Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-06-04
The Two New Batteships Author
led by the Sixtieth Congress
Will Bear These Names.
MILLION DOLLARS IN 1908.
This Is the Sum Which Senator
Smoot Says viii be Spent
Here by Uncle Sam.
The Currency Bill He Says Is Temper
airy and Designed to Allow a More
Complete Study Of Subject.

That upon the worlds seas is soon
to fly the American flag from the
masthead OF tho battleship Utah has
been known for some time. That the
particular battleship on which the
name viii be emblazzoned has been
selected, is the word brought from
Washington by Senator Smoot, who
returned last night after his labors as
a member Of the Sixtieth session of
Congress
OF the two batueships provided al
this session Of Congress" said Senator
Smoot this morning. "one is to bear
the name Of Florida, and the other
the name Of Utah. Both are larger
than any now afloat, and the con-
struction Will be commenced at once.
That these names VIII he given the
vessels has been definitely agreed
upon, and thus Utah will be honored
by one of the two finest ships afioat
within two years at the most"
The fact that the building OF tho
new ships was the subject of per-
haps the most acrimonious debate OF
the present session, and that they
represent the insstent and positive
demand Of President Roosevelt, links
TO their history an individual interest
different from that which most of
the ships now afloat enjoy.
Senator Smoot left this afternoon
for Provo, after spending this morn
ing in Salt Lake attending to per-
sonal business When asked for an
interview he was at the Deseret Ma
tional bank, and for a few minutes
he talked on national questions, in
which the west Is interested.
DRY FARM BILL.
When asked concerning tho dry farm
bill which he introduced in the senate,
Senator Smoot said that the bill as it
passed the senate was now before the
house committee on public lands, and
that he expected II TO be favortbly re-
ported and passed next session. IN re-
ply to n question concerning the nature
of the opposition to the bin. Senator
Smoot declared that the house was con-
fused through tho introduction of two
house bills Incorporating the dry farm
Idea. with an enlarged homestead idea
and that In the debate which followed
none was able TO be passed Many sem
ators and representatives" he said.
were opposed to throwing all the I'M
patented land of the United States open
10 entry in S20-acre lots, and my bill
sought TO open such land In Utah,
where it is arid. to owners who would
not be compelled to live upon II. This
clause was made necessary from the
fact that so much good dry farming
land cannot be inhabited because OF
the lack OF water, Many people wrote
me in favor OF the measure, and now
that the matters involved In the two
house bills have been settled. this one
should find its way to the calendar and
final passage"
CURRENCY AND PANIC.
"rhere is nobody" said Senator
Smoot. who for "A moment thinks the
currency bill finally passed is a panacea
for currency evils. It Is temporary in
its nature Within six years II be-
comes OF itself imperative and at the
end of that time the present banking
law win revert 10 power. unless in the
meantime Congress shall have succeed
ed, through an exhaustive study. In de-
yoloping the currency measure which
shall he permanently successful. II
was 10 allow time TO work up such n
measure that the present bill was
passed and It's first TWO clauses, as II
finally became law were the Vrec-
land clauses. which gives It its name OF
the Vreelaud- Aldrich bill They pro-
vide that securities other than bonds
may be deposited In an association of
national banks, and currency issued
against them for rs per cent OF tho
value
And what would that bill mean to
salt Lake should another panic Gomez"
was asked.
President L. S. Hills of the Deserct
National bank Joined I'm the answer TO
this question, explaining that the bin
would not affect salt Lake in any Way
ms the national banks here were not
sufficient in number nor big enough
iu their combined capitalization 10
come under the provisions Of the bill.
by themselves.
GETTING NEW MONEY,
I'VE would have to Join IN an asso-
citation with other national banks"
said Senator Smoot, until We had ten
national banks IA the association with
combined capitalization Of $4,000, 0uo.
Then In case Of O. panic VI one OF our
banks should desire Ia have currency
issued to relieve the situation, IL would
send TO the executive committee OF thla
association a set or securities up 20
40 per cent Of rs capital stock Then
" the executive committee approved
these securities ~ would recommend
that currency he printed up 10 IS per
cent of the value of the securities. All
banks Ia the association would be mu
tually responsible for all currency So
Issued TO show you how II would
work here for instance, n national
bank capitalized az 100000 should need
currency IN a panic, II could send in
$40 900 worth ~ securities and on them
could secure $4,000 In emergency cur
renCy."
''ro make Tho bin effective We would
have 10 form say a Rocky Mountain as
ISOLATION of national banks, in which
gn..a Ill Iona "a