Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1911-01-24


lieve, be reached without the crea-
ton of such a central bank" sug-
gests Senator Aldrich. This leaves
the impression that he does not have
central bank in mind. But nobody
can read his plan in detail without
realizing that it is a central bank
of issue that he proposes. 1t is to
be the depository and fiscal agent of
the national government. 1t is to
have the sole issue power. 1t may
receive deposits from those national
banks which are stockholders in it.
1t shall establish branch banks
which, just as under the central
government bank scheme, will rush
their local deposits to the central
bank, thus taking the money out Of
the community in which it would
otherwise be loaned out for invest
ments in home enterprises. 1t may
buy and sell government and state
securities and foreign government
securities and gold coin or bullion.
1t may rediscount paper for banks
depositing with 1t. 1t may buy &C
ceptances of substantial houses
u.
In short, the Aldrich reserve asso-
citation is a bank, with immense priv
ileges and powers. but without the
name of bank. Wall street will con-
troll it, 1t is obvious that the words
central bank" were omitted because
of the prejudice against such an in
stitution among the country banks
Uncle Sam once tried a central bank
1t was manned and manipulated by
politicians, and brought a panic or
the entire country. Aldrich's finsy
Misrepresentation will accomplish
but little, however. An upward re
vision is not a downward revision,
simply because some one says it is.
4 central bank IS none the less a
central bank If called the Reserve
Association Of America" AS the re-
suit of this distrust aroused by AID
rich's methods OF dealing with the
people there will probably be no
monetary legislation of any kind IN
til he is long out of public life.
CHAMP CLARK LOOMING BIGGER
AND BIGGER.
eff Champ Clark makes a better
speaker of the house than Judson .
Harmon does governor of Ohio, we
Will nominate Clark for president +
But If Harmon makes a better COVER
nor than Clark does speaker. we Will 1
nominate Harmon for president"
This sentiment. expressed at the .
Baltimore democratic banquet and .
is gaining ground. Not 4
few prominent democrats believe the
real fight for the honor of being
a %
lies between Harmon and Clark.
Clark's chances are looming bigger
anu bigger every day. His friends
profess TO believe that he has an in
side track because he is an excellent
cor promise possibility, having the
Il ;endship of both the so-called con-
=ery alive and progressive wings Of
democracy. 1t is true that Missouri
has pledged its first support TO Folk.
but there is little doubt but that
Champ Clark could have his home
state with him after the initial bal
ct. All Mr.. Clark has to do, his
a lends say, is to give the people
square deal administration as speak
ar IF the house, and he will be more
n the limelight and more popular
than governor of 3 stats could
possibly be.
HE CAN'T SLIGHT REED SHOOT.
Speaker-tc-be Champ Clara never
mentions the recently enacted tariff
pill but that he gives due credit TO
Reed Smoot. Il always refer to il
As the Payne-Aldrich-Smoo bill" ex-
planned the Missourian. Il put
Smoot in because l believe in giving
he devil his due, for Smoot Of
Utah. one of the - apostles had
more TO do with cooking up that
pill than. any other man save Aid
-ich.'