The Colville examiner. [volume] (Colville, Wash.) 1907-1948, 1908-07-25

ecutive officers of the banks in the Inland Empire,
taking in eastern Washington, northern Idaho and
western Montana, suggesting the organization OF
a currency association The first meeting will
take place in Spokane the middle of August, when
it is expected to have sufficient number of banks
interested in the movement to make it a success.
All the banks interested in the Spokane Clearing
House association have endorsed the plan to take
advantage of the emergency currency law recently
passed by congress, permitting them to secure the
issue of paper money during the republican hard
times.
The new law provides that in the event of a
money stringency or at any time the organization
wishes to do so it may issue paper money the same
as the government has in circulation instead OF
issuing clearing house certificates. The Vreeland
law..permits national banking associations, each
having an unimpaired capital and surplus OF not
less than 20 per cent not less than ten in number.
having an aggregated capital and surplus Of at
least S. O00 000 may form voluntary associations,
to be designated as national currency association.
Not more than one association is allowed in each
city, and where the city is not large enough to
furnish all the banks as is the condition in Spo-
kane banks in the territory adjacent may be taken
into the association.
1t is provided by the law that for the purpose OF
obtaining additional circulation any national cur
rency association bank belonging to the nation
al currency association having circulating notes
outstanding secured by the deposit Of bonds Of the
United States to an amount of not less than 20 per
cent, may deposit with and transfer to the associ
ation in trust for the United States such of these
securieties as may be satisfactory to the board Of
the association. The officers may thereupon make
application to the comptroller of the currency for
on ;ccuo IF additional circulatinU notpa an
amount not exceeding rs per cent of the cash value
of the securietes or commercial paper so deposited.
The comptroller then notifies the secretary of the
treasury, and if in his judgment business condi-
tions in the locality demand additional circulation,
he may direct an issue of circulating notes to the
association to an amount in his discretion, not
exceeding Is per cent of the cash value of the Sc
curities deposited.
In the democratic platform adopted at Denver it
is declared that there is no twilight zone between
the nation and the state in which exploiting inter-
ests can take refuge from both."
For years the great corporations have made use
of such twilight zone" Each state has had its
laws but a sufficiently large twilight zone" has
been left between the meeting of the state and
national laws to allow the corporations to do about
as they pleased, and when they were brought to
task by either set of laws it would invariably be
found that the law did not cover that particular
point.
A republican congress has been in power for
years, but owing to it's captalstic control it has
not passed the laws which are necessary to do
away with this twilight zone" When any state
attempts to pass laws to remedy the situation the
supreme court declares them unconstitutional
And the corporations continue to gather in the
shekels
Democracy declares that this twilight zone"
must be no more. Will you vote for and with the
people on this matter, are you in favor of fur
ther enthronement of the trusts?
S~S
Mr.. Bryan and the democratic campaign commit
tee have declared their refusal to accept money
from the corporations, believing that it is not in
keeping with the declarations of the party to use
tainted money for campaign of reform.
The republican position will be the same as ever
any and all kinds of money will be gladly re-
ceived, and if the corporation do not through
in sufficient amounts they may be assessed. Mr.
Taft has declared that the republican committee will
not accept corporation money either, but then Mr..
Taft will not have any more to do with managing
the campaign than he did with framing the
platform.
The public is thus given comparative idea OF
the two great parties. For the best interests of
this nation, which party ought to win?
With normal republican majority of 700, Walla
Wala has gone democratic by 942 Eugene Taus-
ick, Bryan democrat, was elected mayor over W.
P. Mexican, president of the Taft republican club
by ], ,4O4 to 462. This is the first time that Walla
Wala has had democratic mayor in eighteen
years and may be accepted as one of the straws that