The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1911-12-11
MONDAY. December If. 1911.
THE AtosIc+ cUazEncY PLAN

THE ALoRiCr CURRENCY PLAN
A fair samp.~ or ta- Irf.I....c-
With which certain r.ar papers ai.
enAs The Alir.h ,4u.a,y reform
plan Do furnished us u. touoaIas
IRON 'hs enrara ,..m.s at OBJ.
Clarksburs Exponent
one fsai ..- 20 f.. tII... t.ar ......
re- te"h largely -....r.i r.a
- t. '- .r ..aff ..r. MO -.Ht
us7i f-. ..rsr-er rffrf. f.. ..-. .... f..
snhl-rf .a .. .H....fr.. 20 ..
thor thrf tH H... ...f.r r.. .. Id. o..
ran Or ..rf.a.. .......
Iszsrar As.l....-. 20
Evidently fh- editor of The Expo.
hent has read tl.. someel-re 0f
course. tae AIdr.h plan ,oat.m
plates the .dl-countlus of railroad
and other corporation s@rur.ti.s
Why shouldn't f' The rut.r. Gen.
tral Reserve Association Plan couf.m
P'Atea The issu" coy emergency ca.
rency by The Central Assocatiou un.
der certain restrictions. SAID currency
10 b" based upon th. commercial pt
per held b. 20. bank. iu the 4.so.
citation. Boo other cords. loo time Of
financial stress tA.. banks of the C.n
tfal Aano,iatou would boz autlorl<.t
20 issue their oWu notes ba.ed upon
the notes of merchants and firms
which they had discounted and
which will be- held as collateral --ru
rity for th~ emergency ,urrrncs Why
In the world should not fHe note OF
. Responsible corporation OF any sind.
discounted by hsnA. Lr credited
among the securities against which
emorgeucy currency might BE- Isau,I7
Why. for instance. would NOT the note
OF the u a % a. r.. held by bank
which had discounted that note be
good security in reasonable amount
Tor emergency currency Issued
against It9 There are certain
class Of people sho seem TO think that
the words corporation" and rail
road applied to an enterprise are
suihcient io condemn DO How foo!
ish II all u.s. Let us suppose. FOR .u
stance. that there Isl financial panic
The banks ~ Chrksburr are hard
pressed. They are members az th.
Central Reserve Association aud ap
ply Go The association for the priv
ilege under tho Nldrich plan o. iasu
ing emergency currency They are
asked What secgriuc. they have 20
furnish to protect this currency The,
show that they have notes of business
men and professional men Iu Clarka
burg 90 the amount OF over n million
dollars. perfectly good notes under
any fair conditions They may show
that they have notes az tho % a. o
r r. or some Wholesale mercantile
companics for half million more
Are these last haif million OF notes 90
BE- arbitrarily excluded from The as
sets on which they may ask to issue
emergency currency. simply because
they are made hy railroads and com.
psnies,
In 80 Far as any h1nsinr expert has
been able to point out. Che AiIrt,h
currency plan s The beet and most
effective means % pro, IiinE Tor
emergcucy currency that has been
suggested in Fac. 20 Isl not one mans
pian. % is tho N'ir.ch plan modelled
after the German national Bank plan
and amended at many points on he
suggestions of tne leading bankers of
the United States Nof even such dIs
tnguishcd nnanciert as Champ CLARK
and Jcn Davis have suggested ans
thing better or anything fo fake re-
place. Neverfheie.s. the absence o.
anything better and fhe utter Inca
pacity Co Offer any gooi substitute .or
u viii not prevent Iot OFF dam.