The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1908-02-13

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OF the highest type. Popular senu-
ment has been aroused against tnls'
also logically. We have gone 10 ex'
tremes. ihdlscriminate praise and con-
defamation. We have denounced our
selves until we have believed our.
selves, and the world has tsNsn Us at
our word"
Takes Issue With ingalls,.
lie paid a high tribute 10 President
Roosevelt as the right man for his
place, and Que who had served notice
that the people rule. speaking OF Lam
coin, whose birthday X was, he said
that he had been tho right man In
the sixties, as Cleveland had been the
right man to light free silver coinage
and Mckinley 70 start the wheels OF
prosperity. Referring TO the panic Of
last fall. he said that with big crops
and big industrial output, such y
stringency would be unthinkable in
any other country. Our money Is the
best in the world. but not our cur
rency methods. After opposing GEN.
trail bank. arguing that such o bank
situated IN New York would not help
the rest OF the country, and situated
In Chicago would not assist the east,
he took issue with Mr.. ingalls, In re-
gard TO the clearing house checks.
These were 10 the country bankers
like a red rag to a bull.
No new kind OF currency should be
used IN time OF unusual business con-
ditions. to further unseat confidence.
The Aldrich bill. basing emergency IS
sues on bonds, he criticized as useless
except for New York. And he held
out no suggestion that New York
would assist the outside banks.
How much would Detroit banks
contribute to save the banks OF New
York; he inquired pointedly. IF the
banks OF Spokane wanted an -enerA
gency issue based on Spokane NUM-
cipal bonds, 1: would take so long 10
Investigate the security that the bank
would be In the harcs OF receiver for
a twelve-month before its currency
came"
The ex-secre. airy maintained that the
best panacea would be provision al
lowing banks 10 Issue notes up to a
portion of their cspnai. These. would
pay a five per cent tor SO that there
use them except in times OF stringen-
cy and would be iimitss in time TO four
months. He told how he had tried to
get Senator Alfr;ch to permit the pas
sage OF a bill allowing the national
banks 10 hone acCeltaDces OF drafts.
thus creating resource OF assets
based upon commercial credit.
Circulation Dilemma for Two.
Mr.. Schermerhorn. speaking on
Circulation" spoke in part as fol-
lows:
I'VE are gathered in the interest OF
national health in general, banking
and newspaper health In particular.
This involves a good circulation. The
learned doctor who was diagnosing
the case OF country editor declared
that the symptoms were unmistakable
he was suffering from impaired cir
| culation. Whereupon the invalid leap
ed from his couch and exclaimed,
False as Hades, we have the largest
circulation OF any paper In the coun-
lty.'
"Just how vital circulation is TO
newspaper health was revealed In the
answer of a solicitor 10 the advertiser
| who wanted TO know where the paper
went. The solicitor replied Il went
everywhere and would go to the dem
milton bow-wows IL he didn't get that
contract. One touch OF sorrow makes
the whole world kin. You behold
usually not having much I'm common,
thrown together by adversely. We are
both confronted by the problem OF cir
culation. Our phase OF the trouble Is
simpler and more easy Of solution,
however. than yours. You have to
wrestle with both stringency and re-
dundancy of circulation while we are
concerned only in making a redundant
circulation more SO. In other words.
elasticity Of circulation suits us all
right. II IL only stretches the right
way. Lose the elastic and our circu-
lation, like our cotton hose. comes
down. Accordingly. we do not
want to be In the position OF the man
who married nice girl and moved TO
Wisconsin where her father had a
large fortune and diabetes. He said
he would have been able TO have made
millions out OF his system II his Ia
ther-in-law only had backed him.
Didn't he back you" asked his
friend: YES" replied the promoter,
but he backed the wrong way
Gets News Suppressed.
The problem OF circulation expan-
sion is complicated with us when, In
times OF crisis. a delegation from To-
cal banking circles invades the editor
ial sanctum in the capacity OF So
ciety for the suppression OF news and
insists that all startling financial in
telligence shall be kept out of the
papers. The paper is adjured TO
avoid unnecessary references to the
financial situation for fear of the ef-
feet up the public mind; then having
wrung from the editor a promise TO