The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-01-19
LIKE MONEY PLAN
People Favor New Scheme if
Provision Is Made
To Prevent Group of Men Con-
trolling U. s. Finances.
1T WILL HELP TRADE
Elastic Currency Should I'M
prove Foreign Relations.
Competition Between Countries
Hot, Holland Says.
IT Will HELP TRADE

New York, Jan. 19.-Within the
past four or five days information
has come to many of those who have
been Identified with the movement
which has a reform of our banking
and currency system in view when
seems to show that in many parts OF
the country a powerful public sent-
ment has developed in favor of the
acceptance by congress of the princI-
pal features contained in the report OF
the national monetary commission
AS recently as the annual conven-
ton of the American Bankers associ-
alton, which was held in New Orleans
in id-November, it was disclosed that
the people in many parts of the United
States would strongly object to any
change in our banking and currency
laws unless that was based upon
system which would make 1t 1mpos-
sfble for any group or groups of CAPT.
tai to get control of the banking N
terests OF the United States On the
sother hand, it was disclosed that II
the people can be persuaded that our
national banking and currency system
can be so modified or reformed as to
make a concentration of money power
impossible then a change of that kind
VIII be welcome
What was told to the American
bankers at New Orleans seems also to
have reached the ears of the national
monetary commission. Furthermore,
the fact that powerful banking inter
ests have been enabled to secure con-
troll of chains of banks without Violat-
ing the letter of the national banking
law and, especially, the story OF the
recent organization of the City COM
pany, which, although in its incorpor-
ated form was distinct from the Ma
tlOnal City bank, nevertheless was IN
the exclusive ownership of the stock
holders Of that bank and was organ
lied in part to take over holdings OF
tthes stockholders of the City bank in
various other banking institutions,
served to focus public attention upon
this indirect but highly effective
method of bringing under the influ-
ence or sponsorship of one great ma
tional bank many other banking instl-
tutions. It is now thought to have
been a fortunate circumstance, posi-
bly,, that the City company was organ
feed last summer and was then at
tackled by the attorney general, Mr..
Wickersham. This organization was
good example CT what the people
dreaded in case the national monetary
commissions plan was adopted by con-
greSs without any effective safeguards !
against Capitalization of money power |
From various organized leagues and |
business associations there came an al |
most unanimous protest against any
changes in the banking and currency |
system unless it were provided that |
there could be no organization similar |
TO that of the City company.
On the other hand, it became very |
evident that she people of the United
States were not only willing, but
anxious InaL IneEe SnOutQ DC SUC4A Z
modification or reform of the bank
ing and currency system as would
make it possible to perfect an ade- /
quate. elastic, safe and quickly respon- |
sive banking and currency system
After the Change
After the national monetary COM
mission, in recognition of both the |
force and the pertinency of these OBJ |
jections, had so altered the recon- |
mendations as to limit the power of
70 !
that exercised by its single vote there |
came a popular response TO the gem |
eraI recommendation which. it IS be-
3, Heved, will compel congress to give |
early attention to them. Moreover, it |
is apparent that the people are now
confident that the proposed reform
has been so worked out as to eliminate
any possible political or party adVan- |
&age. The proposition. as whole, is !
now recognized as a natural one, pre-
cisely as the national banking system |
OF today is known to be beyond the
reach of those who are ambitious po- |
Iitically.
Yesterday. information came TO TINS !
city of an important meeting which was |
held at Columbus Ohio. Saturday /
evening. The chamber of commerce at !
Columbus invited Mr.. r. L. McCabe, I
widely known as thinker upon economic |
and monetary questions, to address the |
body nominaliy upon the cause of panics |
and the means whereby they may be pre- /
vented. According to reports which have |
earnest and thorough exposition of the |
fundamental features of the monetary /
commissions report 1t was made ap- |
parent at this meeting that 50 important /
4 body the chamber of commerce OF |
Columbus is now most favorably inclined /
toward the new plan Approving opinion !
in, It is reported, shared by both Repub- /
licans and Democrats and the Columbus !
chamber of commerce, we hear, now pun /
poses to push the campaign for monetary /
reform doing this with the aid both OF !
Republicans and of Democrats. Similar !
information has come to New York from /
other parts of the country. The people /
now underst and that, first of all, there is I
no politics, excepting in the higher and ,
stafeSmanlike sense, in this movement; :
next that the plan will make 1t 1mpos- |
DossfbIe to centralize money power in any I
section of the country or with any group !
of capitalists; third, that the plan will !
ultimately eliminate government bonds as
a security for currency, thereby doing
a.vay with the rigidity which has been
the weakness of the present currency sys- i
tenn Then too there is general ap- /
proyaI of the utilization of prime COM /
InerciaI paper as a basis for currency, I
especially in view of the fact that the I
plan of the monetary commission inclues |
the machinery for speedy redemption OF I
currency while making 1t certain that in I
times of great and entirely heaIthful de- /