The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-07-09
Mann, REPUBLICAN LEADER,
WILL NOT DELAY CURRENCY
Continued from page ~

the banking interests. The complete
surrender OF the currency system to
political control and domination will
n d the whole project doubtful OF
success. or. II the banks should accept
1t and put it into operation at some
time because Of political ambition or
hatred"
Mann Knows Every Bill.
Mr.. Mann makes a complete and
analytical study Of every important
measure before congress. He keeps a
busy office force constantly engaged
In the task Of classifying authorities
on subjects coming up in the house,
and he spends many hours every night
going over these reports to refresh his
memory for the battle Of the morrow.
He understands the subject under dis.
cusston as we'll as it's advocates. and
the forgetful democratic representa-.
tive who makes a mistake in a refer.
ence to the proposed legislation he Il
discussing is to be pitied. He is pounc'
ed upon by the gentleman from I'LL.
nois, and is handled without gloves.
The republican leader IL unwilling
to relax his vigilance even for the ter
for fifteen minutes considered neces-
sary for a midday repast by other busy
congressman. He keeps a supply OF
sweet chocolate in his desk and nib.
bles a few pieces at luncheon hour
ready to forget the needs Of the inner
man II duty calls, and sufficiently re,
freshed apparently by his frugal and
unusual meal to plunge into an all.
afternoon fight with renewed energy
and enthusiasm.
What. in your opinion, IL the mos,
pressing need in a scheme Of currency
REFORM" Mr.. Mann was asked.
"one Of the chief needs Of the
country" he replied, is a rediscoun,
paper could flow readily from one par,
Of the country to another. and the
surplus funds Of the banks could be
used in some way in re~discountine
such paper. Under the present sys,
tenn the surplus funds. as well al q
portion Of the reserve funds of banks
are finally sent to the large cities, and
in the main to New York city, where
the banks. in order to utilize the funds
at all, r compelled to loan much OF
their surplus money or call for specu.
latfve purposes instead Of using these
funds to aid actual commercial enter.
prises and business. Such q Gedis.
count market would probably exist
naturally II it YER not for artificial
requirements OF the present law in re-.
tiers.
Fears Politics VIII Enter.
1.-THE present bill does not help mat.
tiers much in this respect. It leave.
to a political board final control Of
discounts, both as to the rate and thu
character Of the paper. OF course, Il
we that this political board
will always do what is right, and new.
er what Is wrong. there could be nj
objection to 1t. What is the use o.
such an assumption?
You object to the powers granted
the federal board Of contrcS.. wha'
particular powers have you in mind?'
The power to require one fedora
reserve bank to r%ediscount the paper
OF another reserve bank without ref.
erence to the judgment of the direc'
tors Of the bank is n bad feature
The power Of the board to suspend
reserve requirements il fraught with
danger. The power Of the federal re.
serve board to supervise and regulate
notes shows a misconception Of VIVA,
10 necessary. The issuance Of treasury
notes should depend upon the com.
lnercial needs, and should respond tc
the commercial demands.
1.-THE powers of the federal reserve
board are set forth under nine head,
in section ~ Of the bill. but I find or
examination Of the whole bill tina,
there IRE o than forty distinc,
grants Of power to the federal reserve
board. And these powers, taken al.
together. are of 50 sweeping q char
acter that q board politically ambi.
tious, as this board would surely be q,
some time. could exercise such powers
10 would result IN q dominating cen.
tralization that would far exceed any
present Capitalization Of fnancia
power"