Bisbee daily review., 1913-08-02
A INDUSTRIOUS SCHEME OF CLASS LEGISLATION.


 Representative Henry. of Texas, isl proposing an amendment to the ad- minlstration currency bill which pro poses an issue of industrial curreE cy" which harks us back to the old days when many of our people were deluded into believing that the gov crnment could relieve every pinching financial necessity by issuing green back money until everybody wasl cleared of debt and comfortably seated in the lap of luxury Congressman Henry woould. accrding to Washington dispatches. provide for the issue Of currency to 5e per cent of the market val,le of warehouse receipts for cot ton when the market price is under ls capts for corn when the price Is un- dor a cents a bashel and for wheat when the price is less than A al hpsbel" ]" The plan cOntemplates ohopded insured and solvent ware boases of storage plants to be ap- nroved by the Federal Reserve Board Commenting on this proposed amendment to the currency bill thel St Louis Republic, says:
 Now let us pay this plan compii' mont Let us suppose that the cur rencv thus issued would be good ana stable currency, just as good as nation al hank notes or greenbacks are to day Let us look at the scheme solely ., tho T,bt of it's effect or the general welfare. as if it were sound III itS purely monetary features.
 Our political system. of course aO' bors class legislation. If We permit the farmer to obtain currency at a low -,.o hv inc deposit of commodities oi ,,do,,btss value as security, we could not deny the privilege to other pro ducers.
 There. for example. is the iron trade Dig iron. bar iron and steel are as nee essary to our civilization as wheat ana corn They are far less subject to de taEioration when stored. Would the snopsors of this bill favor scheme whereby. whenever prices on steel ana ..,, did not suit producers, they could dsposit, their output in government ,.arono,ses5 and borrow currency at T low rate to half the market value O. the stored material?
 Of course not. We hear them saying CT, is in the nature of things thai srom time to time. there should come seasons of low prices for steel ard iron ,.roducts. These low prices carry their o.,r corrective with them, they cur 
 ,ai production and stimulate demand Accumulated stock is thus quickly
 od ip a natural manner, and SO c,e,v gets the benefit, Your plan would na,,a if possibIe for the iron and steel men at win to create an artificial scarcity of their products and at the same time increase the volume Of the currency. This would exert double ,cveraee on prices. Men with no in forest to serve but ther own would have the power of drying up the na ,sons money supply in the very act rbese are powers too great to be com nitted to private hands"
 This argument would be just. An' fl would apply with equal force to pro sucers of food stuffs. The iarme' would act just as the steel or iron pro sueer would act-as any of us woul' act He would hold and dispose o his products as best suited his owl personal ,adYautsge and would put ad aitionaB money sini circulation for h avn benefit without special though of the general welfare.
 In short this plan, if it would Wor as outlined. would result in the mos .ntolerable servitude Of society to tb elasses that produce raw materials no