The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1910-12-23
URGES REFORM PLAN
MsevEA6A SAYS RED TAPE MUST
BE CUT WHERE IT CLOGS
GOVERNMENT BUSINESS.
ASKS FOR s687,4l4.860.81
Annual Report Ridicuies Assertion
That Country Could Save $500. ooo.-
600 resr-8snk System, he Says.
is Breeder Of Panics.

Washington. Dec. 9-Currency re-
form. extension OF the scope OF the
national banking laws. IL there are no
immedis:e general changes in the
monetary system. civil service retire
ments. a customs service free from
practical politics. businsss-like meth
DDS in the daily transactions OF the
government and abolition OF red tape
wherever Il clogs the wheels OF the
recommendations IN the annual report
n Franklin MacVeagh. secretary OF
the treasury. presented 10 congress.
Expenses OF government In the Is
cal year 1912. for which this session
OF congress Is asked 10 appropriate.
are estimated al 620.4s4.0l3l2 The
estimated expenditures OF the Panama
canal are given as SIS. .s47.6 GO.
making a total OF $751; ala .s60sl The
estimates represent net savings OF
about $4,000. 900 in the executive de
partnents. compared with the ap-
preparations FOR the current fiscal year
Secretary Macveagh expresses the
hope that the monetary question will
come into congress detached from sec
tional or political considerations
Calls u Psnie-6reeder.
Our system can fairly be called a
panic-breeding system he says.
whereas every other great national
banking and currency system IS panic
preventing As long as Ve continue
under our present system We are liza
bic 70 panics. and the devastations OF
panics reach Republicans and Demo
Gratis. and all parts Of the country
alike Panics are no longer necessary
and no longer respectable. II Is for
the government 10 say whether We
shall have them in the future II is a
mere matter Of choice.
We have no system OF reserves.
our banking system destroys them. II
concentrates in New York what are
pretended 10 be reserves and then
forces the New York banks 10 lend
and abolish them Our system. in
stead OF building up a reserve de
stroys il as fast as Il lnclines 10 &C
cumulate."
In connection with his criticism Of
the money system. one OF the secre-
tarys most important recommends
tons concerns future issues OF Pan
ANA bonds. OF which $3.50. 600 900
were authorized BY the tariff act The
secretary renevs the recommends
tons he made last year for legislation
10 tax the new bonds ar Il per cent
II used BY national banks for circula-
ton and intimates. as announced In
news dispatches a few days ago. that
il might be preferable 10 issue the new
securities for investment purposes
only at a rate OF per cent
Favors a Circulation Tax.
AS a check against the use OF the
bonds as the basis for a further infa.
tion OF the national-bank currency
Mr.. Macveagh suggests that q circula-
ton tax OF even per cent. would have
the effect OF making them unprofs-
able for banks to use for such a pur.
pose and AT the same time would
make them attractive 10 investors
without injuring the per cent bonds.
OF which more than 100000 900 are
outstanding. Another means OF &C
compIishing the same end. the secre-
tary suggests. would be for congress
10 authorize an issue OF $50. O00. 900
or 800 Coz. 900 OF the bonds az per
cent without the circulation provision