The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-08-16
CAUCUS WILL COMPEL.

President Wilson that the currency bill
| Democratic caucus. and that both In
the House and in the Senate there Will
be persistent effort TO pass the cur
rency measure. as well as the tariff
revision. 1t is a clear case of bulldoG-
ing, and a most rcprehensible interfer-
ence with the independent functions of
Congress, for the Executive to take
charge of its actions, TO determine what
Sill be passed and to insist with all
the authority of the executive power,
that the legislative branch of the gov
ernment must weld TO Presidential die
tation
| But. having succeeded IN bulldozing
| Congress into the passage of the tariff
law. which even the party majority at
the back of the President does not ap-
prove. doubts began 10 creep into the
mind OF President Wilson whether his
after all, as he had thought. After his
academic approval, abundant signs be-
gan 10 appear that trouble might be
ahead. Where would that trouble come
from9 Evidently, from the business in
terests Of the United States that were
to be interfered with through the terms
of this tariff bill But there appeared
TO be no way to reach the industries
and manufactures direct and coerce
them into the acceptance of the tariff
schedules as prepared under the SUI
pcrvision Of President Wilson. The su-
gar manufacturers Of this country,
both cane and beet, were firmly op-
posed 20 the passage of the BILL The
lead miners, the zinc miners. and mul-
titude Of other industrial activities arc
also opposed to the bill. But all Of
these activities need the support of the
financial interests OF the country, and
particularly of the banks. for their
prosperity The President. therefore,
conceived the idea Of holding tho
financial interests, as represented IN
the banks and trust companies, as host
ages for the submissive behavior of the
industrial operations that were to be
attacked in the tariff bill.
But how TO hold the banks and finan~
cial interests as shield to protect the
tariff revision was the question. All
at once tho idea dawned upon the mind
Of the President that by The creation
of a political commission under the |
name of the Federal Reserve Board, TO |
hold whip hand over all the banks |
and TO compel the National banks and |
to allow the State banks TO come into
the arrangement, the banks could be so
afflicted by the political Federal con
troll that they would do almost any
thing within possibilities that might be |
required Of them by way Of whipping |
were attacked by the tariff bill. In |
this view Of the case, which appears to |
be the ono adopted by President Wilson |
and upon which he is acting, the cur
rcncy bin is . necessary adjunct of tho |
tariff bill Through The currency bill |
tho political control Of the business in
tcrests thai make any fuss about being
injured by the tariff reductions can be
quoted.
This is apparently the true secret
of President Wilson s persistence in III
siStug that the currency bill must be
uassed at the extra session, so as TO 90 |
into effect practically at the same time
that the tariff bill does, and be pro-
tcctiyc shield to the Democratic party |
and TO the administration against any |
L 1,
legislation II is evident, also, that |
President Wilson has conveyed this Sc
crct of his anxious determination TO the |
Democ ratio party leaders, and has i'm
pressed them with the danger of pass
ing the tariff revision without passing |
also this partisan currency bill, which |
will give the Democratic politicians a |
chance to afflict the banks if they do !
not compel the industries injured by |
the tariff bill either TO accept the revi |
sion which the Democratic party has
made, or lose the support Of the banks
in their operations.
II is an ingenious scheme, but one |
that was pointed out long ago, and it
now SENS that it is the mature iudg. |
ment Of the President, his mind acting
along the lines Indicated that it is per
ilous TO pass the tariff revision which
the Democratic party has agreed to
pass, without also passing the currency
bill. which viii give the Democratic
politicians the power TO reduce banks
to political submission and support of
the tariff legislation OF the Democratic
party in every way that the Democrat
ic politicians, that comprise the Federal
Reserve Board, may direct