The Barre daily times. (Barre, Vt.) 1897-1959, 1908-02-19
CURRENCY
is AN ISSUE
Fowler Fav0rs il For the
Republicans
HE IS MUCH ENCOURAGED
BY Work as Missionary--His Bill Be
coming More Widely Favored
Many Think 1t Right in Pur-
pose and Principle.
HE IS MUCH ENCOURAGED

washington, D. c., Feb Chairman
Fowler OF the House committee on bank.
ling and currency firmly beliegss That
the leading issue Of the Republican cans
paign Of 1908 should be the currency
question, and he thinks Bryan would
be beaten at the start should the Re
puhlieans present the issue In the form
in which Mr.. Fowler has cast It and 20
before the country lie has been greatly
encouraged By the result Of his mission
airy work throughout the country. and,
whatever may be fate Of his own bill
at this session Of Congress, he feels
that il embodies principle and a def
mite policy to which the country must
come in time. II is fact that the credit
currency plan OF Mr.. Fowler has grown
rapidly in general favor and there are
many members Of Congress who would
oppose favorable report on the Fowler
bill now in committee who frankly say
that they believe il TO be right in prin-
ciple and purpose, but are unwilling to
advocate it openly because they think
the country is not vet ripe for it.
Il was expected that the meetings OF
the committee on banking and currency
would be continued yesterday, but they
have suddenly been postponed When
they occur Lyman J Gage, former sec
rotary Of the treasury. Charles A. Conant
of New York and Joseph French John
son. head Of the school ii commerce. New
York, win be heard These are regarded
by many Of the committee, including
Chairman Fowler, rs among the leading
economists Of the country. and notwith.
standing the committee SO far has paid
very little attention to any advice that
has been given il, the opportunity toI
hear these three men at one time was
regarded as too valuable to be lost
To newspaper correspondent, Mr.
Fowler spoke earnestly yesterday morn
ing OF the availability of the currency
question a. campaign issue. and he
voiced then to altogether lonesome opin-
ion that it nould be difficult to state
on what supreme issue the Republicans
could 20 before the country this fall If
not this one. He regards the work OF
establishing sound currency by the Re
publican victory of 1896 as only hall
done and would educate the country IN
til it viii require OF Congress some
scheme Of fundamental legislation, in
stead AZ mere palliative such az bids
fair to Be passed at this session Reply
ing TO questions Yesterday morning Mr. |
Fowler said
The campaign Of 1896 was upon 4
single issue NE establishment Of the
gold standard, which means absolutely
nothing except 50 far as ii Is measure
of value as related 70 credits The issue
OF the campaign IL 1905 should lie the
practical application Of the theoretical /
victory Of 1896 The people Of the /
United States should now demand that |
the reserves ia our banks should bel
paid in gold coin, and sufficient III guam
tity to prove our credits and protect /
all depostors. Every creditor Of bank I
should have the option az having his /
credit upon The books subject to check. /
or in a current credit Of the bank, re
deemable IN gold coin
10 insure all depositofs of banks 1
that their credits upon the books OF
current credits are fedeemable IN gold
coin. let lis deposit in the treasury Of +
the United States 4 guaranty fund eli
ST00,000000 The option OF creditor
of bank To have his credit upon the
books subject TO check, or in a current
credit redeemable in gold, viii give US
true credit currency, which Will always
adjust itself to the ever varying condi
tions of trade, never too great, never
too small, always Just enough The
guaranty fund in the treasury, amount.
ing to S7M000000, protecting both De
positors and note.holders, without dis
or preference, will prevent
panics and stop an boarding Of money