Waterbury evening Democrat., 1908-01-28
BUSINESS MEMS MEET
Continued from Ord page).

hink 1t now suitable for this coun-
nv. The United States once bad a
entral bank. Andrew Jackson made n
popular, but unwise move, by abolish
ng it Supplemental currency is the
Ex-secretary's remedy, which remedy
vas strongly attacked later in the
yening by Congressman Hill. In
peaking Of supplemental currency MI
shaw said:
1.-THE plan which to my mind pre-
ents the fewest objections is to allow
|ur national banks to issue limited
|olume of supplemental currency,
ubject to tax of five per cent, or
tx per cent, during the period OF its
Maintenance. deem it important
hat the supplemental currency shall
|e identical in form with some money
egularly in circulation; otherwise its
resence would alarm, and do more
arm than good.
II deem it important, also, that its
ltimate redemption in gold be guar
nteed by the government. l realize
hat this is illogical, but the American
eople have been schooled to believe
i government guaranteed money, and
With very general distrust fatal to
commerce.. /, therefore, deem 1t wise
supercede the statement on the
resent bank note "this note is secured
v United States bonds" with the
tatement this note is guaranteed by
ne government
With this change the supplemental
currency to be issued by the national
anks c,n be identical with that which
secul. by a deposit of bonds. So
enerally, so well night universally
olvent are our banking institutions
hat the government would be taking
hight risk to guarantee the ultimate
redemption of all this supplemental
currency and the proposed tax would
nany fold cover the risk.
Those who think the government
hould insure deposits can find no OBJ
ection to such a guarantee, for bank
ote is almost identical with a certifi-
late of deposit, payable to bearer on
emand and it would never be parted
With or paid out by the bank except
b exchange for something believed to
e equally good"
Congressman e. j. Hill of South
forwalk was on the programme to
peak of Currency Tinkers," but de-
AIRED his would be an impromptu
ddress. He seemed to be much
brought up concerning the utter
noes of Mr. Shaw. He said he did
OF intend to be personal, but his
Jews were entirely different than
hose of the secretary. He related
he story of the minister who was
dvtsing the boy not to smoke or
hew, although the preacher at that
cry moment had chew in his
Mouth. II have a financial chew
my mouth and l know what I am
Hiking about for was right in the
hidst of the panic" He went on to
by how he was in Europe when the
ews of what was happening reached
i'm. He FASTENED home. On his
ay through Europe he found things
Eerywhere much the same as in this
punt ohoi tdSS VI ihOhCs,
i discount soaring in the air.
aused by too extravagant living.
lie then went on to try to knock the
pots out of the plan of relief as pro-
osed by the secretary. In his opin-
Pn 1t would be the height of folly |
D initiate our currency. I'VE had |
|nough money year ago to carry |
d so per cent more business than
be past" he continued, and still |
hey are crying for more CURRENCY"
IN kinds of plans were being pro-
|osed. in fact, recently while in |
Washington he received seventy-nine |
Iifferent panaceas for the financial |
|pndition in this country. He re-
|retted much that he could not go |
hto the subject in detail. But he
las afraid that If he got we'll start
h he would not stop until morning. |
His plan contemplates the establish
hent of a central bank of issue and
bserve so organized that the banks
Il every section of the country would
70 represented in its management.
|uch bank would be owned by pri-
|ate capital and the government rep
esented to the extent of preventing
be institution from ever being used
b the public wrong, the capital to be
brmeG by the contribution of 5 per
ent Of the capital of the national
|anks having part in il, and the
hstitution to be financial agent of
he government. The institution
Fould have its central establishment
b Washington and It would be gov
rned by representatives of banks
rom every state in the Union.
Mayor Thons should purchase a
God box OF cigars for Toastmaster
|hapin. Just rs the festivities were
bout to close the POSTMASTER arose
lie said the banquet would not seem
bmplete without a few remarks
rom the mayor. He is a boy"
|atched from childhood and in whom
latched from childhood and in whorl
take a large amount of interest.
have at times criticized him. but
then / hear others do so / object.
have watched him go through coll
Age. win political honor and hope
} see him realize the other ambi- /
ons he may cherish. II gives me
reat pleasure to Introduce" But
lst then some one informed him
bat the mayor had gone home. /
Just think of what he missed" re-
lied the POSTMASTER.
The guests at the tables were as
blows:
Table Truman S. Lewis. T. L.
Foodruff of Thomaston and Alder
Ian DIR J. r. Hayes.
Table 2-E. T. Guilford. Frank
racy and Nathan Spiro Of Danbury.
Table BE. II. Bristol. B. B. Bris-