The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-08-27
EXTRAORDINARY DIscoURTEsY

The treatment accorded by the ad-
ministration and it's supporters to the
sideration of the partisan currency bill
is one of extraordinary discourtesy.
The bankers have been invited from
time to time to give their views and
criticisms on the bill. But usually
these have been turned down as though
they were intrusive, unsought, and in
expert. Within a few days past the
bankers were expressly invited to give
in concise form their criticisms of the
bill. They did so, and have been again
flouted as if they were mere meddlers
who appeared when not wanted and
whose opinions were not worthy Of con-
| sideration of any kind, this being at
tributcd to the personal decision OF the
| President.
Naturally, the central proposition
upon which this currency measure is
founded is objected to radically by the
bankers, for the reason that it com
pels them to furnish huge sums of
money, the. control Of which when so
furnished will be absolutely taken out
of their hands and vested in the Fed
eral Reserve Board, composed Of po-
litical appointees. The purpose of this
is so evident that no one can fail to
grasp it as developed. That purpose is
to compel the banks to bring pres
oil Tho
trial operations Of the country to
support the tariff bill and modify it's
evil effects. AS soon as this measure
insuring the least possible damage from
the tariff bill was recognized by Presi-
dent Wilson, he became fixed in his
determination to compel the passage of
this bill right along with the tariff bill,
since it is expected that it can be
made, through political action, a guard
and protection to the partisan tariff
legislation.
The banks are required to furnish
for the supervision and management of
the Federal Reserve Board of six poll
tIclans and one banker, an amount Of
money that amounts to 10 per cent of
their capital. This money, when so
placed at the disposal of the Federal
Reserve Board, is removed absolutely
from the control and management of
the owners Of that money The bankers
do not object TO the centralized control
Of the banks and currency, that would
be, under whatever name, in the nature
OF central bank. which, however.
would supply its own capital and re-
sources. But what they object to is
to be obliged to put I'D the capital for
the handling and supervision of the
politicians whom the President NAV
appoint under the law.
1t is true that the administration
has agreed TO the amendment which
provides for an advisory commission of
bankers to sit with The Federal Re |
serve Board Of politicians, but this |
bankers commission would have no
vote in determining what would be done
with their own money But This |
bankers commission Will undoubtedly !
act and he power for their own good |
and safety, and the creation Of this
commission is a good move so far as il |
goes. But a vas, Improvement would |
he to turn the whole supervision over
TO these bankers. and let them cstab.
Iish central exchange or bank. or
whatever it might be called. with their
own money and run their own affairs
as so established. But the idea of com
pclllng the bankers of the country TO /
put mp large sums of money 10 be con Il
tolIed by persons who furnish none
of t, and who do not noces
sarily have any ideas Of banking. or of II
any other form Of business, but who
may and very likely viii be mere poll
ticlans. IS revolving to common sense
and obnoxious to Justice And vet the
appears determined TO
force the passage Of this bill in this
form, and in this determination II
snubs mercilessly the bankers whom il
invited in TO counsel and proceeds
in its own wav without conscience q
and without responsibility, save only !
the political responsibility TO the peo
pic. with reckoning long three wears
away
This currency proposition is the most
crafty and at the same time the most
unjust that has ever been projected into !
american politics; aud the means where.
oy it is being pushed are discourteous
n the extreme. while the central jdoa
1f 1t almost amounts to taking private
property for public use without tbe
consent of the owners Of that property.
aud without accountability or compen
aticn.