The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-12-22
AN IMPETUS
TO BUSINESS
Untermyer Says New Currency
Bill is Going to Make Things
Better Than Ever
Before.

1 united Press Leased Wire Service I
NEW YORK, Dec. pa new and
healthful impetus to business will re-
suit from the enactment CT the curren-
cy bill in the opinion of Samuel Inter
myer, who conducted the congression-
al investigation Of the money trust and |
who has been In close touch with the
trainers OF the new currency law
throughout Its consideration in con
gress. In an interview with the United |
Press, Untermyer said:
AS a consistent champion from the
beginning of the fundamental prin-
c1ples OF government currency con-
trolled absolutely by the government I
OF course regard the enactment of the
currency bill as a great triumph for
popular government. 1t is u land
mark in our economic history and sig
nalizes n new era in our financial de-
velopment. 1t Is the entering wedge
Of laws to decentralize the concentra-
tion Of control of credit in the hands
OF few men. It's virtues as an anti
trust measure Is quite as important as
the advance 1t marks in the field of
| financial reform. The bill contains
many admirable features that have
not yet been sufficiently recognized.
Among them may be mentioned the
/ establishment Of national clearing
house for the collection OF checks. IF
fearlessly administered without re-
gard to the selfish methods OF banks,
this innovation should alone lift from
! the commerce of the country an an
nual burden of approximately $780,
/ 100000. 1t will also relieve the small
banks In the great cities from the In
tolerable despotism and espionage of
the great banks that are the controll-
ing spirits of the clearing house asso-
Citations.
4 THE result that Is now accom-.
plished demonstrates once more the
great value Of full public discussion oi
eur economic problems. We, are 0ncs
more reminded that the people ar,
! quick to understand and interest them
selves in the most abtruse and techni
cal subjects and that they may be re
. He'd upon to unmask dishonest argu
ment, enacted by selfish instincts. Fol-
, instance 1t has become the insistenI
demand of banking associations of tht
country for representation on the fed
eral reserve board and the repeated
: denunciation Of the administration b.
resolutions, these associations for re
fusal, accede the demand. 1t consti
tuted the burden of opposition at th'
outset bu, went down under the bat
teries of reason and logic that wer
levelled against it. We are at tn
] end of a period in our history whel
\ the resources of our country will b
: driven by defective laws into the male
n strom Of Wall street speculation an
e into the control OF the few men VIII
e dominate the Wall street banks an
8 at the very time when these resource
7. are most needed to conduct legitimat
3 business in sections from which the
2 are drawn
r "No legitimate industry need fea
% the effect, or accommodation to whlc
J. it is entitled, or tremble in the ligf
of money crop moving periods. Ot
e currency will now expand and col
le tract in response to legitimate cor
m mercial needs and the money of tt
n nation will cease to be the tool an
ID the toy of handful of manipulators
II look forward to new and healt
le full impetus of business in the net
future as the result OF this great a
complishment which will rebound
the everlasting credit of every OF
j who has had the good fortune to
W concerned in It,"