Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1913-06-27

A "BIRD'S-EYE VIEW"
Small Bankers and Merchants viii
be Beneliciaries and Fewer Panics
Expected Under Measure.

Washington, jane 27.-ENplana-
tIcrS of the new currency bill have
mot been simple anc lear enough 20
lei the people Know how the bill will
affect them. So says Congressman
Buiklcy of Ohio in statement today
or the Wilson Glass measure. MIR.
I Brlkley calls it 4 ''bird's-eye view"
of the measure. "The man in overalls
as well as bankers and financicrs,
should understand how the measure
will affect him." said Mr.. Bulkley,
whose exposition is as folIcws:
"'Ihe Wilson-Glass bill will free
tie c::."cncy and credits of the coun-
! try from the domination of any busi
ness group, place the reserves of oun
Eanks where they will do the most
good, arcvcnt the piIing up of the
country banks resources in Wall
street to support stock exchange ope-
rations, provide a safe and sound
government currency adequate in vol
umc to the needs of the country's
business, and make it possible for the
small business nan to obtain through
competition. such credit accommo-
dation as his business and character
merit
The problem is not an easy one,
and financial sharps have been puz-
zied for years % suggest the sort Of
reform that is needed in our banking
and currency laws. The AlGrich None
J t&fy Commission worked for two
Years trying to solve the problem and
! failed. But the present bill meets
with general favor and bids fair 10
be favorably reported from our COM
mit.ee after ali details shall have
been thoroughly threshed over, and
passed within the next few weeks.
"ihe Glass Aill provides for elas-
t!cili of currency, mobilization Of
reserves, and government control of
/ the nations financial affairs.
What will be its effect?
! "First, there will be fewer finan-
! cial panics. No manipulation of tie
money market to create artificial!
stringency will be possible. becaure
interest rates, volume Of currency
and extensions of credit viii all be
controlled in the interest Of the pub
liz by a government board. There
will hc no ground for the fear and
distrust which sometimes brings on
pancs, because everyone will know
that enough currency and enough
credit will always be available to
NEE. all legitimate needs.
The workinGman will always get
his pay in government currency a.
good as gold, and will not he asked
tc acccp. clearing house checks or
other credit substitutes. because en-
pIoyers will always be able get the
currency which their business justi-
heS.
"Thc small business man will 10
!; bic to borrow al lower rate, and to
secure more adequate accommoda-
teens. because the banks will feel
more free to invest in the commercial
PAPER of their local communities,
Knowing that they can Immediately
whenever they need to do so.
"Thc small banker can do business
Ir,rcctly with the Federal Reserve
Bank, where he will have the same
facilities as the big bank. He will be
freed from his dependence on the big
Eb;nks and enabled to serve his Gust
eacrs. freely according to his o"
Judgment, subject only TO reason
ei,le supervision, by the government
board
"The freedom which this bill will
| give to the small bankers, and the
security which it will give to the
tsnal business nan. will tend to stim-
| :;late competition in commerce and
| Industry and this competition cannot
fail to give lower prices to the con-
srmer and more employment to
r-o ducer."