The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-10-18
SHAW IS SUSPICIOUS.

Ey.Sccrctary and now Senator shaw
appears to bc rather thOroughgoing
in his opposition to "thc influences
which apparently control in public life
i'm Washington, and which were so con
spicuously in evidence in the framing
up of the new tariff law. lie was con.
spicuous member of the progressive Re-
publicans. who wanted Justice done 10
the public in tho matter Of revising
the tariff downward and at the same
time to keep the pledges of the party
to the people and particularly the
specific promises of President Taft in
his campaign speeches, that the tariff
was too high and would have 20 be
revised downward.
In a recent address TO the Philadcl'
phia Chapter Of The American lnsti.
tute of Bankers. Mr. Shaw, former See
rctaTy Of the Treasury and now Senator
from Iowa stated that he was some
what skcptcal as 10 the utility of a
central bank in this country, - and ne
went on to explain why he WAS skcp.
teal. He feared that such central
bank if established would BECOME
servant of 80 the same interests that al
ready own or control more than fifty
Of the very large financial institu-
tions Of the country aud further,
that "thc country bank when in need
of relief will bc respectfully referred
10 the large city banks which alone
will be supported and aided by the
large central bank. y
An Of which shows that Senator Shaw
is on the right track; that lie under,
stands the situation very well and that
he is fully aware OF the hypocrisy that
undcrlies the whole prctensc which
supports the present currency situation,
as well as the false prctcnscs which
would point out the Central National
Bank rs the remedy for all ills.
The truth is that ''tbc influences =
which prevail are utterly inconsistent
in this whole matter. Whenever those
who declare that there is not gold
enough. and never has been, 10 meet
the requirements of an exclusive gold
standard, demand relief from the Gov
crnmcnt, these same influences cry out
that the Government must not take part
in any such thing, must not issue
money. must not get into the banking
business, and must moi take control Of
the currency or money situation for IT.
self. Their utter Inconsistency is
shown, however, in tho fact that these
same influences arc blatant for the in
trusiom Of the Government into pre-
ciscly the same lines INTO which they
declare the Government must not in
trudc They want the Government 10
90 into the banking business so far
rs postal savings banks arc concerned,
they want the Government to set up n
central national bank TO be supported
and guaranteed by the Government.
but the Government TO get no advant
age out Of it. and 10 issue currency at
hand instead Of issuing currency di-
rect and getting the benefits there
from.
Those same influences have always
been fierce for beating down silver rs a
money metal, and are just now begin
ming to realize the damage they have
done TO The commercial and industrial
life of the civilized world in so doing,
They have deprecated silver to such
point now that China. in the opinion
Of experts, offers the most advantag.
cous field for the manufactures of the
world, because il has an abundance of
cheap labor, and because its tariff pro
lection through silver discounts is such
that it could not be improved by any
! legislation and is absolutely unassail.
able by any civilized power. 1t is free.
" predicted by experts that before ten
/ years CHINA will have mouopolizcd a