The Washington times., 1913-06-22
FEAR ROLLER IN
CURRENCY FIGHT
Wilson Ready to Put All Steam
. He Has Behind Machine to
FIatten Opposition.
Continued from First Page1

Continued from First Page)
that the President, though insisting now
the bill must pass this session. will let
up on the pressure when the measure
passes the House and will be content
to have II go over, so far as the Senate
10 concerned, until next winter.
Presidents Bill.
II this be the White House Intention.
no signs have yet been shown of it. in
fact, the President, who has prepared
strong message for Congress Monday.
is showing outwardly more signs of in
sisting on the passage of the bill this
session than ever before. In the recent
conference with the Democratic MEM
bers of the House Committee on Bank
ing and Currency, the President made 1t
clear the measure must be known as
the Presidents bill, and that he would
object 10 any changes in it except
minor amendments. He wants its basic
features unchanged and will object to
any essential modification of the plan
for the Federal reserve board.
The fact that Secretary Bryan has
come to the support of the bill is ex-
pected TO weigh heavily in its favor.
In the first place, IL will win for the
bin the support of the Bryan element
in Congress. In the second place, IL
viii persuade the millions and millions
or Bryan men among the Democratic
voters of the country that the measure
10 sound one from the standpoint of
radical Democracy.
This mastering of the sentiment of
the Bryan voters back of the bill is GER
tain to prove a mighty factor in forcing
II on its way through Congress That
President Wilson and Secretary Bryan
will carry the fight to the country and
appeal for support to the people is re-
garded as certain.
Board Is Bone.
Almost from the first. it has been
patent that the chief bone of contention
will be the provisions governing the
Federal reserve board. which is to domi-
nate the monetary system of the coun-
try The powers given that board are
tremendous. and already objections are
pouring in from the banking circles. as
well as elsewhere, that the bill proposes
method of political control of the
financial system which is dangerous.
Some OF the big Eastern banks are
threatening to surrender their charters
and go into; the business Of private
banking IL the bill passes Others are
threatening to become State banks.
However. such threats are taken here
with grain of salt.
The Administration position with re-
spect to control of the banking sys-
tenn by the Federal board of seven men,
none Of them bankers, all appointees OF
the President. is that there must either
oe bank domination or control by the
Government: and that, while the pow
ers given this board are vast, neverthe-
less such control Is preferable to bank
control and Wall Street domination.
II will be urged by the friends of the !
bill that there is no safe middle ground. |
The President and other hackers of the !,
Dill will also take the position that the l
present trend of government is In thel
direction Of Capitalization and that 1t |
10 idle to attempt in any other way to |
take control of the money system out |
Of the hands of few big institutions
except to have powerful government
controlled system.
More Centralized.
In addition to the Federal reserve
board, there will be objections on the
ground this is a more centralized plan
than the Aldrich plan; that no change
is made from the present bond-secured
currency plan; that the discount pIan
OF the new bin is unwise and that IL
does not reach to the real evils dis
closed IN the Money trust Investigation.
A great battle will be fought over the
proposition of governmental control
versus banking control.
President Wilson will meet the Senate
Banking and Currency Committee We'd
nesday and will endeavor to line them
UP for the bill.
One OF the prominent Democratic Sem
ators opposed to legislation at this time
10 Senator Vardaman of Mississippi In |
an interview, he said:
am opposed-I am strongly opposed !
70 considering the money question at
this session, and have my doubts as to
the bill being passed, even though the |
Administration be eager for its adop- |
ton said he. In case of final show |
down l possibly might vote in accord |
with the Presidents views, but / am |
opposed to action this summer and I /
am opposed to some policies of the bill
The country is not ready for cur
rency legislation, and II is better TO
postpone II. This bill is of fully as
much Importance 10 the people as is the
tsHn bill. and it requires far more
'.As to the policies of the bill, Il
seems to me to be oven to much cr,ti
cism. may be 6-s-fashfoned. but 7
am IN favor of going back to the old
method OF simply letting
the Government make the money. and L
/ do not believe in putting II in the
hands OF few irresponsible bankers.
Let the Government stick to its knit
ting. but always with a close super- |,
visory eye on those who handle the peo- 4
ple'e money"