Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1908-06-16

CudfSluS lndt the currency leklS-
lation of the present congress was
patch on the coat of Joseph, make,
shift expediency neither honest nor
by conditions, Hon. Ar,
thur Reynolds, of Des Moines. Iowa.
tore the legislative maxes.lift into
threads this morning, pointing out
the vicious features OF the measure
and logically advancing substitute
In the form Of credit currency which
will serve the needs OF our country,
our bankers and our people for all
time as by Its very construction 1t Ia
elastic, contracting or expanding
under the pressure or depression
caused by fluctuating conditions Of
the money market.
Mr.. Reynolds. in q cool, analytical
way. dissected the Aldrich-Vreeland
bill which he asserted originated In
the back room of New York bank
when Nelson w. Aldrich first con-
ceiyed the Ubiquitous measure which
was approved by bond buying ban
,kers of certain exclusive and sell
tfish coterie OF Wall Street bankers
who handle bonds as assets and hop
ed to create sale for their. securi-
ties by making them collateral secur-
ity on an equality with municipal.
state land county -hpnds which have
more than an element OF certainty
In their value.
Mr.. Reynolds told OF the fight for
currency reform measures which
have been advocated for several
years and which are now chamnioned
by Congressman Fowler who has az
technical knowledge Of currency
credits as any man In America.
He told Of visit made BY the
currency commission OF the Ameri-
can Bankers association OF which
ne was chairman. to Warrington.
whare they called on the finance
committee OF the house where they
were cordially received and treated
with courtesy and distinction. but
when they called on phe finance
committee Of the senate that august
coterie Of public men refused to give
the bankers commission more than
a scant few minutes to discuss ques-
tions Of which they felt they had q
conclusive knowledge.
He made plain the needs OF elias
tic currency which will respond to
the varying needs OF our country and
suggested that individual and inde.
pendent banks be allowed to issue
notes on their own assets.
Under proper regulations. In fact
he declared that the people Of oul
country should not ben content un'
til we get credit currency the same
as our Canadian neighbors have and
which has been successfully used FOL
more than 40 years. and in Scotland
where II has been In vogue for 2O(
years.
Mr.. Reynolds read his address and
spoke for almost two hours in ar
analytical review of our 0urrenc,
Legislation and it's application to con
ditions both local and nationad. Hi
hearers sat throughout the address
/! in rapt attention following hin
! throught the mazes OF sta
tistical and financial figure
which are of interest to every banke
in particular and. or should be, t
every one in general.
| Mr.. Reynolds paid his respects t
the central bank idea, which he de
clared was unwise, unwieldy and un
necessary. But the great burden Q
4 his complaint directed towards tn
/ legislation fell on the clause whic
/ makes railroad and public utilit
bonds collateral security. He took
shot at the national bank act ais
because the government sells II
tonds at a premium which is nc
warranted by valuations. A natior
al bank which desires to open u
with capital of 100000 must bu
that amount of government homo
In order to issue bank notes. Thes
bonds now cost them at least S4.00
above par willie they draw only
per cent interest.
This he declares Il unfair to banl
! and not honest on the part OF II
government. Our own bonds sell ,