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
resentations 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
DILL Mr.. Henry gave notice several
weeks ago. IS was published In The
Star at the time, that he would have
some original ideas to suggest In con-
nec;ion with currency legislation.
Since that time he has matured his
ideas and framed them into practical
form for presentation to Congress for
Its consideration. Mr.. Henry does not
profess to rep 'esent any one but him
self In this propaganda.
i never try to build up a following"
he said to Star reporter. but make
my own preSen tatlon IN my own way.
III large business and the bankers are
determined again to force the govern
ment into partnership with the banks
ana we are to disregard the teacalnS
oil JenerSon. jackson, Calhoun, Benton
and Bryan and again institute marriage
relations between the government and
banks in order to eslautish a nuSe anu
permanent asset currency plan. then 4
insist tnat IL We empaI X an this course
we can SO amend and round Qua the
Glass-OWen bill AS to permit the farmer
and wage-earner to come into the
scneme upon the same terms, at the
cipie upon wnicn we admit tne banker
and commercials
"For the sane 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 tor them in tunes
OF stress and pane. as they insist, my
earnest conviction is that We can at the
same time and on the same plan take
care of the legitimate interests of the
Industrial and agricultural part Of our
people. which names are frequently men,
| toned in the bii, but whose interests
are not guarded and provided for in Its
multitudinous SET etions. Therefore, l have
prepared some amendments that will i'm
prove the bill ii We must tane the prin-
eiples underlying it's PROVISIONS. and that
will round out . perfect and vitalize
| It's various SeC't that not only the
, commercial a ns word will be
accommodated 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-
| sentaton on the board Of control to a
, bona fde representative OF Industrial
labor. to be selected by the President
| from a list of ten men presented for that
purpose by the joint official board OF the
American Federation of Labor; and also
| culture to be selected by the President
from a list of ten men presented for
that purpose by the joint official boards
Of any and AL farmers organizations
! having membership OF lO.OOU each, in
Guiding at present the National Grange
and the Farmers Educational and Co.
operative Union.
1t also provides that the retiring Pres
idents shall become members of the ied-
eral reserve board under certain terms,
to take the first vacancy that may oc-
cur. excluding, respectively. the places
held by the tnree members representa-
| labor. agriculture and banking and the
salary OF such e:-President shall be-
to run from the date of his comm s. en-
and he may, by order OF the PIt siaentt
become an advisory member of sad Doal Il
| unit. he is assigned 10 a vacancy Il
seems to me absolutely just that III.
agricultural and industria. Interests II
the country should be represented on the
board and have their welfare thus suafd
ed in the Issuance and control .. al
currency. which fixes prices and affect
wages in cur country.
Also / feel sure that IL would be right
to provide that retiring Presidents should
thus be enabled to do a great service for
their country after going out of the presi-
dency. mis- board is endowed by my
amendments with power fully to execute
the provisions I'm regard to the issuance
and control OF the currency by added
language tnat gives lem somewhat latl-
tudinous out necessary powers. The
board and their kindred are properly Cir
cumscribed in regard to their ownership
and con.rol of banks, stocks, corpora
tons ard business institutions, and 1
think necessarily and properly so. This,
ts, me is a most essential and vital thing
to do BY this method we prevent the
relatives Of the board from getting into
banks. corporations. and business institu-
lions and through such means water
their assets and utilize their positions by
nf
ship valuable. Ii should be made q crime
il 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 noted that the agri-
cultural currency is to inure to the
benefit of the agricultural interests
through the reserve banks and to be
loaned to them on storage certificates
Of warehouses storage plants. etc, AS
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 states
and territories. on terms fixed In de-
tail in the amendment upon the de-
posit of state, county and munictpal
bonds. etc. as win appear i'm the
Assuming that We are now brought
to the doctrine of asset currency, Ii Is
my purpose in these amendments to so
shape the law that the agriculturailSt
and the working man, the Wase-earner
and the states and municipalities can
walk into the banks provided Tor IN
this bill, the fiscal creatures and agents
of the government and secure this cur
rency identically upon the same terms
and at the same cost upon whicn IL Is
issued to the commercialist, the banker
and the business man.
..Ir will he remembered that the demo-
crats IN Congress, with practical una
nimity i'm 1855 on record vote. regl;-
tered their judg against asset cur
rencv the same principle, although IN
somewhat narrower scope, beins EN-
hraced in the Aldrich-V -Vreeland Bill
Hence our Judgment is written m tee
Record. And. furthe mora.
the official executive committee OF mt
bankers orr anization. IN duly sisned and
authorized analysis asset that the Glass
owen currency is based on assets and ~
sset currency, no matter what the piu
ma mes the government issue OF notes
In my judgment there is not one par
ticle Of difference in principle between
tbe assets. commercial paper 'merchan-
Use and securities OF the bankers and
business men and these cerupcates or
deposit. bonds, etc. the utilix8tion or
o. bich is provided for In the issuance OF
AGRICULTURAL and Industrial currency along