The Holly chieftain., 1910-03-18

in the treasury of the United States
as trust funds. held there for the
banks which have deposited them as
security for their circulation and as
collateral for the deposits which the
secretary has been kind enough to
make In many OF these banks They
are not for sale. They are not due
until 1880. and curiously enough the
act of congress creating them does
not make them payable till 1880 That
struck me as peculiar.
Mr.. Dolliver fortified his argument
by quotations from the refunding act
and during the course of his discus
sion he was interrupted by Mr.. Owen,
who is interested in a national bank
and who told how his bank had ac-
quired some of the two per cent. bonds
Mr.. Owen-These bonds are prac.
tically earning two per cent, less the
charges against the currency annually.
without any investment at all.
MIR. Doliiver-Do the banks get the
notes before they put up the bonds!
Mr.. Owen-No; they order the bonds
through their correspondents and have
the notes delivered to their correspon-
dents in payment of the bonds
Mr. Dolliver-It is mere exchange
of their notes for these bonds?
Fact Of Exchange Admitted.
Mr.. Owen-It is an exchange; that
is all II is a very convenient and
comfortable transaction and is all
right from the standpoint of the
banker.
Mr. Dolliver-It is calculated to
bring tears to anybody's eyes after he
thoroughly understands it.
Mr.. Owen-The substantial fact is
that from 12 to IA millions per annum
are paid to the banks without consid
Grafton, as interest on these bonds
bought by the banks with their own
notes.
Line Up for Campaign.
Reports which members of con-
gress have received from their
districts indicate that deter
mined fight is to be made for the
control of the conventions in states
which hold conventions this year. The
Cannon-Aldrich Organization is de-
termined to secure the Endorsement
of the Payne tariff bill, as a fulfill.
ment of the platform pledge, confident
that such an Endorsement would be
considered as an approval of the ac-
tions of that organization.
Seek La Follette's Defeat.
An effort will be made to defeat
Senator La Toilette in Wisconsin.
From that state comes the informa-
tion that the president himself is ta-
king direct hand In the game. The
anti-La Toilette forces in the state
are to be marshaled under the leader
ship of w. D. Common, d former state
chairman. Mr.. Connor was recently
in Washington and lunched with the
president. Special efforts will be
made to defeat the Wisconsin senator
for the reason that he is regarded as
the most untractable of all the Pro
gressives. He will not compromise
upon any measure with the Aldrich
machine.
From Iowa comes word that Iowa
leaders In the stalwart camp have
been quietly called to Washington
and have been asked to make plans
for the control of the Iowa conven.
tion for the purpose of repudiating
the actions of the senators and the
members from that state who voted
against the tariff bill.
So far as the congressional districts
are concerned the Progressives are
putting up a fight all along the line.
and the fact that the Republican con.
gressional committee and the Cannon
Aldrich Organization in the house and
Senate have unlimited resources Of
every character with which to fight
them does not in the least discourage
them. In fact, the resources of their
enemies is one Of the great elements
of strength to the Progressive cause
The resources of the Organization
against them are such as are not popu'
lar with the people. From Washing
tion come reports that Senator Pyles
one of the Aldrich machine, will in all
probability. be succeeded by Judge
Poindexter, one of the most uncom.
promising and best equipped of the
house Insurgents. Even the tories ad.
init that Poindexter. under their pri-
mary law, will be a plurality candi.
date, and they are now endeavoring
to pledge men for the legislature not
to be bound by plurality vote. but
to exercise their own judgment. The
Progressives of Washington have or.
ganizcd the newspapers of that state of
Progressive leanings into a league.
They are making thorough campaign