Daily independent. [volume] (Elko, Nev.) 188?-1915, 1908-02-27
NOT DOING THINGS"

The republican financial cAurrts be-
ting unable tn agree on the necessary
legislation to ward off panics, it may be
we'll for those who are not financiers
and bankers to take interest in matter
that intimately affects their welfare.
There are three plans under considera-
ton for the reform Of the currency:
The Aldricb bill, which provides for an
issue Of emergency currency, with other
than United States bonds as security
probably be amended to $500, 900 900, as
the maximum; the i'lau for an asset cur
rency proposed by the NatioLal Associa-
ton OF Bankers, and the general cur
rency reform measure known as the
Fowler bill. There is no probability Of
the Fowler bill being considered at this
session, for it includes proposition for
the government to guarantee deposits in
national banks similar to the plan adj
vocated by Mr.. Bryan, which ID opposed
by the majority OF both parties as
making the government a partner of the
national banks and responsible :or all
their debts to their depositors.
The Aldrich bill is advanced by the
Rockefeller interests aud their financial
allies. The banks issuing currency
under it's provisions are to pay at the
rate Of six per cent per annum on the
amount issued. 1t is stated by Mr..
Glover Of Washington, who is the head
OF the Riggs National bank, controlled
by the Rockefeller interests, that at Ii
not expected dollar of such proposed
emergency currency will be called for
under the act" The fact that such q
law has been enacted would "quiet all
laxtion OF the money that is even now
being boarded" This opinion was
given out on January - and was pub
iished III the WASH nRton Post Of the
next day.
But Mr.. Glover also makes some ex-
traordinary disclosures in his statement
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 treasury to be expected,
Tor lite resources have all been exhausted
and during the panic the working
balance was actually down to D., 0OG 900,
and IL the vouchers wblch lay ON the
ofhcial desk had been signed and pre-.
sented that balance would have disau-
,peared." .., -.
SUNLESS there Ia some means Of SUD-
plying M emergency circulation"
further declares Mr.. Glover, @we are 60
ing to run against the same situation a
tew months hence, plus tile inability Of
the treasury to help. We will be going
Through the presidential campaign,
which, this time, Ia going to shake the
country from one end to the other.
What will the bankers do? If congress-
should adjourn without providing the
menns for obtaining this emergency
currency, every banker in the country
would Immediately begin to reach ont
for all the currency he could get and
lock it up. The scare We had last
October will be duplicated. The bnnks
viii cense TO loan. Enterprises will
stop, and we will have a pre- side utial
year with panic, the extent Of which
will leave to conjecture"
Those direfu predictions by eunh
high financial authority may not be
verified, and perhaps are only put out
20 scare congress into action. The ma.
tional banks held on deposit on January
%, s259, 782,014 Of the public money +,