Bisbee daily review., 1908-02-07
REPUBLICAN LAUNDERING.

REPUBLICAN
 LAUNDERING.
 The Republican financial experts being unable to agree on the necessary legislation to ward of panics, it may be we'll for those who are not financi- CTS and bankers to take interest in a matter that intimately affects their welfare There are three plans for reforming the currency under con- sideration: The Aldrich bill which provides for an issue of emergency currency. with other than United States bonds as security and limited to Ss5O. 900, 900, which will probably be amended to $500, ,OOO, 900 as the maxi mum. The plan for an asset currency proposed by the National Association of Bankers and the general currency reform measure known as the Fowler bill. There is no probability of the Fowler bill being considered at this session, for it includes a proposition for the government to guarantee de- posits in national banks similar to the plan advocated by MT. Bryah, which is opposed by the majority of both parties as making the government a partner of the national banks and re- sponsible for all their debts to their depositors.
 The AIdrich bill is advanced by the Rockefeller interests and their financ- ial allies. The banks issuing currency under it's provisions are to pay at the rate of 6 per cent per annum on the amount issued. It is stated by Mir. Glover of Washington, who is the head of the Riggs National Bank, controlled by the Rockefeller interests, that it is not expected a dollar of such pro posed emergency currency will be called for under the act'' The fact that such a law has been enacted would quiet all uneasiness and cause an immediate rel9xation of the money that is even now being toarded." :" This opinion was given out cn Janu- ary p. and was published in the Washington Post of the next day.
 But MT. Glover also makes some extraordinary disclosures in his state ment that throw light on the panic and the danger there is of recurrence. He says: There is now no further relief from the United States treas uTy to be expected for it's resources have all been exhausted. and during the panic the working balance was actually down to $2,OOO 900, and if the vouchers which lay on the official desk had been signed and presented that balance would have disappeared 5
 Unless there is some means of supplying an emergency circulation . further declares MT. Glover, i've are going to run up against the same situation a few months hence, plus the inability of the treasury to help We will be going through the presi dential campaign, which, this time, is going to shake the country from one end to the other. What will the bankers do? If congress should ad journ without providing the means for obtaining this emergency currency every banker in the country would immediately begin to reach cut for all the currency he could get and lock il up. The scare We had last October will be duplicated. The banks vii cease to loan. Enterprises will stop and we will have a presidential yeai with a panic, the extent of which will leave to conjecture"
 These direful predictions by such . high financial authority may not be verified. and perhaps are only put out to scare congress into action. The national banks held on deposit Janu ary 2s. s24s. .7s2.O14 of the public money. and on the same date there was a deficit of available cash in ths treasury to pay running expenses No doubt many vouchers were beinf held up because of this lack of cash