The Churchill county standard. (Fallon, Nev.) 1908-1920, 1913-10-22
NEWLANDS GIVES INTERVIEW
Senior Senator Has Constructive Ideas on the Regulation Of
National Problems And Thinks Well OF The Pro-
posed Currency Law.

what resemble our federal govern
ment with the states as the basic
units and the union of states to meet
national requirements.
ITO the objection, that some of
the states are not sufficiently .popu-
lous or wealthy to warrant a reserve
association, | will saw that this can
be easily met by allying such states
with adjoining states of greater pop
ulation in the formation of the re-
serve association or banks until such
states reach the required population
or wealth.
Il believe that the state should be
the economic unit as well as the po-
litical unit and would prefer the
state as the economic unit to the re-
| gion contemplated by the pending
bill. If we establish regions instead
| of states as the economic units the
| tendency will be towards the absorp-
tion by the national government of
the functions and powers of the var
| lOuo StdNcS leidliuS " PURIFY oldlc
commerce.
Il regard 1t as important that the
functions of the state should be ex-
ercised and not abolished / believe
that the future of our institutions
depends upon local self-government
and that this can best be accomplish
ed through the established states and
not through newly created regions.
| believe that by cooperation be-
tween the nation and the states with
reference to the exercise of their re-
spective powers, the one over inter-
state commerce and the other over
state commerce, conditions of har-
mony can be established. | fear that
the creation by federal law of these
financial or economic units called re-
gions will tend to withdraw all bank
ing legislation and supervision from
the states and that in the end we
will have great departmental banks
, covering every phase of banking ere
/ ated and controlled in all their pow
ers under the federal law and that
thus one of the most valuable fune-
tions of state sovereignty will gradu-
ally fall into disuse.
Il think this region system, like
the central system, smacks too much
of Republican principles and hardly
accords with the Democratic idea of
local sovereignty, and for this reason
| believe that We should strengthen
our banking system both state and
national by recognizing the state as
the basic unit, by federating all the
banks, both state and national, with
| in each state for mutual protection
and efficiency in a reserve association
and then federating these reserve
associations for the purpose of pro-
tcting and promoting interstate and
board. resembling the reserve board
in the pending bill, chosen from the
various sections of the country.
"At the same time | have no hesi-
| ldllOu III Saying ludI lue peuulHS
bill is a vast improvement upon the
existing law and that | shall be glad
to support it even though the indi-
vidual views which | entertain, and
which have been presented to my
colleagues, are not accepted.
81 believe that we will necessarily
have some disquietude in our finan-
ces whilst the process of tariff read
justment is going on and that we
should speedily establish the credit
system of our banks upon a firm
basis as to make the flow of capital
easy and promote exchange.
81 am sure that before the close
of this session we will have a bank
ing law and that thus under the
wise leadership of Mr.. Wilson, the
Democratic party will have complet-
ed its giant task of reforming the
tariff and banking system. Sun
days Journal.