Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-08-22
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w LETTER
BY 4 = MAKER
FAREWELL FOR HARRISON
Star star Correspondent.
Star Bureau,
MctropoIitan National Bank Bldg"
WASHINGTON, Aug. 22.

METROPOLITAN National Bank Bldg,
WASHINGTON, Aug. e2.
Congress is going to give Francis
Burton Harrison going-away party
Saturday night, just TO give him
something pleasant to remember
when he goes to work at his new JOB
of being governor of the Philippine
Islands. The party is to be held IN
the garden of Congressman BILLY
Kent's big house near the White
House. and Edward w. Townsend,
congressman from the Eighth as
trjct of New Jersey, is helping to get
up" the function.
Harrison is popular with members
of Congress of all parties, and not
by any means because hes a mlllloh-
aire either, although that fact mas
not detracted from his popularity.
The fact that his going -away party
is to be nom partisan is emphasized
nv the announcement that it Is to be
held at the home of Kent, the Cali
fornia radical. who is listed in the
Congress sional Record as an lhue-
nendent." the only one in Congress.
The other members of the commit
tee in charge of the arrangements Tor
the reception. besides Townsenu, are
Speaker Champ Clark, Chairman
Oscar Underwood, of the ways ana
means committee; a. Mitchell Pal-
mer. the Democratic floor leader;
lanes A. Mann, the Republican lead
or. Victor Murdoch, the Progressive
leader. and Mr.. Kent. They put Kent
ON the committee for two reasons,
because the party is to be at ms
house, and because it was decided the
Independent party would nave 10 pe
recognized on the committee to make
it truly partisan.
one witness before the Senate lobby
committee the other day admitted
the authorship of letters in which ne
said he hoped to see the time come
when EMPLOYEES of railroads, utility
companies and others who render a
onasi-public service would be enlist
ed like soldiers in the regular army,
TO serve for Il certain term under
fixed paw, rules and regulations. This
man. a well-known manufactures,
urged that since comfort and pubic
safety depends upon continuous ana
uninterrupted railroad, trolley and
| other public service, the employees
of the companies should not be al
lowed to be members of labor unions.
If they enlisted and became sub
iect to Imprisonment for desertlon Tor
| leaving their jobs. as he thought they
ought to be, there would be no strikes
or disturbances, and business would
not be interfered with, he opined.
1t has become plain that the chief
efforts of the National Association
of Manufacturers and allied organi-
cations has for years been directed
mainly against labor unions and
union labor. 1t has been mostly in
terested and active in throttling
eight-hour laws, anti-injunetion laws
and other legislation wanted by or
gained labor.
Witnesses have admitted that the
associations efforts for tariff COM
mission were not sincere, excepting
on the part of a few men. In tar.
if commission most of the protected
manufacturers saw a chance to load
the commission with their own agents
and prevent tariff reduction rather
than encourage it.
The manufacturer, whose pet
scheme was To put several million
corporation employees in the coun-
try under military enlistment and
martial law, said that his plan had
been commended by great many
prominent and influential business
men.
There are many men who don't talk
so much, who agree with Senator
Owens doubt as to whether national
bank directors generally will agree to
tying up a part of the capital of their
institutions in stock of district re-
serve banks, where it is allowed to
earn only per cent. interest. The
average dividends paid by national
banks is nearer 40 per cent. than 8.
To tie up any amount of bank capt.
tai in a permanent per cent invest
ment very probably means cutting
down earnings and dividends.
While this provision is agreed to
by the House caucus. it is likely to
cause a lot of trouble when the bill
gets to the Senate. If the bill passes
with this provision left in, national
banks unwilling 10 buy the per cent.
stock of the reserve banks would not
be permitted to enjoy national bank
ing privileges, and would have to be-
come State banks or trust companies
to continue in business. Some pess
mists are gloomily predicting that the
effect of the provision will be to de-
stroy all the national banks and put
the main banking business of the
country into the hands of the State
banks. The only difficulty about this
is that the bill as it stands doesn't
allow any kind of a bank to have
currency for circulation and redls-
counting privileges, unless it buys the
per cent. stock.
Senator F'letcher's bill for system
of farmers banks is a very pretty
one. 1t is based on the very well
proven proposition that farmers can't
borrow money from commercial banks
on long time farm land mortgages.
and haven't the collateral to get
money for planting and growing crops
from the existing banks, as business
men can do. The Fletcher plan pro-
poses that the farmers shall organize
banks of their own to lend money at
long time and small interest on farm
mortgage bonds, which are to be re-
purchased by State farmers banks
aud a national farmers bank.
The postal savings deposits, on
which the government pays per cent.
interest. it is proposed. shall be used
for buying these farm mortgage
bonds. Besides lending money on
farm mortgages, the farmers local
banks are to lend the farmers money
to buy seed, stock, machinery, fer
tilizer. etc, until their crops are sold,
at interest rates lower than the aver
age of per cent. the farmers of the