The weekly chieftain. [volume] (Vinita, Craig County, Okla.) 1905-1913, 1909-10-15

than If COLLECTS hy taAatlou % must
continue IA the old way % borrow
money from the world at large by ae
sale 81 bonds
POE the single purpose Of tlis pro-
jeeted bnnls would be the safeguard
to the business Interests OF The people
ID their private relations n there
were need for more money tor husi.
ness purposes the bank would supply
q hy notes and if il were a plethora
IA dul Times those notes would be
Withdrawn rapidly Governmental as.
elsunce ia the institution would be
limited to the deposit with the cen-
tra bank of an government funds
now in the national banks Perhaps
that feature OF the project would be
obnoxious 70 the eNistng banks but
BE Is hoped that they would find their
compensation IN being relieved from
their present burden Of carrying the
whole weight Of responsibility for In.
creased Ia the circulating medium to
meet sudden demands OF business At
Iany ratc. There would be no mttrfer.
ence with the most profitable feature
Of The banking business for the cen.
tral institution would not receive de.
posits from individuals
The question as to how the busi-
ness man is to benefit by o central
bank IS sought 70 be answered for
the acceptance OF good commercial
paper as basis for the issue of
money such paper would represent
actual transactions between solvent
concerns an short time. credits aud
sure TO be redeemed whenever the
transaction the sale and delivery
was concluded. OF course, there
would be a reasonable coin reserve 20
maintain equilibrium
Such. Ia brief Is bare outline of
the plan which with manifold de
tails. probably will be laid before con.
gress, as an accompaniment Of the
report Of the National Monetary com.
mission. That IL will meet with fair.
est aud prolonged opposition cannot
be doubted and this. too IN spite OF
the best efforts of the administration.
to have the matter regarded as nom
political The mere suggestion of a
central bank already has sutliced 70
agitate deeply the great banking I'M
terests aud the line of division began
70 be apparent at the last bankers
convention at Chicago Many of the
bank officers regarded the project with
deep suspicion They were told that
no eneroaehment upon their business
was contemplated beyond the with.
drawal from their vaults Of the gov
ernments tunas but they regarded
, the measure as the opening wedge
for the destruction of thS most ucra
tive portion Of their business and
viewed with anything but favor the
plan whereby the government bank
was to enter into competition for the
enormous discount operations which
have very great influence in the in
dustries Of the country Possibly
their objections can. IN a measure. b,
weakened by recourse 70 some
other means Of securing a basis fol
the circulating notes Of the eentra
bank than commercial paper. such
as an enlarged reserve Of gold sne
silver or even gilt-edged moragagei
on real property Hut those very sug
gestons probably would call forth
new army OF enemies. to combat th,
proposition; tor net only small banks
but thousands of wealthy individuals
ind large part So their income Il
returns from MORTGAGES. while n,
locking ap Ia government vaults q
hundreds 81 millions III coin or hul
, lion would arouse bitter opposition
from the advogates of the perfectly
elastic currency It may bo that ID,
existing political parties SIN S. II
vided ou This great question ana tina
there viii be new alignment ia con
gross when il hroached Indeed
there IS some reason 10 believe tha
the administration would prefer e
vase the battle on this basis, but tb
One assured 0ct Chat ii the consider
alton ol this subject congress n 90
near future viii plunge into aue q
the most prolonged and hard tough
contests il has known since the d3y
lol the slNteento.ene struggie