The Norfolk weekly news-journal. (Norfolk, Neb.) 1900-19??, 1908-01-17

has begun discussing the measure with
financial experts, It is said, with the
view Of so posting himself that, In
case the bill should pass and come up
for his executive approval, he could
act wisely.
One of the financial experts who
recently called was A. o. Crozier OF
Wilmington, Del, who has on numer-
Gus occasions been in consultation
with the president in regard to matters
/ of public policy. After leaving the
white house Mr.. Crozier issued state
ment faying the bill which will pro.
badly be read with more or less inter
est and endorsement in the west. In
part he said:
THE terms OF the bill place the is
sue OF this proposed emergency cur
rency almost solely in New York That
is conceded by about everybody who
examines it without prejudice. But
with that comes a feature which is
appalling In its possibilities. 1t is
this:
1.-THE bill places the power Of con-
traction of our currency in private
hands. Heretofore, that has been kept
in the hands Of the government. Until
last March the national banks could
contract our currency at the rate Of
100000 a month, and no fastser.
March 4, a law went into effect raising
this rate to 100000 a month. But
! this bill permits the banks to contract
the money in circulation a quarter of
billion dollars a a moments notice.
IF the withdrawal Of matter Of
$50000.000 from the banks of New
York, as was the case in October, can
produce paralysis all over the United
States, what may the effect be II Wall
street interests have it in their hands
to throw $25O,OOO,OOO out of circulation
in an instant?
1t is not only true that the terms of
this measure make it most favorable
for the issue Of this emergency curren-
cy almost entirely by New York banks
but under the law the capital and sur
plus Of those banks will allow them to
issue the whole sum of $250,000,000 If
they want to.
"And with it in their hands, they
can withdraw it from circulation the
moment it is their desire to make
money short, or to depreciate stocks
and other securities. The evidence is
here on file, in all the efforts of the
Wall street interests for years past to
amend the banking laws, that their
sole aim has been to get into private
hands the power to contract the cur
rency. This bill, while it retains in
the hands of the government the con-
troll of the expansion, leaves the con-
traction entirely in private hands. The
man who holds that power of contrac-
ton has the rest of the United States
at his mercy just as surely as though
| this were an absolute monarchy and
he the monarch. 1t would be equal to
the power of life and death over the
people.
But even while this bill retains
control of the expansion of the cur
rency for the government, it places
the designation of the banks that are
to issue emergency currency with the
controller of the currency alone. Sup
pose he happens some time to be venal.
Suppose some concern, seeking advan-
tage, offers him a $4,000 job in New
York after he leaves the treasury pro-
vided he favors certain interests in the
issue of this currency. What are you
going to do about it?
ut is not impossible for a treasury
official to receive an offer of fine
position at big salary in New York,
you know. 1t is not entirely without
the realm of reason that comptroller
may receive such an offer and become
president of national bank or
trust company.
This bill is not quite as good
thing for the Wall street interests
as central bank of issue would be,
but it places the contraction of the
currency in private hands and that
is the first great desire behind the
demand for central bank. That is
the chief reason for the demand for
central bank. And if this bill passes
the demand for central bank will
disappear"
BRYAN'S VIEW OF JOHNSON.
While Mr.. Bryan, himself, has thus
far consented to offer no public word
1