New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-30
REVIEW AND DIGEST
Currency Bill the Most I'm.
portant Issue of the Week.
IS UNFAIR TO BANKERS
Stock Market Sentiment Slight.
ly More Favorable-Harri-
man Dissolution.


nection with the currency reform bill,
10 he known as an administration
measure, the important details Of
which have been widely published and
discussed. 1t was a forcgone conclusion
that any currency and banking bill
framed and introduced at any. time
would be subject 10 criticism and
would fail TO meet the approval OF all
the bankers and business men in the
various parts Of the country. In the
present bill there are many commend
able points, but there are clauses which
have been included, unfortunately, that
carry the plan beyond the line Of
judicious experiment.
The position assumed by President
Wilson. that relief must be afforded to
our restricted banking and currency
customs. is both logical and meritori-
Gus, but 10 afford such relief the
administration has ventured into theo-
retical financing beyond the point when
it is safe TO hazard the effects on a
country with such vast interests as
those possessed by the United States.
II must be Acknowledged that a some
what arbitrary course is the only one
II Gigt n o.
opinions on the subject coming from
different bankers and financiers. There
is. however. a happy medium. which
could he adopted and which would
AFFORD relief while the country would
be trying out the measure and crys-
tallizing the Venturesome part 10 de-
gree which would enable Congress 10
come to the rescue with amendments
without disturbing the business OF
country or threatening its economic
structure.
An imperislistic attitude should not
he carried 10 the extreme, and the
rights Of the banking interests should
he recognized even in a plan which
proposes to prevent q money trust'
h. taking control OF the country )
finances entirely out ~ the hands Of
the leading bankers. No more absurd
proposition could he made 10 cor
poration or an individual than 10 ask
that money he placed by the institution
or the individual in the hands OF A
committee or organization. who would
have the power 10 distribute il as that
speciaI body might select. without the
dictation or interference by the indi-
vidual or firm or corporation turning
over the money. 1t is just this sort OF
thing that the administration Is asking
the bankers TO do. They are 10 turn
over their funds to Washington poll
ticians. who represent the government.
and these politicians will have the ali
solute direction of the funds deposited
with the government by the banks
while the banks may simply sit back
and await the outcome. trusting I'M
plicitly 10 men who neither by train
Ing nor practical banking experience
would be qualified TO be retained at the
head Of any large financial institution
in this or any other country.
As the bill now stands in relation TO
the bankers. practically II is a blind
pool and unless remedied in this par
ticular II does not seem reasonable 10
suppose that It will be enacted into a
law. as before it has passed through
Congress not only the bankers OF the
country but the important business
men will doubtless recognize the great
danger III sentralizing so much power In
the hands Of men who might be
tempted 10 utilize IL for political ends.
There is no sane reason why the bank
ers should not have some say as TO no"
their money, or rather the funds held In
trust by them for their clients, should
be distributed, and any other plan
logically must be opposAd by bankers
who are custodians Of depositors' funds
and savings. Other points could be Sc
lected for criticism, but the element OF
politics is the most Objectionable feat
ure, and with this eliminated and a
Iudicious Federal Reserve Board APP
pointed. the administration banking
and currency bill should bring relief to
the country and reject credit on the
administration.
The Hartman dissolution matter was
prominent among the subjects under
discussion during the week, and its
interest was accumulated by the pubic
statement of Judge Lovett before the
Senate lobby committee that undue in
nuence had been attempted TO persuade
the Union Pacific TO adopt different
course by employing attorneys who
were supposed TO have inside connec'
tions al Washington and who could in
sure an carly settlement OF the whole
question. The announcement made late
Saturday morning that President VIII
son had approved the Hartman lines
dissolution plan relieved the stock
market Of one Of the most bearish FAC
tors since the dissolution decree was
handed down in December last year
The details Of the plan are expected
70 be made public to-day, and traders
were of the opinion that the removal-oi
uncertainty in this matter would pro-
duce a decidedly beneficial effect.
Stock market sentiment appeared tC
be on the mend during part of the
week and Improvement was shown ii