The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-12-27

ments will be suggested. but .consid-
er it magnificent start in the right
direction"
'.It has been suggested" broke in
the reporter. that there Is danger in
giving SO much power to the reserve
board that win control the new sys-
tem-that politics will play a big part
in affairs. What is your opinion ON
this point?"
"I do not regard that feature with
any apprehension. The national
banks have been for forty years 'po-
litically controlled and have yet to
hear the first complaint from that
source. yet the comptroller has great
powers. The railroads are controlled
by the interstate commerce commits
sion. That has been accepted as q
good regulation. Students Of the tar
ifr have agreed, think. that q tariff
commission IL the proper solution Of
the tariff issue. OF course this COM
mission will be political. In view Of
political boards having worked 10 sue
cessfully am inclined to belteye that
the general reserve board viii ham
die the banking system m supcossful-
" or better for the good Of this entire
people than would private interests.
ut IN dificuls to make any posi-
tive statements unti1 we are furnished
with q copy of the bill which we all
OF course you understand that CON-
kress legfslates for national banks
only. The state banks will be per-
mitted to enter the system ana enjoy
its benefits when rules and regula-
lions have been made by the general
ized."
Thutston ON the Law.
J. W. Thurston, president OF the
"a AkaA tn
give hts views on the new currency
law said: II have seen no fun text OF
the law, simply the summary given by
tho press, and do not feel that can
give Al, Intelligent opinion.
"As summarized, there seems to be
certain good features. The establish
ment of the regional banks will tend
to hinder the GENERALIZATION of money in
a few large city banks and scatter It
moro equally. throughout the country.
and banks which are owners Of stock
in the regional banks can make this
money available for general use by the
di1counting therein OF commercial pa
per held BY them. thus easing fnan-
cial stringency whenever money IL
! most needed.
s'The issue Of emergency currency Sc
cured to it's face value by gold and
commercial paper NJ provided for in the
! ASWs eSAAOsAAsA 49, 0S~SRsSDeD7sV SsA~
people.
'"The provision allowing member banks
to loan Is per cent of their capital and
surplus or one-third Of their deposits
. on farm mortgages IN a good one - 1t
gives greater latitude in placing fundsI
II commercial paper II not readily oh.
tainable."
J. r. Burrow II Doubtful.
z; EurEow: president Of the Mer-
sfast over the new law although he
believes that II men Of the right type
are appointed ON the general reserve
board 1t may work out advantageous
ly. He II of the opinion that 81, 900
il not sufficient salary to tempt men
on the board. and fears politics will
play far too important a part in af-
fairs Mr.. Burrow said:
1T Is my judgment that It will eth
er make or break the Democratic
party. II the bill IL bad It will affect
every man who has q dollar. It Il the
most important bit of legislation that
has been passed.
Personally think It 10 . bad law,
but I hope am mistaken ana that It
the party which placed it ON the stat
ute books. believe that the law ID
broad enough 50 that IL President Will
SON IL successful In appointing a board
that II honest ana has no interests
other than serving the people. 1t may
!. time only win tell.''
The Central National bank direc-
/ tors at . meeting held Friday night
passed resolution looking towards
The resolution: whereas, the fed
erA1 act has now become . law. There
i fore be It resolved. that the proper
officers Of the Central National Bank