contributions. He also strong
ly approves Of the postal and guaran-
teed banks.
Naming Fowler, Snubs Plat.
The nomination of Edward S. Fowler
as collector of the port of New York
without the knowledge or approval Of
the New York senators was regarded
as a direct snub Of Plat, who has al
ways had much to say about this i'm
portant political plum. Fowler is
known as Roosevelt Democrat" and
is an old personal friend and former
employer Of Secretary Cortelyou. New
York papers unfriendly to the presi-
dent say it is a sign that he is trying
tn keen the .organizo ton from sending
a Hughes delegation to the national
convention.