Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-07-26
OUTLINE BY HENRY
OF CURRENCY PLAN
Texas Member Explains the
Amendments to Bill Now in
House Committee.
LABOR AND THE FARM
WOULD HAVE A VOICE
Provision for Selecting Their Rep.
reservations on the Govern
ing Board.

Representative Henry OF Texas has
attracted widespread attention to him
self through his advocacy of radical
amendments to the pending currency
bril-. Mr.. Henry gave notice several
weeks ago. as was published In The
star at the time, that he would have
some original ideas to suggest in con-
nection with currency legislation.
Since that time he has matured his
ideas and framed them into practical
form for presentation to Congress fol-
its consideration. MIR. Henry does not
profess to represent any one but him.
self In this propaganda.
: Il never try to build up a following,
he said to Star reporter. but make
my own presentation III my own way
If large business and the bankers are
determined again to force the govern
ment into partnership with the banks
and we are to disregard the teaching
OF Jefferson. jackson. Calhoun. Benton
and Bryan and again institute marriage
relations between the government and
banks In order TO establish a huge and
permanent asset. currency plan. then
insist that if we embark an this course
we can SO amend and round out the
taass-O owen bill as ta permit the farmer
and wage-earner to come into the
same cost and upon the Identical prin-
ciple upon which we admit the banker
stIrd comnnerciaiiSt.
For the sake of argument at the pres
ent. assuming that the country must pro-
vide an asset currency TO take care of
the commercial paper wares of the banks
and to make, market for them in times
of stress and panic, they insist. my
earnest conviction is that We can at the
same time and on the same plan take
.aro nf laUifino..fr interests of the
industrial and agricultural part of our
people, which names are frequently men,
toned in the bill, but whose interests
are not guarded and provided for in It's
multitudinouS sections. Therefore l have
prepared some amendments that will i'm
prove the bill, if we must take the prin-
ciples underlying its provisions, and that
will round out and perfect and vitalize
It's various sections So that not only the
commercial and banhing world viii be
accommodated. but the agricultural and
industrial interests as well shall share
IN the same benefits on the same terms.
Representation for Labor.
There is provision for giving repre-
sentation on the board Of control TO a
bona fde' representative Of industrial
labor, 10 be selected by the President
from list OF ten men presented for that
purpose by the joint official board Of the
American Federation Of Labor; and also
for bona fide representative of aSri-
culture. to be selected by the President
from list OF ten men presented for
that purpose by the joint official boards
of any and all farmers organizations
having q membership OF 10000 each. in
GLIDING AT present the National Grange
and the Farmers Educational and CO.
operative Union.
1T also provides that the retiring Pres
ide9tS shall become members of the fed
eraf reserve board, under certain terms,
to take the first vacancy that may. oc-
cur. excluding. respectively, the places
held by the three members representing
labor. agriculture and banking and the
salary of such President shall begin
TO run from the date of his commission,
and he may. by order OF the President.
become an advisory member of said board
until he Is assigned to q vacancy. 1t
seems to me. absolutely just, that the
agricultural and industrial interests of
the country should be represented on the
board and have their welfare thus guard
ed In the issuance and control Of the
currency. which fixes prices and affects
wages in. our country.
Also feel sure that II would be right
TO provide that retiring Presidents should
thus be enabled to do a great service for
their country after going ont of the presi-
dency. mis- board is endowed by my
amendments with power fully to execute
the provisions in regard TO the issuance
and control Of the currency by added
language that gives ...em somewhat lati-
board and their kindred are properly cir
cumscribed in regard to their ownership
and control OF banks. stocks, corpora
lions and business institutions, and
think necessarily and properly so. This
10 me. is a most essential and vital thing
10 do BY this method we prevent the
relatives Of the board from getting into
hanks, corporations, and business institu-
al ~, otrot, fav
their assets and utilize their positions by
reason Of kinship to make such relation
ship valuable. 1t should be made a crime
If such things occur.
To Benefit Agriculture.
Why not provide for agricultural
and industrial as well as the com
mercial interests in issuing the cur
rency? 1t will be notedsthat the agri
cultural currency is to inure to the
benefit of the agricultural interest!
through the reserve banks and to b.
loaned to them on storage certificate:
of warehouses, storage plants, etc, 81.
will appear in detail in the amend
ment, on :cotton. corn and wheat, the
three great products OF the farm. In
dustrial currency is to go to the state:
and territories. on terms fixed in de-
tail in the amendment. upon the de
post OF state county and municipal
BONDS, etc. as Will appear IN tnt
amendment
Assuming that we are now brough
10 the doctrine of asset currency. ii il
my purpose in these amendments To $,
shape the law that the agriculturalis
and the working man. the wage-earnel
and the states and municipalities Cal
walk into the banks provided for IL
this bill, the fiscal creatures and agents
OF the government. and secure this cur
rency identically upon the same term
and at the same cost upon which IL l
issued to the commercialist, the banke
and the business man.
1t will be remembered that the demo
Gratis in Congress, with practical una
niInity, in 1908. record vote, regis
tered their Judgment against asset cur
Fency, the same principle. although Il
somewhat narrower scope. being EN-
braeed In the Aldrich-Ereeland bill
Hence our judgment Is written in tn
Congressional Record. And. Furthermore
the official executive committee of til
bankers organization. In duly signed an
lxtcke hot 10,