The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-01-31
AUTHORS WALL STREET
INTERESTS ARE KNOWN
Effort 10 Secure for Wild
cat Securities a Legal
lied Standing
lconyrIeht bv Q. w. B. Hl

~ OllNIlEHl ny t.s. w - Aisf
Perhaps the most interesting effort
made in the past fifty yea.s TO take
advantage Of the frightened public.
WAS the bir introduced in the United
State Senate BY Senator Nelson Aid
rich legally of Rhode Island. in reality
OF 80 26. Broadway New Yorl, city
Il is styled an Emergency Cur
rency Measure and, in its effort TO
secure for wildcat securities a leealiz-
ed standing is mastery in detail and
subtle in intent
II was introduced IN the Senate on
January Z and while more than 100
amendments have been offered the
men behind measure cling with
astonishing n stency 10 the origin
al features o II &c ever comes
through the legislative mill VIII con
Tain few new features and preserve
all OF The greatest iniquity.
The bill permits ssuihg of seventy
Axe per cent OF the market value of
the bonds offered. and one.hall OF one
per cent monthly toll is levied
against the currency issued against
the bonds
AANaiHi fW1HIIs
To redeem the bonds against which
the money is issued. the term "lnw-
ful money IS used making one end
oS the transaction an emergency
currency proposition. the other a
4atraight gold transaction.
AZ present the term used IN the
redemption clause is United States
notes" and has been at times scvcrely
criticized by he great banks of the
East and south
Another provision, is that banks
not located in the great centers
known as reserve" must keep two
thirds of their iifteen-per-cent denos-
its IN actual currency; again lawful
money being used. and. II there be
one real Just clause in the entire bill
IL can be charged to that to be found
in section eight OF the measure
Approval of Issue.
In the first section OF the hi' the
comptroller of the currency is given
the right to approve or disapprove of
the issuance OF the currency: the
banking association being compelled
10 have twenty per cont of it's depos-
its on hand when it makes the appli-
cation. and can get. If it pleases the
fancy OF the comptroller. the emer-
gency money up to such amount as
would not exceed other issues of the
same banking institutiOH.
With legal phraseology omitted the
following sections are of the greatest
importance as 10 details:
Section describes Ihe character of
the securities TO be accepted TO se-
cnre the issue Of the new circulating
notes. These are
Bonds of other interest bearing in
terest obligations Of any state
ANY legally authorized bonds issued
for municipal purposes by any city OF
county which has been in existence
as city or county for IL years and
which for 10 years previous TO the de-
posit has not defaulted in the pay
ment of principal or interest on any
Funded debt, and has a population OF
more than 10000 aud whose net in
iebteiness does not exceed 10 PEI
cent of the valuation Of its taxable
property.
First mortgage bonds of any rail
road company. not including street
railway bonds. which have paid divi
dends of not less than 4 per cent reg
ularly and continuously on its entir,
capital stock for not less than fvs
years
Section 4 relates TO the law prOyid
inc FOR a tax on circulation secure,
by Panama bonds ana , per cent con