Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-03-30
views ON THE CURRENCY
ADVOCACY OF MONEY REF01I
By MIR. FOWLER.
Lauds Roosevelt In Glowing Terms.
Representative Martin Deplores /
Monopolistio Tendencies. 4

Representative Fowler Of New JAgUey
and Representative Martin Of South Da-
kota yesterday took advantage Of the
privilege granted by the rules OF general
debate and injected into discussion OF the
naval appropriation bill sharp criticism
of the postal savings bill and OF monopo-
listic tendencies. respectively.
The New Jersey member. who was de-
posed by the Speaker from the chairman
ship of the committee on banking and
currency, defended his plan for currency
reform. and made a vigorous protest
against the project embodied in the pos
tai savings bank bill. Mr.. Martin urged
more rigid enforcement of the Sherman
antitrust law by the Attorney General.
Neither speech attracted attention. but it
was not because either lacked vigor.
Representative Fowler defended his bill
to establish a complete financial and
banking system for the United States He
declared that third great trial in the
courts Of civilization impends. the trail
being THE case Of the chairman OF the
national monetary commission, alias AL
drichism. alias the special interests, YER
sus the people Of the United States
Roosevelt Attorney Of Record.
Theodore Roosevelt" Representative
Fowler concluded, lis the attorney Of
record for the people, and the people, un-
der his leadership, will triumph most
gIoriously.'
Mr.. Fowler's bill provides among other
things. that the banking system for the
United States shall be organized with
bank note redemption zones, a bankers
council, a board of control and a federal
hoy,
zones, under the provisions OF the bill.
shall be located in twenty-eight cities Of
the United States, to be selected by a per-
son to be appointed by the President Of
the United States. acting in conjunction
with the Secretary of the Treasury and
the controller of the currency. Within 4
reasonable radius Of all bank REDEMPTION
agencies representatives of national banks
sna.l organize what will be known az
bank note redemption zones.
The bankers council of each bank note
redemption zone would elect, under the
terms OF the bill. a representative to the
board OF proposed federal reserve bank.
to be located in Washington, banks bear
ing even numbers to elect business men
and those bearing odd numbers to elect
bankers. The controller of the currency
and the Secretary of the Treasury would
pc ex ofncio members of the board Of
the federal reserve bank.
Power to Buy and Sell Gold.
The federal reserve bank would have
the power to buy and sell gold bullion
and gold coin; to buy and sell United
States government securities: to loan
money to the United States government.
and to act as banker, fiscal agent, repre-
sentative and attorney-in-fact for the
United States government; to buy and
sell bills OF exchange domestic and for
efgn, and act as attorney for all men,
bers OF the respective bank note zones.
BoarNs of control to be organized under
the act would have power to employ
examiners properly and officially to SUI
pervise the banks under them.
At the outset of his address Mr.. Fowler
referred to his resolution introduced in
pointment Of a monetary commission. and
criticised the character of men subse-
quently appointed to serve on that COM
mission. The only man appointed on the
commission. he said. who had studied and
thought on the monetary question was
Henry NJ. Teller. =.
Mr.. Mowler said he thought it extreme
ly doubtful whether Mr.. Aldrich and his
committee could present any Information
Of value to the country on the financial
and banking problem, and he deemed Il
his duty to present to the public his own
observations relating to the banking Sys-
TENS of other countries.
Mr.. Martin on Monopoly.
IF the Attorney General of the United
States of this administration or Of some
future administration will do his full
duty this transaction will be called of"
declared Representative Martin. referring
to the purchase. Of the Tennessee Coal
and Iron Company by the United States
Steel Corporation in 1877, in discussing
the Sherman antitrust law.
Mr.. Martin said the people of the
United States had sat silently by" and
witnessed the creation of monopoly by
the consolidation of the great steel IL
terests.
In spite of the antitrust law" said
Mr.. Martin. ''monopolies have been grow
ing constantly"
Mr.. Martin advocated publicity as one
means Of controlling the operations OF