Bisbee daily review., 1911-11-24

hope for such legislation lies in he republican, party and that it's restor- atioh to full power will bring ahont the currency reform speedily
 In the event that the measure Is passed by the senate but voted npon adversely by inc house on the ground of improper assumption of authority by tho federal government. fanda mental question Of political faith be- tween the two parties will be raised Snch state oi affairs would be ad- NantageOus 10 the republican party for lt would then with considerable show 0f verisimilitude. put the mat ter up 70 the big interests in the light that the democrats are impending leg isauOn desired by the commercial interests og the nation,
 Finaneiers Favorable.
 Ii being conceded that the iinan- cIaI world Is SO strongly in favor of the Aldrich monetary system, a ten strike would he scored by tho rcpnb. licans.
 The Aldrich plan provides for a national reserve association of 3OO.' 000. GOO National and state banks may be stockholders in proportiof 10 their capital. They are not required 10 take stock, but it is believed that practically all of them would do so up- on a perception of the merits and ad- yantages which they would derive by entering the association. While the plan does not provide for. a retire ment of national bank currency. it does provide that government bonds rendered the association shall be talk en over in a years time. National banks would be required 10 give up their circulation privilege, such cir culation being possible only in bond banks, but the reserve association would acquire that privilege.
 This scheme gives the association assurance that it will not be operated at a loss. and one Of the main prob lens Of the association will be now to get business. The right to issue emergency currency will be vested in the association, which will insure against a dangerous contraction of circulation in time of panic. while on the other hand proper restriction will prevent imitation.
 The Governments Share
 There are to be fifteen main branches of tne National Reserve as. scciation. each branch having ram. ifications. The plan is so drafted that any earnings of the association above five per cent on its stock shall go to the government. An equitable distri- button of control Of the reserve as- sociation is included in the plan, thus preventing the acquisition of inordfh. ate power by any community or sec ton.
 The treatment which this plan will receive when submitted to congress win bring 10 an issue the great fnan- cial question of the hour. Should the democrats encompass it's defeat, the republican party will make alive issue Of il for the 1912 campaign
 The Followers of President Taft are stalking a great deal on the out come Of congressional action on this plan and upon it hinges a large part Of their hold on the financial inter ests. To put this question up to the business men of the country in rhe most forcible manner. publicity campaign is being planned to educate the banking interests along the de sired lines. The packers of the Ma JiOnal Reserve association Flan will contend that only by the adoption Of their plan can a safe and yet elastic currency be assured.
 This issue together with the Tar iii commission plan, will constitute the party's appeal to business. Sub stantial support of the big interests is the desired result.